Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'SPARTAN MOTORS INC | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 34,274,319 |
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 | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $29,677 | $30,707 |
Accounts receivable, less allowance of $194 and $769 | 49,186 | 47,560 |
Inventories | 84,432 | 81,419 |
Deferred income tax assets | 6,736 | 6,736 |
Income taxes receivable | 3,704 | 1,641 |
Assets held for sale | 329 | 373 |
Other current assets | 2,410 | 2,291 |
Total current assets | 176,474 | 170,727 |
Property, plant and equipment, net | 52,190 | 54,278 |
Goodwill | 15,961 | 15,961 |
Intangible assets, net | 9,526 | 10,094 |
Other assets | 2,157 | 2,222 |
TOTAL ASSETS | 256,308 | 253,282 |
Current liabilities: | ' | ' |
Accounts payable | 35,246 | 30,525 |
Accrued warranty | 8,564 | 7,579 |
Accrued customer rebates | 2,282 | 2,190 |
Accrued compensation and related taxes | 7,350 | 6,440 |
Deposits from customers | 17,983 | 18,006 |
Other current liabilities and accrued expenses | 6,269 | 5,333 |
Current portion of long-term debt | 58 | 79 |
Total current liabilities | 77,752 | 70,152 |
Other non-current liabilities | 2,362 | 3,109 |
Long-term debt, less current portion | 5,232 | 5,261 |
Deferred income tax liabilities | 3,209 | 3,209 |
Shareholders' equity: | ' | ' |
Preferred stock, no par value: 2,000 shares authorized (none issued) | ' | ' |
Common stock, $0.01 par value; 40,000 shares authorized; 34,273 and 34,210 outstanding | 343 | 342 |
Additional paid in capital | 75,474 | 75,075 |
Retained earnings | 91,952 | 96,132 |
Total Spartan Motors, Inc. shareholders’ equity | 167,769 | 171,549 |
Non-controlling interest | -16 | 2 |
Total shareholders’ equity | 167,753 | 171,551 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $256,308 | $253,282 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Accounts receivable, allowance (in Dollars) | $194 | $769 |
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 | 34,273 | 34,210 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Sales | $115,795 | $120,874 | $243,754 | $217,010 |
Cost of products sold | 101,133 | 105,248 | 216,347 | 195,038 |
Gross profit | 14,662 | 15,626 | 27,407 | 21,972 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 2,740 | 2,897 | 5,599 | 5,698 |
Selling, general and administrative | 11,891 | 11,661 | 25,319 | 22,035 |
Total operating expenses | 14,631 | 14,558 | 30,918 | 27,733 |
Operating income (loss) | 31 | 1,068 | -3,511 | -5,761 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | -91 | -87 | -185 | -156 |
Interest and other income | 111 | 115 | 239 | 261 |
Total other income (expense) | 20 | 28 | 54 | 105 |
Income (loss) before taxes | 51 | 1,096 | -3,457 | -5,656 |
Taxes | -179 | 405 | -1,546 | -2,093 |
Net Income (loss) | 230 | 691 | -1,911 | -3,563 |
Less: net loss attributable to non-controlling interest | -17 | ' | -18 | ' |
Net income (loss) attributable to Spartan Motors Inc. | $247 | $691 | ($1,893) | ($3,563) |
Basic net earnings (loss) per share (in Dollars per share) | $0.01 | $0.02 | ($0.06) | ($0.11) |
Diluted net earnings (loss) per share (in Dollars per share) | $0.01 | $0.02 | ($0.06) | ($0.11) |
Basic weighted average common shares outstanding (in Shares) | 34,446 | 34,105 | 33,842 | 33,447 |
Diluted weighted average common shares outstanding (in Shares) | 34,450 | 34,139 | 33,842 | 33,447 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net loss | ($1,911) | ($3,563) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 4,419 | 4,550 |
Gain on disposal of assets | -92 | -61 |
Expense from changes in fair value of contingent consideration | 346 | 134 |
Tax expense related to stock incentive plan transactions | 46 | 41 |
Stock based compensation related to stock awards | 954 | 908 |
Decrease (increase) in operating assets: | ' | ' |
Accounts receivable | -1,626 | -3,413 |
Inventories | -3,013 | -6,100 |
Income taxes receivable | -2,063 | -1,169 |
Other assets | -119 | 944 |
Increase (decrease) in operating liabilities: | ' | ' |
Accounts payable | 4,721 | 1,233 |
Accrued warranty | 985 | 1,513 |
Accrued customer rebates | 92 | -572 |
Accrued compensation and related taxes | 910 | -1,692 |
Deposits from customers | -23 | 4,620 |
Other current liabilities and accrued expenses | 61 | -2,378 |
Taxes on income | -35 | 64 |
Total adjustments | 5,563 | -1,378 |
Net cash provided by (used in) operating activities | 3,652 | -4,941 |
Cash flows from investing activities: | ' | ' |
Purchases of property, plant and equipment | -1,868 | -2,485 |
Proceeds from sale of property, plant and equipment | 240 | 155 |
Proceeds from notes receivable | ' | 2,500 |
Net cash provided by (used in) investing activities | -1,628 | 170 |
Cash flows from financing activities: | ' | ' |
Purchase and retirement of common stock | -1,000 | ' |
Proceeds from long-term debt | ' | 138 |
Payments on long-term debt | -51 | -33 |
Net cash provided from (used in) the exercise, vesting or cancellation of stock incentive awards | -72 | 282 |
Cash paid related to tax impact of stock incentive plan transactions | -46 | -41 |
Payment of contingent consideration on acquisitions | -162 | ' |
Payment of dividends | -1,723 | -1,705 |
Net cash used in financing activities | -3,054 | -1,359 |
Net decrease in cash and cash equivalents | -1,030 | -6,130 |
Cash and cash equivalents at beginning of period | 30,707 | 21,748 |
Cash and cash equivalents at end of period | $29,677 | $15,618 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
In Thousands | |||||
Balance at Dec. 31, 2013 | $342 | $75,075 | $96,132 | $2 | $171,551 |
Balance (in Shares) at Dec. 31, 2013 | 34,210 | ' | ' | ' | ' |
Issuance of common stock and the tax impact of stock incentive plan transactions | ' | -118 | ' | ' | -118 |
Issuance of common stock and the tax impact of stock incentive plan transactions (in Shares) | 9 | ' | ' | ' | ' |
Issuance of restricted stock, net of cancellation | 3 | -3 | ' | ' | ' |
Issuance of restricted stock, net of cancellation (in Shares) | 251 | ' | ' | ' | ' |
Stock based compensation expense related to restricted stock | ' | 954 | ' | ' | 954 |
Dividends | ' | ' | -1,723 | ' | -1,723 |
Purchase and retirement of common stock | -2 | -434 | -564 | ' | -1,000 |
Purchase and retirement of common stock (in Shares) | -197 | ' | ' | ' | ' |
Net loss | ' | ' | -1,893 | -18 | -1,911 |
Balance at Jun. 30, 2014 | $343 | $75,474 | $91,952 | ($16) | $167,753 |
Balance (in Shares) at Jun. 30, 2014 | 34,273 | ' | ' | ' | ' |
Note_1_General_and_Summary_of_
Note 1 - General and Summary of Accounting Policies | 6 Months Ended |
Jun. 30, 2014 | |
Disclosure Text Block [Abstract] | ' |
Business Description and Accounting Policies [Text Block] | ' |
NOTE 1 - GENERAL AND SUMMARY OF ACCOUNTING POLICIES | |
For a description of key accounting policies followed, refer to the notes to the Spartan Motors, Inc. (the “Company”) consolidated financial statements for the year ended December 31, 2013, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 13, 2014. There have been no changes in such accounting policies as of the date of this report. | |
The Company has five wholly-owned operating subsidiaries: Spartan Motors Chassis, Inc., located at our corporate headquarters in Charlotte, Michigan (“Spartan Chassis”); Crimson Fire, Inc., located in Brandon, South Dakota (“Crimson”); Crimson Fire Aerials, Inc., located in Ephrata, Pennsylvania (“Crimson Aerials”); Utilimaster Corporation, located in Bristol and Wakarusa, Indiana (“Utilimaster”); and Classic Fire, LLC (“Classic Fire”), located in Ocala, Florida. Collectively, Crimson, Crimson Aerials and Classic Fire operate as Spartan ERV. Crimson is a participant in Spartan-Gimaex Innovations, LLC (“Spartan-Gimaex”), a 50/50 joint venture with Gimaex Holding, Inc. Spartan-Gimaex is reported as a consolidated subsidiary of Spartan Motors, Inc. | |
The accompanying unaudited interim condensed consolidated financial statements reflect all normal and recurring adjustments that are necessary for the fair presentation of the Company’s financial position as of June 30, 2014, the results of operations for the three and six month periods ended June 30, 2014 and the cash flows for the six month period ended June 30, 2014, and should be read in conjunction with the audited consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |
The results of operations for the three and six months ended June 30, 2014 are not necessarily indicative of the results to be expected for the full year. | |
The Company is required to disclose the fair value of its financial instruments in accordance with Financial Accounting Standards Board (FASB) Codification relating to “Disclosures about Fair Values of Financial Instruments.” The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and the Company’s fixed and variable rate debt instruments approximate their fair value at June 30, 2014 and December 31, 2013. | |
Certain immaterial amounts in the prior periods’ financial statements have been reclassified to conform to the current period’s presentation. | |
Recently issued accounting standard | |
In May, 2014 the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606). The new standard is based on the principle that revenue should be recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The new standard is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application. Early adoption is not permitted. The Company is currently evaluating the impact of the adoption of the new revenue recognition standard on its consolidated financial statements. |
Note_2_Inventories
Note 2 - Inventories | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
NOTE 2 – INVENTORIES | |||||||||
Inventories are summarized as follows: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Finished goods | $ | 15,541 | $ | 17,168 | |||||
Work in process | 21,574 | 25,453 | |||||||
Raw materials and purchased components | 50,739 | 41,093 | |||||||
Reserve for slow-moving inventory | (3,422 | ) | (2,295 | ) | |||||
$ | 84,432 | $ | 81,419 | ||||||
The Company 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. The net carrying amount was $10,113 and $8,861 at June 30, 2014 and December 31, 2013. |
Note_3_Commitments_and_Conting
Note 3 - Commitments and Contingent Liabilities | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||||||
NOTE 3 - 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 June 30, 2014 and December 31, 2013, the Company had outstanding letters of credit totaling $10,654 and $10,429 related to certain emergency response vehicle contracts and the Company’s workers compensation insurance. | |||||||||
At June 30, 2014, 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 is party to a chassis bailment inventory agreement with General Motors Company (“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 $1,618 and $1,865 outstanding on the Company’s revolving credit line at June 30, 2014 and December 31, 2013. 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 Condensed Consolidated Balance Sheets. | |||||||||
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. Through June 30, 2014, the Company has made earn-out payments totaling $5,068, leaving an aggregate maximum amount of future payments of $1,932. The Company has recorded a contingent liability for the estimated fair value of the future consideration of $1,105 based upon the likelihood of the payments, discounted to June 30, 2014. The contingent liability includes charges of $60 and $346 for the three and six months ended June 30, 2014, which are recorded within Selling, general and administrative on the Condensed Consolidated Statements of Operations. Management believes that the Company has sufficient liquidity to fund the contingent obligations as they become due. | |||||||||
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. | |||||||||
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 six months ended June 30, 2014 and 2013 were as follows: | |||||||||
2014 | 2013 | ||||||||
Balance of accrued warranty at January 1 | $ | 7,579 | $ | 6,062 | |||||
Warranties issued during the period | 2,336 | 1,667 | |||||||
Cash settlements made during the period | (1,958 | ) | (2,018 | ) | |||||
Changes in liability for pre-existing warranties during the period, including expirations | 607 | 1,864 | |||||||
Balance of accrued warranty at June 30 | $ | 8,564 | $ | 7,575 | |||||
Note_4_Earnings_Loss_Per_Share
Note 4 - Earnings (Loss) Per Share | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||
NOTE 4 – EARNINGS (LOSS) PER SHARE | |||||||||||||||||
The following table presents a reconciliation of the weighted average shares outstanding used in the Net earnings (loss) per share (“EPS”) calculation: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Basic weighted average common shares outstanding | 34,446 | 34,105 | 33,842 | 33,447 | |||||||||||||
Effect of dilutive stock options | 4 | 34 | - | - | |||||||||||||
Diluted weighted average common shares outstanding | 34,450 | 34,139 | 33,842 | 33,447 | |||||||||||||
Anti-dilutive stock awards: | |||||||||||||||||
Restricted stock | - | - | 490 | 555 | |||||||||||||
Stock options | - | - | 7 | 33 | |||||||||||||
- | - | 497 | 588 | ||||||||||||||
Stock awards noted as anti-dilutive were not included in the basic (Restricted stock awards) and diluted (Stock option awards) weighted average common shares outstanding. Although these stock awards were not included in the Company’s calculation of basic or diluted 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 income. |
Note_5_Business_Segments
Note 5 - Business Segments | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||||||
NOTE 5 - 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 (collectively Crimson, Crimson Aerials and Classic Fire operate under the name Spartan ERV). This segment engineers and manufactures emergency response chassis and bodies. Previously, the company reported sales of emergency response chassis and emergency response bodies separately. Since 2012, since the emergency response vehicles business was aligned under the Spartan brand, the chassis and body operations have become increasingly aligned. As a result, the company believes it is appropriate to report revenue for this segment as one product group, Emergency Response Vehicles. Reporting for prior periods has been recast accordingly. | |||||||||||||||||||||
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 operating 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 operating segments were immaterial in all periods presented. | |||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||
Emergency | Delivery & | Specialty | Other | Consolidated | |||||||||||||||||
Response | Service | Chassis & | |||||||||||||||||||
Vehicles | Vehicles | Vehicles | |||||||||||||||||||
Emergency Response Vehicles Sales | $ | 42,118 | $ | - | $ | - | $ | - | $ | 42,118 | |||||||||||
Delivery & Service Vehicles Sales | - | 44,639 | - | - | 44,639 | ||||||||||||||||
Motorhome Chassis Sales | - | - | 17,799 | - | 17,799 | ||||||||||||||||
Other Specialty Chassis and Vehicles Sales | - | - | 2,176 | - | 2,176 | ||||||||||||||||
Aftermarket Parts and Assemblies Sales | - | 4,894 | 4,169 | - | 9,063 | ||||||||||||||||
Total Sales | $ | 42,118 | $ | 49,533 | $ | 24,144 | $ | - | $ | 115,795 | |||||||||||
Depreciation and Amortization Expense | $ | 249 | $ | 1,122 | $ | 188 | $ | 601 | $ | 2,160 | |||||||||||
Operating Income (Loss) | $ | (1,461 | ) | $ | 1,683 | $ | 1,426 | $ | (1,617 | ) | $ | 31 | |||||||||
Segment Assets | $ | 87,811 | $ | 74,655 | $ | 21,843 | $ | 71,999 | $ | 256,308 | |||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||
Emergency | Delivery & | Specialty | Other | Consolidated | |||||||||||||||||
Response | Service | Chassis & | |||||||||||||||||||
Vehicles | Vehicles | Vehicles | |||||||||||||||||||
Emergency Response Vehicles Sales | $ | 43,781 | $ | - | $ | - | $ | - | $ | 43,781 | |||||||||||
Delivery & Service Vehicles Sales | - | 38,591 | - | - | 38,591 | ||||||||||||||||
Motorhome Chassis Sales | - | - | 20,378 | - | 20,378 | ||||||||||||||||
Other Specialty Chassis and Vehicles Sales | - | - | 4,738 | - | 4,738 | ||||||||||||||||
Aftermarket Parts and Assemblies Sales | - | 5,564 | 7,822 | - | 13,386 | ||||||||||||||||
Total Sales | $ | 43,781 | $ | 44,155 | $ | 32,938 | $ | - | $ | 120,874 | |||||||||||
Depreciation and Amortization Expense | $ | 365 | $ | 1,065 | $ | 399 | $ | 683 | $ | 2,512 | |||||||||||
Operating Income (Loss) | $ | 438 | $ | (1,640 | ) | $ | 3,900 | $ | (1,630 | ) | $ | 1,068 | |||||||||
Segment Assets | $ | 83,567 | $ | 74,722 | $ | 24,980 | $ | 61,059 | $ | 244,328 | |||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||
Emergency | Delivery & | Specialty | Other | Consolidated | |||||||||||||||||
Response | Service | Chassis & | |||||||||||||||||||
Vehicles | Vehicles | Vehicles | |||||||||||||||||||
Emergency Response Vehicles Sales | $ | 78,060 | $ | - | $ | - | $ | - | $ | 78,060 | |||||||||||
Delivery & Service Vehicles Sales | - | 103,610 | - | - | 103,610 | ||||||||||||||||
Motorhome Chassis Sales | - | - | 39,584 | - | 39,584 | ||||||||||||||||
Other Specialty Chassis and Vehicles Sales | - | - | 4,196 | - | 4,196 | ||||||||||||||||
Aftermarket Parts and Assemblies Sales | - | 11,099 | 7,205 | - | 18,304 | ||||||||||||||||
Total Sales | $ | 78,060 | $ | 114,709 | $ | 50,985 | $ | - | $ | 243,754 | |||||||||||
Depreciation and Amortization Expense | $ | 508 | $ | 2,235 | $ | 481 | $ | 1,195 | $ | 4,419 | |||||||||||
Operating Income (Loss) | $ | (5,125 | ) | $ | 4,279 | $ | 2,059 | $ | (4,724 | ) | $ | (3,511 | ) | ||||||||
Segment Assets | $ | 87,811 | $ | 74,655 | $ | 21,843 | $ | 71,999 | $ | 256,308 | |||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||
Emergency | Delivery & | Specialty | Other | Consolidated | |||||||||||||||||
Response | Service | Chassis & | |||||||||||||||||||
Vehicles | Vehicles | Vehicles | |||||||||||||||||||
Emergency Response Vehicles Sales | $ | 78,731 | $ | - | $ | - | $ | - | $ | 78,731 | |||||||||||
Delivery & Service Vehicles Sales | - | 64,821 | - | - | 64,821 | ||||||||||||||||
Motorhome Chassis Sales | - | - | 40,776 | - | 40,776 | ||||||||||||||||
Other Specialty Chassis and Vehicles Sales | - | - | 6,756 | - | 6,756 | ||||||||||||||||
Aftermarket Parts and Assemblies Sales | - | 11,247 | 14,679 | - | 25,926 | ||||||||||||||||
Total Sales | $ | 78,731 | $ | 76,068 | $ | 62,211 | $ | - | $ | 217,010 | |||||||||||
Depreciation and Amortization Expense | $ | 737 | $ | 1,652 | $ | 826 | $ | 1,335 | $ | 4,550 | |||||||||||
Operating Income (Loss) | $ | (2,123 | ) | $ | (5,609 | ) | $ | 5,227 | $ | (3,256 | ) | $ | (5,761 | ) | |||||||
Segment Assets | $ | 83,567 | $ | 74,722 | $ | 24,980 | $ | 61,059 | $ | 244,328 | |||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recently issued accounting standard | |
In May, 2014 the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606). The new standard is based on the principle that revenue should be recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The new standard is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application. Early adoption is not permitted. The Company is currently evaluating the impact of the adoption of the new revenue recognition standard on its consolidated financial statements. |
Note_2_Inventories_Tables
Note 2 - Inventories (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Finished goods | $ | 15,541 | $ | 17,168 | |||||
Work in process | 21,574 | 25,453 | |||||||
Raw materials and purchased components | 50,739 | 41,093 | |||||||
Reserve for slow-moving inventory | (3,422 | ) | (2,295 | ) | |||||
$ | 84,432 | $ | 81,419 |
Note_3_Commitments_and_Conting1
Note 3 - Commitments and Contingent Liabilities (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | ||||||||
2014 | 2013 | ||||||||
Balance of accrued warranty at January 1 | $ | 7,579 | $ | 6,062 | |||||
Warranties issued during the period | 2,336 | 1,667 | |||||||
Cash settlements made during the period | (1,958 | ) | (2,018 | ) | |||||
Changes in liability for pre-existing warranties during the period, including expirations | 607 | 1,864 | |||||||
Balance of accrued warranty at June 30 | $ | 8,564 | $ | 7,575 |
Note_4_Earnings_Loss_Per_Share1
Note 4 - Earnings (Loss) Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Weighted Average Number of Shares [Table Text Block] | ' | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Basic weighted average common shares outstanding | 34,446 | 34,105 | 33,842 | 33,447 | |||||||||||||
Effect of dilutive stock options | 4 | 34 | - | - | |||||||||||||
Diluted weighted average common shares outstanding | 34,450 | 34,139 | 33,842 | 33,447 | |||||||||||||
Anti-dilutive stock awards: | |||||||||||||||||
Restricted stock | - | - | 490 | 555 | |||||||||||||
Stock options | - | - | 7 | 33 | |||||||||||||
- | - | 497 | 588 |
Note_5_Business_Segments_Table
Note 5 - Business Segments (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||||||
Emergency | Delivery & | Specialty | Other | Consolidated | |||||||||||||||||
Response | Service | Chassis & | |||||||||||||||||||
Vehicles | Vehicles | Vehicles | |||||||||||||||||||
Emergency Response Vehicles Sales | $ | 42,118 | $ | - | $ | - | $ | - | $ | 42,118 | |||||||||||
Delivery & Service Vehicles Sales | - | 44,639 | - | - | 44,639 | ||||||||||||||||
Motorhome Chassis Sales | - | - | 17,799 | - | 17,799 | ||||||||||||||||
Other Specialty Chassis and Vehicles Sales | - | - | 2,176 | - | 2,176 | ||||||||||||||||
Aftermarket Parts and Assemblies Sales | - | 4,894 | 4,169 | - | 9,063 | ||||||||||||||||
Total Sales | $ | 42,118 | $ | 49,533 | $ | 24,144 | $ | - | $ | 115,795 | |||||||||||
Depreciation and Amortization Expense | $ | 249 | $ | 1,122 | $ | 188 | $ | 601 | $ | 2,160 | |||||||||||
Operating Income (Loss) | $ | (1,461 | ) | $ | 1,683 | $ | 1,426 | $ | (1,617 | ) | $ | 31 | |||||||||
Segment Assets | $ | 87,811 | $ | 74,655 | $ | 21,843 | $ | 71,999 | $ | 256,308 | |||||||||||
Emergency | Delivery & | Specialty | Other | Consolidated | |||||||||||||||||
Response | Service | Chassis & | |||||||||||||||||||
Vehicles | Vehicles | Vehicles | |||||||||||||||||||
Emergency Response Vehicles Sales | $ | 43,781 | $ | - | $ | - | $ | - | $ | 43,781 | |||||||||||
Delivery & Service Vehicles Sales | - | 38,591 | - | - | 38,591 | ||||||||||||||||
Motorhome Chassis Sales | - | - | 20,378 | - | 20,378 | ||||||||||||||||
Other Specialty Chassis and Vehicles Sales | - | - | 4,738 | - | 4,738 | ||||||||||||||||
Aftermarket Parts and Assemblies Sales | - | 5,564 | 7,822 | - | 13,386 | ||||||||||||||||
Total Sales | $ | 43,781 | $ | 44,155 | $ | 32,938 | $ | - | $ | 120,874 | |||||||||||
Depreciation and Amortization Expense | $ | 365 | $ | 1,065 | $ | 399 | $ | 683 | $ | 2,512 | |||||||||||
Operating Income (Loss) | $ | 438 | $ | (1,640 | ) | $ | 3,900 | $ | (1,630 | ) | $ | 1,068 | |||||||||
Segment Assets | $ | 83,567 | $ | 74,722 | $ | 24,980 | $ | 61,059 | $ | 244,328 | |||||||||||
Emergency | Delivery & | Specialty | Other | Consolidated | |||||||||||||||||
Response | Service | Chassis & | |||||||||||||||||||
Vehicles | Vehicles | Vehicles | |||||||||||||||||||
Emergency Response Vehicles Sales | $ | 78,060 | $ | - | $ | - | $ | - | $ | 78,060 | |||||||||||
Delivery & Service Vehicles Sales | - | 103,610 | - | - | 103,610 | ||||||||||||||||
Motorhome Chassis Sales | - | - | 39,584 | - | 39,584 | ||||||||||||||||
Other Specialty Chassis and Vehicles Sales | - | - | 4,196 | - | 4,196 | ||||||||||||||||
Aftermarket Parts and Assemblies Sales | - | 11,099 | 7,205 | - | 18,304 | ||||||||||||||||
Total Sales | $ | 78,060 | $ | 114,709 | $ | 50,985 | $ | - | $ | 243,754 | |||||||||||
Depreciation and Amortization Expense | $ | 508 | $ | 2,235 | $ | 481 | $ | 1,195 | $ | 4,419 | |||||||||||
Operating Income (Loss) | $ | (5,125 | ) | $ | 4,279 | $ | 2,059 | $ | (4,724 | ) | $ | (3,511 | ) | ||||||||
Segment Assets | $ | 87,811 | $ | 74,655 | $ | 21,843 | $ | 71,999 | $ | 256,308 | |||||||||||
Emergency | Delivery & | Specialty | Other | Consolidated | |||||||||||||||||
Response | Service | Chassis & | |||||||||||||||||||
Vehicles | Vehicles | Vehicles | |||||||||||||||||||
Emergency Response Vehicles Sales | $ | 78,731 | $ | - | $ | - | $ | - | $ | 78,731 | |||||||||||
Delivery & Service Vehicles Sales | - | 64,821 | - | - | 64,821 | ||||||||||||||||
Motorhome Chassis Sales | - | - | 40,776 | - | 40,776 | ||||||||||||||||
Other Specialty Chassis and Vehicles Sales | - | - | 6,756 | - | 6,756 | ||||||||||||||||
Aftermarket Parts and Assemblies Sales | - | 11,247 | 14,679 | - | 25,926 | ||||||||||||||||
Total Sales | $ | 78,731 | $ | 76,068 | $ | 62,211 | $ | - | $ | 217,010 | |||||||||||
Depreciation and Amortization Expense | $ | 737 | $ | 1,652 | $ | 826 | $ | 1,335 | $ | 4,550 | |||||||||||
Operating Income (Loss) | $ | (2,123 | ) | $ | (5,609 | ) | $ | 5,227 | $ | (3,256 | ) | $ | (5,761 | ) | |||||||
Segment Assets | $ | 83,567 | $ | 74,722 | $ | 24,980 | $ | 61,059 | $ | 244,328 |
Note_1_General_and_Summary_of_1
Note 1 - General and Summary of Accounting Policies (Details) | Jun. 30, 2014 |
Disclosure Text Block [Abstract] | ' |
Number Of Wholly-Owned Operating Subsidiaries | 5 |
Note_2_Inventories_Details
Note 2 - Inventories (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Other Inventory, Demo, Gross | $10,113 | $8,861 |
Note_2_Inventories_Details_Inv
Note 2 - Inventories (Details) - Inventories (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Finished goods | $15,541 | $17,168 |
Work in process | 21,574 | 25,453 |
Raw materials and purchased components | 50,739 | 41,093 |
Reserve for slow-moving inventory | -3,422 | -2,295 |
$84,432 | $81,419 |
Note_3_Commitments_and_Conting2
Note 3 - Commitments and Contingent Liabilities (Details) (USD $) | 6 Months Ended | 3 Months Ended | 6 Months Ended | 55 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Nov. 30, 2009 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
GM [Member] | GM [Member] | Letter of Credit [Member] | Utilimaster [Member] | Utilimaster [Member] | Utilimaster [Member] | |||||
Note 3 - Commitments and Contingent Liabilities (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | $15,000 | ' | ' | ' |
Letters of Credit Outstanding, Amount | 10,654 | ' | 10,429 | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Capacity Available for Trade Purchases | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' |
Long-term Line of Credit | ' | ' | ' | ' | 1,618 | 1,865 | ' | ' | ' | ' |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | ' | ' | ' | 7,000 | ' | ' | ' | 1,932 | 1,932 | 1,932 |
Payments for Previous Acquisition | 162 | ' | ' | ' | ' | ' | ' | ' | ' | 5,068 |
Business Combination, Contingent Consideration, Liability | 1,105 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $346 | $134 | ' | ' | ' | ' | ' | $60 | $346 | ' |
Note_3_Commitments_and_Conting3
Note 3 - Commitments and Contingent Liabilities (Details) - Changes in the Company’s Warranty Liability (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Changes in the Company’s Warranty Liability [Abstract] | ' | ' |
Balance of accrued warranty at January 1 | $7,579 | $6,062 |
Warranties issued during the period | 2,336 | 1,667 |
Cash settlements made during the period | -1,958 | -2,018 |
Changes in liability for pre-existing warranties during the period, including expirations | 607 | 1,864 |
Balance of accrued warranty at June 30 | $8,564 | $7,575 |
Note_4_Earnings_Loss_Per_Share2
Note 4 - Earnings (Loss) Per Share (Details) - Reconciliation of Basic Weighted Average Common Shares Outstanding to Diluted Weighted Average Shares Outstanding | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Note 4 - Earnings (Loss) 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 | 34,446 | 34,105 | 33,842 | 33,447 |
Effect of dilutive stock options | 4 | 34 | ' | ' |
Diluted weighted average common shares outstanding | 34,450 | 34,139 | 33,842 | 33,447 |
Anti-dilutive stock awards: | ' | ' | ' | ' |
Anti-dilutive stock awards | ' | ' | 497 | 588 |
Restricted Stock [Member] | ' | ' | ' | ' |
Anti-dilutive stock awards: | ' | ' | ' | ' |
Anti-dilutive stock awards | ' | ' | 490 | 555 |
Employee Stock Option [Member] | ' | ' | ' | ' |
Anti-dilutive stock awards: | ' | ' | ' | ' |
Anti-dilutive stock awards | ' | ' | 7 | 33 |
Note_5_Business_Segments_Detai
Note 5 - Business Segments (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Segment Reporting [Abstract] | ' |
Number of Reportable Segments | 3 |
Note_5_Business_Segments_Detai1
Note 5 - Business Segments (Details) - Segment Reporting Information (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | $115,795 | $120,874 | $243,754 | $217,010 | ' |
Depreciation and amortization expense | 2,160 | 2,512 | 4,419 | 4,550 | ' |
Operating income (loss) | 31 | 1,068 | -3,511 | -5,761 | ' |
Segment assets | 256,308 | 244,328 | 256,308 | 244,328 | 253,282 |
Emergency Response Vehicles [Member] | Emergency Response Vehicles [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 42,118 | 43,781 | 78,060 | 78,731 | ' |
Emergency Response Vehicles [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 42,118 | 43,781 | 78,060 | 78,731 | ' |
Utilmaster Vehicles [Member] | Delivery and Service Vehicles [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 44,639 | 38,591 | 103,610 | 64,821 | ' |
Utilmaster Vehicles [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 44,639 | 38,591 | 103,610 | 64,821 | ' |
Motorhome Chassis [Member] | Specialty Chassis and Vehicles [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 17,799 | 20,378 | 39,584 | 40,776 | ' |
Motorhome Chassis [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 17,799 | 20,378 | 39,584 | 40,776 | ' |
Other Specialty Vehicles [Member] | Specialty Chassis and Vehicles [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 2,176 | 4,738 | 4,196 | 6,756 | ' |
Other Specialty Vehicles [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 2,176 | 4,738 | 4,196 | 6,756 | ' |
Aftermarket Parts and Assemblies [Member] | Delivery and Service Vehicles [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 4,894 | 5,564 | 11,099 | 11,247 | ' |
Aftermarket Parts and Assemblies [Member] | Specialty Chassis and Vehicles [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 4,169 | 7,822 | 7,205 | 14,679 | ' |
Aftermarket Parts and Assemblies [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 9,063 | 13,386 | 18,304 | 25,926 | ' |
Emergency Response Vehicles [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 42,118 | 43,781 | 78,060 | 78,731 | ' |
Depreciation and amortization expense | 249 | 365 | 508 | 737 | ' |
Operating income (loss) | -1,461 | 438 | -5,125 | -2,123 | ' |
Segment assets | 87,811 | 83,567 | 87,811 | 83,567 | ' |
Delivery and Service Vehicles [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 49,533 | 44,155 | 114,709 | 76,068 | ' |
Depreciation and amortization expense | 1,122 | 1,065 | 2,235 | 1,652 | ' |
Operating income (loss) | 1,683 | -1,640 | 4,279 | -5,609 | ' |
Segment assets | 74,655 | 74,722 | 74,655 | 74,722 | ' |
Specialty Chassis and Vehicles [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 24,144 | 32,938 | 50,985 | 62,211 | ' |
Depreciation and amortization expense | 188 | 399 | 481 | 826 | ' |
Operating income (loss) | 1,426 | 3,900 | 2,059 | 5,227 | ' |
Segment assets | 21,843 | 24,980 | 21,843 | 24,980 | ' |
Other Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Depreciation and amortization expense | 601 | 683 | 1,195 | 1,335 | ' |
Operating income (loss) | -1,617 | -1,630 | -4,724 | -3,256 | ' |
Segment assets | $71,999 | $61,059 | $71,999 | $61,059 | ' |