Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 28, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'SPARTAN MOTORS INC | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 34,206,668 | ' |
Entity Public Float | ' | ' | $200,165,585 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0000743238 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $30,707 | $21,748 |
Accounts receivable, less allowance of $769 and $1,021 | 47,560 | 47,139 |
Inventories | 81,419 | 67,591 |
Deferred income tax assets | 6,736 | 6,291 |
Income taxes receivable | 1,641 | 3,011 |
Assets held for sale | 373 | 716 |
Other current assets | 2,291 | 6,027 |
Total current assets | 170,727 | 152,523 |
Property, plant and equipment, net | 54,278 | 59,122 |
Goodwill | 15,961 | 20,815 |
Intangible assets, net | 10,094 | 11,052 |
Other assets | 2,222 | 1,639 |
TOTAL ASSETS | 253,282 | 245,151 |
Current liabilities: | ' | ' |
Accounts payable | 30,525 | 23,000 |
Accrued warranty | 7,579 | 6,062 |
Accrued customer rebates | 2,190 | 2,299 |
Accrued compensation and related taxes | 6,440 | 7,748 |
Deposits from customers | 18,006 | 6,386 |
Other current liabilities and accrued expenses | 5,333 | 8,113 |
Current portion of long-term debt | 79 | 82 |
Total current liabilities | 70,152 | 53,690 |
Other non-current liabilities | 3,109 | 3,071 |
Long-term debt, less current portion | 5,261 | 5,207 |
Deferred income tax liabilities | 3,209 | 4,454 |
Shareholders' equity: | ' | ' |
Preferred stock, no par value: 2,000 shares authorized (none issued) | ' | ' |
Common stock, $0.01 par value; 40,000 shares authorized; 34,210 and 33,862 outstanding | 342 | 339 |
Additional paid in capital | 75,075 | 72,873 |
Retained earnings | 96,132 | 105,517 |
Total Spartan Motors, Inc. shareholders’ equity | 171,549 | 178,729 |
Non-controlling interest | 2 | ' |
Total shareholders' equity | 171,551 | 178,729 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $253,282 | $245,151 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Accounts receivable, allowance (in Dollars) | $769 | $1,021 |
Preferred stock, par value (in Dollars per share) | $0 | $0 |
Preferred stock, shares authorized | 2,000 | 2,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 40,000 | 40,000 |
Common stock, shares outstanding | 34,210 | 33,862 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Sales | $469,538 | $470,577 | $426,010 |
Cost of products sold | 416,475 | 405,455 | 363,662 |
Gross profit | 53,063 | 58,608 | 60,617 |
Operating expenses: | ' | ' | ' |
Research and development | 10,911 | 12,873 | 13,931 |
Selling, general and administrative | 45,496 | 45,707 | 44,305 |
Goodwill impairment | 4,854 | 0 | ' |
Total operating expenses | 61,261 | 61,199 | 59,286 |
Operating income (loss) | -8,198 | -2,591 | 1,331 |
Other income (expense): | ' | ' | ' |
Interest expense | -311 | -335 | -324 |
Interest and other income | 659 | 569 | 276 |
Total other income (expense) | 348 | 234 | -48 |
Earnings (loss) before taxes | -7,850 | -2,357 | 1,283 |
Taxes | -1,881 | 100 | 510 |
Net earnings (loss) | -5,969 | -2,457 | 773 |
Less: net earnings attributable to non-controlling interest | 2 | ' | ' |
Net earnings (loss) attributable to Spartan Motors, Inc. | -5,971 | -2,457 | 773 |
Basic net earnings (loss) per share (in Dollars per share) | ($0.18) | ($0.07) | $0.02 |
Diluted net earnings (loss) per share (in Dollars per share) | ($0.18) | ($0.07) | $0.02 |
Basic weighted average common shares outstanding (in Shares) | 33,550 | 33,165 | 33,438 |
Diluted weighted average common shares outstanding (in Shares) | 33,550 | 33,165 | 33,488 |
Cost of Goods Sold [Member] | ' | ' | ' |
Restructuring charges | ' | 6,514 | 1,731 |
Operating expenses: | ' | ' | ' |
Restructuring charges | ' | 6,514 | 1,731 |
Operating Expense [Member] | ' | ' | ' |
Restructuring charges | ' | 2,619 | 1,050 |
Operating expenses: | ' | ' | ' |
Restructuring charges | ' | $2,619 | $1,050 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
In Thousands | |||||
Balance at Dec. 31, 2010 | $332 | $68,715 | $113,932 | ' | $182,979 |
Balance (in Shares) at Dec. 31, 2010 | 33,215 | ' | ' | ' | ' |
Issuance of common stock and the tax impact of stock incentive plan transactions | ' | -375 | ' | ' | -375 |
Issuance of common stock and the tax impact of stock incentive plan transactions (in Shares) | 7 | ' | ' | ' | ' |
Dividends declared | ' | ' | -3,348 | ' | -3,348 |
Issuance of common stock related to investment in subsidiary | 2 | 1,027 | ' | ' | 1,029 |
Issuance of common stock related to investment in subsidiary (in Shares) | 188 | ' | ' | ' | ' |
Issuance of restricted stock, net of cancellation | 2 | -2 | ' | ' | ' |
Issuance of restricted stock, net of cancellation (in Shares) | 186 | ' | ' | ' | ' |
Stock based compensation expense related to restricted stock | ' | 1,780 | ' | ' | 1,780 |
Net earnings (loss) | ' | ' | 773 | ' | 773 |
Balance at Dec. 31, 2011 | 336 | 71,145 | 111,357 | ' | 182,838 |
Balance (in Shares) at Dec. 31, 2011 | 33,596 | ' | ' | ' | ' |
Issuance of common stock and the tax impact of stock incentive plan transactions | 1 | 85 | ' | ' | 86 |
Issuance of common stock and the tax impact of stock incentive plan transactions (in Shares) | 70 | ' | ' | ' | ' |
Dividends declared | ' | ' | -3,383 | ' | -3,383 |
Issuance of restricted stock, net of cancellation | 2 | -2 | ' | ' | ' |
Issuance of restricted stock, net of cancellation (in Shares) | 196 | ' | ' | ' | ' |
Stock based compensation expense related to restricted stock | ' | 1,645 | ' | ' | 1,645 |
Net earnings (loss) | ' | ' | -2,457 | ' | -2,457 |
Balance at Dec. 31, 2012 | 339 | 72,873 | 105,517 | ' | 178,729 |
Balance (in Shares) at Dec. 31, 2012 | 33,862 | ' | ' | ' | ' |
Issuance of common stock and the tax impact of stock incentive plan transactions | 2 | 579 | ' | ' | 581 |
Issuance of common stock and the tax impact of stock incentive plan transactions (in Shares) | 217 | ' | ' | ' | ' |
Dividends declared | ' | ' | -3,414 | ' | -3,414 |
Issuance of restricted stock, net of cancellation | 1 | -1 | ' | ' | ' |
Issuance of restricted stock, net of cancellation (in Shares) | 131 | ' | ' | ' | ' |
Stock based compensation expense related to restricted stock | ' | 1,624 | ' | ' | 1,624 |
Net earnings (loss) | ' | ' | -5,971 | 2 | -5,969 |
Balance at Dec. 31, 2013 | $342 | $75,075 | $96,132 | $2 | $171,551 |
Balance (in Shares) at Dec. 31, 2013 | 34,210 | ' | ' | ' | ' |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity (Parentheticals) (Noncontrolling Interest [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Noncontrolling Interest [Member] | ' | ' | ' |
Dividends declared, per share | $0.10 | $0.10 | $0.10 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net earnings (loss) | ($5,969) | ($2,457) | $773 |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities | ' | ' | ' |
Depreciation and amortization | 9,238 | 8,990 | 10,010 |
Loss on disposal and impairment of assets | 255 | 5,621 | 1,139 |
Goodwill impairment | 4,854 | 0 | ' |
Expense from changes in fair value of contingent consideration | 21 | 2,872 | 983 |
Tax benefit related to stock incentive plan transactions | 118 | 134 | 222 |
Deferred income taxes | -1,690 | -2,771 | -488 |
Stock based compensation related to stock awards | 1,624 | 1,645 | 1,780 |
Decrease (increase) in operating assets, net of acquired business: | ' | ' | ' |
Accounts receivable | -421 | -7,097 | 13,118 |
Inventories | -13,828 | -600 | -5,478 |
Income taxes receivable | 1,758 | -1,532 | 1,412 |
Other assets | 1,236 | 661 | 1,190 |
Increase (decrease) in operating liabilities, net of acquired business: | ' | ' | ' |
Accounts payable | 7,525 | 1,350 | 3,510 |
Accrued warranty | 1,517 | 260 | -40 |
Accrued customer rebates | -109 | 753 | -842 |
Accrued compensation and related taxes | -1,308 | 2,079 | 61 |
Deposits from customers | 11,620 | -1,515 | 3,919 |
Other current liabilities and accrued expenses | -2,212 | -1,896 | -1,036 |
Taxes on income | -1,183 | -130 | -96 |
Total adjustments | 19,015 | 8,824 | 29,364 |
Net cash provided by operating activities | 13,046 | 6,367 | 30,137 |
Cash flows from investing activities: | ' | ' | ' |
Purchases of property, plant and equipment | -3,526 | -12,468 | -5,255 |
Proceeds from sale of property, plant and equipment | 180 | 75 | 842 |
Proceeds from notes receivable | 2,500 | ' | ' |
Acquisition of business, net of cash acquired | ' | ' | -4,746 |
Net cash used in investing activities | -846 | -12,393 | -9,159 |
Cash flows from financing activities: | ' | ' | ' |
Borrowings under credit facilities | ' | 2,891 | ' |
Payments on credit facilities | ' | -2,891 | ' |
Proceeds from long-term debt | 138 | 223 | 17 |
Payments on long-term debt | -86 | -73 | -102 |
Payment of contingent consideration on acquisitions | -460 | -756 | ' |
Net cash provided from (used in) the exercise, vesting or cancellation of stock incentive awards | 699 | 220 | -153 |
Cash paid related to tax impact of stock incentive plan transactions | -118 | -134 | -222 |
Payment of dividends | -3,414 | -3,383 | -3,348 |
Net cash used in financing activities | -3,241 | -3,903 | -3,808 |
Net increase (decrease) in cash and cash equivalents | 8,959 | -9,929 | 17,170 |
Cash and cash equivalents at beginning of year | 21,748 | 31,677 | 14,507 |
Cash and cash equivalents at end of year | $30,707 | $21,748 | $31,677 |
Note_1_General_and_Summary_of_
Note 1 - General and Summary of Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block [Abstract] | ' |
Business Description and Accounting Policies [Text Block] | ' |
NOTE 1 - GENERAL AND SUMMARY OF ACCOUNTING POLICIES | |
Nature of Operations. Spartan Motors, Inc. (the “Company”) is a custom engineer and manufacturer of specialized motor vehicle chassis and bodies. The Company’s principal chassis markets are emergency response vehicles, motor homes and other specialty vehicles. The Company also has various subsidiaries that are manufacturers of bodies for various markets including emergency response vehicles and delivery and service vehicles. | |
Principles of Consolidation. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries: Spartan Chassis, Inc. (“Spartan Chassis”), Crimson Fire, Inc. (“Crimson”), Crimson Fire Aerials, Inc. (“Crimson Aerials”), Utilimaster Corporation (“Utilimaster”) and Classic Fire, LLC (which was acquired on April 1, 2011) (“Classic Fire”). In November, 2012, Crimson entered into a joint venture with Gimaex Holding, Inc. to form Spartan-Gimaex Innovations, LLC (“Spartan-Gimaex”). All intercompany transactions have been eliminated. | |
Non-Controlling Interest | |
Crimson holds a 50% share in Spartan-Gimaex, but has the ability to exert majority influence on the operations of Spartan-Gimaex. Accordingly, Spartan-Gimaex is reported as a consolidated subsidiary of Spartan Motors, Inc., within the Emergency Response Vehicles segment. | |
Use of Estimates. In the preparation of the Company’s financial statements in accordance with U.S. generally accepted accounting | |
Principles (“GAAP”), management uses estimates and makes judgments and assumptions that affect asset and liability values and the amounts reported as income and expense during the periods presented. Certain of these estimates, judgments and assumptions, such as the allowance for credit losses, warranty expenses, earn-out liabilities, impairment assessments and the provision for income taxes, are particularly sensitive. If actual results are different from estimates used by management, they may have a material impact on the financial statements. | |
Revenue Recognition. The Company recognizes revenue in accordance with Accounting Standards Codification Topic (“ASC”) 605. Accordingly, revenue is recognized when title to the product and risk of ownership passes to the buyer. In certain instances, risk of ownership and title passes when the product has been completed in accordance with purchase order specifications and has been tendered for delivery to the customer. On certain customer requested bill and hold transactions, revenue recognition occurs after the customer has been notified that the products have been completed according to the customer specifications, have passed all of the Company’s quality control inspections, and are ready for delivery. All sales are shown net of returns, discounts and sales incentive programs, which historically have not been significant. Rebates for certain product sales, which are known and accrued at time of sale, are reflected as a reduction of revenue. Service revenue is immaterial at less than one percent of total sales. The collectability of any related receivable is reasonably assured before revenue is recognized. | |
Shipping and Handling of Products. Costs incurred related to the shipment and handling of products are classified in cost of products sold. Amounts billed to customers for shipping and handling of products are included in sales. | |
Cash and Cash Equivalents include cash on hand, cash on deposit, treasuries and money market funds. The Company considers all investments purchased with an original maturity of three months or less to be cash equivalents. Cash that will be required for operations within 90 days or less will be invested in money market funds or treasuries. | |
Accounts Receivable. The Company’s receivables are subject to credit risk, and the Company does not typically require collateral on its accounts receivable. The Company performs periodic credit evaluations of its customers’ financial condition and generally requires a security interest in the products sold. Receivables generally are due within 30 to 60 days. The Company maintains an allowance for customer accounts that reduces receivables to amounts that are expected to be collected. In estimating the allowance for doubtful accounts, management makes certain assumptions regarding the risk of uncollectable open receivable accounts. This risk factor is applied to the balance on accounts that are aged over 90 days: generally this reserve has an estimated range from 10-25%. The risk percentage applied to the aged accounts may change based on conditions such as: general economic conditions, industry-specific economic conditions, historical and anticipated customer performance, historical experience with write-offs and the level of past-due amounts from year to year. However, generally the Company’s assumptions are consistent year-over-year and there has been little adjustment made to the percentages used. In addition, in the event there are certain known risk factors with an open account, the Company may increase the allowance to include estimated losses on such “specific” account balances. The “specific” reserves are identified by a periodic review of the aged accounts receivable. If there is an account in question, credit checks are made and there is communication with the customer, along with other means to try to assess if a specific reserve is required. The inclusion of the “specific” reserve has caused the greatest fluctuation in the allowance for doubtful accounts balance historically. Past due accounts are written off when collectability is determined to be no longer assured. | |
Inventories are stated at the lower of first-in, first-out cost or market. Estimated inventory allowances for slow-moving inventory are based upon current assessments about future demands, market conditions and related management initiatives. If market conditions are less favorable than those projected by management, additional inventory allowances may be required. | |
Property, Plant and Equipment is stated at cost and the related assets are depreciated over their estimated useful lives on a straight line basis for financial statement purposes and an accelerated method for income tax purposes. Cost includes an amount of interest associated with significant capital projects. Estimated useful lives range from 20 to 31.5 years for buildings and improvements, 3 to 15 years for plant machinery and equipment, 3 to 7 years for furniture and fixtures and 3 to 5 years for vehicles. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life of the asset. Maintenance and repair costs are charged to earnings, while expenditures that increase asset lives are capitalized. The Company reviews its property, plant and equipment, along with all other long-lived assets that have finite lives, including finite-lived intangible assets, for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Assets held-for-sale are recorded at the lower of historical depreciated cost or the estimated fair value less costs to sell. | |
Goodwill and Other Intangible Assets. Goodwill represents the excess of the cost of a business combination over the fair value of the net assets acquired. Goodwill and intangible assets deemed to have indefinite lives are not amortized, but are subject to impairment tests on an annual basis, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Goodwill is allocated to the reporting unit from which it was created. A reporting unit is an operating segment or sub-segment to which goodwill is assigned when initially recorded. The Company annually reviews indefinite lived intangible assets for impairment by comparing the carrying value of those assets to their fair value. | |
Other intangible assets with finite lives are amortized over their estimated useful lives and are tested for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. | |
The Company performs its annual goodwill and indefinite lived intangible assets impairment test as of October 1 and monitors for interim triggering events on an ongoing basis. The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Under authoritative guidance, the Company is not required to calculate the fair value of a reporting unit unless it determines that it is more likely than not that the fair value of the reporting unit is less than its carrying amount. The Company has the option to bypass the qualitative assessment and proceed to the first step of the two-step impairment test. | |
If the Company elects to bypass the qualitative assessment for a reporting unit, or if after completing the assessment it is determined to be more likely than not that the fair value of a reporting unit is less than its carrying value, the Company performs a two-step impairment test, whereby the first step is comparing the fair value of a reporting unit with its carrying amount, including goodwill. The fair value of the reporting unit is determined by estimating the future cash flows of the reporting unit to which the goodwill relates, and then discounting the future cash flows at a market-participant-derived weighted-average cost of capital (“WACC”). In determining the estimated future cash flows, management considers current and projected future levels of income based on its plans for that business; business trends, prospects and market and economic conditions; and market-participant considerations. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered to not be impaired and the second step of the test is not performed. The second step of the impairment test is performed when the carrying amount of the reporting unit exceeds the fair value, in which case the implied fair value of the reporting unit goodwill is compared with the carrying amount of that goodwill based on a hypothetical allocation of the reporting unit’s fair value to all of its underlying assets and liabilities. If the carrying amount of the reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to the excess. | |
The Company evaluates the recoverability of its indefinite lived intangible assets, which consist of its Utilimaster and Classic Fire trade names, based on estimates of future royalty payments that are avoided through its ownership of the trade names, discounted to their present value. In determining the estimated fair value of the trade names, management considers current and projected future levels of revenue based on its plans for Utilimaster and Classic Fire, business trends, prospects and market and economic conditions. | |
Significant judgments inherent in these assessments and analyses include assumptions about macroeconomic and industry conditions, appropriate sales growth rates, WACC and the amount of expected future net cash flows. The judgments and assumptions used in the estimate of fair value are generally consistent with the projections and assumptions that are used in current operating plans. Such assumptions are subject to change as a result of changing economic and competitive conditions. The determination of fair value is highly sensitive to differences between estimated and actual cash flows and changes in the related discount rate used to evaluate the fair value of the reporting units and trade names. | |
See Note 6, Goodwill and Intangible Assets, for further details on the Company’s goodwill and other intangible assets. | |
Warranties. The Company’s policy is to record a provision for the estimated cost of warranty-related claims at the time of the sale, and periodically adjust the warranty liability to reflect actual experience. The amount of warranty liability accrued reflects management’s best estimate of the expected future cost of honoring the Company’s obligations under the warranty agreements. The Company’s estimates are based on historical experience, the number of units involved and the extent of features and components included in product models. See Note 12, Commitments and Contingent Liabilities, for further information regarding warranties. | |
Deposits from Customers. The Company receives advance payments from customers for future product orders and records these amounts as liabilities. Such deposits are accepted by the Company when presented by customers seeking improved pricing in connection with orders that are placed for products to be manufactured and sold at a future date. Deposits from customers was $18,006 and $6,386 at December 31, 2013 and 2012. The increase in 2013 is due to the election of certain customers to make deposits on orders, including a $5,000 deposit on a 70 unit fire truck order from Peru. Revenue associated with these deposits is deferred and recognized upon shipment of the related product to the customer. | |
Research and Development. The Company’s research and development costs, which consist of compensation costs, travel and entertainment, administrative expenses and new product development among other items, are expensed as incurred. | |
Taxes on Income. The Company accounts for income taxes under a method that requires deferred income tax assets and liabilities to be recognized using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. Authoritative guidance also requires deferred income tax assets, which include state tax credit carryforwards, operating loss carryforwards and deductible temporary differences, be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred income tax assets will not be realized. | |
The Company evaluates the likelihood of realizing its deferred income tax assets by assessing its valuation allowance and by adjusting the amount of such allowance, if necessary. The factors used to assess the likelihood of realization are the Company’s forecast of future taxable income, the projected reversal of temporary differences and available tax planning strategies that could be implemented to realize the net deferred income tax assets. | |
The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities. The determination is based on the technical merits of the position and presumes that each uncertain tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information. Although management believes the estimates are reasonable, no assurance can be given that the final outcome of these matters will not be different than what is reflected in the historical income tax provisions and accruals. | |
Interest and penalties attributable to income taxes are recorded as a component of income taxes. | |
Earnings Per Share. Basic earnings per share is based on the weighted average number of common shares, share equivalents of stock appreciation rights (“SAR”s) and participating securities outstanding during the period. Diluted earnings per share also include the dilutive effect of additional potential common shares issuable from stock options and are determined using the treasury stock method. Basic earnings per share represents net earnings divided by basic weighted average number of common shares outstanding during the period, including the average dilutive effect of the Company’s SARs outstanding during the period determined using the treasury stock method. Diluted earnings per share represents net earnings divided by diluted weighted average number of common shares outstanding, which includes the average dilutive effect of the Company’s stock options outstanding during the period. The Company’s unvested stock awards are included in the number of shares outstanding for both basic and diluted earnings per share calculations, unless a net loss is reported, in which situation unvested stock awards are excluded from the number of shares outstanding for both basic and diluted earnings per share calculations. See Note 14, Earnings Per Share, for further details. | |
Stock Incentive Plans. Share based payment compensation costs for equity-based awards is measured on the grant date based on the fair value of the award at that date, and is recognized over the requisite service period, net of estimated forfeitures. Fair value of stock option and stock appreciation rights awards are estimated using a closed option valuation (Black-Scholes) model. Fair value of restricted stock awards is based upon the quoted market price of the common stock on the date of grant. The Company’s incentive stock plans are described in more detail in Note 11, Stock Based Compensation. | |
Fair Value. The Company is required to disclose the fair value of its financial instruments. The carrying value at December 31, 2013 and 2012 of cash and cash equivalents, accounts receivable and accounts payable approximate their fair value due to their short term nature. The carrying value of variable rate debt instruments approximate their fair value based on their relative terms and market rates. | |
Reclassifications. Certain immaterial amounts in the prior years’ financial statements have been reclassified to conform to the current year’s presentation. | |
Segment Reporting. The Company identifies its reportable segments based on its management structure and the financial data utilized by the chief operating decision maker to assess segment performance and allocate resources among the Company’s operating units. The Company has three reportable segments: Emergency Response Vehicles, Delivery and Service Vehicles, and Specialty Chassis and Vehicles. More detailed information about the reportable segments can be found in Note 15 - Business Segments. | |
Supplemental Disclosures of Cash Flow Information. Cash paid for interest was $311, $273 and $273 for 2013, 2012 and 2011. Cash paid for income taxes, net of refunds, was $370, $3,873 and $629 for 2013, 2012 and 2011. Non-cash investing activities in 2011 included the issuance of common stock valued at $1,029 in conjunction with the acquisition of Classic Fire, LLC. | |
New Accounting Standard | |
In July 2013, the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” (“ASU 2013-11”). ASU 2013-11 amends the guidance related to the presentation of unrecognized tax benefits and allows for the reduction of a deferred tax asset for a net operating loss (“NOL”) carryforward whenever the NOL or tax credit carryforward would be available to reduce the additional taxable income or tax due if the tax position is disallowed. ASU 2013-11 is effective for annual and interim periods for fiscal years beginning after December 15, 2013, and early adoption is permitted. The Company does not believe that the adoption of the provisions of ASU 2013-11 will have a material impact on its consolidated financial position, results of operations or cash flows. |
Note_2_Acquisition_Activities
Note 2 - Acquisition Activities | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Disclosure Text Block Supplement [Abstract] | ' | ||||
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | ' | ||||
NOTE 2 – ACQUISITION ACTIVITIES | |||||
On April 1, 2011, the Company completed its acquisition of substantially all of the assets and related liabilities of Classic Fire, a manufacturer of emergency response vehicles and fire apparatus. The acquisition of Classic Fire has allowed the Company to expand its offerings in the emergency response vehicles market into segments and price points that complement its offerings from Spartan Chassis, Crimson and Crimson Aerials, as well as provide strategic sourcing of pump modules and other technology. Classic Fire is reported as a component of the Company’s Emergency Response Vehicles segment. The pro forma effect of the acquisition on the Company’s results of operations is not material. | |||||
The revenue and earnings of Classic Fire, included in the Company’s results since the April 1, 2011 acquisition, and acquisition related expenses included in the Company’s Consolidated Statements of Operations are not material. | |||||
This acquisition was accounted for using the purchase method of accounting and the purchase price was allocated to the assets purchased and liabilities assumed based upon their estimated fair values at the date of acquisition. Identifiable intangible assets acquired include a trade name, customer and dealer relationships, unpatented technology and certain non-compete agreements. The excess purchase price over the net tangible and intangible assets acquired of $2,397 was recorded as goodwill, which is expected to be deductible for tax purposes. See Note 6 Goodwill and Intangible Assets for further information on the Company’s goodwill. The purchase price consisted of cash consideration of $3,975, net of cash acquired of $25, paid by the Company at closing; a working capital adjustment of $771; Spartan Motors, Inc. common stock valued at $1,029 and a contingency for certain performance-based earn out payments recorded at $180, discounted to April 1, 2011. The performance-based earn out payments provided for additional consideration, up to a maximum amount of $1,000 that could have been paid to the sellers of Classic Fire. No payments were made, and no payments will be required to be made under this earn-out agreement. During the year ended December 31, 2012, the Company recorded an adjustment to operating expenses of $(83) to bring the contingent liability to $0 based on the expected future payment amounts. During the year ended December 31, 2011, the Company recorded an adjustment to operating expenses of $(97) to bring the contingent liability to $83 based on the expected future payment amounts, discounted to December 31, 2011. | |||||
The purchase price was allocated to assets acquired and liabilities assumed as follows: | |||||
Cash and cash equivalents | $ | 25 | |||
Accounts receivable | 635 | ||||
Inventory | 1,352 | ||||
Other current assets | 7 | ||||
Property, plant and equipment | 451 | ||||
Intangible assets | 1,650 | ||||
Goodwill | 2,397 | ||||
Total assets acquired | 6,517 | ||||
Accounts payable | 186 | ||||
Accrued warranty | 140 | ||||
Other current liabilities | 31 | ||||
Other non-current liabilities | 180 | ||||
Total liabilities assumed | 537 | ||||
Total purchase price | $ | 5,980 | |||
The Company leases the land and building that houses the operations of Classic Fire, from an entity that is controlled by the sellers of Classic Fire, under an operating lease with an initial term of three years. The lease contains options allowing the Company to renew the lease for an additional three year term, or purchase the property at a fixed price at any time during the initial lease period or the renewal period, if any. For purchase accounting purposes, the Company recorded an unfavorable lease liability valued at $180 at April 1, 2011. For the years ended December 31, 2013, 2012 and 2011, the Company accreted $60, $60 and $45 to earnings as amortization of this liability. |
Note_3_Inventories
Note 3 - Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
NOTE 3 – INVENTORIES | |||||||||
Inventories are summarized as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Finished goods | $ | 17,168 | $ | 15,276 | |||||
Work in process | 25,453 | 11,967 | |||||||
Raw materials and purchased components | 41,093 | 43,404 | |||||||
Reserve for slow-moving inventory | (2,295 | ) | (3,056 | ) | |||||
Total Inventory | $ | 81,419 | $ | 67,591 | |||||
Included in the “Raw materials and purchased components” line item above at December 31, 2013 and 2012 is $423 and $9,626, for transitional engines purchased for the 2013 engine emissions change. | |||||||||
The Company also has a number of demonstration units as part of its sales and training program. These demonstration units are included in the “Finished goods” line item above, and amounted to $8,861 and $9,653 at December 31, 2013 and 2012. When the demonstration units are sold, the cost related to the demonstration unit is included in Cost of products sold on the Company’s Consolidated Statements of Income. | |||||||||
Work in process inventory increased from December 31, 2012 primarily due to supplier issues that delayed the final production of units in the Delivery and Service Vehicle segment. |
Note_4_Property_Plant_and_Equi
Note 4 - Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
NOTE 4 - PROPERTY, PLANT AND EQUIPMENT | |||||||||
Property, plant and equipment are summarized by major classifications as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Land and improvements | $ | 4,778 | $ | 4,570 | |||||
Buildings and improvements | 59,170 | 56,931 | |||||||
Plant machinery and equipment | 35,357 | 28,401 | |||||||
Furniture and fixtures | 15,899 | 15,959 | |||||||
Vehicles | 2,888 | 3,034 | |||||||
Construction in process | 2,947 | 10,355 | |||||||
Subtotal | 121,039 | 119,250 | |||||||
Less accumulated depreciation | (66,761 | ) | (60,128 | ) | |||||
Total property, plant and equipment, net | $ | 54,278 | $ | 59,122 | |||||
At December 31, 2013 and December 31, 2012, one building at the Wakarusa, Indiana facility was recorded as held-for-sale at its estimated selling price less costs to sell. | |||||||||
During the year ended December 31, 2013, the Company incurred impairment charges of $344, which is recorded within Selling, general and administrative expense on the Company’s Consolidated Statement of Operations, to write down the value of its remaining building in Wakarusa, Indiana, which is classified as held-for-sale, to its current estimated selling price, less costs to sell. | |||||||||
During 2012, the Company engaged in certain restructuring activities related to the move of its Delivery and Service Vehicles operations from its Wakarusa, Indiana campus to a leased facility in Bristol, Indiana. These restructuring activities included the write down of $5,468 for buildings and equipment at the Company’s Wakarusa, Indiana campus that were reclassified as held-for-sale in 2012. On December 31, 2012 the Company completed the sale of certain buildings and the associated land at its Wakarusa, Indiana facility and recorded an immaterial loss on the sale. The terms of the sale include the receipt by the Company of a note receivable of $2,500, recorded within other current assets on the Company’s Consolidated Balance Sheet at December 31, 2012. The note matured, and was collected, during the first half of 2013, leaving a balance of $0 at December 31, 2013. | |||||||||
There were no capitalized interest costs in 2013 or 2012. |
Note_5_Leases
Note 5 - Leases | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Leases of Lessee Disclosure [Text Block] | ' | ||||
NOTE 5 - LEASES | |||||
The Company leases certain office equipment, computer hardware, manufacturing equipment and manufacturing and warehouse space under operating lease agreements. These lease agreements include manufacturing and office space in Bristol, Indiana that is leased under a ten year lease agreement commencing March 1, 2012 at a rental rate of $60 per month. Leases generally provide that the Company shall pay the cost of utilities, insurance, taxes and maintenance. Rent expense for the years ended December 31, 2013, 2012 and 2011 was $ 2,600, $2,205 and $1,201. | |||||
Future minimum operating lease commitments under non-cancelable leases are as follows: | |||||
Year | Future Minimum Operating Lease Payments | ||||
2014 | $ | 1,687 | |||
2015 | 1,297 | ||||
2016 | 1,059 | ||||
2017 | 1,038 | ||||
2018 | 873 | ||||
Thereafter | 2,264 | ||||
Total | $ | 8,218 | |||
The Company leases certain office equipment, computer hardware and material handling equipment under capital lease agreements. Cost and accumulated depreciation of capitalized leased assets included in machinery and equipment are $732 and $393, respectively, at December 31, 2013. Future minimum capital lease commitments under non-cancelable leases are as follows: | |||||
Year | Future Minimum Capital Lease Payments | ||||
2014 | $ | 96 | |||
2015 | 71 | ||||
2016 | 71 | ||||
2017 | 71 | ||||
2018 | 44 | ||||
Thereafter | 33 | ||||
Total lease obligations, including imputed interest | 386 | ||||
Less imputed interest charges | (46 | ) | |||
Total outstanding capital lease obligations | $ | 340 | |||
Note_6_Goodwill_and_Intangible
Note 6 - Goodwill and Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||
NOTE 6 – GOODWILL AND INTANGIBLE ASSETS | |||||||||||||||||||||||||||||
The Company tests goodwill for impairment at the reporting unit level on an annual basis as of October 1, or whenever an event or change in circumstances occurs that would more likely than not reduce the fair value of a reporting unit below its carrying amount. See “Goodwill and Other Intangible Assets” within Note 1 General and Summary of Accounting Policies for a description of the Company’s accounting policies regarding goodwill and other intangible assets. | |||||||||||||||||||||||||||||
At December 31, 2012 the Company had recorded goodwill at its Crimson, Classic Fire and Utilimaster subsidiaries. Crimson and Classic Fire are components of the Company’s Emergency Response Vehicles reportable segment, which was determined to be a reporting unit for goodwill impairment testing under relevant authoritative guidance. Utilimaster comprises the Delivery and Service Vehicles reportable segment, which was also determined to be a reporting unit for goodwill impairment testing. The goodwill recorded in the Emergency Response Vehicles and Delivery and Service Vehicles reporting units was evaluated for impairment as of October 1, 2013 using a discounted cash flow valuation. | |||||||||||||||||||||||||||||
The estimated fair value of the Company’s Delivery and Service Vehicles reporting unit exceeded its carrying value by approximately 12% in 2013, indicating that the goodwill was not impaired. Based on the discounted cash flow valuation at October 1, 2013, an increase in the weighted average cost of capital (“WACC”) used for the Delivery and Service Vehicles reporting unit of approximately 160 basis points would not result in impairment. As discussed in Note 1, General and Summary of Accounting Policies, there are significant judgments inherent in the Company’s impairment assessments and discounted cash flow analyses. These discounted cash flow analyses are most sensitive to the WACC assumption. | |||||||||||||||||||||||||||||
The Company’s 2012 goodwill impairment test for the Emergency Response Vehicles reporting unit indicated no impairment. However, its 2013 impairment test, as of October 1, 2013, indicated that the reporting unit’s carrying cost exceeded its estimated fair value, requiring the Company to compare the carrying value of this goodwill to its implied fair value, resulting in a non-cash impairment charge of $4,854 being recorded during the quarter ended December 31, 2013. While the Company believes that the future profitability of its Emergency Response Vehicles reporting unit is likely, the impairment reflects the failure of the Company to reverse the ongoing operating losses of this reporting unit over the past three years, and the inability to definitively demonstrate the reporting unit’s ability to generate sufficient cash flow, on a discounted basis, to cover the carrying cost of its assets. The assumptions used to estimate the fair value of the Emergency Response Vehicles reporting unit in 2013 reflect our current outlook for the reporting unit, which was revised as a result of the failure to meet forecasts. This revised outlook reflects lowered expectations for future growth in revenue and operating income than the estimates used in the 2012 goodwill impairment analysis for this reporting unit. | |||||||||||||||||||||||||||||
The Company’s goodwill by reportable segment is as follows (amounts in thousands): | |||||||||||||||||||||||||||||
Emergency Response | Delivery and Service | Total | |||||||||||||||||||||||||||
Vehicles | Vehicles | December 31, | |||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Goodwill, beginning of period | $ | 4,854 | $ | 4,854 | $ | 15,961 | $ | 15,961 | $ | 20,815 | $ | 20,815 | |||||||||||||||||
Impairment losses during the period | (4,854 | ) | - | - | - | (4,854 | ) | - | |||||||||||||||||||||
Goodwill, end of period | $ | - | $ | 4,854 | $ | 15,961 | $ | 15,961 | $ | 15,961 | $ | 20,815 | |||||||||||||||||
Acquired goodwill | $ | 4,854 | $ | 4,854 | $ | 15,961 | $ | 15,961 | $ | 20,815 | $ | 20,815 | |||||||||||||||||
Accumulated impairment | (4,854 | ) | - | - | - | (4,854 | ) | - | |||||||||||||||||||||
Goodwill, net | $ | - | $ | 4,854 | $ | 15,961 | $ | 15,961 | $ | 15,961 | $ | 20,815 | |||||||||||||||||
The Company has other intangible assets associated with its Utilimaster and Classic Fire subsidiaries, including customer relationships, non-compete agreements, unpatented technology, an acquired product development project and trade names. The non-compete agreement, unpatented technology, in-process research and development and certain other intangible assets resulting from the Classic Fire and Utilimaster acquisitions are being amortized over their expected remaining useful lives based on the pattern of estimated of after-tax operating income generated, or on a straight-line basis. The Company’s Utilimaster and Classic Fire trade names have indefinite lives, and are not amortized. The Company tests its trade names for impairment at least annually, and tests other intangible assets for impairment if impairment indicators are present. | |||||||||||||||||||||||||||||
As described above, during its annual goodwill impairment test at October 1, 2013 the Company determined that the goodwill of its Emergency Response Vehicles reporting unit was impaired, which the Company considered to be an impairment indicator for the intangible assets, and other long-lived assets, of the Emergency Response Vehicles reporting unit. During the fourth quarter of 2013, the Company conducted an impairment analysis on these assets, including the intangible assets of its Classic Fire subsidiary and found that the carrying cost of these assets was recoverable, and that the assets, accordingly, are not impaired. | |||||||||||||||||||||||||||||
The Company tested its Utilimaster and Classic Fire trade names for impairment, as of October 1, 2013 and 2012, by estimating the fair value of the trade names based on estimates of future royalty payments that are avoided through its ownership of the trade names, discounted to their present value. The estimated fair value of the Company’s Utilimaster trade name at October 1, 2013 exceeded its carrying cost by 85%. The estimated fair value of the Company’s Classic Fire trade name at October 1, 2013 exceeded its carrying cost by 187%. Accordingly, there was no impairment recorded on either of these trade names. | |||||||||||||||||||||||||||||
The Company recorded $958, $891 and $653 of intangible asset amortization expense during 2013, 2012 and 2011. | |||||||||||||||||||||||||||||
The following table provides information regarding the Company’s other intangible assets: | |||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||
Weighted average amortization period | Gross | Accumulated amortization | Net | Gross | Accumulated amortization | Net | |||||||||||||||||||||||
(years) | carrying | carrying | |||||||||||||||||||||||||||
amount | amount | ||||||||||||||||||||||||||||
Customer and dealer relationships | 18 | $ | 6,760 | $ | 2,268 | $ | 4,492 | $ | 6,760 | $ | 1,522 | $ | 5,238 | ||||||||||||||||
Acquired product development project | 20 | 1,860 | 128 | 1,732 | 1,860 | 51 | 1,809 | ||||||||||||||||||||||
Unpatented technology | 10 | 380 | 105 | 275 | 380 | 67 | 313 | ||||||||||||||||||||||
Non-compete agreements | 6 | 520 | 355 | 165 | 520 | 258 | 262 | ||||||||||||||||||||||
Backlog | less than 1 | 320 | 320 | - | 320 | 320 | - | ||||||||||||||||||||||
Trade Names | indefinite | 3,430 | - | 3,430 | 3,430 | - | 3,430 | ||||||||||||||||||||||
$ | 13,270 | $ | 3,176 | $ | 10,094 | $ | 13,270 | $ | 2,218 | $ | 11,052 | ||||||||||||||||||
The estimated remaining amortization associated with finite-lived intangible assets is expected to be expensed as follows: | |||||||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||||||
2014 | $ | 870 | |||||||||||||||||||||||||||
2015 | 776 | ||||||||||||||||||||||||||||
2016 | 599 | ||||||||||||||||||||||||||||
2017 | 570 | ||||||||||||||||||||||||||||
2018 | 548 | ||||||||||||||||||||||||||||
Thereafter | 3,301 | ||||||||||||||||||||||||||||
$ | 6,664 | ||||||||||||||||||||||||||||
Note_7_Taxes_on_Income
Note 7 - Taxes on Income | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||||||||||||||
NOTE 7 - TAXES ON INCOME | |||||||||||||||||||||||||
Income taxes consist of the following: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Current: | |||||||||||||||||||||||||
Federal | $ | 111 | $ | 2,156 | $ | 452 | |||||||||||||||||||
State | (302 | ) | 715 | 546 | |||||||||||||||||||||
Total current | (191 | ) | 2,871 | 998 | |||||||||||||||||||||
Deferred (credit): | |||||||||||||||||||||||||
Federal | (1,499 | ) | (2,762 | ) | (71 | ) | |||||||||||||||||||
State | (191 | ) | (9 | ) | (417 | ) | |||||||||||||||||||
Total deferred | (1,690 | ) | (2,771 | ) | (488 | ) | |||||||||||||||||||
TOTAL TAXES ON INCOME | $ | (1,881 | ) | $ | 100 | $ | 510 | ||||||||||||||||||
The above current tax expense amounts differ from the actual amounts payable to the taxing authorities due to the tax impact associated with stock incentive plan transactions under the plans described in Note 11, Stock Based Compensation. These adjustments were an addition of $118, $134 and $222 in 2013, 2012 and 2011. The adjustments to current taxes on income were recognized as adjustments of additional paid-in capital. | |||||||||||||||||||||||||
The American Taxpayer Relief Act of 2012 (the “Act”) was signed into law in 2013. Among other things the Act renewed the federal research and development tax credit for calendar years 2012 and 2013. The Company included the credit in its 2012 federal income tax return and therefore reflected it in the computation of taxes on income in 2012. | |||||||||||||||||||||||||
Differences between the expected income tax expense derived from applying the federal statutory income tax rate to earnings from continuing operations before taxes on income and the actual tax expense are as follows: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Amount | Percentage | Amount | Percentage | Amount | Percentage | ||||||||||||||||||||
Federal income taxes at the statutory rate | $ | (2,669 | ) | 34 | % | $ | (801 | ) | 34 | % | $ | 436 | 34 | % | |||||||||||
Increase (decrease) in income taxes resulting from: | |||||||||||||||||||||||||
Deferred income tax adjustment | 654 | (8.33 | ) | - | - | - | - | ||||||||||||||||||
Non-deductible goodwill impairment | 525 | (6.69 | ) | - | - | - | - | ||||||||||||||||||
Nondeductible earn-out expense | 63 | (0.80 | ) | 961 | (40.77 | ) | 357 | 27.82 | |||||||||||||||||
Other nondeductible expenses | 141 | (1.80 | ) | 108 | (4.58 | ) | 61 | 4.75 | |||||||||||||||||
State tax expense, net of federal | (371 | ) | 4.73 | 423 | (17.95 | ) | 46 | 3.59 | |||||||||||||||||
income tax benefit | |||||||||||||||||||||||||
Net impact of adjustment of valuation allowance | (19 | ) | 0.24 | 40 | (1.70 | ) | (103 | ) | (8.02 | ) | |||||||||||||||
Section 199 production deduction | (70 | ) | 0.89 | (182 | ) | 7.72 | (85 | ) | (6.62 | ) | |||||||||||||||
Federal research and development | (135 | ) | 1.72 | (294 | ) | 12.47 | (327 | ) | (25.48 | ) | |||||||||||||||
tax credit | |||||||||||||||||||||||||
Other | - | - | (155 | ) | 6.57 | 125 | 9.71 | ||||||||||||||||||
TOTAL | $ | (1,881 | ) | 23.96 | % | $ | 100 | (4.24 | )% | $ | 510 | 39.75 | % | ||||||||||||
Temporary differences which give rise to deferred income tax assets (liabilities) are as follows: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Current asset (liability): | |||||||||||||||||||||||||
State tax credit and net operating loss carry-forwards, net of federal income tax benefit | $ | 3,932 | $ | 4,038 | |||||||||||||||||||||
Warranty reserve | 3,315 | 2,718 | |||||||||||||||||||||||
Inventory costs and reserves | 1,840 | 1,979 | |||||||||||||||||||||||
Compensation related accruals | 817 | 980 | |||||||||||||||||||||||
Workers compensation accrual | 231 | 93 | |||||||||||||||||||||||
Prepaid insurance | (147 | ) | (427 | ) | |||||||||||||||||||||
Other | 315 | 496 | |||||||||||||||||||||||
Total - Current | 10,303 | 9,877 | |||||||||||||||||||||||
Valuation Allowance | (3,567 | ) | (3,586 | ) | |||||||||||||||||||||
Total - Current, Net | $ | 6,736 | $ | 6,291 | |||||||||||||||||||||
Noncurrent asset (liability): | |||||||||||||||||||||||||
Goodwill | $ | (2,181 | ) | $ | (3,740 | ) | |||||||||||||||||||
Depreciation | (2,172 | ) | (3,514 | ) | |||||||||||||||||||||
Stock based compensation | 1,082 | 2,723 | |||||||||||||||||||||||
Other | 62 | 77 | |||||||||||||||||||||||
Total – Noncurrent, net | $ | (3,209 | ) | $ | (4,454 | ) | |||||||||||||||||||
At December 31, 2013 and 2012, the Company had state deferred tax assets, related to state tax net operating loss carry-forwards, of approximately $1,202 and $1,183, which begin expiring in 2018. Also, as of December 31, 2013 and 2012, the Company had state deferred tax assets, related to state tax credit carry-forwards, of approximately $4,848 and $5,030, which begin expiring in 2019. The Company has valuation allowances against these deferred tax assets, which are reflected in the above table net of federal income taxes, and expects to maintain these allowances on future tax benefits of state net operating losses and tax credits until an appropriate level of profitability is sustained or the Company is able to develop tax strategies that will enable it to conclude that, more likely than not, a portion of the deferred tax assets will be realizable in the particular states. | |||||||||||||||||||||||||
A reconciliation of the change in the unrecognized tax benefits (“UTB”) for the three years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Balance at January 1, | $ | 1,166 | $ | 990 | $ | 987 | |||||||||||||||||||
Increase (decrease) related to prior year tax positions | 16 | 245 | (62 | ) | |||||||||||||||||||||
Increase related to current year tax positions | 42 | 76 | 150 | ||||||||||||||||||||||
Settlements | - | (25 | ) | 176 | |||||||||||||||||||||
Expiration of statute | (391 | ) | (120 | ) | (261 | ) | |||||||||||||||||||
Balance at December 31, | $ | 833 | $ | 1,166 | $ | 990 | |||||||||||||||||||
As of December 31, 2013, the Company had an ending UTB balance of $833 along with $283 of interest and penalties, for a total of $1,116. Of this total, $753 was recorded as current and $363 as non-current, based on the applicable statute of limitations. The change in interest and penalties amounted to a decrease of $176 in 2013, an increase of $165 in 2012, and a decrease of $49 in 2011, which were reflected in taxes on income within the Consolidated Statements of Income. | |||||||||||||||||||||||||
In 2013 the Company’s 2011 federal income tax return was selected for examination by federal taxing authorities. Although the examination is ongoing, management believes adequate provision for federal income taxes has been recorded. | |||||||||||||||||||||||||
As of December 31, 2013, the Company is no longer subject to examination by federal taxing authorities for 2006 and earlier years. | |||||||||||||||||||||||||
The Company also files tax returns in a number of states and those jurisdictions remain subject to audit in accordance with relevant state statutes. These audits can involve complex issues that may require an extended period of time to resolve and may cover multiple years. To the extent the Company prevails in matters for which reserves have been established, or is required to pay amounts in excess of its reserves, the Company’s effective income tax rate in a given fiscal period could be materially affected. An unfavorable tax settlement would require use of the Company’s cash and could result in an increase in the Company’s effective income tax rate in the period of resolution. A favorable tax settlement could result in a reduction in the Company’s effective income tax rate in the period of resolution. The Company does not expect the total amount of unrecognized tax benefits to significantly increase or decrease over the next twelve months. | |||||||||||||||||||||||||
On September 13, 2013, the U.S. Treasury Department and the IRS issued final regulations that address costs incurred in acquiring, producing, or improving tangible property (the "tangible property regulations"). The tangible property regulations are generally effective for tax years beginning on or after January 1, 2014. The tangible property regulations will most likely require the Company to make additional tax accounting method changes as of January 1, 2014; however, management does not anticipate the impact of these changes will be material to the Company’s consolidated financial position or results of operations. |
Note_8_Debt
Note 8 - Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt Disclosure [Text Block] | ' | ||||||||
NOTE 8 - DEBT | |||||||||
Long-term debt consists of the following: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Note payable to Prudential Investment Management, Inc. Principal due December 1, 2016 with quarterly interestonly payments of $68 at 5.46%. Unsecured debt. (1) | $ | 5,000 | $ | 5,000 | |||||
Line of credit revolver (2): | -- | -- | |||||||
Capital lease obligations (See Note 5 – Leases) | 340 | 289 | |||||||
Total debt | 5,340 | 5,289 | |||||||
Less current portion of long-term debt | (79 | ) | (82 | ) | |||||
Total long-term debt | $ | 5,261 | $ | 5,207 | |||||
The long-term debt due is as follows; $79 in 2014; $59 in 2015; $5,062 in 2016; $65 in 2017 and $75 thereafter. | |||||||||
-1 | The Company has a private shelf agreement with Prudential Investment Management, Inc., which allows the Company to borrow up to $50,000 to be issued in $5,000 minimum increments. On November 30, 2012, we entered into an amendment to our existing amended and restated private shelf agreement with Prudential Investment Management, Inc. The amended agreement extended the period during which we may issue private notes by three years to November 30, 2015 and increased the limit of the uncommitted shelf facility up to $50,000. The interest rate is determined based on applicable rates at the time of issuance. The Company had $5,000 of private placement notes outstanding at December 31, 2013 and 2012 with Prudential Investment Management, Inc. | ||||||||
-2 | The Company’s primary line of credit is a $70,000 unsecured revolving line with Well Fargo Bank and JPMorgan Chase Bank, expiring on December 16, 2016. Both lending institutions equally share this commitment. The terms of this credit agreement allow the Company to request an increase in the facility of up to $35,000 in the aggregate, subject to customary terms. This line carries an interest rate of the higher of either (i) the highest of prime rate, the federal funds effective rate plus 0.5%, or the one month adjusted LIBOR plus 1.00%; or (ii) adjusted LIBOR plus margin based upon the Company’s ratio of debt to earnings from time to time. The Company had no borrowings on this line at December 31, 2013 or 2012. General Motors Company (“GM”) has the ability to draw up to $5,000 against the Company’s primary line of credit in relation to chassis supplied to Utilimaster under a chassis bailment inventory program, resulting in net available borrowings of $65,000 at December 31, 2013. See Note 12, Commitments and Contingent Liabilities for further information about this chassis bailment inventory program. The applicable borrowing rate including margin was 3.25% at December 31, 2013. | ||||||||
Under the terms of the primary line of credit agreement and the private shelf agreement, the Company is required to maintain certain financial ratios and other financial conditions, which limited the Company’s available borrowings under its line of credit to a total of approximately $23,800 at December 31, 2013. The agreements also prohibit the Company from incurring additional indebtedness; limit certain acquisitions, investments, advances or loans; and restrict substantial asset sales. At December 31, 2013 and 2012, the Company was in compliance with all debt covenants. |
Note_9_Transactions_With_Major
Note 9 - Transactions With Major Customers | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Risks and Uncertainties [Abstract] | ' | ||||||||||||||||||||||||
Concentration Risk Disclosure [Text Block] | ' | ||||||||||||||||||||||||
NOTE 9 - TRANSACTIONS WITH MAJOR CUSTOMERS | |||||||||||||||||||||||||
Major customers are defined as those with sales greater than 10 percent of consolidated sales in a given year. For comparative purposes, amounts are presented for those customers in the other years presented. | |||||||||||||||||||||||||
The Company had one customer classified as a major customer in 2013 (Customer A), which was a customer of the Specialty Chassis and Vehicles segment, while the customer classified as major in 2012 and 2011 (Customer B) was from the Delivery and Service Vehicles segment. Information about our major customers is as follows: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Accounts | Accounts | Accounts | |||||||||||||||||||||||
Receivable | Receivable | Receivable | |||||||||||||||||||||||
Customer | Sales | (at year end) | Sales | (at year end) | Sales | (at year end) | |||||||||||||||||||
Customer A | $ | 65,144 | $ | 6,684 | $ | 41,792 | $ | 4,824 | $ | 12,986 | $ | 1,868 | |||||||||||||
Customer B | 27,152 | 209 | 59,074 | 331 | 73,508 | 2,272 | |||||||||||||||||||
Note_10_Compensation_Incentive
Note 10 - Compensation Incentive Plans | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block Supplement [Abstract] | ' |
Compensation and Employee Benefit Plans [Text Block] | ' |
NOTE 10 - COMPENSATION INCENTIVE PLANS | |
The Company sponsors defined contribution retirement plans which cover all associates who meet length of service and minimum age requirements. The Company’s matching contributions vest over 5 years and were $604, $380 and $271 in 2013, 2012 and 2011. These amounts were expensed as incurred. | |
The Spartan Motors, Inc. Economic Value Add Plan (the “EVA Plan”) encompasses a quarterly and an annual bonus program. The quarterly program covers certain full-time employees of the Company. The cash bonuses paid under the quarterly program are equal for all participants. Amounts expensed for the quarterly bonus were $867, $1,134 and $1,024 for 2013, 2012 and 2011. | |
The annual bonus provides that executive officers and certain designated managers may earn cash bonuses based on the Company’s achievement of a target amount of net operating profit after tax for a given year, less a capital charge based upon the tangible net operating assets employed in the business, along with achievement of certain pre-defined management objectives. Amounts expensed for the annual bonus were $236, $1,698 and $1,149 for 2013, 2012 and 2011. |
Note_11_Stock_Based_Compensati
Note 11 - Stock Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
NOTE 11 - STOCK BASED COMPENSATION | |||||||||||||||||
The Company has stock incentive plans covering certain employees and non-employee directors. Shares reserved for stock awards under these plans total 4,725,000. Total shares remaining available for stock incentive grants under these plans totaled 2,740,000 at December 31, 2013. The Company is currently authorized to grant new stock options, restricted stock, restricted stock units, stock appreciation rights and common stock under its various stock incentive plans which include its Stock Incentive Plan of 2005, Stock Incentive Plan of 2007 and Stock Incentive Plan of 2012. The stock incentive plans allow certain employees, officers and non-employee directors to purchase common stock of Spartan Motors at a price established on the date of grant. Incentive stock options granted under these plans must have an exercise price equal to or greater than 100% of the fair market value of Spartan Motors stock on the grant date. | |||||||||||||||||
Stock Options and Stock Appreciation Rights. Granted options and Stock Appreciation Rights (SARs) vest immediately and are exercisable for a period of 10 years from the grant date. The exercise price for all options and the base price for all SARs granted have been equal to the market price at the date of grant. Dividends are not paid on unexercised options or SARs. SARs are settled with shares of common stock upon exercise. | |||||||||||||||||
The Company receives a tax deduction for certain stock option exercises during the period the options are exercised, generally for the excess of the fair value of the stock on the date of exercise over the exercise price of the options. As required, the Company reports any excess tax benefits in its Consolidated Statement of Cash Flows as financing cash flows. Excess tax benefits derive from the difference between the tax deduction and the fair market value of the option as determined by the Black-Scholes valuation model. | |||||||||||||||||
Option activity for the year ended December 31, 2013 is as follows for all plans: | |||||||||||||||||
Weighted | |||||||||||||||||
Total | Weighted | Average | |||||||||||||||
Number | Average | Total | Remaining | ||||||||||||||
of Options | Exercise | Intrinsic | Contractual | ||||||||||||||
0 | Price | Value | Term (Years) | ||||||||||||||
Options outstanding and exercisable at December 31, 2012 | 438 | $ | 4.84 | ||||||||||||||
Granted and vested | -- | -- | |||||||||||||||
Exercised | (200 | ) | 4.45 | ||||||||||||||
Cancelled | (5 | ) | 4.59 | ||||||||||||||
Options outstanding and exercisable at December 31, 2013 | 233 | 5.18 | $ | 353 | 1.1 | ||||||||||||
No options were granted in 2013, 2012 or 2011; accordingly, there was no related compensation expense nor income tax benefit recognized in the corresponding income statements. The total intrinsic value of options exercised during years ended December 31, 2013, 2012 and 2011, were $339, $30 and $147. | |||||||||||||||||
SARs activity for the year ended December 31, 2013 is as follows for all plans: | |||||||||||||||||
Weighted | |||||||||||||||||
Total | Weighted | Average | |||||||||||||||
Number | Average | Total | Remaining | ||||||||||||||
of SARs | Grant Date | Intrinsic | Contractual | ||||||||||||||
0 | Fair Value | Value | Term (Years) | ||||||||||||||
SARs outstanding and exercisable at December 31, 2012 | 343 | $ | 3.06 | ||||||||||||||
Granted and vested | -- | -- | |||||||||||||||
Exercised | (3 | ) | 2.03 | ||||||||||||||
Cancelled | (35 | ) | 3.3 | ||||||||||||||
SARs outstanding and exercisable at December 31, 2013 | 305 | 3.04 | $ | 131 | 3.2 | ||||||||||||
No SARs were granted in 2013, 2012 or 2011; accordingly, there was no related compensation expense nor income tax benefit recognized in the corresponding income statements. These SARS could have been exercised for the issuance of 19,596 shares of the Company’s common stock at December 31, 2013. The total intrinsic value of SARs exercised during the years ended December 31, 2013, 2012 and 2011 was $4, $7 and $3. | |||||||||||||||||
Restricted Stock Awards. The Company issues restricted stock, at no cash cost, to directors, officers and key employees of the Company. Shares awarded entitle the shareholder to all rights of common stock ownership except that the shares are subject to the risk of forfeiture and may not be sold, transferred, pledged, exchanged or otherwise disposed of during the vesting period, which is generally three to five years. The unearned stock-based compensation related to restricted stock awards, using the market price on the date of grant, is being amortized to compensation expense over the applicable vesting periods. Cash dividends are paid on unvested restricted stock grants and all such dividends vest immediately. | |||||||||||||||||
The Company receives an excess tax benefit or liability during the period the restricted shares vest. The excess tax benefit (liability) is determined by the excess (shortfall) of the market price of the stock on date of vesting over (under) the grant date market price used to amortize the awards to compensation expense. As required, any excess tax benefits or liabilities are reported in the Consolidated Statements of Cash Flows as financing cash flows. | |||||||||||||||||
Restricted stock activity for the year ended December 31, 2013, is as follows: | |||||||||||||||||
Total | Weighted | ||||||||||||||||
Number of | Weighted | Average | |||||||||||||||
Non-vested | Average | Remaining | |||||||||||||||
Shares | Grant Date | Vesting Life | |||||||||||||||
0 | Fair Value | (Years) | |||||||||||||||
Non-vested shares outstanding at December 31, 2012 | 562 | $ | 5.39 | ||||||||||||||
Granted | 274 | 5.24 | |||||||||||||||
Vested | (261 | ) | 5.36 | ||||||||||||||
Cancelled | (89 | ) | 5.3 | ||||||||||||||
Non-vested shares outstanding at December 31, 2013 | 486 | 5.34 | 0.9 | ||||||||||||||
The weighted-average grant date fair value of non-vested shares granted was $5.24, $5.43 and $4.30 for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||
During 2013, 2012 and 2011, the Company recorded compensation expense, net of cancellations, of $1,624, $1,645 and $1,780, related to restricted stock awards and direct stock grants. The total income tax benefit recognized in the Consolidated Statements of Income related to restricted stock awards was $568, $576 and $623 for 2013, 2012 and 2011. For the years ended December 31, 2013, 2012 and 2011, restricted shares vested with a fair market value of $1,397, $1,603 and $1,134. When the fair value of restricted shares is lower on the date of vesting than that previously expensed for book purposes, an excess tax liability is booked. As of December 31, 2013, the Company had unearned stock-based compensation of $1,531 associated with these restricted stock grants, which will be recognized over a weighted average of 0.9 years. | |||||||||||||||||
Employee Stock Purchase Plan. The Company instituted an employee stock purchase plan (“ESPP”) beginning on October 1, 2011 whereby essentially all employees who meet certain service requirements can purchase the Company’s common stock on quarterly offering dates at 95% of the fair market value of the shares on the purchase date. A maximum of 750,000 shares are authorized for purchase until the ESPP termination date of February 24, 2021, or earlier termination of the ESPP. During the years ended December 31, 2013 and 2012, the Company received proceeds of $81 and $104 for the purchase of 16,000 and 21,000 shares under the ESPP. |
Note_12_Commitments_and_Contin
Note 12 - Commitments and Contingent Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||||||
NOTE 12 - COMMITMENTS AND CONTINGENT LIABILITIES | |||||||||
Under the terms of its credit agreement with its banks, the Company has the ability to issue letters of credit totaling $15,000. At December 31, 2013 and 2012, the Company had outstanding letters of credit totaling $10,429 and $200 related to certain emergency response vehicle contracts and the Company’s workers compensation insurance. The increase in the outstanding letters of credit at December 31, 2013 is mainly due to performance bonds issued in relation to the award of an order from Peru for 70 emergency response vehicles. | |||||||||
In December, 2011, the Company reached a settlement with a customer regarding certain supply contracts Spartan Chassis had completed but for which the customer claimed a post-delivery price adjustment. An adjustment for the excess amount accrued over the settlement amount is reflected in sales for the year ended December 31, 2011. | |||||||||
At December 31, 2013, the Company and its subsidiaries were parties, both as plaintiff and defendant, to a number of lawsuits and claims arising out of the normal course of their businesses. In the opinion of management, the financial position, future operating results or cash flows of the Company will not be materially affected by the final outcome of these legal proceedings. | |||||||||
Chassis Agreements | |||||||||
Utilimaster assembles van and truck bodies onto original equipment manufacturer (“OEM”) chassis. The majority of such OEM chassis are purchased directly by Utilimaster’s customers from the OEM and drop-shipped to Utilimaster’s premises. Utilimaster is a bailee of most other chassis under converter pool agreements with the OEMs, as described below. Chassis possessed under converter pool agreements are invoiced to the customer by the OEM or its affiliated financial institution based upon the terms of the converter pool agreements. On an annual basis, Utilimaster purchases and takes title to an immaterial number of chassis that ultimately are recorded as sales and cost of sales. Converter pool chassis obtained from the OEMs are based upon estimated future requirements and, to a lesser extent, confirmed orders from customers. Although each manufacturer’s agreement has different terms and conditions, the agreements generally provide that the manufacturer will provide a supply of chassis to be maintained at Utilimaster’s production facility under the conditions that Utilimaster will store such chassis, will not make any additions or modifications to such chassis and will not move, sell or otherwise dispose of such chassis, except under the terms of the agreement. The manufacturer does not transfer the certificate of origin to Utilimaster and, accordingly, Utilimaster accounts for the chassis in the Company’s possession as bailed inventory belonging to the manufacturer. | |||||||||
Utilimaster is party to a chassis bailment inventory agreement with GM which allows GM to draw up to $5,000 against the Company’s revolving credit line for chassis placed at Utilimaster. As a result of this agreement, there was $1,865 and $3,718 outstanding on the Company’s revolving credit line on December 31, 2013 and 2012. Under the terms of the bailment inventory agreement, these chassis never become the property of Utilimaster, and the amount drawn against the credit line will be repaid by a GM dealer at the time an order is placed for a Utilimaster body, utilizing a GM chassis. As such, the chassis, and the related draw on the line of credit, are not reflected in the accompanying Consolidated Balance Sheets. See Note 8 Debt for further information on the Company’s revolving line of credit. | |||||||||
Warranty Related | |||||||||
The Company’s subsidiaries all provide limited warranties against assembly/construction defects. These warranties generally provide for the replacement or repair of defective parts or workmanship for a specified period following the date of sale. The end users also may receive limited warranties from suppliers of components that are incorporated into the Company’s chassis and vehicles. | |||||||||
The Company’s policy is to record a provision for the estimated cost of warranty-related claims at the time of the sale and periodically adjust the provision and liability to reflect actual experience. The amount of warranty liability accrued reflects management’s best estimate of the expected future cost of honoring the Company’s obligations under the warranty agreements. Historically, the cost of fulfilling the Company’s warranty obligations has principally involved replacement parts and labor for field retrofit campaigns. The Company’s estimates are based on historical experience, the number of units involved and the extent of features and components included in product models. | |||||||||
Certain warranty and other related claims involve matters of dispute that ultimately are resolved by negotiation, arbitration or litigation. Infrequently, a material warranty issue can arise which is beyond the scope of the Company’s historical experience. The Company provides for any such warranty issues as they become known and are estimable. It is reasonably possible that additional warranty and other related claims could arise from disputes or other matters beyond the scope of the Company’s historical experience. | |||||||||
Changes in the Company’s warranty liability during the years ended December 31, 2013 and 2012 were as follows: | |||||||||
2013 | 2012 | ||||||||
Balance of accrued warranty at January 1 | $ | 6,062 | $ | 5,802 | |||||
Warranties issued during the period | 3,915 | 3,515 | |||||||
Cash settlements made during the period | (4,394 | ) | (4,842 | ) | |||||
Changes in liability for pre-existing warranties during the period, including expirations | 1,996 | 1,587 | |||||||
Balance of accrued warranty at December 31 | $ | 7,579 | $ | 6,062 | |||||
(Dollar amounts in thousands, except per share data) | |||||||||
Contingent Consideration | |||||||||
In connection with the acquisition of Utilimaster in November, 2009, the Company incurred contingent obligations through 2014 in the form of certain performance-based earn-out payments, up to an aggregate maximum amount of $7,000. During the years ended December 31, 2013 and 2012, the Company made earn out payments totaling $2,720 and $2,100, leaving an aggregate maximum amount of future payments of $2,180 as of December 31, 2013. The Company has made payments of $1,720 in February 2013 and $1,100 in March 2012 based on 2012 and 2011 sales that exceeded target levels and $1,000 in November 2013 and $1,000 in November 2012 as the result of meeting targeted sales levels for the Reach TM commercial van. At December 31, 2013, the Company has recorded a contingent liability for the estimated fair value of the future consideration of $1,007, with $247 recorded within Other current liabilities and $760 recorded within Other non-current liabilities on the Company’s Consolidated Balance Sheet, based upon the likelihood of the payments, discounted to December 31, 2013. | |||||||||
In connection with the acquisition of Classic Fire in April, 2011, the Company incurred contingent obligations through 2013 in the form of certain performance-based earn-out payments, up to an aggregate maximum amount of $1,000. No payments were made, and no payments will be required to be made under this earn-out agreement. During the year ended December 31, 2012, the Company recorded an adjustment to operating expenses of $(83) to bring the contingent liability to $0 based on the expected future payment amounts. During the year ended December 31, 2011, the Company recorded an adjustment to operating expenses of $(97) to bring the contingent liability to $83 based on the expected future payment amounts, discounted to December 31, 2011. | |||||||||
During the years ended December 31, 2013, 2012 and 2011, the Company recorded additional expense reflecting changes in the present value of the contingent liability as detailed below: | |||||||||
Contingent Liability | |||||||||
Contingent liability fair value at January 1, 2011 | $ | 1,771 | |||||||
Contingent liability from Classic Fire acquisition | 180 | ||||||||
Expense from discount amortization | 346 | ||||||||
Expense from changes in estimated fair value of contingent payments (1) | 637 | ||||||||
Contingent liability fair value at December 31, 2011 | 2,934 | ||||||||
Expense from discount amortization | 483 | ||||||||
Expense from changes in estimated fair value of contingent payments (1) | 2,389 | ||||||||
Payments made | (2,100 | ) | |||||||
Contingent liability fair value at December 31, 2012 | 3,706 | ||||||||
Expense from discount amortization | 215 | ||||||||
Credit from changes in estimated fair value of contingent payments (1) | (194 | ) | |||||||
Payments made | (2,720 | ) | |||||||
Contingent liability fair value at December 31, 2013 | $ | 1,007 | |||||||
-1 | Represents adjustments to the contingent consideration liability based on expected or actual Classic Fire or Utilimaster sales levels for 2011, 2012, 2013 and 2014, along with the expectation of or success in meeting the targeted sales levels for the Reach TM commercial van in 2012 and 2013. | ||||||||
Management believes that the Company has sufficient liquidity to fund the contingent obligations as they become due. |
Note_13_Restructuring_Charges
Note 13 - Restructuring Charges | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | ' | ||||||||||||||||||||
NOTE 13 – RESTRUCTURING CHARGES | |||||||||||||||||||||
During 2012, the Company incurred restructuring charges within its Delivery and Service Vehicles segment, including asset impairments, as the result of its planned relocation of its Utilimaster operations from Wakarusa, Indiana to Bristol, Indiana and the relocation of its Reach TM manufacturing from Wakarusa, Indiana to Charlotte, Michigan, along with certain severance charges incurred within its Specialty Chassis and Vehicles and Emergency Response Vehicles segments to help align expenses with current and future revenue expectations. | |||||||||||||||||||||
During 2011, the Company undertook restructuring activities, pertaining to continuing operations, to help align expenses with current and future revenue expectations. | |||||||||||||||||||||
There were no restructuring charges recorded during the year ended December 31, 2013. | |||||||||||||||||||||
The following table provides a summary of the compensation related charges incurred through December 31, 2013, along with the related outstanding balances to be paid in relation to those expenses. | |||||||||||||||||||||
Severance | |||||||||||||||||||||
Balance January 1, 2011 | $ | 116 | |||||||||||||||||||
Accrual for severance | 278 | ||||||||||||||||||||
Payments and adjustments made in period | (394 | ) | |||||||||||||||||||
Balance December 31, 2011 | - | ||||||||||||||||||||
Accrual for severance | 1,642 | ||||||||||||||||||||
Payments made in period | (1,012 | ) | |||||||||||||||||||
Balance December 31, 2012 | $ | 630 | |||||||||||||||||||
Accrual for severance | - | ||||||||||||||||||||
Payments made in period | (630 | ) | |||||||||||||||||||
Balance December 31, 2013 | $ | - | |||||||||||||||||||
Restructuring charges included in the Consolidated Statements of Operations for the years ended December 31, 2012 and 2011, broken down by segment, are as follows: | |||||||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||
Emergency Response | Delivery | Specialty Chassis | Other | Total | |||||||||||||||||
and Service | and Vehicles | ||||||||||||||||||||
Vehicles | |||||||||||||||||||||
Cost of products sold | |||||||||||||||||||||
Asset impairment | $ | - | $ | 4,315 | $ | - | $ | - | $ | 4,315 | |||||||||||
Accrual for severance | 74 | - | 158 | - | 232 | ||||||||||||||||
Production relocation costs | - | 1,967 | - | - | 1,967 | ||||||||||||||||
Total cost of products sold | 74 | 6,282 | 158 | - | 6,514 | ||||||||||||||||
General and Administrative | |||||||||||||||||||||
Asset impairment | - | 1,153 | - | - | 1,153 | ||||||||||||||||
Accrual for severance | 454 | 259 | 638 | 59 | 1,410 | ||||||||||||||||
Production relocation costs | - | 56 | - | - | 56 | ||||||||||||||||
Total general and administrative | 454 | 1,468 | 638 | 59 | 2,619 | ||||||||||||||||
Total restructuring | $ | 528 | $ | 7,750 | $ | 796 | $ | 59 | $ | 9,133 | |||||||||||
Year ended December 31, 2011 | |||||||||||||||||||||
Emergency Response | Delivery and Service Vehicles | Specialty Chassis and Vehicles | Other | Total | |||||||||||||||||
Cost of products sold | |||||||||||||||||||||
Asset impairment | $ | 409 | $ | - | $ | - | $ | - | $ | 409 | |||||||||||
Inventory impairment | 214 | - | 1,103 | - | 1,317 | ||||||||||||||||
Accrual for severance | - | - | 5 | - | 5 | ||||||||||||||||
Total cost of products sold | 623 | - | 1,108 | - | 1,731 | ||||||||||||||||
General and Administrative | |||||||||||||||||||||
Asset impairment | 10 | - | - | 767 | 777 | ||||||||||||||||
Accrual for severance | - | - | 160 | 113 | 273 | ||||||||||||||||
Total general and administrative | 10 | - | 160 | 880 | 1,050 | ||||||||||||||||
Total restructuring | $ | 633 | $ | - | $ | 1,268 | $ | 880 | $ | 2,781 | |||||||||||
Note_14_Earnings_Per_Share
Note 14 - Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||
NOTE 14 – EARNINGS PER SHARE | |||||||||||||
The table below reconciles basic weighted average common shares outstanding to diluted weighted average shares outstanding for 2013, 2012 and 2011 (in thousands). The stock awards noted as antidilutive were not included in the diluted weighted average common shares outstanding. Although these stock awards were not included in the Company’s calculation of basic or diluted earnings per share (“EPS”), they may have a dilutive effect on the EPS calculation in future periods if the price of the common stock increases or we report net earnings. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Basic weighted average common shares outstanding | 33,550 | 33,165 | 33,438 | ||||||||||
Effect of dilutive stock options | - | - | 50 | ||||||||||
Diluted weighted average common shares outstanding | 33,550 | 33,165 | 33,488 | ||||||||||
Antidilutive stock awards: | |||||||||||||
Stock options | 45 | 250 | 65 | ||||||||||
Unvested restricted stock awards | 531 | 637 | - | ||||||||||
Note_15_Business_Segments
Note 15 - Business Segments | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||||||
NOTE 15 - BUSINESS SEGMENTS | |||||||||||||||||||||
The Company identifies its reportable segments based on its management structure and the financial data utilized by its chief operating decision maker to assess segment performance and allocate resources among the Company’s operating units. The Company has three reportable segments: Emergency Response Vehicles, Delivery and Service Vehicles, and Specialty Chassis and Vehicles. | |||||||||||||||||||||
The Emergency Response Vehicles segment consists of the emergency response chassis operations of Spartan Chassis and the operations of Crimson, Crimson Aerials, Classic Fire and Spartan-Gimaex. This segment engineers and manufactures emergency response chassis and bodies. | |||||||||||||||||||||
The Delivery and Service Vehicles segment consists of Utilimaster and focuses on designing and manufacturing walk-in vans for the delivery and service market and the production of commercial truck bodies along with related aftermarket parts and assemblies. | |||||||||||||||||||||
The Specialty Chassis and Vehicles segment consists of the Spartan Chassis operations that engineer and manufacture motor home chassis, defense vehicles and other specialty chassis and distribute related aftermarket parts and assemblies. | |||||||||||||||||||||
Appropriate expense amounts are allocated to the three reportable segments and are included in their reported operating income or loss. | |||||||||||||||||||||
The accounting policies of the segments are the same as those described, or referred to, in Note 1 - General and Summary of Accounting Policies. Assets and related depreciation expense in the column labeled “Other” pertain to capital assets maintained at the corporate level. Segment loss from operations in the “Other” column contains corporate related expenses not allocable to the reportable segments. Interest expense and Taxes on income are not included in the information utilized by the chief operating decision maker to assess segment performance and allocate resources, and accordingly, are excluded from the segment results presented below. Intercompany transactions between reportable segments were immaterial in all periods presented. | |||||||||||||||||||||
Sales to customers outside the United States were $33,150, $44,205 and $22,675 for the years ended December 31, 2013, 2012 and 2011, or 7.1%, 9.4% and 5.3%, respectively, of sales for those years. All of the Company’s long-lived assets are located in the United States. | |||||||||||||||||||||
Sales and other financial information by business segment are as follows: | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
Emergency | Delivery and | Specialty Chassis | Other | Consolidated | |||||||||||||||||
Response | Service | and Vehicles | |||||||||||||||||||
Vehicles | Vehicles | ||||||||||||||||||||
Emergency response chassis sales | $ | 83,399 | $ | - | $ | - | $ | - | $ | 83,399 | |||||||||||
Emergency response bodies sales | 81,688 | - | - | - | 81,688 | ||||||||||||||||
Delivery and service vehicles sales | - | 157,291 | - | - | 157,291 | ||||||||||||||||
Motor home chassis sales | - | - | 90,008 | - | 90,008 | ||||||||||||||||
Other specialty vehicles sales | - | - | 10,678 | - | 10,678 | ||||||||||||||||
Aftermarket parts and assemblies sales | - | 21,918 | 24,556 | - | 46,474 | ||||||||||||||||
Total sales | $ | 165,087 | $ | 179,209 | $ | 125,242 | $ | - | $ | 469,538 | |||||||||||
Depreciation and amortization expense | $ | 1,390 | $ | 3,781 | $ | 1,498 | $ | 2,569 | $ | 9,238 | |||||||||||
Operating income (loss) | (7,664 | ) | (3,942 | ) | 10,030 | (6,622 | ) | (8,198 | ) | ||||||||||||
Segment assets | 80,540 | 78,654 | 24,399 | 69,689 | 253,282 | ||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Emergency | Delivery and | Specialty Chassis | Other | Consolidated | |||||||||||||||||
Response | Service | and Vehicles | |||||||||||||||||||
Vehicles | Vehicles | ||||||||||||||||||||
Emergency response chassis sales | $ | 83,576 | $ | - | $ | - | $ | - | $ | 83,576 | |||||||||||
Emergency response bodies sales | 78,744 | - | - | - | 78,744 | ||||||||||||||||
Delivery and service vehicles sales | - | 150,255 | - | - | 150,255 | ||||||||||||||||
Motor home chassis sales | - | - | 72,127 | - | 72,127 | ||||||||||||||||
Other specialty vehicles sales | - | - | 7,426 | - | 7,426 | ||||||||||||||||
Aftermarket parts and assemblies sales | - | 57,975 | 20,474 | - | 78,449 | ||||||||||||||||
Total sales | $ | 162,320 | $ | 208,230 | $ | 100,027 | $ | - | $ | 470,577 | |||||||||||
Depreciation and amortization expense | $ | 1,711 | $ | 2,648 | $ | 1,945 | $ | 2,686 | $ | 8,990 | |||||||||||
Operating income (loss) | (2,951 | ) | 6,035 | 2,198 | (7,873 | ) | (2,591 | ) | |||||||||||||
Segment assets | 77,806 | 73,567 | 27,565 | 66,213 | 245,151 | ||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
Emergency | Delivery and | Specialty Chassis | Other | Consolidated | |||||||||||||||||
Response | Service | and Vehicles | |||||||||||||||||||
Vehicles | Vehicles | ||||||||||||||||||||
Emergency response chassis sales | $ | 80,817 | $ | - | $ | - | $ | - | $ | 80,817 | |||||||||||
Emergency response bodies sales | 73,949 | - | - | - | 73,949 | ||||||||||||||||
Delivery and service vehicles sales | - | 118,810 | - | - | 118,810 | ||||||||||||||||
Motor home chassis sales | - | - | 65,778 | - | 65,778 | ||||||||||||||||
Other specialty vehicles sales | - | - | 16,271 | - | 16,271 | ||||||||||||||||
Aftermarket parts and assemblies sales | - | 46,716 | 23,669 | - | 70,385 | ||||||||||||||||
Total sales | $ | 154,766 | $ | 165,526 | $ | 105,718 | $ | - | $ | 426,010 | |||||||||||
Depreciation and amortization expense | $ | 2,322 | $ | 2,442 | $ | 2,186 | $ | 3,060 | $ | 10,010 | |||||||||||
Operating income (loss) | (95 | ) | 10,040 | (2,300 | ) | (6,314 | ) | 1,331 | |||||||||||||
Segment assets | 68,044 | 80,674 | 23,163 | 76,728 | 248,609 | ||||||||||||||||
Note_16_Quarterly_Financial_Da
Note 16 - Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||||||||||||||||||
NOTE 16 - QUARTERLY FINANCIAL DATA (UNAUDITED) | |||||||||||||||||||||||||||||||||
Summarized quarterly financial data for the years ended December 31, 2013 and 2012 is as follows (full year amounts may not sum due to rounding): | |||||||||||||||||||||||||||||||||
2013 Quarter Ended | 2012 Quarter Ended | ||||||||||||||||||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | 31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||||||||||||||
Sales | $ | 96,136 | $ | 120,874 | $ | 126,074 | $ | 126,454 | $ | 118,812 | $ | 114,419 | $ | 112,857 | $ | 124,489 | |||||||||||||||||
Gross profit | 6,347 | 15,626 | 16,131 | 14,960 | 13,744 | 18,745 | 12,968 | 13,152 | |||||||||||||||||||||||||
Net earnings (loss) attributable to Spartan Motors, Inc. | (4,254 | ) | 691 | 563 | (2,970 | ) | (2,015 | ) | 2,351 | (327 | ) | (2,466 | ) | ||||||||||||||||||||
Basic net earnings (loss) per share | (0.13 | ) | 0.02 | 0.02 | (0.09 | ) | (0.06 | ) | 0.07 | (0.01 | ) | (0.07 | ) | ||||||||||||||||||||
Diluted net earnings (loss) per share | (0.13 | ) | 0.02 | 0.02 | (0.09 | ) | (0.06 | ) | 0.07 | (0.01 | ) | (0.07 | ) | ||||||||||||||||||||
During the first, second, third and fourth quarters of 2012, the Company incurred restructuring charges of $5,408, $685, $1,643 and $1,397, respectively. The Company did not incur any restructuring charges during 2013. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | ||||||||||||||||||||
SCHEDULE II | |||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
SPARTAN MOTORS, INC. AND SUBSIDIARIES | |||||||||||||||||||||
Column A | Column B | Column C | Column D | Column E | |||||||||||||||||
Additions | |||||||||||||||||||||
Additions | Charged to | ||||||||||||||||||||
Balance at | Charged to | Other | Balance | ||||||||||||||||||
Beginning | Costs and | Accounts | at End | ||||||||||||||||||
Description | of Period | Expenses | (Acquisition) | Deductions | of Period | ||||||||||||||||
Year ended December 31, 2013: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 1,021 | $ | 15 | $ | -- | $ | (267 | ) | $ | 769 | ||||||||||
Reserve for slow-moving inventory | 3,056 | 2,645 | -- | (3,406 | ) | 2,295 | |||||||||||||||
Accrued warranty | 6,062 | 5,911 | -- | (4,394 | ) | 7,579 | |||||||||||||||
Valuation allowance for deferred tax assets | 3,586 | 110 | -- | (130 | ) | 3,567 | |||||||||||||||
Year ended December 31, 2012: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 749 | $ | 324 | $ | -- | $ | (52 | ) | $ | 1,021 | ||||||||||
Reserve for slow-moving inventory | 3,565 | 671 | -- | (1,180 | ) | 3,056 | |||||||||||||||
Accrued warranty | 5,802 | 5,102 | -- | (4,842 | ) | 6,062 | |||||||||||||||
Valuation allowance for deferred tax assets | 3,546 | 50 | -- | (10 | ) | 3,586 | |||||||||||||||
Year ended December 31, 2011: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 996 | $ | 15 | $ | -- | $ | (262 | ) | $ | 749 | ||||||||||
Reserve for slow-moving inventory | 3,687 | 2,741 | 35 | (2,898 | ) | 3,565 | |||||||||||||||
Accrued warranty | 5,702 | 2,750 | 140 | (2,790 | ) | 5,802 | |||||||||||||||
Valuation allowance for deferred tax assets | 3,649 | 111 | -- | (214 | ) | 3,546 | |||||||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Consolidation, Policy [Policy Text Block] | ' |
Principles of Consolidation. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries: Spartan Chassis, Inc. (“Spartan Chassis”), Crimson Fire, Inc. (“Crimson”), Crimson Fire Aerials, Inc. (“Crimson Aerials”), Utilimaster Corporation (“Utilimaster”) and Classic Fire, LLC (which was acquired on April 1, 2011) (“Classic Fire”). In November, 2012, Crimson entered into a joint venture with Gimaex Holding, Inc. to form Spartan-Gimaex Innovations, LLC (“Spartan-Gimaex”). All intercompany transactions have been eliminated. | |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | ' |
Non-Controlling Interest | |
Crimson holds a 50% share in Spartan-Gimaex, but has the ability to exert majority influence on the operations of Spartan-Gimaex. Accordingly, Spartan-Gimaex is reported as a consolidated subsidiary of Spartan Motors, Inc., within the Emergency Response Vehicles segment. | |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of Estimates. In the preparation of the Company’s financial statements in accordance with U.S. generally accepted accounting | |
Principles (“GAAP”), management uses estimates and makes judgments and assumptions that affect asset and liability values and the amounts reported as income and expense during the periods presented. Certain of these estimates, judgments and assumptions, such as the allowance for credit losses, warranty expenses, earn-out liabilities, impairment assessments and the provision for income taxes, are particularly sensitive. If actual results are different from estimates used by management, they may have a material impact on the financial statements. | |
Revenue Recognition, Policy [Policy Text Block] | ' |
Revenue Recognition. The Company recognizes revenue in accordance with Accounting Standards Codification Topic (“ASC”) 605. Accordingly, revenue is recognized when title to the product and risk of ownership passes to the buyer. In certain instances, risk of ownership and title passes when the product has been completed in accordance with purchase order specifications and has been tendered for delivery to the customer. On certain customer requested bill and hold transactions, revenue recognition occurs after the customer has been notified that the products have been completed according to the customer specifications, have passed all of the Company’s quality control inspections, and are ready for delivery. All sales are shown net of returns, discounts and sales incentive programs, which historically have not been significant. Rebates for certain product sales, which are known and accrued at time of sale, are reflected as a reduction of revenue. Service revenue is immaterial at less than one percent of total sales. The collectability of any related receivable is reasonably assured before revenue is recognized. | |
Shipping and Handling Cost, Policy [Policy Text Block] | ' |
Shipping and Handling of Products. Costs incurred related to the shipment and handling of products are classified in cost of products sold. Amounts billed to customers for shipping and handling of products are included in sales. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | ' |
Cash and Cash Equivalents include cash on hand, cash on deposit, treasuries and money market funds. The Company considers all investments purchased with an original maturity of three months or less to be cash equivalents. Cash that will be required for operations within 90 days or less will be invested in money market funds or treasuries. | |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | ' |
Accounts Receivable. The Company’s receivables are subject to credit risk, and the Company does not typically require collateral on its accounts receivable. The Company performs periodic credit evaluations of its customers’ financial condition and generally requires a security interest in the products sold. Receivables generally are due within 30 to 60 days. The Company maintains an allowance for customer accounts that reduces receivables to amounts that are expected to be collected. In estimating the allowance for doubtful accounts, management makes certain assumptions regarding the risk of uncollectable open receivable accounts. This risk factor is applied to the balance on accounts that are aged over 90 days: generally this reserve has an estimated range from 10-25%. The risk percentage applied to the aged accounts may change based on conditions such as: general economic conditions, industry-specific economic conditions, historical and anticipated customer performance, historical experience with write-offs and the level of past-due amounts from year to year. However, generally the Company’s assumptions are consistent year-over-year and there has been little adjustment made to the percentages used. In addition, in the event there are certain known risk factors with an open account, the Company may increase the allowance to include estimated losses on such “specific” account balances. The “specific” reserves are identified by a periodic review of the aged accounts receivable. If there is an account in question, credit checks are made and there is communication with the customer, along with other means to try to assess if a specific reserve is required. The inclusion of the “specific” reserve has caused the greatest fluctuation in the allowance for doubtful accounts balance historically. Past due accounts are written off when collectability is determined to be no longer assured. | |
Inventory, Policy [Policy Text Block] | ' |
Inventories are stated at the lower of first-in, first-out cost or market. Estimated inventory allowances for slow-moving inventory are based upon current assessments about future demands, market conditions and related management initiatives. If market conditions are less favorable than those projected by management, additional inventory allowances may be required. | |
Property, Plant and Equipment, Policy [Policy Text Block] | ' |
Property, Plant and Equipment is stated at cost and the related assets are depreciated over their estimated useful lives on a straight line basis for financial statement purposes and an accelerated method for income tax purposes. Cost includes an amount of interest associated with significant capital projects. Estimated useful lives range from 20 to 31.5 years for buildings and improvements, 3 to 15 years for plant machinery and equipment, 3 to 7 years for furniture and fixtures and 3 to 5 years for vehicles. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life of the asset. Maintenance and repair costs are charged to earnings, while expenditures that increase asset lives are capitalized. The Company reviews its property, plant and equipment, along with all other long-lived assets that have finite lives, including finite-lived intangible assets, for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Assets held-for-sale are recorded at the lower of historical depreciated cost or the estimated fair value less costs to sell. | |
Goodwill and Intangible Assets, Policy [Policy Text Block] | ' |
Goodwill and Other Intangible Assets. Goodwill represents the excess of the cost of a business combination over the fair value of the net assets acquired. Goodwill and intangible assets deemed to have indefinite lives are not amortized, but are subject to impairment tests on an annual basis, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Goodwill is allocated to the reporting unit from which it was created. A reporting unit is an operating segment or sub-segment to which goodwill is assigned when initially recorded. The Company annually reviews indefinite lived intangible assets for impairment by comparing the carrying value of those assets to their fair value. | |
Other intangible assets with finite lives are amortized over their estimated useful lives and are tested for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. | |
The Company performs its annual goodwill and indefinite lived intangible assets impairment test as of October 1 and monitors for interim triggering events on an ongoing basis. The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Under authoritative guidance, the Company is not required to calculate the fair value of a reporting unit unless it determines that it is more likely than not that the fair value of the reporting unit is less than its carrying amount. The Company has the option to bypass the qualitative assessment and proceed to the first step of the two-step impairment test. | |
If the Company elects to bypass the qualitative assessment for a reporting unit, or if after completing the assessment it is determined to be more likely than not that the fair value of a reporting unit is less than its carrying value, the Company performs a two-step impairment test, whereby the first step is comparing the fair value of a reporting unit with its carrying amount, including goodwill. The fair value of the reporting unit is determined by estimating the future cash flows of the reporting unit to which the goodwill relates, and then discounting the future cash flows at a market-participant-derived weighted-average cost of capital (“WACC”). In determining the estimated future cash flows, management considers current and projected future levels of income based on its plans for that business; business trends, prospects and market and economic conditions; and market-participant considerations. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered to not be impaired and the second step of the test is not performed. The second step of the impairment test is performed when the carrying amount of the reporting unit exceeds the fair value, in which case the implied fair value of the reporting unit goodwill is compared with the carrying amount of that goodwill based on a hypothetical allocation of the reporting unit’s fair value to all of its underlying assets and liabilities. If the carrying amount of the reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to the excess. | |
The Company evaluates the recoverability of its indefinite lived intangible assets, which consist of its Utilimaster and Classic Fire trade names, based on estimates of future royalty payments that are avoided through its ownership of the trade names, discounted to their present value. In determining the estimated fair value of the trade names, management considers current and projected future levels of revenue based on its plans for Utilimaster and Classic Fire, business trends, prospects and market and economic conditions. | |
Significant judgments inherent in these assessments and analyses include assumptions about macroeconomic and industry conditions, appropriate sales growth rates, WACC and the amount of expected future net cash flows. The judgments and assumptions used in the estimate of fair value are generally consistent with the projections and assumptions that are used in current operating plans. Such assumptions are subject to change as a result of changing economic and competitive conditions. The determination of fair value is highly sensitive to differences between estimated and actual cash flows and changes in the related discount rate used to evaluate the fair value of the reporting units and trade names. | |
See Note 6, Goodwill and Intangible Assets, for further details on the Company’s goodwill and other intangible assets. | |
Standard Product Warranty, Policy [Policy Text Block] | ' |
Warranties. The Company’s policy is to record a provision for the estimated cost of warranty-related claims at the time of the sale, and periodically adjust the warranty liability to reflect actual experience. The amount of warranty liability accrued reflects management’s best estimate of the expected future cost of honoring the Company’s obligations under the warranty agreements. The Company’s estimates are based on historical experience, the number of units involved and the extent of features and components included in product models. See Note 12, Commitments and Contingent Liabilities, for further information regarding warranties. | |
Deposits from Customers [Policy Text Block] | ' |
Deposits from Customers. The Company receives advance payments from customers for future product orders and records these amounts as liabilities. Such deposits are accepted by the Company when presented by customers seeking improved pricing in connection with orders that are placed for products to be manufactured and sold at a future date. Deposits from customers was $18,006 and $6,386 at December 31, 2013 and 2012. The increase in 2013 is due to the election of certain customers to make deposits on orders, including a $5,000 deposit on a 70 unit fire truck order from Peru. Revenue associated with these deposits is deferred and recognized upon shipment of the related product to the customer. | |
Research and Development Expense, Policy [Policy Text Block] | ' |
Research and Development. The Company’s research and development costs, which consist of compensation costs, travel and entertainment, administrative expenses and new product development among other items, are expensed as incurred. | |
Income Tax, Policy [Policy Text Block] | ' |
Taxes on Income. The Company accounts for income taxes under a method that requires deferred income tax assets and liabilities to be recognized using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. Authoritative guidance also requires deferred income tax assets, which include state tax credit carryforwards, operating loss carryforwards and deductible temporary differences, be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred income tax assets will not be realized. | |
The Company evaluates the likelihood of realizing its deferred income tax assets by assessing its valuation allowance and by adjusting the amount of such allowance, if necessary. The factors used to assess the likelihood of realization are the Company’s forecast of future taxable income, the projected reversal of temporary differences and available tax planning strategies that could be implemented to realize the net deferred income tax assets. | |
The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities. The determination is based on the technical merits of the position and presumes that each uncertain tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information. Although management believes the estimates are reasonable, no assurance can be given that the final outcome of these matters will not be different than what is reflected in the historical income tax provisions and accruals. | |
Interest and penalties attributable to income taxes are recorded as a component of income taxes. | |
Earnings Per Share, Policy [Policy Text Block] | ' |
Earnings Per Share. Basic earnings per share is based on the weighted average number of common shares, share equivalents of stock appreciation rights (“SAR”s) and participating securities outstanding during the period. Diluted earnings per share also include the dilutive effect of additional potential common shares issuable from stock options and are determined using the treasury stock method. Basic earnings per share represents net earnings divided by basic weighted average number of common shares outstanding during the period, including the average dilutive effect of the Company’s SARs outstanding during the period determined using the treasury stock method. Diluted earnings per share represents net earnings divided by diluted weighted average number of common shares outstanding, which includes the average dilutive effect of the Company’s stock options outstanding during the period. The Company’s unvested stock awards are included in the number of shares outstanding for both basic and diluted earnings per share calculations, unless a net loss is reported, in which situation unvested stock awards are excluded from the number of shares outstanding for both basic and diluted earnings per share calculations. See Note 14, Earnings Per Share, for further details. | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' |
Stock Incentive Plans. Share based payment compensation costs for equity-based awards is measured on the grant date based on the fair value of the award at that date, and is recognized over the requisite service period, net of estimated forfeitures. Fair value of stock option and stock appreciation rights awards are estimated using a closed option valuation (Black-Scholes) model. Fair value of restricted stock awards is based upon the quoted market price of the common stock on the date of grant. The Company’s incentive stock plans are described in more detail in Note 11, Stock Based Compensation. | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' |
Fair Value. The Company is required to disclose the fair value of its financial instruments. The carrying value at December 31, 2013 and 2012 of cash and cash equivalents, accounts receivable and accounts payable approximate their fair value due to their short term nature. The carrying value of variable rate debt instruments approximate their fair value based on their relative terms and market rates. | |
Reclassification, Policy [Policy Text Block] | ' |
Reclassifications. Certain immaterial amounts in the prior years’ financial statements have been reclassified to conform to the current year’s presentation. | |
Segment Reporting, Policy [Policy Text Block] | ' |
Segment Reporting. The Company identifies its reportable segments based on its management structure and the financial data utilized by the chief operating decision maker to assess segment performance and allocate resources among the Company’s operating units. The Company has three reportable segments: Emergency Response Vehicles, Delivery and Service Vehicles, and Specialty Chassis and Vehicles. More detailed information about the reportable segments can be found in Note 15 - Business Segments. | |
Supplemental Disclosures of Cash Flow, Policy [Policy Text Block] | ' |
Supplemental Disclosures of Cash Flow Information. Cash paid for interest was $311, $273 and $273 for 2013, 2012 and 2011. Cash paid for income taxes, net of refunds, was $370, $3,873 and $629 for 2013, 2012 and 2011. Non-cash investing activities in 2011 included the issuance of common stock valued at $1,029 in conjunction with the acquisition of Classic Fire, LLC. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
New Accounting Standard | |
In July 2013, the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” (“ASU 2013-11”). ASU 2013-11 amends the guidance related to the presentation of unrecognized tax benefits and allows for the reduction of a deferred tax asset for a net operating loss (“NOL”) carryforward whenever the NOL or tax credit carryforward would be available to reduce the additional taxable income or tax due if the tax position is disallowed. ASU 2013-11 is effective for annual and interim periods for fiscal years beginning after December 15, 2013, and early adoption is permitted. The Company does not believe that the adoption of the provisions of ASU 2013-11 will have a material impact on its consolidated financial position, results of operations or cash flows. |
Note_2_Acquisition_Activities_
Note 2 - Acquisition Activities (Tables) (Classic Fire [Member]) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Classic Fire [Member] | ' | ||||
Note 2 - Acquisition Activities (Tables) [Line Items] | ' | ||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||
Cash and cash equivalents | $ | 25 | |||
Accounts receivable | 635 | ||||
Inventory | 1,352 | ||||
Other current assets | 7 | ||||
Property, plant and equipment | 451 | ||||
Intangible assets | 1,650 | ||||
Goodwill | 2,397 | ||||
Total assets acquired | 6,517 | ||||
Accounts payable | 186 | ||||
Accrued warranty | 140 | ||||
Other current liabilities | 31 | ||||
Other non-current liabilities | 180 | ||||
Total liabilities assumed | 537 | ||||
Total purchase price | $ | 5,980 |
Note_3_Inventories_Tables
Note 3 - Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Finished goods | $ | 17,168 | $ | 15,276 | |||||
Work in process | 25,453 | 11,967 | |||||||
Raw materials and purchased components | 41,093 | 43,404 | |||||||
Reserve for slow-moving inventory | (2,295 | ) | (3,056 | ) | |||||
Total Inventory | $ | 81,419 | $ | 67,591 |
Note_4_Property_Plant_and_Equi1
Note 4 - Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Land and improvements | $ | 4,778 | $ | 4,570 | |||||
Buildings and improvements | 59,170 | 56,931 | |||||||
Plant machinery and equipment | 35,357 | 28,401 | |||||||
Furniture and fixtures | 15,899 | 15,959 | |||||||
Vehicles | 2,888 | 3,034 | |||||||
Construction in process | 2,947 | 10,355 | |||||||
Subtotal | 121,039 | 119,250 | |||||||
Less accumulated depreciation | (66,761 | ) | (60,128 | ) | |||||
Total property, plant and equipment, net | $ | 54,278 | $ | 59,122 |
Note_5_Leases_Tables
Note 5 - Leases (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
Year | Future Minimum Operating Lease Payments | ||||
2014 | $ | 1,687 | |||
2015 | 1,297 | ||||
2016 | 1,059 | ||||
2017 | 1,038 | ||||
2018 | 873 | ||||
Thereafter | 2,264 | ||||
Total | $ | 8,218 | |||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | ' | ||||
Year | Future Minimum Capital Lease Payments | ||||
2014 | $ | 96 | |||
2015 | 71 | ||||
2016 | 71 | ||||
2017 | 71 | ||||
2018 | 44 | ||||
Thereafter | 33 | ||||
Total lease obligations, including imputed interest | 386 | ||||
Less imputed interest charges | (46 | ) | |||
Total outstanding capital lease obligations | $ | 340 |
Note_6_Goodwill_and_Intangible1
Note 6 - Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | ' | ||||||||||||||||||||||||||||
Emergency Response | Delivery and Service | Total | |||||||||||||||||||||||||||
Vehicles | Vehicles | December 31, | |||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Goodwill, beginning of period | $ | 4,854 | $ | 4,854 | $ | 15,961 | $ | 15,961 | $ | 20,815 | $ | 20,815 | |||||||||||||||||
Impairment losses during the period | (4,854 | ) | - | - | - | (4,854 | ) | - | |||||||||||||||||||||
Goodwill, end of period | $ | - | $ | 4,854 | $ | 15,961 | $ | 15,961 | $ | 15,961 | $ | 20,815 | |||||||||||||||||
Acquired goodwill | $ | 4,854 | $ | 4,854 | $ | 15,961 | $ | 15,961 | $ | 20,815 | $ | 20,815 | |||||||||||||||||
Accumulated impairment | (4,854 | ) | - | - | - | (4,854 | ) | - | |||||||||||||||||||||
Goodwill, net | $ | - | $ | 4,854 | $ | 15,961 | $ | 15,961 | $ | 15,961 | $ | 20,815 | |||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||
Weighted average amortization period | Gross | Accumulated amortization | Net | Gross | Accumulated amortization | Net | |||||||||||||||||||||||
(years) | carrying | carrying | |||||||||||||||||||||||||||
amount | amount | ||||||||||||||||||||||||||||
Customer and dealer relationships | 18 | $ | 6,760 | $ | 2,268 | $ | 4,492 | $ | 6,760 | $ | 1,522 | $ | 5,238 | ||||||||||||||||
Acquired product development project | 20 | 1,860 | 128 | 1,732 | 1,860 | 51 | 1,809 | ||||||||||||||||||||||
Unpatented technology | 10 | 380 | 105 | 275 | 380 | 67 | 313 | ||||||||||||||||||||||
Non-compete agreements | 6 | 520 | 355 | 165 | 520 | 258 | 262 | ||||||||||||||||||||||
Backlog | less than 1 | 320 | 320 | - | 320 | 320 | - | ||||||||||||||||||||||
Trade Names | indefinite | 3,430 | - | 3,430 | 3,430 | - | 3,430 | ||||||||||||||||||||||
$ | 13,270 | $ | 3,176 | $ | 10,094 | $ | 13,270 | $ | 2,218 | $ | 11,052 | ||||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||||||
2014 | $ | 870 | |||||||||||||||||||||||||||
2015 | 776 | ||||||||||||||||||||||||||||
2016 | 599 | ||||||||||||||||||||||||||||
2017 | 570 | ||||||||||||||||||||||||||||
2018 | 548 | ||||||||||||||||||||||||||||
Thereafter | 3,301 | ||||||||||||||||||||||||||||
$ | 6,664 |
Note_7_Taxes_on_Income_Tables
Note 7 - Taxes on Income (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Current: | |||||||||||||||||||||||||
Federal | $ | 111 | $ | 2,156 | $ | 452 | |||||||||||||||||||
State | (302 | ) | 715 | 546 | |||||||||||||||||||||
Total current | (191 | ) | 2,871 | 998 | |||||||||||||||||||||
Deferred (credit): | |||||||||||||||||||||||||
Federal | (1,499 | ) | (2,762 | ) | (71 | ) | |||||||||||||||||||
State | (191 | ) | (9 | ) | (417 | ) | |||||||||||||||||||
Total deferred | (1,690 | ) | (2,771 | ) | (488 | ) | |||||||||||||||||||
TOTAL TAXES ON INCOME | $ | (1,881 | ) | $ | 100 | $ | 510 | ||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Amount | Percentage | Amount | Percentage | Amount | Percentage | ||||||||||||||||||||
Federal income taxes at the statutory rate | $ | (2,669 | ) | 34 | % | $ | (801 | ) | 34 | % | $ | 436 | 34 | % | |||||||||||
Increase (decrease) in income taxes resulting from: | |||||||||||||||||||||||||
Deferred income tax adjustment | 654 | (8.33 | ) | - | - | - | - | ||||||||||||||||||
Non-deductible goodwill impairment | 525 | (6.69 | ) | - | - | - | - | ||||||||||||||||||
Nondeductible earn-out expense | 63 | (0.80 | ) | 961 | (40.77 | ) | 357 | 27.82 | |||||||||||||||||
Other nondeductible expenses | 141 | (1.80 | ) | 108 | (4.58 | ) | 61 | 4.75 | |||||||||||||||||
State tax expense, net of federal | (371 | ) | 4.73 | 423 | (17.95 | ) | 46 | 3.59 | |||||||||||||||||
income tax benefit | |||||||||||||||||||||||||
Net impact of adjustment of valuation allowance | (19 | ) | 0.24 | 40 | (1.70 | ) | (103 | ) | (8.02 | ) | |||||||||||||||
Section 199 production deduction | (70 | ) | 0.89 | (182 | ) | 7.72 | (85 | ) | (6.62 | ) | |||||||||||||||
Federal research and development | (135 | ) | 1.72 | (294 | ) | 12.47 | (327 | ) | (25.48 | ) | |||||||||||||||
tax credit | |||||||||||||||||||||||||
Other | - | - | (155 | ) | 6.57 | 125 | 9.71 | ||||||||||||||||||
TOTAL | $ | (1,881 | ) | 23.96 | % | $ | 100 | (4.24 | )% | $ | 510 | 39.75 | % | ||||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Current asset (liability): | |||||||||||||||||||||||||
State tax credit and net operating loss carry-forwards, net of federal income tax benefit | $ | 3,932 | $ | 4,038 | |||||||||||||||||||||
Warranty reserve | 3,315 | 2,718 | |||||||||||||||||||||||
Inventory costs and reserves | 1,840 | 1,979 | |||||||||||||||||||||||
Compensation related accruals | 817 | 980 | |||||||||||||||||||||||
Workers compensation accrual | 231 | 93 | |||||||||||||||||||||||
Prepaid insurance | (147 | ) | (427 | ) | |||||||||||||||||||||
Other | 315 | 496 | |||||||||||||||||||||||
Total - Current | 10,303 | 9,877 | |||||||||||||||||||||||
Valuation Allowance | (3,567 | ) | (3,586 | ) | |||||||||||||||||||||
Total - Current, Net | $ | 6,736 | $ | 6,291 | |||||||||||||||||||||
Noncurrent asset (liability): | |||||||||||||||||||||||||
Goodwill | $ | (2,181 | ) | $ | (3,740 | ) | |||||||||||||||||||
Depreciation | (2,172 | ) | (3,514 | ) | |||||||||||||||||||||
Stock based compensation | 1,082 | 2,723 | |||||||||||||||||||||||
Other | 62 | 77 | |||||||||||||||||||||||
Total – Noncurrent, net | $ | (3,209 | ) | $ | (4,454 | ) | |||||||||||||||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | ' | ||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Balance at January 1, | $ | 1,166 | $ | 990 | $ | 987 | |||||||||||||||||||
Increase (decrease) related to prior year tax positions | 16 | 245 | (62 | ) | |||||||||||||||||||||
Increase related to current year tax positions | 42 | 76 | 150 | ||||||||||||||||||||||
Settlements | - | (25 | ) | 176 | |||||||||||||||||||||
Expiration of statute | (391 | ) | (120 | ) | (261 | ) | |||||||||||||||||||
Balance at December 31, | $ | 833 | $ | 1,166 | $ | 990 |
Note_8_Debt_Tables
Note 8 - Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Note payable to Prudential Investment Management, Inc. Principal due December 1, 2016 with quarterly interestonly payments of $68 at 5.46%. Unsecured debt. (1) | $ | 5,000 | $ | 5,000 | |||||
Line of credit revolver (2): | -- | -- | |||||||
Capital lease obligations (See Note 5 – Leases) | 340 | 289 | |||||||
Total debt | 5,340 | 5,289 | |||||||
Less current portion of long-term debt | (79 | ) | (82 | ) | |||||
Total long-term debt | $ | 5,261 | $ | 5,207 |
Note_9_Transactions_With_Major1
Note 9 - Transactions With Major Customers (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Risks and Uncertainties [Abstract] | ' | ||||||||||||||||||||||||
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | ' | ||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Accounts | Accounts | Accounts | |||||||||||||||||||||||
Receivable | Receivable | Receivable | |||||||||||||||||||||||
Customer | Sales | (at year end) | Sales | (at year end) | Sales | (at year end) | |||||||||||||||||||
Customer A | $ | 65,144 | $ | 6,684 | $ | 41,792 | $ | 4,824 | $ | 12,986 | $ | 1,868 | |||||||||||||
Customer B | 27,152 | 209 | 59,074 | 331 | 73,508 | 2,272 |
Note_11_Stock_Based_Compensati1
Note 11 - Stock Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||
Weighted | |||||||||||||||||
Total | Weighted | Average | |||||||||||||||
Number | Average | Total | Remaining | ||||||||||||||
of Options | Exercise | Intrinsic | Contractual | ||||||||||||||
0 | Price | Value | Term (Years) | ||||||||||||||
Options outstanding and exercisable at December 31, 2012 | 438 | $ | 4.84 | ||||||||||||||
Granted and vested | -- | -- | |||||||||||||||
Exercised | (200 | ) | 4.45 | ||||||||||||||
Cancelled | (5 | ) | 4.59 | ||||||||||||||
Options outstanding and exercisable at December 31, 2013 | 233 | 5.18 | $ | 353 | 1.1 | ||||||||||||
Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity [Table Text Block] | ' | ||||||||||||||||
Weighted | |||||||||||||||||
Total | Weighted | Average | |||||||||||||||
Number | Average | Total | Remaining | ||||||||||||||
of SARs | Grant Date | Intrinsic | Contractual | ||||||||||||||
0 | Fair Value | Value | Term (Years) | ||||||||||||||
SARs outstanding and exercisable at December 31, 2012 | 343 | $ | 3.06 | ||||||||||||||
Granted and vested | -- | -- | |||||||||||||||
Exercised | (3 | ) | 2.03 | ||||||||||||||
Cancelled | (35 | ) | 3.3 | ||||||||||||||
SARs outstanding and exercisable at December 31, 2013 | 305 | 3.04 | $ | 131 | 3.2 | ||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||||||
Total | Weighted | ||||||||||||||||
Number of | Weighted | Average | |||||||||||||||
Non-vested | Average | Remaining | |||||||||||||||
Shares | Grant Date | Vesting Life | |||||||||||||||
0 | Fair Value | (Years) | |||||||||||||||
Non-vested shares outstanding at December 31, 2012 | 562 | $ | 5.39 | ||||||||||||||
Granted | 274 | 5.24 | |||||||||||||||
Vested | (261 | ) | 5.36 | ||||||||||||||
Cancelled | (89 | ) | 5.3 | ||||||||||||||
Non-vested shares outstanding at December 31, 2013 | 486 | 5.34 | 0.9 |
Note_12_Commitments_and_Contin1
Note 12 - Commitments and Contingent Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Balance of accrued warranty at January 1 | $ | 6,062 | $ | 5,802 | |||||
Warranties issued during the period | 3,915 | 3,515 | |||||||
Cash settlements made during the period | (4,394 | ) | (4,842 | ) | |||||
Changes in liability for pre-existing warranties during the period, including expirations | 1,996 | 1,587 | |||||||
Balance of accrued warranty at December 31 | $ | 7,579 | $ | 6,062 | |||||
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | ' | ||||||||
Contingent Liability | |||||||||
Contingent liability fair value at January 1, 2011 | $ | 1,771 | |||||||
Contingent liability from Classic Fire acquisition | 180 | ||||||||
Expense from discount amortization | 346 | ||||||||
Expense from changes in estimated fair value of contingent payments (1) | 637 | ||||||||
Contingent liability fair value at December 31, 2011 | 2,934 | ||||||||
Expense from discount amortization | 483 | ||||||||
Expense from changes in estimated fair value of contingent payments (1) | 2,389 | ||||||||
Payments made | (2,100 | ) | |||||||
Contingent liability fair value at December 31, 2012 | 3,706 | ||||||||
Expense from discount amortization | 215 | ||||||||
Credit from changes in estimated fair value of contingent payments (1) | (194 | ) | |||||||
Payments made | (2,720 | ) | |||||||
Contingent liability fair value at December 31, 2013 | $ | 1,007 |
Note_13_Restructuring_Charges_
Note 13 - Restructuring Charges (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||||||
Restructuring and Related Costs [Table Text Block] | ' | ||||||||||||||||||||
Severance | |||||||||||||||||||||
Balance January 1, 2011 | $ | 116 | |||||||||||||||||||
Accrual for severance | 278 | ||||||||||||||||||||
Payments and adjustments made in period | (394 | ) | |||||||||||||||||||
Balance December 31, 2011 | - | ||||||||||||||||||||
Accrual for severance | 1,642 | ||||||||||||||||||||
Payments made in period | (1,012 | ) | |||||||||||||||||||
Balance December 31, 2012 | $ | 630 | |||||||||||||||||||
Accrual for severance | - | ||||||||||||||||||||
Payments made in period | (630 | ) | |||||||||||||||||||
Balance December 31, 2013 | $ | - | |||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | ' | ||||||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||
Emergency Response | Delivery | Specialty Chassis | Other | Total | |||||||||||||||||
and Service | and Vehicles | ||||||||||||||||||||
Vehicles | |||||||||||||||||||||
Cost of products sold | |||||||||||||||||||||
Asset impairment | $ | - | $ | 4,315 | $ | - | $ | - | $ | 4,315 | |||||||||||
Accrual for severance | 74 | - | 158 | - | 232 | ||||||||||||||||
Production relocation costs | - | 1,967 | - | - | 1,967 | ||||||||||||||||
Total cost of products sold | 74 | 6,282 | 158 | - | 6,514 | ||||||||||||||||
General and Administrative | |||||||||||||||||||||
Asset impairment | - | 1,153 | - | - | 1,153 | ||||||||||||||||
Accrual for severance | 454 | 259 | 638 | 59 | 1,410 | ||||||||||||||||
Production relocation costs | - | 56 | - | - | 56 | ||||||||||||||||
Total general and administrative | 454 | 1,468 | 638 | 59 | 2,619 | ||||||||||||||||
Total restructuring | $ | 528 | $ | 7,750 | $ | 796 | $ | 59 | $ | 9,133 | |||||||||||
Year ended December 31, 2011 | |||||||||||||||||||||
Emergency Response | Delivery and Service Vehicles | Specialty Chassis and Vehicles | Other | Total | |||||||||||||||||
Cost of products sold | |||||||||||||||||||||
Asset impairment | $ | 409 | $ | - | $ | - | $ | - | $ | 409 | |||||||||||
Inventory impairment | 214 | - | 1,103 | - | 1,317 | ||||||||||||||||
Accrual for severance | - | - | 5 | - | 5 | ||||||||||||||||
Total cost of products sold | 623 | - | 1,108 | - | 1,731 | ||||||||||||||||
General and Administrative | |||||||||||||||||||||
Asset impairment | 10 | - | - | 767 | 777 | ||||||||||||||||
Accrual for severance | - | - | 160 | 113 | 273 | ||||||||||||||||
Total general and administrative | 10 | - | 160 | 880 | 1,050 | ||||||||||||||||
Total restructuring | $ | 633 | $ | - | $ | 1,268 | $ | 880 | $ | 2,781 |
Note_14_Earnings_Per_Share_Tab
Note 14 - Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Weighted Average Number of Shares [Table Text Block] | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Basic weighted average common shares outstanding | 33,550 | 33,165 | 33,438 | ||||||||||
Effect of dilutive stock options | - | - | 50 | ||||||||||
Diluted weighted average common shares outstanding | 33,550 | 33,165 | 33,488 | ||||||||||
Antidilutive stock awards: | |||||||||||||
Stock options | 45 | 250 | 65 | ||||||||||
Unvested restricted stock awards | 531 | 637 | - |
Note_15_Business_Segments_Tabl
Note 15 - Business Segments (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||||||
Emergency | Delivery and | Specialty Chassis | Other | Consolidated | |||||||||||||||||
Response | Service | and Vehicles | |||||||||||||||||||
Vehicles | Vehicles | ||||||||||||||||||||
Emergency response chassis sales | $ | 83,399 | $ | - | $ | - | $ | - | $ | 83,399 | |||||||||||
Emergency response bodies sales | 81,688 | - | - | - | 81,688 | ||||||||||||||||
Delivery and service vehicles sales | - | 157,291 | - | - | 157,291 | ||||||||||||||||
Motor home chassis sales | - | - | 90,008 | - | 90,008 | ||||||||||||||||
Other specialty vehicles sales | - | - | 10,678 | - | 10,678 | ||||||||||||||||
Aftermarket parts and assemblies sales | - | 21,918 | 24,556 | - | 46,474 | ||||||||||||||||
Total sales | $ | 165,087 | $ | 179,209 | $ | 125,242 | $ | - | $ | 469,538 | |||||||||||
Depreciation and amortization expense | $ | 1,390 | $ | 3,781 | $ | 1,498 | $ | 2,569 | $ | 9,238 | |||||||||||
Operating income (loss) | (7,664 | ) | (3,942 | ) | 10,030 | (6,622 | ) | (8,198 | ) | ||||||||||||
Segment assets | 80,540 | 78,654 | 24,399 | 69,689 | 253,282 | ||||||||||||||||
Emergency | Delivery and | Specialty Chassis | Other | Consolidated | |||||||||||||||||
Response | Service | and Vehicles | |||||||||||||||||||
Vehicles | Vehicles | ||||||||||||||||||||
Emergency response chassis sales | $ | 83,576 | $ | - | $ | - | $ | - | $ | 83,576 | |||||||||||
Emergency response bodies sales | 78,744 | - | - | - | 78,744 | ||||||||||||||||
Delivery and service vehicles sales | - | 150,255 | - | - | 150,255 | ||||||||||||||||
Motor home chassis sales | - | - | 72,127 | - | 72,127 | ||||||||||||||||
Other specialty vehicles sales | - | - | 7,426 | - | 7,426 | ||||||||||||||||
Aftermarket parts and assemblies sales | - | 57,975 | 20,474 | - | 78,449 | ||||||||||||||||
Total sales | $ | 162,320 | $ | 208,230 | $ | 100,027 | $ | - | $ | 470,577 | |||||||||||
Depreciation and amortization expense | $ | 1,711 | $ | 2,648 | $ | 1,945 | $ | 2,686 | $ | 8,990 | |||||||||||
Operating income (loss) | (2,951 | ) | 6,035 | 2,198 | (7,873 | ) | (2,591 | ) | |||||||||||||
Segment assets | 77,806 | 73,567 | 27,565 | 66,213 | 245,151 | ||||||||||||||||
Emergency | Delivery and | Specialty Chassis | Other | Consolidated | |||||||||||||||||
Response | Service | and Vehicles | |||||||||||||||||||
Vehicles | Vehicles | ||||||||||||||||||||
Emergency response chassis sales | $ | 80,817 | $ | - | $ | - | $ | - | $ | 80,817 | |||||||||||
Emergency response bodies sales | 73,949 | - | - | - | 73,949 | ||||||||||||||||
Delivery and service vehicles sales | - | 118,810 | - | - | 118,810 | ||||||||||||||||
Motor home chassis sales | - | - | 65,778 | - | 65,778 | ||||||||||||||||
Other specialty vehicles sales | - | - | 16,271 | - | 16,271 | ||||||||||||||||
Aftermarket parts and assemblies sales | - | 46,716 | 23,669 | - | 70,385 | ||||||||||||||||
Total sales | $ | 154,766 | $ | 165,526 | $ | 105,718 | $ | - | $ | 426,010 | |||||||||||
Depreciation and amortization expense | $ | 2,322 | $ | 2,442 | $ | 2,186 | $ | 3,060 | $ | 10,010 | |||||||||||
Operating income (loss) | (95 | ) | 10,040 | (2,300 | ) | (6,314 | ) | 1,331 | |||||||||||||
Segment assets | 68,044 | 80,674 | 23,163 | 76,728 | 248,609 |
Note_16_Quarterly_Financial_Da1
Note 16 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
2013 Quarter Ended | 2012 Quarter Ended | ||||||||||||||||||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | 31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||||||||||||||
Sales | $ | 96,136 | $ | 120,874 | $ | 126,074 | $ | 126,454 | $ | 118,812 | $ | 114,419 | $ | 112,857 | $ | 124,489 | |||||||||||||||||
Gross profit | 6,347 | 15,626 | 16,131 | 14,960 | 13,744 | 18,745 | 12,968 | 13,152 | |||||||||||||||||||||||||
Net earnings (loss) attributable to Spartan Motors, Inc. | (4,254 | ) | 691 | 563 | (2,970 | ) | (2,015 | ) | 2,351 | (327 | ) | (2,466 | ) | ||||||||||||||||||||
Basic net earnings (loss) per share | (0.13 | ) | 0.02 | 0.02 | (0.09 | ) | (0.06 | ) | 0.07 | (0.01 | ) | (0.07 | ) | ||||||||||||||||||||
Diluted net earnings (loss) per share | (0.13 | ) | 0.02 | 0.02 | (0.09 | ) | (0.06 | ) | 0.07 | (0.01 | ) | (0.07 | ) |
Note_1_General_and_Summary_of_1
Note 1 - General and Summary of Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 1 - General and Summary of Accounting Policies (Details) [Line Items] | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | ' | ' |
Customer Deposits, Current | $18,006 | $6,386 | ' |
Interest Paid | 311 | 273 | 273 |
Income Taxes Paid, Net | 370 | 3,873 | 629 |
Stock Issued During Period, Value, Acquisitions | ' | ' | 1,029 |
Building and Building Improvements [Member] | Maximum [Member] | ' | ' | ' |
Note 1 - General and Summary of Accounting Policies (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '31 years 6 months | ' | ' |
Building and Building Improvements [Member] | Minimum [Member] | ' | ' | ' |
Note 1 - General and Summary of Accounting Policies (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '20 years | ' | ' |
Machinery and Equipment [Member] | Maximum [Member] | ' | ' | ' |
Note 1 - General and Summary of Accounting Policies (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '15 years | ' | ' |
Machinery and Equipment [Member] | Minimum [Member] | ' | ' | ' |
Note 1 - General and Summary of Accounting Policies (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' | ' |
Furniture and Fixtures [Member] | Maximum [Member] | ' | ' | ' |
Note 1 - General and Summary of Accounting Policies (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '7 years | ' | ' |
Furniture and Fixtures [Member] | Minimum [Member] | ' | ' | ' |
Note 1 - General and Summary of Accounting Policies (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' | ' |
Vehicles [Member] | Maximum [Member] | ' | ' | ' |
Note 1 - General and Summary of Accounting Policies (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '5 years | ' | ' |
Vehicles [Member] | Minimum [Member] | ' | ' | ' |
Note 1 - General and Summary of Accounting Policies (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' | ' |
PERU | ' | ' | ' |
Note 1 - General and Summary of Accounting Policies (Details) [Line Items] | ' | ' | ' |
Customer Deposits, Current | 5,000 | ' | ' |
Classic Fire [Member] | ' | ' | ' |
Note 1 - General and Summary of Accounting Policies (Details) [Line Items] | ' | ' | ' |
Stock Issued During Period, Value, Acquisitions | ' | ' | $1,029 |
Maximum [Member] | ' | ' | ' |
Note 1 - General and Summary of Accounting Policies (Details) [Line Items] | ' | ' | ' |
Percentage of Service Revenue | 1.00% | ' | ' |
Note_2_Acquisition_Activities_1
Note 2 - Acquisition Activities (Details) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 33 Months Ended | |||||||||||||
Nov. 30, 2013 | Feb. 28, 2013 | Nov. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Nov. 30, 2009 | Apr. 02, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 02, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Apr. 30, 2011 | |
Achievement of Certain Performance Levels [Member] | Scenario, Forecast [Member] | Operating Expense [Member] | Operating Expense [Member] | Classic Fire [Member] | Classic Fire [Member] | Classic Fire [Member] | Classic Fire [Member] | Classic Fire [Member] | Classic Fire [Member] | ||||||||||
Classic Fire [Member] | Classic Fire [Member] | Classic Fire [Member] | Classic Fire [Member] | ||||||||||||||||
Note 2 - Acquisition Activities (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | ' | ' | ' | ' | $15,961,000 | $20,815,000 | $20,815,000 | ' | ' | ' | ' | ' | ' | $2,397,000 | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,975,000 | ' | ' | ' | ' | ' |
Cash Acquired from Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 | ' | ' | ' | ' | ' |
Business Combination, Adjustment to Working Capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 771,000 | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,029,000 | ' | ' | ' | ' | ' |
Business Combination, Contingent Consideration, Liability | ' | ' | ' | ' | 1,007,000 | 3,706,000 | 2,934,000 | 1,771,000 | ' | 180,000 | ' | ' | ' | ' | ' | 0 | 83,000 | ' | 180,000 |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for Previous Acquisition | 1,000,000 | 1,720,000 | 1,000,000 | 1,100,000 | 460,000 | 756,000 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | ' |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | ' | ' | ' | ' | 21,000 | 2,872,000 | 983,000 | ' | ' | ' | ' | -83,000 | -97,000 | ' | ' | ' | ' | ' | ' |
Operating Lease, Initial Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | '3 years | ' |
Operating Lease, Renewal Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | '3 years | ' |
Off-market Lease, Unfavorable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 180,000 | ' | ' | ' | ' | ' |
Amortization of above and below Market Leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $60,000 | $60,000 | $45,000 | ' | ' |
Note_2_Acquisition_Activities_2
Note 2 - Acquisition Activities (Details) - Purchase Price Allocation - Classic Fire (Classic Fire [Member], USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Apr. 02, 2011 |
Classic Fire [Member] | ' |
Note 2 - Acquisition Activities (Details) - Purchase Price Allocation - Classic Fire [Line Items] | ' |
Cash and cash equivalents | $25 |
Accounts receivable | 635 |
Inventory | 1,352 |
Other current assets | 7 |
Property, plant and equipment | 451 |
Intangible assets | 1,650 |
Goodwill | 2,397 |
Total assets acquired | 6,517 |
Accounts payable | 186 |
Accrued warranty | 140 |
Other current liabilities | 31 |
Other non-current liabilities | 180 |
Total liabilities assumed | 537 |
Total purchase price | $5,980 |
Note_3_Inventories_Details
Note 3 - Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Other Inventory, Purchased Goods, Gross | $423 | $9,626 |
Other Inventory, Demo, Gross | $8,861 | $9,653 |
Note_3_Inventories_Details_Inv
Note 3 - Inventories (Details) - Inventories (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Finished goods | $17,168 | $15,276 |
Work in process | 25,453 | 11,967 |
Raw materials and purchased components | 41,093 | 43,404 |
Reserve for slow-moving inventory | -2,295 | -3,056 |
Total Inventory | $81,419 | $67,591 |
Note_4_Property_Plant_and_Equi2
Note 4 - Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Note 4 - Property, Plant and Equipment (Details) [Line Items] | ' | ' |
Notes, Loans and Financing Receivable, Net, Current | $0 | $2,500,000 |
Interest Costs Capitalized | 0 | 0 |
Building [Member] | ' | ' |
Note 4 - Property, Plant and Equipment (Details) [Line Items] | ' | ' |
Asset Impairment Charges | $344,000 | $5,468,000 |
Note_4_Property_Plant_and_Equi3
Note 4 - Property, Plant and Equipment (Details) - Property, Plant and Equipment (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $121,039 | $119,250 |
Less accumulated depreciation | -66,761 | -60,128 |
Total property, plant and equipment, net | 54,278 | 59,122 |
Land and Land Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 4,778 | 4,570 |
Building and Building Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 59,170 | 56,931 |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 35,357 | 28,401 |
Furniture and Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 15,899 | 15,959 |
Vehicles [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 2,888 | 3,034 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $2,947 | $10,355 |
Note_5_Leases_Details
Note 5 - Leases (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Leases [Abstract] | ' | ' | ' | ' |
Term of Lease | '10 years | ' | ' | ' |
Monthly Rent | $60 | ' | ' | ' |
Operating Leases, Rent Expense | ' | 2,600 | 2,205 | 1,201 |
Capital Leased Assets, Gross | ' | 732 | ' | ' |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | ' | $393 | ' | ' |
Note_5_Leases_Details_Future_M
Note 5 - Leases (Details) - Future Minimum Operating Lease Commitments Under Non-Cancelable Leases (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Future Minimum Operating Lease Commitments Under Non-Cancelable Leases [Abstract] | ' |
2014 | $1,687 |
2015 | 1,297 |
2016 | 1,059 |
2017 | 1,038 |
2018 | 873 |
Thereafter | 2,264 |
Total | $8,218 |
Note_5_Leases_Details_Future_M1
Note 5 - Leases (Details) - Future Minimum Capital Lease Commitments Under Non-Cancelable Leases (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Future Minimum Capital Lease Commitments Under Non-Cancelable Leases [Abstract] | ' |
2014 | $96 |
2015 | 71 |
2016 | 71 |
2017 | 71 |
2018 | 44 |
Thereafter | 33 |
Total lease obligations, including imputed interest | 386 |
Less imputed interest charges | -46 |
Total outstanding capital lease obligations | $340 |
Note_6_Goodwill_and_Intangible2
Note 6 - Goodwill and Intangible Assets (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 02, 2013 | Oct. 02, 2013 |
Delivery and Service Vehicles [Member] | Delivery and Service Vehicles [Member] | Utilimaster [Member] | Classic Fire [Member] | |||||
Trade Names [Member] | Trade Names [Member] | |||||||
Note 6 - Goodwill and Intangible Assets (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Exceeds Carrying Value, Percentage | ' | ' | ' | ' | 12.00% | ' | 85.00% | 187.00% |
Increase in WACC, Basis Points (in Basis Points) | ' | ' | ' | ' | 1.60% | ' | ' | ' |
Goodwill, Impairment Loss | $4,854 | $4,854 | $0 | ' | $0 | $0 | ' | ' |
Amortization of Intangible Assets | ' | $958 | $891 | $653 | ' | ' | ' | ' |
Note_6_Goodwill_and_Intangible3
Note 6 - Goodwill and Intangible Assets (Details) - Goodwill by Reportable Segment (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | ' | $20,815 | $20,815 |
Accumulated impairment | -4,854 | -4,854 | 0 |
Impairment losses during the period | -4,854 | -4,854 | 0 |
Goodwill | 15,961 | 15,961 | 20,815 |
Emergency Response Vehicles [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | ' | 4,854 | 4,854 |
Accumulated impairment | -4,854 | -4,854 | 0 |
Impairment losses during the period | ' | -4,854 | 0 |
Goodwill | 0 | 0 | 4,854 |
Delivery and Service Vehicles [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | ' | 15,961 | 15,961 |
Accumulated impairment | 0 | 0 | 0 |
Impairment losses during the period | ' | 0 | 0 |
Goodwill | $15,961 | $15,961 | $15,961 |
Note_6_Goodwill_and_Intangible4
Note 6 - Goodwill and Intangible Assets (Details) - Other Intangible Assets (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | $13,270 | $13,270 |
Accumulated amortization | 3,176 | 2,218 |
Net | 10,094 | 11,052 |
Trade Names [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 3,430 | 3,430 |
Net | 3,430 | 3,430 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted average amortization period | '18 years | ' |
Gross carrying amount | 6,760 | 6,760 |
Accumulated amortization | 2,268 | 1,522 |
Net | 4,492 | 5,238 |
Acquired Product Development Project [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted average amortization period | '20 years | ' |
Gross carrying amount | 1,860 | 1,860 |
Accumulated amortization | 128 | 51 |
Net | 1,732 | 1,809 |
Unpatented Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted average amortization period | '10 years | ' |
Gross carrying amount | 380 | 380 |
Accumulated amortization | 105 | 67 |
Net | 275 | 313 |
Noncompete Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted average amortization period | '6 years | ' |
Gross carrying amount | 520 | 520 |
Accumulated amortization | 355 | 258 |
Net | 165 | 262 |
Order or Production Backlog [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 320 | 320 |
Accumulated amortization | $320 | $320 |
Note_6_Goodwill_and_Intangible5
Note 6 - Goodwill and Intangible Assets (Details) - Estimated Remaining Amortization Associated with Finite-Lived Intangible Assets (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Estimated Remaining Amortization Associated with Finite-Lived Intangible Assets [Abstract] | ' |
2014 | $870 |
2015 | 776 |
2016 | 599 |
2017 | 570 |
2018 | 548 |
Thereafter | 3,301 |
$6,664 |
Note_7_Taxes_on_Income_Details
Note 7 - Taxes on Income (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Note 7 - Taxes on Income (Details) [Line Items] | ' | ' | ' | ' |
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | $118 | $134 | $222 | ' |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 1,202 | 1,183 | ' | ' |
Unrecognized Tax Benefits | 833 | 1,166 | 990 | 987 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 283 | ' | ' | ' |
Unrecognized Tax Benefits, Including Income Tax Penalties and Interest Accrued | 1,116 | ' | ' | ' |
Unrecognized Tax Benefits, Including Income Tax Penalties and Interest Accrued, Current | 753 | ' | ' | ' |
Unrecognized Tax Benefits, Including Income Tax Penalties and Interest Accrued, Non-current | 363 | ' | ' | ' |
Increase (Decrease) in Income Taxes Interest and Penalties | -176 | 165 | -49 | ' |
State and Local Jurisdiction [Member] | ' | ' | ' | ' |
Note 7 - Taxes on Income (Details) [Line Items] | ' | ' | ' | ' |
Deferred Tax Assets, Tax Credit Carryforwards | $4,848 | $5,030 | ' | ' |
Note_7_Taxes_on_Income_Details1
Note 7 - Taxes on Income (Details) - Income Taxes from Continuing Operations (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | $111 | $2,156 | $452 |
State | -302 | 715 | 546 |
Total current | -191 | 2,871 | 998 |
Deferred (credit): | ' | ' | ' |
Federal | -1,499 | -2,762 | -71 |
State | -191 | -9 | -417 |
Total deferred | -1,690 | -2,771 | -488 |
TOTAL TAXES ON INCOME | ($1,881) | $100 | $510 |
Note_7_Taxes_on_Income_Details2
Note 7 - Taxes on Income (Details) - Income Tax Reconciliaton (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Reconciliaton [Abstract] | ' | ' | ' |
Federal income taxes at the statutory rate (in Dollars) | ($2,669) | ($801) | $436 |
Federal income taxes at the statutory rate | 34.00% | 34.00% | 34.00% |
Deferred income tax adjustment (in Dollars) | 654 | ' | ' |
Deferred income tax adjustment | -8.33% | ' | ' |
Non-deductible goodwill impairment (in Dollars) | 525 | ' | ' |
Non-deductible goodwill impairment | -6.69% | ' | ' |
Nondeductible earn-out expense (in Dollars) | 63 | 961 | 357 |
Nondeductible earn-out expense | -0.80% | -40.77% | 27.82% |
Other nondeductible expenses (in Dollars) | 141 | 108 | 61 |
Other nondeductible expenses | -1.80% | -4.58% | 4.75% |
State tax expense, net of federal income tax benefit (in Dollars) | -371 | 423 | 46 |
State tax expense, net of federal income tax benefit | 4.73% | -17.95% | 3.59% |
Net impact of adjustment of valuation allowance (in Dollars) | -19 | 40 | -103 |
Net impact of adjustment of valuation allowance | 0.24% | -1.70% | -8.02% |
Section 199 production deduction (in Dollars) | -70 | -182 | -85 |
Section 199 production deduction | 0.89% | 7.72% | -6.62% |
Federal research and development tax credit (in Dollars) | -135 | -294 | -327 |
Federal research and development tax credit | 1.72% | 12.47% | -25.48% |
Other (in Dollars) | ' | -155 | 125 |
Other | ' | 6.57% | 9.71% |
TOTAL (in Dollars) | ($1,881) | $100 | $510 |
TOTAL | 23.96% | -4.24% | 39.75% |
Note_7_Taxes_on_Income_Details3
Note 7 - Taxes on Income (Details) - Deferred Income Tax Assets (Liabilities) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current asset (liability): | ' | ' |
State tax credit and net operating loss carry-forwards, net of federal income tax benefit | $3,932 | $4,038 |
Warranty reserve | 3,315 | 2,718 |
Inventory costs and reserves | 1,840 | 1,979 |
Compensation related accruals | 817 | 980 |
Workers compensation accrual | 231 | 93 |
Prepaid insurance | -147 | -427 |
Other | 315 | 496 |
Total - Current | 10,303 | 9,877 |
Valuation Allowance | -3,567 | -3,586 |
Total - Current, Net | 6,736 | 6,291 |
Noncurrent asset (liability): | ' | ' |
Goodwill | -2,181 | -3,740 |
Depreciation | -2,172 | -3,514 |
Stock based compensation | 1,082 | 2,723 |
Other | 62 | 77 |
Total – Noncurrent, net | ($3,209) | ($4,454) |
Note_7_Taxes_on_Income_Details4
Note 7 - Taxes on Income (Details) - Reconciliation of the Change in the Unrecognized Tax Benefits (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of the Change in the Unrecognized Tax Benefits [Abstract] | ' | ' | ' |
Balance at January 1, | $1,166 | $990 | $987 |
Increase (decrease) related to prior year tax positions | 16 | 245 | -62 |
Increase related to current year tax positions | 42 | 76 | 150 |
Settlements | ' | -25 | 176 |
Expiration of statute | -391 | -120 | -261 |
Balance at December 31, | $833 | $1,166 | $990 |
Note_8_Debt_Details
Note 8 - Debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | GM [Member] | GM [Member] | GM [Member] | Prudential Investment Management [Member] | Prudential Investment Management [Member] | Well Fargo Bank and JPMorgan Chase Bank [Member] | Well Fargo Bank and JPMorgan Chase Bank [Member] | Well Fargo Bank and JPMorgan Chase Bank [Member] | |
Well Fargo Bank and JPMorgan Chase Bank [Member] | Federal Funds Effective Rate [Member] | One Month Adjusted LIBOR [Member] | |||||||
Note 8 - Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $79 | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 59 | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 5,062 | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 65 | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 75 | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | 50,000 | ' | ' | 70,000 |
Line of Credit Facility, Minimum Borrowing Increments | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' |
Period During Which Company May Issue Private Notes | ' | ' | ' | ' | '3 years | ' | ' | ' | ' |
Potential Uncommitted Shelf Facility Borrowing Capacity | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | 1,865 | 3,718 | ' | 5,000 | ' | ' | ' |
Potential Credit Facility Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | 35,000 |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | 0.50% | 1.00% | ' |
Debt Instrument, Reference Rate, Term | ' | ' | ' | ' | ' | ' | ' | ' | '1 month |
Line of Credit Facility, Capacity Available for Trade Purchases | ' | 5,000 | 5,000 | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | 65,000 |
Line of Credit Facility, Interest Rate at Period End | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% |
Line of Credit Facility, Current Borrowing Capacity | $23,800 | ' | ' | ' | ' | ' | ' | ' | ' |
Note_8_Debt_Details_LongTerm_D
Note 8 - Debt (Details) - Long-Term Debt (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Long-Term Debt [Abstract] | ' | ' | ||
Note payable to Prudential Investment Management, Inc. Principal due December 1, 2016 with quarterly interestonly payments of $68 at 5.46%. Unsecured debt. (1) | $5,000 | [1] | $5,000 | [1] |
Line of credit revolver (2): | 0 | [2] | 0 | [2] |
Capital lease obligations (See Note 5 – Leases) | 340 | 289 | ||
Total debt | 5,340 | 5,289 | ||
Less current portion of long-term debt | -79 | -82 | ||
Total long-term debt | $5,261 | $5,207 | ||
[1] | The Company has a private shelf agreement with Prudential Investment Management, Inc., which allows the Company to borrow up to $50,000 to be issued in $5,000 minimum increments. On November 30, 2012, we entered into an amendment to our existing amended and restated private shelf agreement with Prudential Investment Management, Inc. The amended agreement extended the period during which we may issue private notes by three years to November 30, 2015 and increased the limit of the uncommitted shelf facility up to $50,000. The interest rate is determined based on applicable rates at the time of issuance. The Company had $5,000 of private placement notes outstanding at December 31, 2013 and 2012 with Prudential Investment Management, Inc. | |||
[2] | The Company's primary line of credit is a $70,000 unsecured revolving line with Well Fargo Bank and JPMorgan Chase Bank, expiring on December 16, 2016. Both lending institutions equally share this commitment. The terms of this credit agreement allow the Company to request an increase in the facility of up to $35,000 in the aggregate, subject to customary terms. This line carries an interest rate of the higher of either (i) the highest of prime rate, the federal funds effective rate plus 0.5%, or the one month adjusted LIBOR plus 1.00%; or (ii) adjusted LIBOR plus margin based upon the Company's ratio of debt to earnings from time to time. The Company had no borrowings on this line at December 31, 2013 or 2012. General Motors Company ("GM") has the ability to draw up to $5,000 against the Company's primary line of credit in relation to chassis supplied to Utilimaster under a chassis bailment inventory program, resulting in net available borrowings of $65,000 at December 31, 2013. See Note 12, Commitments and Contingent Liabilities for further information about this chassis bailment inventory program. The applicable borrowing rate including margin was 3.25% at December 31, 2013. |
Note_8_Debt_Details_LongTerm_D1
Note 8 - Debt (Details) - Long-Term Debt (Parentheticals) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Long-Term Debt [Abstract] | ' | ' |
Note Payable to Prudential Investment Management, Inc. Quarterly Interest Payment (in Dollars) | $68 | $68 |
Note Payable to Prudential Investment Management, Inc. Interest Rate | 5.46% | 5.46% |
Note_9_Transactions_With_Major2
Note 9 - Transactions With Major Customers (Details) | Dec. 31, 2013 |
Risks and Uncertainties [Abstract] | ' |
Number of Customers Classified as Major Customers | 1 |
Note_9_Transactions_With_Major3
Note 9 - Transactions With Major Customers (Details) - Transactions with Major Customers (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | $126,454 | $126,074 | $120,874 | $96,136 | $124,489 | $112,857 | $114,419 | $118,812 | $469,538 | $470,577 | $426,010 |
Customer A [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 65,144 | 41,792 | 12,986 |
Accounts Receivable (at year end) | 6,684 | ' | ' | ' | 4,824 | ' | ' | ' | 6,684 | 4,824 | 1,868 |
Customer B [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 27,152 | 59,074 | 73,508 |
Accounts Receivable (at year end) | $209 | ' | ' | ' | $331 | ' | ' | ' | $209 | $331 | $2,272 |
Note_10_Compensation_Incentive1
Note 10 - Compensation Incentive Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 10 - Compensation Incentive Plans (Details) [Line Items] | ' | ' | ' |
Defined Contribution Plan, Company Matching Contributions, Vesting Period | '5 years | ' | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $604 | $380 | $271 |
Economic Value Add Plan [Member] | Quarterly Bonus [Member] | ' | ' | ' |
Note 10 - Compensation Incentive Plans (Details) [Line Items] | ' | ' | ' |
Compensation | 867 | 1,134 | 1,024 |
Economic Value Add Plan [Member] | Annual Bonus [Member] | ' | ' | ' |
Note 10 - Compensation Incentive Plans (Details) [Line Items] | ' | ' | ' |
Compensation | $236 | $1,698 | $1,149 |
Note_11_Stock_Based_Compensati2
Note 11 - Stock Based Compensation (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 11 - Stock Based Compensation (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 4,725,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 2,740,000 | ' | ' |
Exercise Price to Fair Market Value of Stock, Percentage | 100.00% | ' | ' |
Share-based Compensation, Exercisability Period | '10 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $339 | $30 | $147 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number (in Shares) | 19,596 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, SARs, Exercises in Period, Total Intrinsic Value | 4 | 7 | 3 |
Employee Stock Purchase Plan, Discount | 95.00% | ' | ' |
Stock Issued During Period, Value, Employee Stock Purchase Plan | 81 | 104 | ' |
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in Shares) | 16,000 | 21,000 | ' |
Restricted Stock [Member] | ' | ' | ' |
Note 11 - Stock Based Compensation (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $5.24 | $5.43 | $4.30 |
Allocated Share-based Compensation Expense | 1,624 | 1,645 | 1,780 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 568 | 576 | 623 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 1,397 | 1,603 | 1,134 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | ' | $1,531 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | '328 days | ' |
Restricted Stock [Member] | Minimum [Member] | ' | ' | ' |
Note 11 - Stock Based Compensation (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years | ' | ' |
Restricted Stock [Member] | Maximum [Member] | ' | ' | ' |
Note 11 - Stock Based Compensation (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '5 years | ' | ' |
Employee Stock Purchase Plan [Member] | ' | ' | ' |
Note 11 - Stock Based Compensation (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 750,000 | ' | ' |
Note_11_Stock_Based_Compensati3
Note 11 - Stock Based Compensation (Details) - Option Activity (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2010 |
Option Activity [Abstract] | ' | ' |
Total Number of Options | ' | 438 |
Weighted Average Exercise Price (in Dollars per share) | ' | $4.84 |
Weighted Average Remaining Contractual Term | '1 year 36 days | ' |
Exercised | -200 | ' |
Exercised (in Dollars per share) | $4.45 | ' |
Cancelled | -5 | ' |
Cancelled (in Dollars per share) | $4.59 | ' |
Total Number of Options | 233 | 438 |
Weighted Average Exercise Price (in Dollars per share) | $5.18 | $4.84 |
Total Intrinsic Value (in Dollars) | $353 | ' |
Weighted Average Remaining Contractual Term | '1 year 36 days | ' |
Note_11_Stock_Based_Compensati4
Note 11 - Stock Based Compensation (Details) - SARs Activity (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2011 | |
Note 11 - Stock Based Compensation (Details) - SARs Activity [Line Items] | ' | ' |
Total Number of SARs (in Shares) | 19,596 | ' |
Stock Appreciation Rights (SARs) [Member] | ' | ' |
Note 11 - Stock Based Compensation (Details) - SARs Activity [Line Items] | ' | ' |
Total Number of SARs (in Shares) | ' | 343,000 |
Weighted Average Grant Date Fair Value | ' | $3.06 |
Weighted Average Remaining Contractual Term | '3 years 73 days | ' |
Exercised (in Shares) | -3,000 | ' |
Exercised | $2.03 | ' |
Cancelled (in Shares) | -35,000 | ' |
Cancelled | $3.30 | ' |
Total Number of SARs (in Shares) | 305,000 | 343,000 |
Weighted Average Grant Date Fair Value | $3.04 | $3.06 |
Total Intrinsic Value | $131,000 | ' |
Weighted Average Remaining Contractual Term | '3 years 73 days | ' |
Note_11_Stock_Based_Compensati5
Note 11 - Stock Based Compensation (Details) - Restricted Stock Activity (Restricted Stock [Member], USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restricted Stock [Member] | ' | ' | ' |
Note 11 - Stock Based Compensation (Details) - Restricted Stock Activity [Line Items] | ' | ' | ' |
Total Number of Non-vested Shares | 486 | 562 | ' |
Weighted Average Grant Date Fair Value (in Dollars per share) | $5.34 | $5.39 | ' |
Weighted Average Remaining Vesting Life | '328 days | ' | ' |
Granted | 274 | ' | ' |
Granted (in Dollars per share) | $5.24 | $5.43 | $4.30 |
Vested | -261 | ' | ' |
Vested (in Dollars per share) | $5.36 | ' | ' |
Cancelled | -89 | ' | ' |
Cancelled (in Dollars per share) | $5.30 | ' | ' |
Note_12_Commitments_and_Contin2
Note 12 - Commitments and Contingent Liabilities (Details) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 33 Months Ended | |||||||||||||||||
Nov. 30, 2013 | Feb. 28, 2013 | Nov. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Nov. 30, 2009 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 30, 2011 | |
Performance-based Earn-out Payments [Member] | Performance-based Earn-out Payments [Member] | Performance-based Earn-out Payments [Member] | GM [Member] | GM [Member] | Other Current Liabilities [Member] | Other Long Term Liabilities [Member] | Utilimaster [Member] | Utilimaster [Member] | Classic Fire [Member] | Classic Fire [Member] | Classic Fire [Member] | Classic Fire [Member] | ||||||||||
Classic Fire [Member] | Classic Fire [Member] | Classic Fire [Member] | ||||||||||||||||||||
Note 12 - Commitments and Contingent Liabilities (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit, Maximum | ' | ' | ' | ' | $15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | ' | ' | ' | ' | 10,429,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Capacity Available for Trade Purchases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,865,000 | 3,718,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | 2,180,000 | ' | ' | ' | ' | ' |
Payments for Previous Acquisition | 1,000,000 | 1,720,000 | 1,000,000 | 1,100,000 | 460,000 | 756,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,720,000 | 2,100,000 | 0 | ' | ' | ' |
Business Combination, Contingent Consideration, Liability | ' | ' | ' | ' | 1,007,000 | 3,706,000 | 2,934,000 | 1,771,000 | ' | 0 | 83,000 | 1,000,000 | ' | ' | 247,000 | 760,000 | ' | ' | ' | 0 | 83,000 | 180,000 |
Operating Expenses | ' | ' | ' | ' | $61,261,000 | $61,199,000 | $59,286,000 | ' | ' | ($83,000) | ($97,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_12_Commitments_and_Contin3
Note 12 - Commitments and Contingent Liabilities (Details) - Changes in the Company’s Warranty Liability (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Changes in the Company’s Warranty Liability [Abstract] | ' | ' |
Balance of accrued warranty at January 1 | $6,062 | $5,802 |
Warranties issued during the period | 3,915 | 3,515 |
Cash settlements made during the period | -4,394 | -4,842 |
Changes in liability for pre-existing warranties during the period, including expirations | 1,996 | 1,587 |
Balance of accrued warranty at December 31 | $7,579 | $6,062 |
Note_12_Commitments_and_Contin4
Note 12 - Commitments and Contingent Liabilities (Details) - Changes in Present Value of Contingent Liability (USD $) | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 30, 2011 | |||
Classic Fire [Member] | Classic Fire [Member] | Classic Fire [Member] | ||||||||
Business Acquisition, Contingent Consideration [Line Items] | ' | ' | ' | ' | ' | ' | ' | |||
Contingent liability fair value | $1,007 | $3,706 | $2,934 | $1,771 | $0 | $83 | $180 | |||
Contingent liability from Classic Fire acquisition | 1,007 | 3,706 | 2,934 | 1,771 | 0 | 83 | 180 | |||
Expense from discount amortization | 215 | 483 | 346 | ' | ' | ' | ' | |||
Expense from changes in estimated fair value of contingent payments | -194 | [1] | 2,389 | [1] | 637 | [1] | ' | ' | ' | ' |
Payments made | ($2,720) | ($2,100) | ' | ' | ' | ' | ' | |||
[1] | Represents adjustments to the contingent consideration liability based on expected or actual Classic Fire or Utilimaster sales levels for 2011, 2012, 2013 and 2014, along with the expectation of or success in meeting the targeted sales levels for the Reach TM commercial van in 2012 and 2013. |
Note_13_Restructuring_Charges_1
Note 13 - Restructuring Charges (Details) - Summary of Compensation Related Charges (Employee Severance [Member], USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Employee Severance [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Balance | ' | $630 | ' | $116 |
Accrual for severance | ' | 1,642 | 278 | ' |
Payments | ($630) | ($1,012) | ($394) | ' |
Note_13_Restructuring_Charges_2
Note 13 - Restructuring Charges (Details) - Restructuring Charges Included in the Consolidated Statements of Income (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 13 - Restructuring Charges (Details) - Restructuring Charges Included in the Consolidated Statements of Income [Line Items] | ' | ' | ' | ' | ' | ' |
Restructuring charges, cost of products sold | ' | ' | ' | ' | $6,514 | $1,731 |
Restructuring charges, general and administrative | 1,397 | 1,643 | 685 | 5,408 | ' | ' |
Total restructuring | ' | ' | ' | ' | 9,133 | 2,781 |
Emergency Response Vehicles [Member] | Operating Expense [Member] | ' | ' | ' | ' | ' | ' |
Note 13 - Restructuring Charges (Details) - Restructuring Charges Included in the Consolidated Statements of Income [Line Items] | ' | ' | ' | ' | ' | ' |
Restructuring charges, general and administrative | ' | ' | ' | ' | 454 | 10 |
Emergency Response Vehicles [Member] | Asset Impairment [Member] | ' | ' | ' | ' | ' | ' |
Note 13 - Restructuring Charges (Details) - Restructuring Charges Included in the Consolidated Statements of Income [Line Items] | ' | ' | ' | ' | ' | ' |
Restructuring charges, cost of products sold | ' | ' | ' | ' | ' | 409 |
Restructuring charges, general and administrative | ' | ' | ' | ' | ' | 10 |
Emergency Response Vehicles [Member] | Accrual for Severance [Member] | ' | ' | ' | ' | ' | ' |
Note 13 - Restructuring Charges (Details) - Restructuring Charges Included in the Consolidated Statements of Income [Line Items] | ' | ' | ' | ' | ' | ' |
Restructuring charges, cost of products sold | ' | ' | ' | ' | 74 | ' |
Restructuring charges, general and administrative | ' | ' | ' | ' | 454 | ' |
Emergency Response Vehicles [Member] | Inventory Impairment [Member] | ' | ' | ' | ' | ' | ' |
Note 13 - Restructuring Charges (Details) - Restructuring Charges Included in the Consolidated Statements of Income [Line Items] | ' | ' | ' | ' | ' | ' |
Restructuring charges, cost of products sold | ' | ' | ' | ' | ' | 214 |
Emergency Response Vehicles [Member] | ' | ' | ' | ' | ' | ' |
Note 13 - Restructuring Charges (Details) - Restructuring Charges Included in the Consolidated Statements of Income [Line Items] | ' | ' | ' | ' | ' | ' |
Restructuring charges, cost of products sold | ' | ' | ' | ' | 74 | 623 |
Total restructuring | ' | ' | ' | ' | 528 | 633 |
Delivery and Service Vehicles [Member] | Operating Expense [Member] | ' | ' | ' | ' | ' | ' |
Note 13 - Restructuring Charges (Details) - Restructuring Charges Included in the Consolidated Statements of Income [Line Items] | ' | ' | ' | ' | ' | ' |
Restructuring charges, general and administrative | ' | ' | ' | ' | 1,468 | ' |
Delivery and Service Vehicles [Member] | Asset Impairment [Member] | ' | ' | ' | ' | ' | ' |
Note 13 - Restructuring Charges (Details) - Restructuring Charges Included in the Consolidated Statements of Income [Line Items] | ' | ' | ' | ' | ' | ' |
Restructuring charges, cost of products sold | ' | ' | ' | ' | 4,315 | ' |
Restructuring charges, general and administrative | ' | ' | ' | ' | 1,153 | ' |
Delivery and Service Vehicles [Member] | Accrual for Severance [Member] | ' | ' | ' | ' | ' | ' |
Note 13 - Restructuring Charges (Details) - Restructuring Charges Included in the Consolidated Statements of Income [Line Items] | ' | ' | ' | ' | ' | ' |
Restructuring charges, general and administrative | ' | ' | ' | ' | 259 | ' |
Delivery and Service Vehicles [Member] | Production Relocation Costs [Member] | ' | ' | ' | ' | ' | ' |
Note 13 - Restructuring Charges (Details) - Restructuring Charges Included in the Consolidated Statements of Income [Line Items] | ' | ' | ' | ' | ' | ' |
Restructuring charges, cost of products sold | ' | ' | ' | ' | 1,967 | ' |
Restructuring charges, general and administrative | ' | ' | ' | ' | 56 | ' |
Delivery and Service Vehicles [Member] | ' | ' | ' | ' | ' | ' |
Note 13 - Restructuring Charges (Details) - Restructuring Charges Included in the Consolidated Statements of Income [Line Items] | ' | ' | ' | ' | ' | ' |
Restructuring charges, cost of products sold | ' | ' | ' | ' | 6,282 | ' |
Total restructuring | ' | ' | ' | ' | 7,750 | ' |
Specialty Vehicles [Member] | Operating Expense [Member] | ' | ' | ' | ' | ' | ' |
Note 13 - Restructuring Charges (Details) - Restructuring Charges Included in the Consolidated Statements of Income [Line Items] | ' | ' | ' | ' | ' | ' |
Restructuring charges, general and administrative | ' | ' | ' | ' | 638 | 160 |
Specialty Vehicles [Member] | Accrual for Severance [Member] | ' | ' | ' | ' | ' | ' |
Note 13 - Restructuring Charges (Details) - Restructuring Charges Included in the Consolidated Statements of Income [Line Items] | ' | ' | ' | ' | ' | ' |
Restructuring charges, cost of products sold | ' | ' | ' | ' | 158 | 5 |
Restructuring charges, general and administrative | ' | ' | ' | ' | 638 | 160 |
Specialty Vehicles [Member] | Inventory Impairment [Member] | ' | ' | ' | ' | ' | ' |
Note 13 - Restructuring Charges (Details) - Restructuring Charges Included in the Consolidated Statements of Income [Line Items] | ' | ' | ' | ' | ' | ' |
Restructuring charges, cost of products sold | ' | ' | ' | ' | ' | 1,103 |
Specialty Vehicles [Member] | ' | ' | ' | ' | ' | ' |
Note 13 - Restructuring Charges (Details) - Restructuring Charges Included in the Consolidated Statements of Income [Line Items] | ' | ' | ' | ' | ' | ' |
Restructuring charges, cost of products sold | ' | ' | ' | ' | 158 | 1,108 |
Total restructuring | ' | ' | ' | ' | 796 | 1,268 |
Other Segments [Member] | Operating Expense [Member] | ' | ' | ' | ' | ' | ' |
Note 13 - Restructuring Charges (Details) - Restructuring Charges Included in the Consolidated Statements of Income [Line Items] | ' | ' | ' | ' | ' | ' |
Restructuring charges, general and administrative | ' | ' | ' | ' | 59 | 880 |
Other Segments [Member] | Asset Impairment [Member] | ' | ' | ' | ' | ' | ' |
Note 13 - Restructuring Charges (Details) - Restructuring Charges Included in the Consolidated Statements of Income [Line Items] | ' | ' | ' | ' | ' | ' |
Restructuring charges, general and administrative | ' | ' | ' | ' | ' | 767 |
Other Segments [Member] | Accrual for Severance [Member] | ' | ' | ' | ' | ' | ' |
Note 13 - Restructuring Charges (Details) - Restructuring Charges Included in the Consolidated Statements of Income [Line Items] | ' | ' | ' | ' | ' | ' |
Restructuring charges, general and administrative | ' | ' | ' | ' | 59 | 113 |
Other Segments [Member] | ' | ' | ' | ' | ' | ' |
Note 13 - Restructuring Charges (Details) - Restructuring Charges Included in the Consolidated Statements of Income [Line Items] | ' | ' | ' | ' | ' | ' |
Total restructuring | ' | ' | ' | ' | 59 | 880 |
Operating Expense [Member] | ' | ' | ' | ' | ' | ' |
Note 13 - Restructuring Charges (Details) - Restructuring Charges Included in the Consolidated Statements of Income [Line Items] | ' | ' | ' | ' | ' | ' |
Restructuring charges, general and administrative | ' | ' | ' | ' | 2,619 | 1,050 |
Asset Impairment [Member] | ' | ' | ' | ' | ' | ' |
Note 13 - Restructuring Charges (Details) - Restructuring Charges Included in the Consolidated Statements of Income [Line Items] | ' | ' | ' | ' | ' | ' |
Restructuring charges, cost of products sold | ' | ' | ' | ' | 4,315 | 409 |
Restructuring charges, general and administrative | ' | ' | ' | ' | 1,153 | 777 |
Accrual for Severance [Member] | ' | ' | ' | ' | ' | ' |
Note 13 - Restructuring Charges (Details) - Restructuring Charges Included in the Consolidated Statements of Income [Line Items] | ' | ' | ' | ' | ' | ' |
Restructuring charges, cost of products sold | ' | ' | ' | ' | 232 | 5 |
Restructuring charges, general and administrative | ' | ' | ' | ' | 1,410 | 273 |
Production Relocation Costs [Member] | ' | ' | ' | ' | ' | ' |
Note 13 - Restructuring Charges (Details) - Restructuring Charges Included in the Consolidated Statements of Income [Line Items] | ' | ' | ' | ' | ' | ' |
Restructuring charges, cost of products sold | ' | ' | ' | ' | 1,967 | ' |
Restructuring charges, general and administrative | ' | ' | ' | ' | 56 | ' |
Inventory Impairment [Member] | ' | ' | ' | ' | ' | ' |
Note 13 - Restructuring Charges (Details) - Restructuring Charges Included in the Consolidated Statements of Income [Line Items] | ' | ' | ' | ' | ' | ' |
Restructuring charges, cost of products sold | ' | ' | ' | ' | ' | $1,317 |
Note_14_Earnings_Per_Share_Det
Note 14 - Earnings Per Share (Details) - Reconciliation of Basic Weighted Average Common Shares Outstanding to Diluted Weighted Average Shares Outstanding | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 14 - Earnings Per Share (Details) - Reconciliation of Basic Weighted Average Common Shares Outstanding to Diluted Weighted Average Shares Outstanding [Line Items] | ' | ' | ' |
Basic weighted average common shares outstanding | 33,550 | 33,165 | 33,438 |
Effect of dilutive stock options | ' | ' | 50 |
Diluted weighted average common shares outstanding | 33,550 | 33,165 | 33,488 |
Employee Stock Option [Member] | ' | ' | ' |
Antidilutive stock awards: | ' | ' | ' |
Antidilutive securities | 45 | 250 | 65 |
Restricted Stock [Member] | ' | ' | ' |
Antidilutive stock awards: | ' | ' | ' |
Antidilutive securities | 531 | 637 | ' |
Note_15_Business_Segments_Deta
Note 15 - Business Segments (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 15 - Business Segments (Details) [Line Items] | ' | ' | ' |
Number of Reportable Segments | 3 | ' | ' |
Percent of Revenue Attributed to Foreign Countries | 7.10% | 9.40% | 5.30% |
Foreign Countries [Member] | ' | ' | ' |
Note 15 - Business Segments (Details) [Line Items] | ' | ' | ' |
Revenues (in Dollars) | 33,150 | 44,205 | 22,675 |
Note_15_Business_Segments_Deta1
Note 15 - Business Segments (Details) - Segment Reporting Information (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $126,454 | $126,074 | $120,874 | $96,136 | $124,489 | $112,857 | $114,419 | $118,812 | $469,538 | $470,577 | $426,010 |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 9,238 | 8,990 | 10,010 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -8,198 | -2,591 | 1,331 |
Segment assets | 253,282 | ' | ' | ' | 245,151 | ' | ' | ' | 253,282 | 245,151 | 248,609 |
Emergency Response Chassis [Member] | Emergency Response Vehicles [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 83,399 | 83,576 | 80,817 |
Emergency Response Chassis [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 83,399 | 83,576 | 80,817 |
Emergency Response Bodies [Member] | Emergency Response Vehicles [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 81,688 | 78,744 | 73,949 |
Emergency Response Bodies [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 81,688 | 78,744 | 73,949 |
Delivery and Service Vehicles [Member] | Delivery and Service Vehicles [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 157,291 | 150,255 | 118,810 |
Delivery and Service Vehicles [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 157,291 | 150,255 | 118,810 |
Motorhome Chassis [Member] | Specialty Vehicles [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 90,008 | 72,127 | 65,778 |
Motorhome Chassis [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 90,008 | 72,127 | 65,778 |
Other Specialty Vehicles [Member] | Specialty Vehicles [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 10,678 | 7,426 | 16,271 |
Other Specialty Vehicles [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 10,678 | 7,426 | 16,271 |
Aftermarket Parts and Assemblies [Member] | Delivery and Service Vehicles [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 21,918 | 57,975 | 46,716 |
Aftermarket Parts and Assemblies [Member] | Specialty Vehicles [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 24,556 | 20,474 | 23,669 |
Aftermarket Parts and Assemblies [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 46,474 | 78,449 | 70,385 |
Emergency Response Vehicles [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 165,087 | 162,320 | 154,766 |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,390 | 1,711 | 2,322 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -7,664 | -2,951 | -95 |
Segment assets | 80,540 | ' | ' | ' | 77,806 | ' | ' | ' | 80,540 | 77,806 | 68,044 |
Delivery and Service Vehicles [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 179,209 | 208,230 | 165,526 |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 3,781 | 2,648 | 2,442 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -3,942 | 6,035 | 10,040 |
Segment assets | 78,654 | ' | ' | ' | 73,567 | ' | ' | ' | 78,654 | 73,567 | 80,674 |
Specialty Vehicles [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 125,242 | 100,027 | 105,718 |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,498 | 1,945 | 2,186 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 10,030 | 2,198 | -2,300 |
Segment assets | 24,399 | ' | ' | ' | 27,565 | ' | ' | ' | 24,399 | 27,565 | 23,163 |
Other Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 2,569 | 2,686 | 3,060 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -6,622 | -7,873 | -6,314 |
Segment assets | $69,689 | ' | ' | ' | $66,213 | ' | ' | ' | $69,689 | $66,213 | $76,728 |
Note_16_Quarterly_Financial_Da2
Note 16 - Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' |
Restructuring Charges | $1,397 | $1,643 | $685 | $5,408 |
Note_16_Quarterly_Financial_Da3
Note 16 - Quarterly Financial Data (Unaudited) (Details) - Summarized Quarterly Financial Data (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summarized Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | $126,454 | $126,074 | $120,874 | $96,136 | $124,489 | $112,857 | $114,419 | $118,812 | $469,538 | $470,577 | $426,010 |
Gross profit | 14,960 | 16,131 | 15,626 | 6,347 | 13,152 | 12,968 | 18,745 | 13,744 | 53,063 | 58,608 | 60,617 |
Net earnings (loss) attributable to Spartan Motors, Inc. | ($2,970) | $563 | $691 | ($4,254) | ($2,466) | ($327) | $2,351 | ($2,015) | ($5,971) | ($2,457) | $773 |
Basic net earnings (loss) per share (in Dollars per share) | ($0.09) | $0.02 | $0.02 | ($0.13) | ($0.07) | ($0.01) | $0.07 | ($0.06) | ($0.18) | ($0.07) | $0.02 |
Diluted net earnings (loss) per share (in Dollars per share) | ($0.09) | $0.02 | $0.02 | ($0.13) | ($0.07) | ($0.01) | $0.07 | ($0.06) | ($0.18) | ($0.07) | $0.02 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) - Valuation and Qualifying Accounts (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' |
Balance at Beginning of Period | $1,021 | $749 | $996 |
Additions/Charges to Costs and Expenses | 15 | 324 | 15 |
Deductions | -267 | -52 | -262 |
Balance at End of Period | 769 | 1,021 | 749 |
Inventory Valuation Reserve [Member] | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' |
Balance at Beginning of Period | 3,056 | 3,565 | 3,687 |
Additions/Charges to Costs and Expenses | 2,645 | 671 | 2,741 |
Additions Charged to Other Accounts (Acquisition) | ' | ' | 35 |
Deductions | -3,406 | -1,180 | -2,898 |
Balance at End of Period | 2,295 | 3,056 | 3,565 |
Warranty Reserves [Member] | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' |
Balance at Beginning of Period | 6,062 | 5,802 | 5,702 |
Additions/Charges to Costs and Expenses | 5,911 | 5,102 | 2,750 |
Additions Charged to Other Accounts (Acquisition) | ' | ' | 140 |
Deductions | -4,394 | -4,842 | -2,790 |
Balance at End of Period | 7,579 | 6,062 | 5,802 |
Valuation Allowance of Deferred Tax Assets [Member] | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' |
Balance at Beginning of Period | 3,586 | 3,546 | 3,649 |
Additions/Charges to Costs and Expenses | 110 | 50 | 111 |
Deductions | -130 | -10 | -214 |
Balance at End of Period | $3,567 | $3,586 | $3,546 |