Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 30, 2014 | Feb. 27, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | SPARTAN MOTORS INC | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -19 | ||
Entity Common Stock, Shares Outstanding | 34,037,967 | ||
Entity Public Float | $133,941,468 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 743238 | ||
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-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $28,570 | $30,707 |
Accounts receivable, less allowance of $144 and $769 | 48,362 | 47,560 |
Inventories | 71,163 | 81,419 |
Deferred income tax assets | 7,799 | 6,736 |
Income taxes receivable | 1,696 | 1,641 |
Assets held for sale | 373 | |
Other current assets | 3,661 | 2,291 |
Total current assets | 161,251 | 170,727 |
Property, plant and equipment, net | 50,417 | 54,278 |
Goodwill | 15,961 | 15,961 |
Intangible assets, net | 8,958 | 10,094 |
Other assets | 2,226 | 2,222 |
TOTAL ASSETS | 238,813 | 253,282 |
Current liabilities: | ||
Accounts payable | 22,762 | 30,525 |
Accrued warranty | 9,237 | 7,579 |
Accrued customer rebates | 2,166 | 2,190 |
Accrued compensation and related taxes | 8,226 | 6,440 |
Deposits from customers | 11,524 | 18,006 |
Other current liabilities and accrued expenses | 6,646 | 5,333 |
Current portion of long-term debt | 59 | 79 |
Total current liabilities | 60,620 | 70,152 |
Other non-current liabilities | 2,365 | 3,109 |
Long-term debt, less current portion | 5,202 | 5,261 |
Deferred income tax liabilities | 2,008 | 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; 34,094 and 34,210 outstanding | 341 | 342 |
Additional paid in capital | 75,695 | 75,075 |
Retained earnings | 92,724 | 96,132 |
Total Spartan Motors, Inc. shareholders’ equity | 168,760 | 171,549 |
Non-controlling interest | -142 | 2 |
Total shareholders' equity | 168,618 | 171,551 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $238,813 | $253,282 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Accounts receivable, allowance (in Dollars) | $144 | $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 | 34,094 | 34,210 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Sales | $506,764 | $469,538 | $470,577 |
Cost of products sold | 442,877 | 416,475 | 405,455 |
Gross profit | 63,079 | 53,063 | 58,608 |
Operating expenses: | |||
Research and development | 11,676 | 10,911 | 12,873 |
Selling, general and administrative | 51,205 | 45,496 | 45,707 |
Goodwill impairment | 4,854 | ||
Total operating expenses | 64,230 | 61,261 | 61,199 |
Operating loss | -1,151 | -8,198 | -2,591 |
Other income (expense): | |||
Interest expense | -341 | -311 | -335 |
Interest and other income | 418 | 659 | 569 |
Total other income | 77 | 348 | 234 |
Loss before taxes | -1,074 | -7,850 | -2,357 |
Taxes | -2,103 | -1,881 | 100 |
Net earnings (loss) | 1,029 | -5,969 | -2,457 |
Less: net earnings (loss) attributable to non-controlling interest | -144 | 2 | |
Net earnings (loss) attributable to Spartan Motors, Inc. | 1,173 | -5,971 | -2,457 |
Basic net earnings (loss) per share (in Dollars per share) | $0.03 | ($0.18) | ($0.07) |
Diluted net earnings (loss) per share (in Dollars per share) | $0.03 | ($0.18) | ($0.07) |
Basic weighted average common shares outstanding (in Shares) | 34,251 | 33,550 | 33,165 |
Diluted weighted average common shares outstanding (in Shares) | 34,256 | 33,550 | 33,165 |
Cost of Goods Sold [Member] | |||
Restructuring charges | 808 | 6,514 | |
Operating Expense [Member] | |||
Restructuring charges | $1,349 | $2,619 |
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, 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 | ||||
Issuance of common stock and the tax impact of stock incentive plan transactions | -159 | -159 | |||
Issuance of common stock and the tax impact of stock incentive plan transactions (in Shares) | 25 | ||||
Dividends declared | -3,427 | -3,427 | |||
Purchase and retirement of common stock | -3 | -843 | -1,154 | -2,000 | |
Purchase and retirement of common stock (in Shares) | -382 | ||||
Issuance of restricted stock, net of cancellation | 2 | -2 | |||
Issuance of restricted stock, net of cancellation (in Shares) | 241 | ||||
Stock based compensation expense related to restricted stock | 1,624 | 1,624 | |||
Net earnings (loss) | 1,173 | -144 | 1,029 | ||
Balance at Dec. 31, 2014 | $341 | $75,695 | $92,724 | ($142) | $168,618 |
Balance (in Shares) at Dec. 31, 2014 | 34,094 |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity (Parentheticals) (Noncontrolling Interest [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net earnings (loss) | $1,029 | ($5,969) | ($2,457) |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities | |||
Depreciation and amortization | 8,378 | 9,238 | 8,990 |
(Gain) loss on disposal and impairment of assets | -191 | 255 | 5,621 |
Goodwill impairment | 4,854 | ||
Expense from changes in fair value of contingent consideration | 742 | 21 | 2,872 |
Tax benefit related to stock incentive plan transactions | 100 | 118 | 134 |
Deferred income taxes | -2,265 | -1,690 | -2,771 |
Stock based compensation related to stock awards | 1,624 | 1,624 | 1,645 |
Decrease (increase) in operating assets: | |||
Accounts receivable | -802 | -421 | -7,097 |
Inventories | 10,256 | -13,828 | -600 |
Income taxes receivable | -55 | 1,758 | -1,532 |
Other assets | -1,370 | 1,236 | 661 |
Increase (decrease) in operating liabilities: | |||
Accounts payable | -7,763 | 7,525 | 1,350 |
Accrued warranty | 1,658 | 1,517 | 260 |
Accrued customer rebates | -24 | -109 | 753 |
Accrued compensation and related taxes | 1,786 | -1,308 | 2,079 |
Deposits from customers | -6,482 | 11,620 | -1,515 |
Other current liabilities and accrued expenses | -27 | -2,212 | -1,896 |
Taxes on income | -88 | -1,183 | -130 |
Total adjustments | 5,477 | 19,015 | 8,824 |
Net cash provided by operating activities | 6,506 | 13,046 | 6,367 |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | -3,463 | -3,526 | -12,468 |
Proceeds from sale of property, plant and equipment | 648 | 180 | 75 |
Proceeds from notes receivable | 2,500 | ||
Net cash used in investing activities | -2,815 | -846 | -12,393 |
Cash flows from financing activities: | |||
Borrowings under credit facilities | 2,191 | 2,891 | |
Payments on credit facilities | -2,191 | -2,891 | |
Proceeds from long-term debt | 138 | 223 | |
Payments on long-term debt | -80 | -86 | -73 |
Payment of contingent consideration on acquisitions | -162 | -460 | -756 |
Purchase and retirement of common stock | -2,000 | ||
Net cash provided from (used in) the exercise, vesting or cancellation of stock incentive awards | -59 | 699 | 220 |
Cash paid related to tax impact of stock incentive plan transactions | -100 | -118 | -134 |
Payment of dividends | -3,427 | -3,414 | -3,383 |
Net cash used in financing activities | -5,828 | -3,241 | -3,903 |
Net increase (decrease) in cash and cash equivalents | -2,137 | 8,959 | -9,929 |
Cash and cash equivalents at beginning of year | 30,707 | 21,748 | 31,677 |
Cash and cash equivalents at end of year | $28,570 | $30,707 | $21,748 |
Note_1_General_and_Summary_of_
Note 1 - General and Summary of Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
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”, “we”, or “us”) is a custom engineer and manufacturer of specialized motor vehicle chassis and bodies. Our principal chassis markets are emergency response vehicles, motor homes and other specialty vehicles. We also have 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 our accounts and the accounts of our wholly owned subsidiaries: Spartan Chassis, Inc. (“Spartan Chassis”), Spartan Motors USA, Inc. (“Spartan USA”, formerly known as Crimson Fire, Inc.), Crimson Fire Aerials, Inc. (“Crimson Aerials”), Utilimaster Corporation (“Utilimaster”) and Classic Fire, LLC (“Classic Fire”). In November, 2012, Spartan USA entered into a joint venture with Gimaex Holding, Inc. to form Spartan-Gimaex Innovations, LLC (“Spartan-Gimaex”). In February, 2015, Spartan USA and Gimaex Holding, Inc. mutually agreed to begin discussions regarding the dissolution of the joint venture. The dissolution is expected to become effective in the second quarter of 2015. On December 31, 2014 we dissolved Classic Fire, and its operations were merged with the operations of Spartan USA. All intercompany transactions have been eliminated. | |
Non-Controlling Interest | |
At December 31, 2014, Spartan USA held a 50% share in Spartan-Gimaex, however, due to the management and operational structure of the joint venture, Spartan USA was considered to have had the ability to control 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 our 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, 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. We recognize 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 our 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. We consider all investments purchased with an original maturity of three months or less to be cash equivalents. | |
Accounts Receivable. Our receivables are subject to credit risk, and we do not typically require collateral on our accounts receivable. We perform periodic credit evaluations of our customers’ financial condition and generally require a security interest in the products sold. Receivables generally are due within 30 to 60 days. We maintain 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 our 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, we 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. We review our 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. We review indefinite lived intangible assets annually 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. | |
We perform our annual goodwill and indefinite lived intangible assets impairment test as of October 1 and monitor for interim triggering events on an ongoing basis. For goodwill we first assess 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, we are not required to calculate the fair value of a reporting unit unless we determine that it is more likely than not that the fair value of the reporting unit is less than its carrying amount. We have the option to bypass the qualitative assessment and proceed to the first step of the two-step impairment test. | |
If we elect to bypass the qualitative assessment for a reporting unit, or if after completing the assessment we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we perform 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, we consider current and projected future levels of income based on our 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 if 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. | |
We evaluate the recoverability of our indefinite lived intangible assets, which consist of our Utilimaster and Classic Fire trade names, based on estimates of future royalty payments that are avoided through our ownership of the trade names, discounted to their present value. In determining the estimated fair value of the trade names, we consider current and projected future levels of revenue based on our 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 4, Goodwill and Intangible Assets, for further details on our goodwill and other intangible assets. | |
Warranties. Our 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 our obligations under the warranty agreements. Our estimates are based on historical experience, the number of units involved and the extent of features and components included in product models. See Note 9, Commitments and Contingent Liabilities, for further information regarding warranties. | |
Deposits from Customers. We sometimes receive advance payments from customers for product orders and record these amounts as liabilities. We accept such deposits 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. Revenue associated with these deposits is deferred and recognized upon shipment of the related product to the customer. | |
Research and Development. Our 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. We recognize deferred income tax assets and liabilities 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, to 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. | |
We evaluate the likelihood of realizing our deferred income tax assets by assessing our valuation allowance and by adjusting the amount of such allowance, if necessary. The factors used to assess the likelihood of realization include our 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. | |
We recognize 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 we believe 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. | |
See Note 7, Taxes on Income, for further details on our 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 our 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 our stock options outstanding during the period. Our 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. Our incentive stock plans are described in more detail in Note 12, Stock Based Compensation. | |
Fair Value. We are required to disclose the fair value of our financial instruments. The carrying value at December 31, 2014 and 2013 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. We identify our reportable segments based on our management structure and the financial data utilized by the chief operating decision makers to assess segment performance and allocate resources among our operating units. We have three reportable segments: Emergency Response Vehicles, Delivery and Service Vehicles, and Specialty Chassis and Vehicles. More detailed information about our reportable segments can be found in Note 15, Business Segments. | |
Supplemental Disclosures of Cash Flow Information. Cash paid for interest was $327, $311 and $273 for 2014, 2013 and 2012. Cash paid for income taxes, net of refunds, was $1,168, $370 and $3,873 for 2014, 2013 and 2012. | |
New Accounting Standards | |
In May, 2014 the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). ASU 2014-09 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. ASU 2014-09 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. We are currently evaluating the adoption method and the impact of the adoption of the new revenue recognition standard on our consolidated financial statements. | |
In July 2013, the FASB 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 adoption of the provisions of ASU 2013-11 did not have a material impact on our consolidated financial position, results of operations or cash flows. |
Note_2_Inventories
Note 2 - Inventories | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventory Disclosure [Text Block] | NOTE 2 – INVENTORIES | ||||||||
Inventories are summarized as follows: | December 31, | ||||||||
2014 | 2013 | ||||||||
Finished goods | $ | 16,981 | $ | 17,168 | |||||
Work in process | 16,698 | 25,453 | |||||||
Raw materials and purchased components | 41,072 | 41,093 | |||||||
Reserve for slow-moving inventory | (3,588 | ) | (2,295 | ) | |||||
Total Inventory | $ | 71,163 | $ | 81,419 | |||||
We also have a number of demonstration units as part of our sales and training program. These demonstration units are included in the “Finished goods” line item above, and amounted to $8,718 and $8,861 at December 31, 2014 and 2013. When the demonstration units are sold, the cost related to the demonstration unit is included in Cost of products sold on our Consolidated Statements of Operations. | |||||||||
Work in process inventory decreased from December 31, 2013 primarily due to supplier issues that delayed the final production of units in the Delivery and Service Vehicle segment in 2013, resulting in unusually high work in process inventory at December 31, 2013. |
Note_3_Restructuring_Charges
Note 3 - Restructuring Charges | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | NOTE 3 – RESTRUCTURING CHARGES | ||||||||||||||||||||
During 2014, we incurred restructuring charges related to the relocation of our Ocala, FL manufacturing operations to our Charlotte, Michigan and Brandon, South Dakota facilities, along with efforts undertaken to upgrade production processes at our Brandon, South Dakota and Ephrata, Pennsylvania locations. | |||||||||||||||||||||
During 2012, we incurred restructuring charges within our Delivery and Service Vehicles segment, including asset impairments, as the result of the relocation of certain of our Utilimaster operations from Wakarusa, Indiana to Bristol, Indiana and the relocation of our ReachTM manufacturing from Wakarusa, Indiana to Charlotte, Michigan, along with certain severance charges incurred within our Specialty Chassis and Vehicles and Emergency Response Vehicles segments 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, 2014 as part of our restructuring initiatives, along with the related outstanding balances to be paid in relation to those expenses. | |||||||||||||||||||||
Severance | |||||||||||||||||||||
Balance January 1, 2012 | $ | - | |||||||||||||||||||
Accrual for severance | 1,642 | ||||||||||||||||||||
Payments and adjustments made in period | (1,012 | ) | |||||||||||||||||||
Balance December 31, 2012 | 630 | ||||||||||||||||||||
Accrual for severance | - | ||||||||||||||||||||
Payments made in period | 630 | ||||||||||||||||||||
Balance December 31, 2013 | - | ||||||||||||||||||||
Accrual for severance | 165 | ||||||||||||||||||||
Payments made in period | - | ||||||||||||||||||||
Balance December 31, 2014 | $ | 165 | |||||||||||||||||||
Restructuring charges included in our Consolidated Statements of Operations for the year ended December 31, 2014, which were all related to our Emergency Response Vehicles segment, are as follows: | |||||||||||||||||||||
Cost of products sold | |||||||||||||||||||||
Inventory impairment | $ | 584 | |||||||||||||||||||
Relocation/retention costs | 93 | ||||||||||||||||||||
Accrual for severance | 131 | ||||||||||||||||||||
Total cost of products sold | 808 | ||||||||||||||||||||
General and Administrative | |||||||||||||||||||||
Manufacturing process reengineering | 1,017 | ||||||||||||||||||||
Relocation/retention costs | 298 | ||||||||||||||||||||
Accrual for severance | 34 | ||||||||||||||||||||
Total general and administrative | 1,349 | ||||||||||||||||||||
Total restructuring | $ | 2,157 | |||||||||||||||||||
Restructuring charges included in our Consolidated Statements of Operations for the year ended December 31, 2012, broken down by segment, are as follows: | |||||||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||
Emergency Response | Delivery and Service Vehicles | Specialty Chassis and Vehicles | Other | Total | |||||||||||||||||
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 | |||||||||||
Note_4_Goodwill_and_Intangible
Note 4 - Goodwill and Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 4 – GOODWILL AND INTANGIBLE ASSETS | ||||||||||||||||||||||||
We test 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 our accounting policies regarding goodwill and other intangible assets. | |||||||||||||||||||||||||
At December 31, 2014 and 2013, we had recorded goodwill at our Utilimaster subsidiary. 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 Delivery and Service Vehicles reporting unit was evaluated for impairment as of October 1, 2014 using a discounted cash flow valuation. | |||||||||||||||||||||||||
The estimated fair value of our Delivery and Service Vehicles reporting unit exceeded its carrying value by approximately 17% in 2014, indicating that the goodwill was not impaired. Based on the discounted cash flow valuation at October 1, 2014, 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 our impairment assessments and discounted cash flow analyses. These discounted cash flow analyses are most sensitive to the WACC assumption. | |||||||||||||||||||||||||
Our 2012 goodwill impairment test for the Emergency Response Vehicles reporting unit indicated no impairment. Our 2013 impairment test for the goodwill recorded under our Emergency Response Vehicles reporting unit, as of October 1, 2013, indicated that the reporting unit’s carrying cost exceeded its estimated fair value. As a result, we were required 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. This impairment reflected the failure of the Company to reverse the ongoing operating losses of this reporting unit over the previous 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 Company’s goodwill by reportable segment is as follows: | |||||||||||||||||||||||||
Emergency Response Vehicles | Delivery and Service Vehicles | Total | |||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Goodwill, beginning of year | $ | - | $ | 4,854 | $ | 15,961 | $ | 15,961 | $ | 15,961 | $ | 20,815 | |||||||||||||
Impairment losses during the year | - | (4,854 | ) | - | - | - | (4,854 | ) | |||||||||||||||||
Goodwill, end of year | $ | - | $ | - | $ | 15,961 | $ | 15,961 | $ | 15,961 | $ | 15,961 | |||||||||||||
Acquired goodwill | $ | 4,854 | $ | 4,854 | $ | 15,961 | $ | 15,961 | $ | 20,815 | $ | 20,815 | |||||||||||||
Accumulated impairment | (4,854 | ) | (4,854 | ) | - | - | (4,854 | ) | (4,854 | ) | |||||||||||||||
Goodwill, net | $ | - | $ | - | $ | 15,961 | $ | 15,961 | $ | 15,961 | $ | 15,961 | |||||||||||||
We have other intangible assets associated with our Utilimaster and Spartan USA subsidiaries, including customer and dealer relationships, non-compete agreements, unpatented technology, an acquired product development project and trade names. The non-compete agreement, unpatented technology, acquired product development project and certain other intangible assets 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. Our Utilimaster and Classic Fire trade names have indefinite lives, and are not amortized. We test our trade names for impairment at least annually, and test other intangible assets for impairment if impairment indicators are present. | |||||||||||||||||||||||||
We tested our Utilimaster and Classic Fire trade names for impairment, as of October 1, 2014 and 2013, by estimating the fair value of the trade names based on estimates of future royalty payments that are avoided through our ownership of the trade names, discounted to their present value. The estimated fair value of our Utilimaster trade name at October 1, 2014 exceeded its carrying cost by 219%. The estimated fair value of our Classic Fire trade name at October 1, 2014 exceeded its carrying cost by 9%. Accordingly, there was no impairment recorded on either of these trade names. Based on the discounted cash flow valuations at October 1, 2014, an increase in the WACC used for these impairment analyses of 140 basis points would not result in impairment in either trade name. | |||||||||||||||||||||||||
We considered the 2014 operating loss and the 2013 goodwill impairment recorded in our Emergency Response Vehicles reporting unit to be impairment indicators for the intangible assets subject to amortization, and other long-lived assets, of the reporting unit. During the fourth quarters of 2014 and 2013, we conducted impairment analyses on these assets and found that the carrying cost of these assets was recoverable, and that the assets, accordingly, are not impaired. | |||||||||||||||||||||||||
We recorded $1,136, $958 and $891 of intangible asset amortization expense during 2014, 2013 and 2012. | |||||||||||||||||||||||||
The following table provides information regarding our other intangible assets: | |||||||||||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
carrying | amortization | carrying | amortization | ||||||||||||||||||||||
amount | amount | ||||||||||||||||||||||||
Customer and dealer relationships | $ | 6,760 | $ | 2,924 | $ | 3,836 | $ | 6,760 | $ | 2,268 | $ | 4,492 | |||||||||||||
Acquired product development project | 1,860 | 475 | 1,385 | 1,860 | 128 | 1,732 | |||||||||||||||||||
Unpatented technology | 380 | 143 | 237 | 380 | 105 | 275 | |||||||||||||||||||
Non-compete agreements | 520 | 450 | 70 | 520 | 355 | 165 | |||||||||||||||||||
Backlog | 320 | 320 | - | 320 | 320 | - | |||||||||||||||||||
Trade Names | 3,430 | - | 3,430 | 3,430 | - | 3,430 | |||||||||||||||||||
$ | 13,270 | $ | 4,312 | $ | 8,958 | $ | 13,270 | $ | 3,176 | $ | 10,094 | ||||||||||||||
The estimated remaining amortization associated with finite-lived intangible assets is expected to be expensed as follows: | |||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||
2015 | $ | 887 | |||||||||||||||||||||||
2016 | 767 | ||||||||||||||||||||||||
2017 | 743 | ||||||||||||||||||||||||
2018 | 726 | ||||||||||||||||||||||||
2019 | 358 | ||||||||||||||||||||||||
Thereafter | 2,047 | ||||||||||||||||||||||||
$ | 5,528 | ||||||||||||||||||||||||
Note_5_Property_Plant_and_Equi
Note 5 - Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5 - PROPERTY, PLANT AND EQUIPMENT | ||||||||
Property, plant and equipment are summarized by major classifications as follows: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Land and improvements | $ | 4,892 | $ | 4,778 | |||||
Buildings and improvements | 59,621 | 59,170 | |||||||
Plant machinery and equipment | 34,449 | 35,357 | |||||||
Furniture and fixtures | 16,273 | 15,899 | |||||||
Vehicles | 3,008 | 2,888 | |||||||
Construction in process | 4,223 | 2,947 | |||||||
Subtotal | 122,466 | 121,039 | |||||||
Less accumulated depreciation | (72,049 | ) | (66,761 | ) | |||||
Total property, plant and equipment, net | $ | 50,417 | $ | 54,278 | |||||
Construction in progress includes $3,960 and $2,760 at December 31, 2014 and 2013 for the implementation of our ERP system, which has been delayed from its original targeted go-live dates of 2013 through 2015. Work continues on the system, which is now expected to go live in 2017 and 2018. | |||||||||
At December 31, 2013, one building at our Wakarusa, Indiana facility was recorded as held-for-sale at its estimated selling price less costs to sell. During the years ended December 31, 2014 and 2013, we incurred impairment charges of $43 and $344, which were recorded within Selling, general and administrative expense on our Consolidated Statement of Operations, to write down the value of the building to its then current estimated selling price, less costs to sell. The building was sold during the second quarter of 2014. | |||||||||
During 2012, we engaged in certain restructuring activities related to the move of certain of our Delivery and Service Vehicles operations from our 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 our Wakarusa, Indiana campus that were reclassified as held-for-sale in 2012. On December 31, 2012 we completed the sale of certain buildings and the associated land at our Wakarusa, Indiana facility and recorded an immaterial loss on the sale. The terms of the sale include our receipt of a note receivable of $2,500, recorded within other current assets on our 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 2014 or 2013. |
Note_6_Leases
Note 6 - Leases | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Leases of Lessee Disclosure [Text Block] | NOTE 6 - LEASES | ||||
We lease certain office equipment, computer hardware, manufacturing equipment and manufacturing and warehouse space under operating lease agreements. Building leases generally provide that we pay the cost of utilities, insurance, taxes and maintenance. Rent expense for the years ended December 31, 2014, 2013 and 2012 was $2,286, $2,600 and $2,205. | |||||
Future minimum operating lease commitments under non-cancelable leases are as follows: | |||||
Year | Future Minimum | ||||
Operating Lease | |||||
Payments | |||||
2015 | $ | 1,993 | |||
2016 | 1,518 | ||||
2017 | 1,381 | ||||
2018 | 1,213 | ||||
2019 | 1,193 | ||||
Thereafter | 2,537 | ||||
Total | $ | 9,835 | |||
We lease 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 $609 and $360, respectively, at December 31, 2014. Future minimum capital lease commitments under non-cancelable leases are as follows: | |||||
Year | Future Minimum Capital Lease Payments | ||||
2015 | $ | 71 | |||
2016 | 71 | ||||
2017 | 71 | ||||
2018 | 44 | ||||
2019 | 34 | ||||
Thereafter | - | ||||
Total lease obligations, including imputed interest | 291 | ||||
Less imputed interest charges | (30 | ) | |||
Total outstanding capital lease obligations | $ | 261 | |||
Note_7_Taxes_on_Income
Note 7 - Taxes on Income | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||
Income Tax Disclosure [Text Block] | NOTE 7 - TAXES ON INCOME | ||||||||||||||||||||||||
Income taxes consist of the following: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Current: | |||||||||||||||||||||||||
Federal | $ | 269 | $ | 111 | $ | 2,156 | |||||||||||||||||||
State | (107 | ) | (302 | ) | 715 | ||||||||||||||||||||
Total current | 162 | (191 | ) | 2,871 | |||||||||||||||||||||
Deferred (credit): | |||||||||||||||||||||||||
Federal | (1,426 | ) | (1,499 | ) | (2,762 | ) | |||||||||||||||||||
State | (839 | ) | (191 | ) | (9 | ) | |||||||||||||||||||
Total deferred | (2,265 | ) | (1,690 | ) | (2,771 | ) | |||||||||||||||||||
TOTAL TAXES ON INCOME | $ | (2,103 | ) | $ | (1,881 | ) | $ | 100 | |||||||||||||||||
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 12, Stock Based Compensation. These adjustments were an addition of $100, $118 and $134 in 2014, 2013 and 2012. 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. We included the credit in our 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, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Amount | Percentage | Amount | Percentage | Amount | Percentage | ||||||||||||||||||||
Federal income taxes at the statutory rate | $ | (365 | ) | 34 | % | $ | (2,669 | ) | 34 | % | $ | (801 | ) | 34 | % | ||||||||||
Increase (decrease) in income taxes resulting from: | |||||||||||||||||||||||||
Deferred income tax adjustment | (275 | ) | 25.61 | 654 | (8.33 | ) | - | - | |||||||||||||||||
Non-deductible goodwill impairment | - | - | 525 | (6.69 | ) | - | - | ||||||||||||||||||
Nondeductible earn-out expense | 207 | (19.27 | ) | 63 | (0.80 | ) | 961 | (40.77 | ) | ||||||||||||||||
Other nondeductible expenses | 242 | (22.53 | ) | 141 | (1.80 | ) | 108 | (4.58 | ) | ||||||||||||||||
State tax expense, net of federal | (201 | ) | 18.72 | 7 | (0.09 | ) | 541 | (22.95 | ) | ||||||||||||||||
income tax benefit | |||||||||||||||||||||||||
Net impact of adjustment of valuation allowance | (505 | ) | 47.02 | (19 | ) | 0.24 | 40 | (1.70 | ) | ||||||||||||||||
Section 199 production deduction | (113 | ) | 10.52 | (70 | ) | 0.89 | (182 | ) | 7.72 | ||||||||||||||||
Unrecognized tax benefit adjustment, expiration of statute | (765 | ) | 71.23 | (400 | ) | 5.1 | (118 | ) | 5 | ||||||||||||||||
Federal research and development | (296 | ) | 27.56 | (135 | ) | 1.72 | (294 | ) | 12.47 | ||||||||||||||||
tax credit | |||||||||||||||||||||||||
Other | (32 | ) | 2.95 | 22 | (0.28 | ) | (155 | ) | 6.57 | ||||||||||||||||
TOTAL | $ | (2,103 | ) | 195.81 | % | $ | (1,881 | ) | 23.96 | % | $ | 100 | (4.24 | )% | |||||||||||
Temporary differences which give rise to deferred income tax assets (liabilities) are as follows: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Current asset (liability): | |||||||||||||||||||||||||
State tax credit and net operating loss carry-forwards, net of federal income tax benefit | $ | 3,948 | $ | 3,932 | |||||||||||||||||||||
Warranty reserve | 3,646 | 3,315 | |||||||||||||||||||||||
Inventory costs and reserves | 1,917 | 1,840 | |||||||||||||||||||||||
Compensation related accruals | 874 | 817 | |||||||||||||||||||||||
Workers compensation accrual | 337 | 231 | |||||||||||||||||||||||
Prepaid insurance | (474 | ) | (147 | ) | |||||||||||||||||||||
Other | 613 | 315 | |||||||||||||||||||||||
Total - Current | 10,861 | 10,303 | |||||||||||||||||||||||
Valuation allowance | (3,062 | ) | (3,567 | ) | |||||||||||||||||||||
Total - Current, net | $ | 7,799 | $ | 6,736 | |||||||||||||||||||||
Noncurrent asset (liability): | |||||||||||||||||||||||||
Goodwill | $ | (1,777 | ) | $ | (2,181 | ) | |||||||||||||||||||
Depreciation | (1,306 | ) | (2,172 | ) | |||||||||||||||||||||
Stock based compensation | 1,051 | 1,082 | |||||||||||||||||||||||
Other | 24 | 62 | |||||||||||||||||||||||
Total – Noncurrent, net | $ | (2,008 | ) | $ | (3,209 | ) | |||||||||||||||||||
At December 31, 2014 and 2013, we had state deferred tax assets, related to state tax net operating loss carry-forwards, of approximately $1,151 and $1,202, which begin expiring in 2018. Also, as of December 31, 2014 and 2013, we had state deferred tax assets, related to state tax credit carry-forwards, of approximately $4,924 and $4,848, which begin expiring in 2019. Due to accumulated losses in several state jurisdictions, we had recorded valuation allowances against certain deferred tax assets aggregating $3,567 at December 31, 2013. During 2014, we commenced a reorganization of our subsidiary legal structure. Together with an assessment of anticipated future operating results, we determined that the realization of a substantial portion of the state net operating loss carryforwards was more likely than not. As a result, we recorded a reduction in our valuation allowance of $505 during the year ended December 31, 2014. | |||||||||||||||||||||||||
A reconciliation of the change in the unrecognized tax benefits (“UTB”) for the three years ended December 31, 2014, 2013 and 2012 is as follows: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Balance at January 1, | $ | 833 | $ | 1,166 | $ | 990 | |||||||||||||||||||
Increase related to prior year tax positions | 73 | 16 | 245 | ||||||||||||||||||||||
Increase related to current year tax positions | 99 | 42 | 76 | ||||||||||||||||||||||
Settlements | - | - | (25 | ) | |||||||||||||||||||||
Expiration of statute | (524 | ) | (391 | ) | (120 | ) | |||||||||||||||||||
Balance at December 31, | $ | 481 | $ | 833 | $ | 1,166 | |||||||||||||||||||
As of December 31, 2014, we had an ending UTB balance of $481 along with $86 of interest and penalties, for a total of $567. Of this total, $191 was recorded as current and $376 as non-current, based on the applicable statute of limitations. The change in interest and penalties amounted to a decrease of $198 in 2014, an increase of $176 in 2013, and an increase of $165 in 2012, which were reflected in taxes on income within our Consolidated Statements of Operations. | |||||||||||||||||||||||||
Our 2010 through 2012 federal income tax returns are currently under examination by federal taxing authorities. Although the examination is ongoing, we believe adequate provision for federal income taxes has been recorded. | |||||||||||||||||||||||||
As of December 31, 2014, we are no longer subject to examination by federal taxing authorities for 2007 and earlier years. | |||||||||||||||||||||||||
We also file 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 we prevail in matters for which reserves have been established, or are required to pay amounts in excess of its reserves, our effective income tax rate in a given fiscal period could be materially affected. An unfavorable tax settlement would require use of our cash and could result in an increase in our effective income tax rate in the period of resolution. A favorable tax settlement could result in a reduction in our effective income tax rate in the period of resolution. We do not expect the total amount of unrecognized tax benefits to significantly increase or decrease over the next twelve months. | |||||||||||||||||||||||||
In September, 2013, the U.S. Treasury Department and the U.S. Internal Revenue Service issued final regulations that address costs incurred in acquiring, producing, or improving tangible property (the "tangible property regulations"). The tangible property regulations became effective for our fiscal year ended December 31, 2014. Depending on our election, certain portions may require an accounting method change for tax purposes on a retroactive basis. We continue to review the regulations, but do not believe there will be a material impact on our consolidated financial position or results of operations when they are fully adopted. |
Note_8_Transactions_with_Major
Note 8 - Transactions with Major Customers | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Risks and Uncertainties [Abstract] | |||||||||||||||||||||||||
Concentration Risk Disclosure [Text Block] | NOTE 8 - 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. | |||||||||||||||||||||||||
We had one customer classified as a major customer in 2014 and 2013 (Customer A), which was a customer of the Specialty Chassis and Vehicles segment, while the customer classified as major in 2012 (Customer B) was a customer of the Delivery and Service Vehicles segment. Information about our major customers is as follows: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Accounts | Accounts | Accounts | |||||||||||||||||||||||
Receivable | Receivable | Receivable | |||||||||||||||||||||||
Customer | Sales | (at year end) | Sales | (at year end) | Sales | (at year end) | |||||||||||||||||||
Customer A | $ | 57,093 | $ | 7,541 | $ | 65,144 | $ | 6,684 | $ | 41,792 | $ | 4,824 | |||||||||||||
Customer B | 24,305 | 279 | 27,152 | 209 | 59,074 | 331 | |||||||||||||||||||
Note_9_Commitments_and_Conting
Note 9 - Commitments and Contingent Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Commitments and Contingencies Disclosure [Text Block] | NOTE 9 - COMMITMENTS AND CONTINGENT LIABILITIES | ||||||||
Under the terms of our credit agreement with our banks, we have the ability to issue letters of credit totaling $20,000. At December 31, 2014 and 2013, we had outstanding letters of credit totaling $4,742 and $10,429 related to certain emergency response vehicle contracts and our workers compensation insurance. The decrease in the outstanding letters of credit at December 31, 2014 is mainly due to the expiration of performance bonds issued in relation to the award of an order from Peru for 70 emergency response vehicles, which was fulfilled in 2014. | |||||||||
At December 31, 2014, we and our subsidiaries were parties, both as plaintiff and defendant, to a number of lawsuits and claims arising out of the normal course of our business. In the opinion of management, our financial position, future operating results or cash flows 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 its possession as bailed inventory belonging to the manufacturer. | |||||||||
Utilimaster is party to chassis bailment inventory agreements with General Motors Company (“GM”) and Chrysler Group, LLC (“Chrysler”) which allow GM and Chrysler to draw up to $10,000 against our revolving credit line for chassis placed at Utilimaster. As a result of these agreements, there was $3,043 and $1,865 outstanding on our revolving credit line at December 31, 2014 and 2013. Under the terms of the bailment inventory agreements, these chassis never become the property of Utilimaster, and the amount drawn against the credit line will be repaid by a GM or Chrysler dealer at the time an order is placed for a Utilimaster body, utilizing a GM or Chrysler 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 11 Debt, for further information on our revolving line of credit. | |||||||||
Warranty Related | |||||||||
Our 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 our chassis and vehicles. | |||||||||
Our 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 our best estimate of the expected future cost of honoring our obligations under the warranty agreements. Historically, the cost of fulfilling our warranty obligations has principally involved replacement parts and labor for field retrofit campaigns. Our 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 our historical experience. We provide 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 our historical experience. | |||||||||
Changes in our warranty liability during the years ended December 31, 2014 and 2013 were as follows: | |||||||||
2014 | 2013 | ||||||||
Balance of accrued warranty at January 1 | $ | 7,579 | $ | 6,062 | |||||
Warranties issued during the period | 5,670 | 3,915 | |||||||
Cash settlements made during the period | (4,875 | ) | (4,394 | ) | |||||
Changes in liability for pre-existing warranties during the period, including expirations | 863 | 1,996 | |||||||
Balance of accrued warranty at December 31 | $ | 9,237 | $ | 7,579 | |||||
Contingent Consideration | |||||||||
In connection with our acquisition of Utilimaster in November 2009, we 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 December 31, 2014 we have made earn-out payments totaling $5,069, including $3,069 made as the result of sales that exceeded targeted levels and $2,000 as the result of meeting targeted sales levels for the Reach commercial van. At December 31, 2014, we have recorded a contingent liability of $1,500 within Other current liabilities on our Consolidated Balance Sheet for the remaining payment owed under this contingent obligation, which was paid in January 2015. | |||||||||
In connection with the acquisition of Classic Fire in April, 2011, we 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 years ended December 31, 2014, 2013 and 2012, we 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, 2012 | $ | 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 | ||||||||
Expense from discount amortization | 114 | ||||||||
Expense from changes in estimated fair value of contingent payments (1) | 628 | ||||||||
Payments made | (249 | ) | |||||||
Contingent liability fair value at December 31, 2014 | $ | 1,500 | |||||||
-1 | Represents adjustments to the contingent consideration liability based on expected or actual Classic Fire or Utilimaster sales levels for 2012, 2013 and 2014, along with the expectation of or success in meeting the targeted sales levels for the ReachTM commercial van in 2012 and 2013. | ||||||||
We believe that we have sufficient liquidity to fund the contingent obligations as they become due. |
Note_10_Compensation_Incentive
Note 10 - Compensation Incentive Plans | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block Supplement [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | NOTE 10 - COMPENSATION INCENTIVE PLANS |
We sponsor defined contribution retirement plans which cover all associates who meet length of service and minimum age requirements. Our matching contributions vest over 5 years and were $625, $604 and $380 in 2014, 2013 and 2012. These amounts are expensed as incurred. | |
The Spartan Motors, Inc. Incentive Compensation Plan encompasses a quarterly and an annual bonus program. The quarterly program covers certain of our full-time employees. The cash bonuses paid under the quarterly program are equal for all participants. Amounts expensed for the quarterly bonus were $1,789, $867 and $1,134 for 2014, 2013 and 2012. | |
The annual bonus provides that executive officers and certain designated managers may earn cash bonuses based on our achievement of pre-defined financial and operational objectives. Amounts expensed for the annual bonus were $1,644, $236 and $1,698 for 2014, 2013 and 2012. |
Note_11_Debt
Note 11 - Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt Disclosure [Text Block] | NOTE 11 - DEBT | ||||||||
Long-term debt consists of the following: | |||||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Note payable to Prudential Investment Management, Inc. Principal due December 1, 2016 with quarterly interest only payments of $68 at 5.46%. Unsecured debt. (1) | $ | 5,000 | $ | 5,000 | |||||
Line of credit revolver (2): | -- | -- | |||||||
Capital lease obligations (See Note 6 – Leases) | 261 | 340 | |||||||
Total debt | 5,261 | 5,340 | |||||||
Less current portion of long-term debt | (59 | ) | (79 | ) | |||||
Total long-term debt | $ | 5,202 | $ | 5,261 | |||||
The long-term debt due is as follows; $59 in 2015; $5,062 in 2016; $65 in 2017; $42 in 2018 and $33 thereafter. | |||||||||
-1 | We have a private shelf agreement with Prudential Investment Management, Inc., which allows us 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. We had $5,000 of private placement notes outstanding at December 31, 2014 and 2013 with Prudential Investment Management, Inc. | ||||||||
-2 | Our primary line of credit is a $70,000 unsecured revolving line with Well Fargo Bank and JPMorgan Chase Bank, expiring on December 31, 2017, with an option to renew for two successive one year terms thereafter. Both lending institutions equally share this commitment. The terms of this credit agreement allow us 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 our ratio of debt to earnings from time to time. We had no borrowings on this line at December 31, 2014 or 2013. GM and Chrysler have the ability to draw up to $10,000 against our primary line of credit in relation to chassis supplied to Utilimaster under chassis bailment inventory programs. See Note 9, Commitments and Contingent Liabilities for further information about this chassis bailment inventory program. The applicable borrowing rate including margin was 1.655750% (or one-month LIBOR plus 1.5%) at December 31, 2014. | ||||||||
Under the terms of the primary line of credit agreement and the private shelf agreement, we are required to maintain certain financial ratios and other financial conditions, which limited our available borrowings under our line of credit to a total of approximately $38,600 and $23,800 at December 31, 2014 and 2013. The agreements also prohibit us from incurring additional indebtedness; limit certain acquisitions, investments, advances or loans; and restrict substantial asset sales. At December 31, 2014 and 2013, we were in compliance with all debt covenants. |
Note_12_Stock_Based_Compensati
Note 12 - Stock Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 12 - STOCK BASED COMPENSATION | ||||||||||||||||
We have 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 2,519,000 at December 31, 2014. We are currently authorized to grant new stock options, restricted stock, restricted stock units, stock appreciation rights and common stock under our various stock incentive plans which include our 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 have historically been settled with shares of common stock upon exercise. | |||||||||||||||||
We receive 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, we report any excess tax benefits in our 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, 2014 is as follows for all plans: | |||||||||||||||||
Weighted | |||||||||||||||||
Total Number | Weighted | Average | |||||||||||||||
of Options | Average | Total | Remaining | ||||||||||||||
0 | Exercise | Intrinsic | Contractual | ||||||||||||||
Price | Value | Term (Years) | |||||||||||||||
Options outstanding and exercisable at December 31, 2013 | 233 | $ | 5.18 | ||||||||||||||
Granted and vested | -- | -- | |||||||||||||||
Exercised | (178 | ) | 5.31 | ||||||||||||||
Cancelled | (16 | ) | 5.3 | ||||||||||||||
Options outstanding and exercisable at December 31, 2014 | 39 | 4.57 | $ | 26 | 1 | ||||||||||||
No options were granted in 2014, 2013 or 2012, and 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, 2014, 2013 and 2012, were $10, $339 and $30. | |||||||||||||||||
SARs activity for the year ended December 31, 2014 is as follows for all plans: | |||||||||||||||||
Weighted | |||||||||||||||||
Total Number | Weighted | Average | |||||||||||||||
of SARs | Average | Total | Remaining | ||||||||||||||
0 | Grant Date | Intrinsic | Contractual | ||||||||||||||
Fair Value | Value | Term (Years) | |||||||||||||||
SARs outstanding and exercisable at December 31, 2013 | 305 | $ | 3.04 | ||||||||||||||
Granted and vested | - | - | |||||||||||||||
Exercised | - | - | |||||||||||||||
Cancelled | (16 | ) | 3.24 | ||||||||||||||
SARs outstanding and exercisable at December 31, 2014 | 289 | 3.03 | $ | 41 | 2.2 | ||||||||||||
No SARs were granted in 2014, 2013 or 2012, and there was no related compensation expense nor income tax benefit recognized in the corresponding income statements. The outstanding SARS could have been exercised for the issuance of 7,864 shares of our common stock at December 31, 2014. The total intrinsic value of SARs exercised during the years ended December 31, 2014, 2013 and 2012 was $0, $4 and $7. | |||||||||||||||||
Restricted Stock Awards. We issue restricted stock, at no cash cost, to our directors, officers and key employees. 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. | |||||||||||||||||
We receive 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, 2014, is as follows: | |||||||||||||||||
Total | Weighted | Weighted | |||||||||||||||
Number of | Average | Average | |||||||||||||||
Non-vested | Grant Date | Remaining | |||||||||||||||
Shares | Fair Value | Vesting Life | |||||||||||||||
0 | (Years) | ||||||||||||||||
Non-vested shares outstanding at December 31, 2013 | 486 | $ | 5.34 | ||||||||||||||
Granted | 328 | 5.09 | |||||||||||||||
Vested | (331 | ) | 5.4 | ||||||||||||||
Forfeited | (44 | ) | 5.19 | ||||||||||||||
Non-vested shares outstanding at December 31, 2014 | 439 | 5.13 | 0.8 | ||||||||||||||
The weighted-average grant date fair value of non-vested shares granted was $5.09, $5.24 and $5.43 for the years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||
During 2014, 2013 and 2012, we recorded compensation expense, net of cancellations, of $1,624, $1,624 and $1,645, related to restricted stock awards and direct stock grants. The total income tax benefit recognized in the Consolidated Statements of Operations related to restricted stock awards was $568, $568 and $576 for 2014, 2013 and 2012. For the years ended December 31, 2014, 2013 and 2012, restricted shares vested with a fair market value of $1,785, $1,397 and $1,603. 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, 2014, we had unearned stock-based compensation of $1,314 associated with these restricted stock grants, which will be recognized over a weighted average of 0.8 years. | |||||||||||||||||
Employee Stock Purchase Plan. We instituted an employee stock purchase plan (“ESPP”) beginning on October 1, 2011 whereby essentially all employees who meet certain service requirements can purchase our 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, 2014 and 2013, we received proceeds of $44 and $81 for the purchase of 9,000 and 16,000 shares under the ESPP. |
Note_13_Shareholders_Equity
Note 13 - Shareholders Equity | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | NOTE 13 – SHAREHOLDERS EQUITY | ||||||||||||
On October 19, 2011, our Board of Directors authorized the re-purchase of up to 1 million shares of our common stock. At December 31, 2014, there were 618,000 shares remaining in this repurchase authorization. The following table represents our purchases of our common stock during the year ended December 31, 2014 under this share purchase program. We did not repurchase any of our common stock during 2013 or 2012. | |||||||||||||
Average Purchase Price | Shares Purchased | Purchase Value | |||||||||||
0 | |||||||||||||
April - June 2014 | $ | 5.07 | 197 | $ | 1,000 | ||||||||
July - September 2014 | $ | 5.4 | 185 | 1,000 | |||||||||
$ | 5.23 | 382 | $ | 2,000 | |||||||||
Note_14_Earnings_Per_Share
Note 14 - Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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 2014, 2013 and 2012 (in thousands). The stock awards noted as antidilutive were not included in the diluted (in the case of stock options) or basic (in the case of unvested restricted stock awards) weighted average common shares outstanding. Although these stock awards were not included in our 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 our common stock increases. | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Basic weighted average common shares outstanding | 34,251 | 33,550 | 33,165 | ||||||||||
Effect of dilutive stock options | 5 | - | - | ||||||||||
Diluted weighted average common shares outstanding | 34,256 | 33,550 | 33,165 | ||||||||||
Antidilutive stock awards: | |||||||||||||
Stock options | 175 | 45 | 250 | ||||||||||
Unvested restricted stock awards | - | 531 | 637 | ||||||||||
Note_15_Business_Segments
Note 15 - Business Segments | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | NOTE 15 - BUSINESS SEGMENTS | ||||||||||||||||||||
We identify our reportable segments based on our management structure and the financial data utilized by our chief operating decision makers to assess segment performance and allocate resources among our operating units. We have 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 Spartan USA, Crimson Aerials, and Spartan-Gimaex. This segment engineers and manufactures emergency response chassis and vehicles. Since 2012, when 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 reportable segments. Interest expense and Taxes on income are not included in the information utilized by the chief operating decision makers 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 $55,919, $33,150 and $44,205 for the years ended December 31, 2014, 2013 and 2012, or 11.0%, 7.1% and 9.4%, respectively, of sales for those years. All of our long-lived assets are located in the United States. | |||||||||||||||||||||
Sales and other financial information by business segment are as follows: | |||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||
Segment | |||||||||||||||||||||
Emergency Response Vehicles | Delivery and Service Vehicles | Specialty Chassis and Vehicles | Other | Consolidated | |||||||||||||||||
Emergency response vehicles sales | $ | 184,532 | $ | - | $ | - | $ | - | $ | 184,532 | |||||||||||
Delivery and service vehicles sales | - | 189,016 | - | - | 187,690 | ||||||||||||||||
Motor home chassis sales | - | - | 86,186 | - | 86,186 | ||||||||||||||||
Other specialty vehicles sales | - | - | 9,165 | - | 9,165 | ||||||||||||||||
Aftermarket parts and assemblies sales | - | 21,482 | 16,383 | - | 39,191 | ||||||||||||||||
Total sales | $ | 184,532 | $ | 210,498 | $ | 111,734 | $ | - | $ | 506,764 | |||||||||||
Depreciation and amortization expense | $ | 1,030 | $ | 4,297 | $ | 669 | $ | 2,382 | $ | 8,378 | |||||||||||
Operating income (loss) | (7,087 | ) | 8,324 | 7,426 | (9,814 | ) | (1,151 | ) | |||||||||||||
Segment assets | 81,748 | 65,827 | 21,269 | 69,669 | 238,813 | ||||||||||||||||
Capital expenditures | 516 | 989 | 412 | 1,546 | 3,463 | ||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
Segment | |||||||||||||||||||||
Emergency Response Vehicles | Delivery and Service Vehicles | Specialty Chassis and Vehicles | Other | Consolidated | |||||||||||||||||
Emergency response vehicles sales | $ | 165,087 | $ | - | $ | - | $ | - | $ | 165,087 | |||||||||||
Delivery and service vehicles sales | - | 156,401 | - | - | 157,291 | ||||||||||||||||
Motor home chassis sales | - | - | 90,008 | - | 90,008 | ||||||||||||||||
Other specialty vehicles sales | - | - | 10,678 | - | 10,678 | ||||||||||||||||
Aftermarket parts and assemblies sales | - | 22,808 | 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 | ||||||||||||||||
Capital expenditures | 312 | 1,964 | 209 | 1,041 | 3,526 | ||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Segment | |||||||||||||||||||||
Emergency Response Vehicles | Delivery and Service Vehicles | Specialty Chassis and Vehicles | Other | Consolidated | |||||||||||||||||
Emergency response vehicle sales | $ | 162,320 | $ | - | $ | - | $ | - | $ | 162,320 | |||||||||||
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 | ||||||||||||||||
Capital expenditures | 374 | 9,424 | 959 | 1,711 | 12,468 | ||||||||||||||||
Note_16_Quarterly_Financial_Da
Note 16 - Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
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, 2014 and 2013 is as follows (full year amounts may not sum due to rounding): | |||||||||||||||||||||||||||||||||
2014 Quarter Ended | 2013 Quarter Ended | ||||||||||||||||||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | 31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||||||||||||||
Sales | $ | 127,959 | $ | 115,795 | $ | 144,239 | $ | 118,771 | $ | 96,136 | $ | 120,874 | $ | 126,074 | $ | 126,454 | |||||||||||||||||
Gross profit | 12,745 | 14,662 | 20,162 | 15,510 | 6,347 | 15,626 | 16,131 | 14,960 | |||||||||||||||||||||||||
Net earnings (loss) attributable to Spartan Motors, Inc. | (2,140 | ) | 247 | 3,199 | (133 | ) | (4,254 | ) | 691 | 563 | (2,970 | ) | |||||||||||||||||||||
Basic net earnings (loss) per share | (0.06 | ) | 0.01 | 0.09 | (0.00 | ) | (0.13 | ) | 0.02 | 0.02 | (0.09 | ) | |||||||||||||||||||||
Diluted net earnings (loss) per share | (0.06 | ) | 0.01 | 0.09 | (0.00 | ) | (0.13 | ) | 0.02 | 0.02 | (0.09 | ) | |||||||||||||||||||||
During the third and fourth quarters of 2014, we incurred restructuring charges of $275 and $1,882, respectively. We did not incur any restructuring charges during 2013. |
Note_17_Subsequent_Event
Note 17 - Subsequent Event | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 17 – SUBSEQUENT EVENTS |
In February, 2015, Spartan USA and Gimaex Holding, Inc. mutually agreed to begin discussions regarding the dissolution of the Spartan-Gimaex joint venture. The dissolution is expected to become effective in the second quarter of 2015. Costs associated with the wind-down will be impacted by the final dissolution agreement. Accordingly, we are unable to estimate the cost of the wind-down at this time. Spartan USA and Gimaex Holding, Inc. will share any costs associated with the wind-down on a 50/50 basis. | |
In February 2015, we were notified by the National Highway Traffic Safety Administration (“NHTSA”) staff that the agency may seek civil penalties related to possible violations of NHTSA regulations. The agency has invited the company to commence pre-enforcement settlement negotiations with the NHTSA regarding these potential violations. Civil penalties associated with these matters may become material to our results of operations and/or financial position; however, at this time we are unable to estimate the amount of any civil penalties or any other associated costs that may be incurred in settlement of these matters. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
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 | |||||||||||||||||
Description | Balance at | Additions | Additions | Deductions | Balance | ||||||||||||||||
Beginning | Charged to | Charged to | at End | ||||||||||||||||||
of Period | Costs and | Other | of Period | ||||||||||||||||||
Expenses | Accounts | ||||||||||||||||||||
(Acquisition) | |||||||||||||||||||||
Year ended December 31, 2014: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 769 | $ | 71 | $ | - | $ | (696 | ) | $ | 144 | ||||||||||
Reserve for slow-moving inventory | 2,295 | 5,343 | - | (4,050 | ) | 3,588 | |||||||||||||||
Accrued warranty | 7,579 | 6,533 | - | (4,875 | ) | 9,237 | |||||||||||||||
Valuation allowance for deferred tax assets | 3,567 | - | - | (505 | ) | 3,062 | |||||||||||||||
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 | |||||||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation. The consolidated financial statements include our accounts and the accounts of our wholly owned subsidiaries: Spartan Chassis, Inc. (“Spartan Chassis”), Spartan Motors USA, Inc. (“Spartan USA”, formerly known as Crimson Fire, Inc.), Crimson Fire Aerials, Inc. (“Crimson Aerials”), Utilimaster Corporation (“Utilimaster”) and Classic Fire, LLC (“Classic Fire”). In November, 2012, Spartan USA entered into a joint venture with Gimaex Holding, Inc. to form Spartan-Gimaex Innovations, LLC (“Spartan-Gimaex”). In February, 2015, Spartan USA and Gimaex Holding, Inc. mutually agreed to begin discussions regarding the dissolution of the joint venture. The dissolution is expected to become effective in the second quarter of 2015. On December 31, 2014 we dissolved Classic Fire, and its operations were merged with the operations of Spartan USA. All intercompany transactions have been eliminated. |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Non-Controlling Interest |
At December 31, 2014, Spartan USA held a 50% share in Spartan-Gimaex, however, due to the management and operational structure of the joint venture, Spartan USA was considered to have had the ability to control 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 our 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, 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. We recognize 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 our 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. We consider all investments purchased with an original maturity of three months or less to be cash equivalents. |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable. Our receivables are subject to credit risk, and we do not typically require collateral on our accounts receivable. We perform periodic credit evaluations of our customers’ financial condition and generally require a security interest in the products sold. Receivables generally are due within 30 to 60 days. We maintain 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 our 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, we 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. We review our 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. We review indefinite lived intangible assets annually 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. | |
We perform our annual goodwill and indefinite lived intangible assets impairment test as of October 1 and monitor for interim triggering events on an ongoing basis. For goodwill we first assess 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, we are not required to calculate the fair value of a reporting unit unless we determine that it is more likely than not that the fair value of the reporting unit is less than its carrying amount. We have the option to bypass the qualitative assessment and proceed to the first step of the two-step impairment test. | |
If we elect to bypass the qualitative assessment for a reporting unit, or if after completing the assessment we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we perform 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, we consider current and projected future levels of income based on our 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 if 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. | |
We evaluate the recoverability of our indefinite lived intangible assets, which consist of our Utilimaster and Classic Fire trade names, based on estimates of future royalty payments that are avoided through our ownership of the trade names, discounted to their present value. In determining the estimated fair value of the trade names, we consider current and projected future levels of revenue based on our 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 4, Goodwill and Intangible Assets, for further details on our goodwill and other intangible assets. | |
Standard Product Warranty, Policy [Policy Text Block] | Warranties. Our 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 our obligations under the warranty agreements. Our estimates are based on historical experience, the number of units involved and the extent of features and components included in product models. See Note 9, Commitments and Contingent Liabilities, for further information regarding warranties. |
Deposits from Customers [Policy Text Block] | Deposits from Customers. We sometimes receive advance payments from customers for product orders and record these amounts as liabilities. We accept such deposits 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. 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. Our 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. We recognize deferred income tax assets and liabilities 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, to 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. |
We evaluate the likelihood of realizing our deferred income tax assets by assessing our valuation allowance and by adjusting the amount of such allowance, if necessary. The factors used to assess the likelihood of realization include our 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. | |
We recognize 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 we believe 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. | |
See Note 7, Taxes on Income, for further details on our 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 our 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 our stock options outstanding during the period. Our 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. Our incentive stock plans are described in more detail in Note 12, Stock Based Compensation. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value. We are required to disclose the fair value of our financial instruments. The carrying value at December 31, 2014 and 2013 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. We identify our reportable segments based on our management structure and the financial data utilized by the chief operating decision makers to assess segment performance and allocate resources among our operating units. We have three reportable segments: Emergency Response Vehicles, Delivery and Service Vehicles, and Specialty Chassis and Vehicles. More detailed information about our 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 $327, $311 and $273 for 2014, 2013 and 2012. Cash paid for income taxes, net of refunds, was $1,168, $370 and $3,873 for 2014, 2013 and 2012. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards |
In May, 2014 the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). ASU 2014-09 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. ASU 2014-09 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. We are currently evaluating the adoption method and the impact of the adoption of the new revenue recognition standard on our consolidated financial statements. | |
In July 2013, the FASB 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 adoption of the provisions of ASU 2013-11 did not have a material impact on our consolidated financial position, results of operations or cash flows. |
Note_2_Inventories_Tables
Note 2 - Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventory, Current [Table Text Block] | Inventories are summarized as follows: | December 31, | |||||||
2014 | 2013 | ||||||||
Finished goods | $ | 16,981 | $ | 17,168 | |||||
Work in process | 16,698 | 25,453 | |||||||
Raw materials and purchased components | 41,072 | 41,093 | |||||||
Reserve for slow-moving inventory | (3,588 | ) | (2,295 | ) | |||||
Total Inventory | $ | 71,163 | $ | 81,419 |
Note_3_Restructuring_Charges_T
Note 3 - Restructuring Charges (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Note 3 - Restructuring Charges (Tables) [Line Items] | |||||||||||||||||||||
Restructuring and Related Costs [Table Text Block] | Severance | ||||||||||||||||||||
Balance January 1, 2012 | $ | - | |||||||||||||||||||
Accrual for severance | 1,642 | ||||||||||||||||||||
Payments and adjustments made in period | (1,012 | ) | |||||||||||||||||||
Balance December 31, 2012 | 630 | ||||||||||||||||||||
Accrual for severance | - | ||||||||||||||||||||
Payments made in period | 630 | ||||||||||||||||||||
Balance December 31, 2013 | - | ||||||||||||||||||||
Accrual for severance | 165 | ||||||||||||||||||||
Payments made in period | - | ||||||||||||||||||||
Balance December 31, 2014 | $ | 165 | |||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Year ended December 31, 2012 | ||||||||||||||||||||
Emergency Response | Delivery and Service Vehicles | Specialty Chassis and Vehicles | Other | Total | |||||||||||||||||
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 | |||||||||||
Emergency Response Vehicles [Member] | |||||||||||||||||||||
Note 3 - Restructuring Charges (Tables) [Line Items] | |||||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Cost of products sold | ||||||||||||||||||||
Inventory impairment | $ | 584 | |||||||||||||||||||
Relocation/retention costs | 93 | ||||||||||||||||||||
Accrual for severance | 131 | ||||||||||||||||||||
Total cost of products sold | 808 | ||||||||||||||||||||
General and Administrative | |||||||||||||||||||||
Manufacturing process reengineering | 1,017 | ||||||||||||||||||||
Relocation/retention costs | 298 | ||||||||||||||||||||
Accrual for severance | 34 | ||||||||||||||||||||
Total general and administrative | 1,349 | ||||||||||||||||||||
Total restructuring | $ | 2,157 |
Note_4_Goodwill_and_Intangible1
Note 4 - Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | Emergency Response Vehicles | Delivery and Service Vehicles | Total | ||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Goodwill, beginning of year | $ | - | $ | 4,854 | $ | 15,961 | $ | 15,961 | $ | 15,961 | $ | 20,815 | |||||||||||||
Impairment losses during the year | - | (4,854 | ) | - | - | - | (4,854 | ) | |||||||||||||||||
Goodwill, end of year | $ | - | $ | - | $ | 15,961 | $ | 15,961 | $ | 15,961 | $ | 15,961 | |||||||||||||
Acquired goodwill | $ | 4,854 | $ | 4,854 | $ | 15,961 | $ | 15,961 | $ | 20,815 | $ | 20,815 | |||||||||||||
Accumulated impairment | (4,854 | ) | (4,854 | ) | - | - | (4,854 | ) | (4,854 | ) | |||||||||||||||
Goodwill, net | $ | - | $ | - | $ | 15,961 | $ | 15,961 | $ | 15,961 | $ | 15,961 | |||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | As of December 31, 2014 | As of December 31, 2013 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
carrying | amortization | carrying | amortization | ||||||||||||||||||||||
amount | amount | ||||||||||||||||||||||||
Customer and dealer relationships | $ | 6,760 | $ | 2,924 | $ | 3,836 | $ | 6,760 | $ | 2,268 | $ | 4,492 | |||||||||||||
Acquired product development project | 1,860 | 475 | 1,385 | 1,860 | 128 | 1,732 | |||||||||||||||||||
Unpatented technology | 380 | 143 | 237 | 380 | 105 | 275 | |||||||||||||||||||
Non-compete agreements | 520 | 450 | 70 | 520 | 355 | 165 | |||||||||||||||||||
Backlog | 320 | 320 | - | 320 | 320 | - | |||||||||||||||||||
Trade Names | 3,430 | - | 3,430 | 3,430 | - | 3,430 | |||||||||||||||||||
$ | 13,270 | $ | 4,312 | $ | 8,958 | $ | 13,270 | $ | 3,176 | $ | 10,094 | ||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Amount | ||||||||||||||||||||||||
2015 | $ | 887 | |||||||||||||||||||||||
2016 | 767 | ||||||||||||||||||||||||
2017 | 743 | ||||||||||||||||||||||||
2018 | 726 | ||||||||||||||||||||||||
2019 | 358 | ||||||||||||||||||||||||
Thereafter | 2,047 | ||||||||||||||||||||||||
$ | 5,528 |
Note_5_Property_Plant_and_Equi1
Note 5 - Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment [Table Text Block] | December 31, | ||||||||
2014 | 2013 | ||||||||
Land and improvements | $ | 4,892 | $ | 4,778 | |||||
Buildings and improvements | 59,621 | 59,170 | |||||||
Plant machinery and equipment | 34,449 | 35,357 | |||||||
Furniture and fixtures | 16,273 | 15,899 | |||||||
Vehicles | 3,008 | 2,888 | |||||||
Construction in process | 4,223 | 2,947 | |||||||
Subtotal | 122,466 | 121,039 | |||||||
Less accumulated depreciation | (72,049 | ) | (66,761 | ) | |||||
Total property, plant and equipment, net | $ | 50,417 | $ | 54,278 |
Note_6_Leases_Tables
Note 6 - Leases (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year | Future Minimum | |||
Operating Lease | |||||
Payments | |||||
2015 | $ | 1,993 | |||
2016 | 1,518 | ||||
2017 | 1,381 | ||||
2018 | 1,213 | ||||
2019 | 1,193 | ||||
Thereafter | 2,537 | ||||
Total | $ | 9,835 | |||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Year | Future Minimum Capital Lease Payments | |||
2015 | $ | 71 | |||
2016 | 71 | ||||
2017 | 71 | ||||
2018 | 44 | ||||
2019 | 34 | ||||
Thereafter | - | ||||
Total lease obligations, including imputed interest | 291 | ||||
Less imputed interest charges | (30 | ) | |||
Total outstanding capital lease obligations | $ | 261 |
Note_7_Taxes_on_Income_Tables
Note 7 - Taxes on Income (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Current: | |||||||||||||||||||||||||
Federal | $ | 269 | $ | 111 | $ | 2,156 | |||||||||||||||||||
State | (107 | ) | (302 | ) | 715 | ||||||||||||||||||||
Total current | 162 | (191 | ) | 2,871 | |||||||||||||||||||||
Deferred (credit): | |||||||||||||||||||||||||
Federal | (1,426 | ) | (1,499 | ) | (2,762 | ) | |||||||||||||||||||
State | (839 | ) | (191 | ) | (9 | ) | |||||||||||||||||||
Total deferred | (2,265 | ) | (1,690 | ) | (2,771 | ) | |||||||||||||||||||
TOTAL TAXES ON INCOME | $ | (2,103 | ) | $ | (1,881 | ) | $ | 100 | |||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Amount | Percentage | Amount | Percentage | Amount | Percentage | ||||||||||||||||||||
Federal income taxes at the statutory rate | $ | (365 | ) | 34 | % | $ | (2,669 | ) | 34 | % | $ | (801 | ) | 34 | % | ||||||||||
Increase (decrease) in income taxes resulting from: | |||||||||||||||||||||||||
Deferred income tax adjustment | (275 | ) | 25.61 | 654 | (8.33 | ) | - | - | |||||||||||||||||
Non-deductible goodwill impairment | - | - | 525 | (6.69 | ) | - | - | ||||||||||||||||||
Nondeductible earn-out expense | 207 | (19.27 | ) | 63 | (0.80 | ) | 961 | (40.77 | ) | ||||||||||||||||
Other nondeductible expenses | 242 | (22.53 | ) | 141 | (1.80 | ) | 108 | (4.58 | ) | ||||||||||||||||
State tax expense, net of federal | (201 | ) | 18.72 | 7 | (0.09 | ) | 541 | (22.95 | ) | ||||||||||||||||
income tax benefit | |||||||||||||||||||||||||
Net impact of adjustment of valuation allowance | (505 | ) | 47.02 | (19 | ) | 0.24 | 40 | (1.70 | ) | ||||||||||||||||
Section 199 production deduction | (113 | ) | 10.52 | (70 | ) | 0.89 | (182 | ) | 7.72 | ||||||||||||||||
Unrecognized tax benefit adjustment, expiration of statute | (765 | ) | 71.23 | (400 | ) | 5.1 | (118 | ) | 5 | ||||||||||||||||
Federal research and development | (296 | ) | 27.56 | (135 | ) | 1.72 | (294 | ) | 12.47 | ||||||||||||||||
tax credit | |||||||||||||||||||||||||
Other | (32 | ) | 2.95 | 22 | (0.28 | ) | (155 | ) | 6.57 | ||||||||||||||||
TOTAL | $ | (2,103 | ) | 195.81 | % | $ | (1,881 | ) | 23.96 | % | $ | 100 | (4.24 | )% | |||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Current asset (liability): | |||||||||||||||||||||||||
State tax credit and net operating loss carry-forwards, net of federal income tax benefit | $ | 3,948 | $ | 3,932 | |||||||||||||||||||||
Warranty reserve | 3,646 | 3,315 | |||||||||||||||||||||||
Inventory costs and reserves | 1,917 | 1,840 | |||||||||||||||||||||||
Compensation related accruals | 874 | 817 | |||||||||||||||||||||||
Workers compensation accrual | 337 | 231 | |||||||||||||||||||||||
Prepaid insurance | (474 | ) | (147 | ) | |||||||||||||||||||||
Other | 613 | 315 | |||||||||||||||||||||||
Total - Current | 10,861 | 10,303 | |||||||||||||||||||||||
Valuation allowance | (3,062 | ) | (3,567 | ) | |||||||||||||||||||||
Total - Current, net | $ | 7,799 | $ | 6,736 | |||||||||||||||||||||
Noncurrent asset (liability): | |||||||||||||||||||||||||
Goodwill | $ | (1,777 | ) | $ | (2,181 | ) | |||||||||||||||||||
Depreciation | (1,306 | ) | (2,172 | ) | |||||||||||||||||||||
Stock based compensation | 1,051 | 1,082 | |||||||||||||||||||||||
Other | 24 | 62 | |||||||||||||||||||||||
Total – Noncurrent, net | $ | (2,008 | ) | $ | (3,209 | ) | |||||||||||||||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Balance at January 1, | $ | 833 | $ | 1,166 | $ | 990 | |||||||||||||||||||
Increase related to prior year tax positions | 73 | 16 | 245 | ||||||||||||||||||||||
Increase related to current year tax positions | 99 | 42 | 76 | ||||||||||||||||||||||
Settlements | - | - | (25 | ) | |||||||||||||||||||||
Expiration of statute | (524 | ) | (391 | ) | (120 | ) | |||||||||||||||||||
Balance at December 31, | $ | 481 | $ | 833 | $ | 1,166 |
Note_8_Transactions_with_Major1
Note 8 - Transactions with Major Customers (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Risks and Uncertainties [Abstract] | |||||||||||||||||||||||||
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Accounts | Accounts | Accounts | |||||||||||||||||||||||
Receivable | Receivable | Receivable | |||||||||||||||||||||||
Customer | Sales | (at year end) | Sales | (at year end) | Sales | (at year end) | |||||||||||||||||||
Customer A | $ | 57,093 | $ | 7,541 | $ | 65,144 | $ | 6,684 | $ | 41,792 | $ | 4,824 | |||||||||||||
Customer B | 24,305 | 279 | 27,152 | 209 | 59,074 | 331 |
Note_9_Commitments_and_Conting1
Note 9 - Commitments and Contingent Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 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 | 5,670 | 3,915 | |||||||
Cash settlements made during the period | (4,875 | ) | (4,394 | ) | |||||
Changes in liability for pre-existing warranties during the period, including expirations | 863 | 1,996 | |||||||
Balance of accrued warranty at December 31 | $ | 9,237 | $ | 7,579 | |||||
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | Contingent Liability | ||||||||
Contingent liability fair value at January 1, 2012 | $ | 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 | ||||||||
Expense from discount amortization | 114 | ||||||||
Expense from changes in estimated fair value of contingent payments (1) | 628 | ||||||||
Payments made | (249 | ) | |||||||
Contingent liability fair value at December 31, 2014 | $ | 1,500 |
Note_11_Debt_Tables
Note 11 - Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, | December 31, | |||||||
2014 | 2013 | ||||||||
Note payable to Prudential Investment Management, Inc. Principal due December 1, 2016 with quarterly interest only payments of $68 at 5.46%. Unsecured debt. (1) | $ | 5,000 | $ | 5,000 | |||||
Line of credit revolver (2): | -- | -- | |||||||
Capital lease obligations (See Note 6 – Leases) | 261 | 340 | |||||||
Total debt | 5,261 | 5,340 | |||||||
Less current portion of long-term debt | (59 | ) | (79 | ) | |||||
Total long-term debt | $ | 5,202 | $ | 5,261 |
Note_12_Stock_Based_Compensati1
Note 12 - Stock Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted | ||||||||||||||||
Total Number | Weighted | Average | |||||||||||||||
of Options | Average | Total | Remaining | ||||||||||||||
0 | Exercise | Intrinsic | Contractual | ||||||||||||||
Price | Value | Term (Years) | |||||||||||||||
Options outstanding and exercisable at December 31, 2013 | 233 | $ | 5.18 | ||||||||||||||
Granted and vested | -- | -- | |||||||||||||||
Exercised | (178 | ) | 5.31 | ||||||||||||||
Cancelled | (16 | ) | 5.3 | ||||||||||||||
Options outstanding and exercisable at December 31, 2014 | 39 | 4.57 | $ | 26 | 1 | ||||||||||||
Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity [Table Text Block] | Weighted | ||||||||||||||||
Total Number | Weighted | Average | |||||||||||||||
of SARs | Average | Total | Remaining | ||||||||||||||
0 | Grant Date | Intrinsic | Contractual | ||||||||||||||
Fair Value | Value | Term (Years) | |||||||||||||||
SARs outstanding and exercisable at December 31, 2013 | 305 | $ | 3.04 | ||||||||||||||
Granted and vested | - | - | |||||||||||||||
Exercised | - | - | |||||||||||||||
Cancelled | (16 | ) | 3.24 | ||||||||||||||
SARs outstanding and exercisable at December 31, 2014 | 289 | 3.03 | $ | 41 | 2.2 | ||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Total | Weighted | Weighted | ||||||||||||||
Number of | Average | Average | |||||||||||||||
Non-vested | Grant Date | Remaining | |||||||||||||||
Shares | Fair Value | Vesting Life | |||||||||||||||
0 | (Years) | ||||||||||||||||
Non-vested shares outstanding at December 31, 2013 | 486 | $ | 5.34 | ||||||||||||||
Granted | 328 | 5.09 | |||||||||||||||
Vested | (331 | ) | 5.4 | ||||||||||||||
Forfeited | (44 | ) | 5.19 | ||||||||||||||
Non-vested shares outstanding at December 31, 2014 | 439 | 5.13 | 0.8 |
Note_13_Shareholders_Equity_Ta
Note 13 - Shareholders Equity (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||
Schedule of Common Stock Repurchased and Retired [Table Text Block] | Average Purchase Price | Shares Purchased | Purchase Value | ||||||||||
0 | |||||||||||||
April - June 2014 | $ | 5.07 | 197 | $ | 1,000 | ||||||||
July - September 2014 | $ | 5.4 | 185 | 1,000 | |||||||||
$ | 5.23 | 382 | $ | 2,000 |
Note_14_Earnings_Per_Share_Tab
Note 14 - Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of Weighted Average Number of Shares [Table Text Block] | Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Basic weighted average common shares outstanding | 34,251 | 33,550 | 33,165 | ||||||||||
Effect of dilutive stock options | 5 | - | - | ||||||||||
Diluted weighted average common shares outstanding | 34,256 | 33,550 | 33,165 | ||||||||||
Antidilutive stock awards: | |||||||||||||
Stock options | 175 | 45 | 250 | ||||||||||
Unvested restricted stock awards | - | 531 | 637 |
Note_15_Business_Segments_Tabl
Note 15 - Business Segments (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Segment | ||||||||||||||||||||
Emergency Response Vehicles | Delivery and Service Vehicles | Specialty Chassis and Vehicles | Other | Consolidated | |||||||||||||||||
Emergency response vehicles sales | $ | 184,532 | $ | - | $ | - | $ | - | $ | 184,532 | |||||||||||
Delivery and service vehicles sales | - | 189,016 | - | - | 187,690 | ||||||||||||||||
Motor home chassis sales | - | - | 86,186 | - | 86,186 | ||||||||||||||||
Other specialty vehicles sales | - | - | 9,165 | - | 9,165 | ||||||||||||||||
Aftermarket parts and assemblies sales | - | 21,482 | 16,383 | - | 39,191 | ||||||||||||||||
Total sales | $ | 184,532 | $ | 210,498 | $ | 111,734 | $ | - | $ | 506,764 | |||||||||||
Depreciation and amortization expense | $ | 1,030 | $ | 4,297 | $ | 669 | $ | 2,382 | $ | 8,378 | |||||||||||
Operating income (loss) | (7,087 | ) | 8,324 | 7,426 | (9,814 | ) | (1,151 | ) | |||||||||||||
Segment assets | 81,748 | 65,827 | 21,269 | 69,669 | 238,813 | ||||||||||||||||
Capital expenditures | 516 | 989 | 412 | 1,546 | 3,463 | ||||||||||||||||
Segment | |||||||||||||||||||||
Emergency Response Vehicles | Delivery and Service Vehicles | Specialty Chassis and Vehicles | Other | Consolidated | |||||||||||||||||
Emergency response vehicles sales | $ | 165,087 | $ | - | $ | - | $ | - | $ | 165,087 | |||||||||||
Delivery and service vehicles sales | - | 156,401 | - | - | 157,291 | ||||||||||||||||
Motor home chassis sales | - | - | 90,008 | - | 90,008 | ||||||||||||||||
Other specialty vehicles sales | - | - | 10,678 | - | 10,678 | ||||||||||||||||
Aftermarket parts and assemblies sales | - | 22,808 | 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 | ||||||||||||||||
Capital expenditures | 312 | 1,964 | 209 | 1,041 | 3,526 | ||||||||||||||||
Segment | |||||||||||||||||||||
Emergency Response Vehicles | Delivery and Service Vehicles | Specialty Chassis and Vehicles | Other | Consolidated | |||||||||||||||||
Emergency response vehicle sales | $ | 162,320 | $ | - | $ | - | $ | - | $ | 162,320 | |||||||||||
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 | ||||||||||||||||
Capital expenditures | 374 | 9,424 | 959 | 1,711 | 12,468 |
Note_16_Quarterly_Financial_Da1
Note 16 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | 2014 Quarter Ended | 2013 Quarter Ended | |||||||||||||||||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | 31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||||||||||||||
Sales | $ | 127,959 | $ | 115,795 | $ | 144,239 | $ | 118,771 | $ | 96,136 | $ | 120,874 | $ | 126,074 | $ | 126,454 | |||||||||||||||||
Gross profit | 12,745 | 14,662 | 20,162 | 15,510 | 6,347 | 15,626 | 16,131 | 14,960 | |||||||||||||||||||||||||
Net earnings (loss) attributable to Spartan Motors, Inc. | (2,140 | ) | 247 | 3,199 | (133 | ) | (4,254 | ) | 691 | 563 | (2,970 | ) | |||||||||||||||||||||
Basic net earnings (loss) per share | (0.06 | ) | 0.01 | 0.09 | (0.00 | ) | (0.13 | ) | 0.02 | 0.02 | (0.09 | ) | |||||||||||||||||||||
Diluted net earnings (loss) per share | (0.06 | ) | 0.01 | 0.09 | (0.00 | ) | (0.13 | ) | 0.02 | 0.02 | (0.09 | ) |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 1 - General and Summary of Accounting Policies (Details) [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | ||
Interest Paid (in Dollars) | $327 | $311 | $273 |
Income Taxes Paid, Net (in Dollars) | $1,168 | $370 | $3,873 |
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 | ||
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 | ||
Maximum [Member] | |||
Note 1 - General and Summary of Accounting Policies (Details) [Line Items] | |||
Percentage of Service Revenue | 1.00% |
Note_2_Inventories_Details
Note 2 - Inventories (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Other Inventory, Demo, Gross | $8,718 | $8,861 |
Note_2_Inventories_Details_Inv
Note 2 - Inventories (Details) - Inventories (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ||
Finished goods | $16,981 | $17,168 |
Work in process | 16,698 | 25,453 |
Raw materials and purchased components | 41,072 | 41,093 |
Reserve for slow-moving inventory | -3,588 | -2,295 |
Total Inventory | $71,163 | $81,419 |
Note_3_Restructuring_Charges_D
Note 3 - Restructuring Charges (Details) - Summary of Compensation Related Charges (Employee Severance [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Balance | $0 | $630 | $0 |
Accrual for severance | 165 | 0 | 1,642 |
Payments | 0 | 630 | -1,012 |
Balance | $165 | $0 | $630 |
Note_3_Restructuring_Charges_D1
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2012 | Dec. 31, 2014 |
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
Restructuring charges, general and admininstrative | $1,882 | $275 | ||
Total restructuring | 9,133 | |||
Emergency Response Vehicles [Member] | Inventory Impairment [Member] | ||||
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
Restructuring charges, cost of products sold | 584 | |||
Emergency Response Vehicles [Member] | Production Relocation Costs [Member] | ||||
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
Restructuring charges, cost of products sold | 93 | |||
Restructuring charges, general and admininstrative | 298 | |||
Emergency Response Vehicles [Member] | Accrual for Severance [Member] | ||||
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
Restructuring charges, cost of products sold | 131 | |||
Restructuring charges, general and admininstrative | 34 | |||
Emergency Response Vehicles [Member] | Manufacturing Process Reengineering [Member] | ||||
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
Restructuring charges, general and admininstrative | 1,017 | |||
Emergency Response Vehicles [Member] | ||||
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
Restructuring charges, cost of products sold | 808 | |||
Restructuring charges, general and admininstrative | 1,349 | |||
Total restructuring | $528 | $2,157 |
Note_3_Restructuring_Charges_D2
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2012 | Dec. 31, 2014 |
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
General and administrative | $1,882 | $275 | ||
Total restructuring | 9,133 | |||
Cost of Sales [Member] | Emergency Response Vehicles [Member] | Accrual for Severance [Member] | ||||
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
Cost of products sold | 74 | |||
Cost of Sales [Member] | Emergency Response Vehicles [Member] | ||||
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
Cost of products sold | 74 | |||
Cost of Sales [Member] | Delivery and Service Vehicles [Member] | Asset Impairment [Member] | ||||
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
Cost of products sold | 4,315 | |||
Cost of Sales [Member] | Delivery and Service Vehicles [Member] | Production Relocation Costs [Member] | ||||
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
Cost of products sold | 1,967 | |||
Cost of Sales [Member] | Delivery and Service Vehicles [Member] | ||||
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
Cost of products sold | 6,282 | |||
Cost of Sales [Member] | Specialty Chassis and Vehicles [Member] | Accrual for Severance [Member] | ||||
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
Cost of products sold | 158 | |||
Cost of Sales [Member] | Specialty Chassis and Vehicles [Member] | ||||
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
Cost of products sold | 158 | |||
Cost of Sales [Member] | Asset Impairment [Member] | ||||
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
Cost of products sold | 4,315 | |||
Cost of Sales [Member] | Accrual for Severance [Member] | ||||
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
Cost of products sold | 232 | |||
Cost of Sales [Member] | Production Relocation Costs [Member] | ||||
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
Cost of products sold | 1,967 | |||
Cost of Sales [Member] | ||||
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
Cost of products sold | 6,514 | |||
General and Administrative Expense [Member] | Emergency Response Vehicles [Member] | Accrual for Severance [Member] | ||||
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
General and administrative | 454 | |||
General and Administrative Expense [Member] | Emergency Response Vehicles [Member] | ||||
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
General and administrative | 454 | |||
General and Administrative Expense [Member] | Delivery and Service Vehicles [Member] | Asset Impairment [Member] | ||||
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
General and administrative | 1,153 | |||
General and Administrative Expense [Member] | Delivery and Service Vehicles [Member] | Accrual for Severance [Member] | ||||
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
General and administrative | 259 | |||
General and Administrative Expense [Member] | Delivery and Service Vehicles [Member] | Production Relocation Costs [Member] | ||||
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
General and administrative | 56 | |||
General and Administrative Expense [Member] | Delivery and Service Vehicles [Member] | ||||
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
General and administrative | 1,468 | |||
General and Administrative Expense [Member] | Specialty Chassis and Vehicles [Member] | Accrual for Severance [Member] | ||||
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
General and administrative | 638 | |||
General and Administrative Expense [Member] | Specialty Chassis and Vehicles [Member] | ||||
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
General and administrative | 638 | |||
General and Administrative Expense [Member] | Other Segments [Member] | Accrual for Severance [Member] | ||||
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
General and administrative | 59 | |||
General and Administrative Expense [Member] | Other Segments [Member] | ||||
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
General and administrative | 59 | |||
General and Administrative Expense [Member] | Asset Impairment [Member] | ||||
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
General and administrative | 1,153 | |||
General and Administrative Expense [Member] | Accrual for Severance [Member] | ||||
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
General and administrative | 1,410 | |||
General and Administrative Expense [Member] | Production Relocation Costs [Member] | ||||
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
General and administrative | 56 | |||
General and Administrative Expense [Member] | ||||
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
General and administrative | 2,619 | |||
Emergency Response Vehicles [Member] | Accrual for Severance [Member] | ||||
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
Cost of products sold | 131 | |||
General and administrative | 34 | |||
Emergency Response Vehicles [Member] | Production Relocation Costs [Member] | ||||
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
Cost of products sold | 93 | |||
General and administrative | 298 | |||
Emergency Response Vehicles [Member] | ||||
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
Cost of products sold | 808 | |||
General and administrative | 1,349 | |||
Total restructuring | 528 | 2,157 | ||
Delivery and Service Vehicles [Member] | ||||
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
Total restructuring | 7,750 | |||
Specialty Chassis and Vehicles [Member] | ||||
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
Total restructuring | 796 | |||
Other Segments [Member] | ||||
Note 3 - Restructuring Charges (Details) - Restructuring Charges Included in Consolidated Statements of Operations [Line Items] | ||||
Total restructuring | $59 |
Note_4_Goodwill_and_Intangible2
Note 4 - Goodwill and Intangible Assets (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 02, 2014 |
Note 4 - Goodwill and Intangible Assets (Details) [Line Items] | |||||
Goodwill, Impairment Loss | $4,854 | $4,854 | |||
Amortization of Intangible Assets | 1,136 | 958 | 891 | ||
Trade Names [Member] | Utilimaster [Member] | |||||
Note 4 - Goodwill and Intangible Assets (Details) [Line Items] | |||||
Impairment of Intangible Assets (Excluding Goodwill) | 0 | ||||
Trade Names [Member] | Classic Fire [Member] | |||||
Note 4 - Goodwill and Intangible Assets (Details) [Line Items] | |||||
Impairment of Intangible Assets (Excluding Goodwill) | $0 | ||||
Delivery and Service Vehicles [Member] | |||||
Note 4 - Goodwill and Intangible Assets (Details) [Line Items] | |||||
Fair Value Exceeds Carrying Value, Percentage | 17.00% | ||||
Increase in WACC Basis Points | 1.60% | ||||
Trade Names [Member] | Utilimaster [Member] | |||||
Note 4 - Goodwill and Intangible Assets (Details) [Line Items] | |||||
Fair Value Exceeds Carrying Value, Percentage | 219.00% | ||||
Trade Names [Member] | Classic Fire [Member] | |||||
Note 4 - Goodwill and Intangible Assets (Details) [Line Items] | |||||
Fair Value Exceeds Carrying Value, Percentage | 9.00% | ||||
Trade Names [Member] | |||||
Note 4 - Goodwill and Intangible Assets (Details) [Line Items] | |||||
Increase in WACC Basis Points | 1.40% |
Note_4_Goodwill_and_Intangible3
Note 4 - 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, 2014 | Dec. 31, 2012 |
Goodwill [Line Items] | ||||
Goodwill | $20,815 | $15,961 | ||
Acquired goodwill | 15,961 | 15,961 | 15,961 | |
Accumulated impairment | -4,854 | -4,854 | -4,854 | |
Goodwill, net | 15,961 | 15,961 | 15,961 | |
Impairment losses during the year | -4,854 | -4,854 | ||
Goodwill | 15,961 | 15,961 | 15,961 | |
Emergency Response Vehicles [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 4,854 | 4,854 | ||
Acquired goodwill | 4,854 | 4,854 | 4,854 | |
Accumulated impairment | -4,854 | -4,854 | -4,854 | |
Goodwill, net | 4,854 | 4,854 | 4,854 | |
Impairment losses during the year | -4,854 | |||
Goodwill | 4,854 | 4,854 | 4,854 | |
Delivery and Service Vehicles [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 15,961 | 15,961 | ||
Acquired goodwill | 15,961 | 15,961 | 15,961 | 15,961 |
Goodwill, net | 15,961 | 15,961 | 15,961 | 15,961 |
Goodwill | $15,961 | $15,961 | $15,961 | $15,961 |
Note_4_Goodwill_and_Intangible4
Note 4 - Goodwill and Intangible Assets (Details) - Other Intangible Assets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net carrying amount, finite-lived | $5,528 | |
13,270 | 13,270 | |
4,312 | 3,176 | |
8,958 | 10,094 | |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Trade Names | 3,430 | 3,430 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount, finite-lived | 6,760 | 6,760 |
Accumulated amortization, finite-lived | 2,924 | 2,268 |
Net carrying amount, finite-lived | 3,836 | 4,492 |
Acquired Product Development Project [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount, finite-lived | 1,860 | 1,860 |
Accumulated amortization, finite-lived | 475 | 128 |
Net carrying amount, finite-lived | 1,385 | 1,732 |
Unpatented Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount, finite-lived | 380 | 380 |
Accumulated amortization, finite-lived | 143 | 105 |
Net carrying amount, finite-lived | 237 | 275 |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount, finite-lived | 520 | 520 |
Accumulated amortization, finite-lived | 450 | 355 |
Net carrying amount, finite-lived | 70 | 165 |
Order or Production Backlog [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount, finite-lived | 320 | 320 |
Accumulated amortization, finite-lived | $320 | $320 |
Note_4_Goodwill_and_Intangible5
Note 4 - Goodwill and Intangible Assets (Details) - Estimated Remaining Amortization Associated with Finite-lived Intangible Assets (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Estimated Remaining Amortization Associated with Finite-lived Intangible Assets [Abstract] | |
2015 | $887 |
2016 | 767 |
2017 | 743 |
2018 | 726 |
2019 | 358 |
Thereafter | 2,047 |
$5,528 |
Note_5_Property_Plant_and_Equi2
Note 5 - Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 5 - Property, Plant and Equipment (Details) [Line Items] | |||
Notes, Loans and Financing Receivable, Net, Current | $0 | $2,500 | |
Interest Costs Capitalized | 0 | 0 | |
Enterprise Resource Planning System [Member] | |||
Note 5 - Property, Plant and Equipment (Details) [Line Items] | |||
Construction in Progress, Gross | 3,960 | 2,760 | |
Building [Member] | |||
Note 5 - Property, Plant and Equipment (Details) [Line Items] | |||
Asset Impairment Charges | $43 | $344 | $5,468 |
Note_5_Property_Plant_and_Equi3
Note 5 - Property, Plant and Equipment (Details) - Property, Plant and Equipment (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $122,466 | $121,039 |
Subtotal | 122,466 | 121,039 |
Less accumulated depreciation | -72,049 | -66,761 |
Total property, plant and equipment, net | 50,417 | 54,278 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 4,892 | 4,778 |
Subtotal | 4,892 | 4,778 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 59,621 | 59,170 |
Subtotal | 59,621 | 59,170 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 34,449 | 35,357 |
Subtotal | 34,449 | 35,357 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 16,273 | 15,899 |
Subtotal | 16,273 | 15,899 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 3,008 | 2,888 |
Subtotal | 3,008 | 2,888 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 4,223 | 2,947 |
Subtotal | $4,223 | $2,947 |
Note_6_Leases_Details
Note 6 - Leases (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2011 |
Leases [Abstract] | |||
Operating Leases, Rent Expense | $2,286 | $2,600 | $2,205 |
Capital Leased Assets, Gross | 609 | ||
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | $360 |
Note_6_Leases_Details_Future_M
Note 6 - Leases (Details) - Future Minimum Operating Lease Commitments under Non-cancelable Leases (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Future Minimum Operating Lease Commitments under Non-cancelable Leases [Abstract] | |
2015 | $1,993 |
2016 | 1,518 |
2017 | 1,381 |
2018 | 1,213 |
2019 | 1,193 |
Thereafter | 2,537 |
Total | $9,835 |
Note_6_Leases_Details_Future_M1
Note 6 - Leases (Details) - Future Minimum Capital Lease Commitments under Non-cancelable Leases (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Future Minimum Capital Lease Commitments under Non-cancelable Leases [Abstract] | |
2015 | $71 |
2016 | 71 |
2017 | 71 |
2018 | 44 |
2019 | 34 |
Total lease obligations, including imputed interest | 291 |
Less imputed interest charges | -30 |
Total outstanding capital lease obligations | $261 |
Note_7_Taxes_on_Income_Details
Note 7 - Taxes on Income (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ||||
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | $100 | $118 | $134 | |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 1,151 | 1,202 | ||
Deferred Tax Assets, Tax Credit Carryforwards | 4,924 | 4,848 | ||
Deferred Tax Assets, Valuation Allowance | 3,567 | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | -505 | |||
Unrecognized Tax Benefits | 481 | 833 | 1,166 | 990 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 86 | |||
Unrecognized Tax Benefits Including Income Tax Penalties and Interest Accrued | 567 | |||
Unrecognized Tax Benefits Including Income Tax Penalties and Interest Accrued, Current | 191 | |||
Unrecognized Tax Benefit sIncluding Income Tax Penalties and Interest Accrued, Non Current | 376 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | ($198) | $176 | $165 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||
Federal | $269 | $111 | $2,156 |
State | -107 | -302 | 715 |
Total current | 162 | -191 | 2,871 |
Deferred (credit): | |||
Federal | -1,426 | -1,499 | -2,762 |
State | -839 | -191 | -9 |
Total deferred | -2,265 | -1,690 | -2,771 |
TOTAL TAXES ON INCOME | ($2,103) | ($1,881) | $100 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Reconciliaton [Abstract] | |||
Federal income taxes at the statutory rate | ($365) | ($2,669) | ($801) |
Federal income taxes at the statutory rate | 34.00% | 34.00% | 34.00% |
Increase (decrease) in income taxes resulting from: | |||
Deferred income tax adjustment | -275 | 654 | |
Deferred income tax adjustment | 25.61% | -8.33% | |
Non-deductible goodwill impairment | 525 | ||
Non-deductible goodwill impairment | -6.69% | ||
Nondeductible earn-out expense | 207 | 63 | 961 |
Nondeductible earn-out expense | -19.27% | -0.80% | -40.77% |
Other nondeductible expenses | 242 | 141 | 108 |
Other nondeductible expenses | -22.53% | -1.80% | -4.58% |
State tax expense, net of federal income tax benefit | -201 | 7 | 541 |
State tax expense, net of federal income tax benefit | 18.72% | -0.09% | -22.95% |
Net impact of adjustment of valuation allowance | -505 | -19 | 40 |
Net impact of adjustment of valuation allowance | 47.02% | 0.24% | -1.70% |
Section 199 production deduction | -113 | -70 | -182 |
Section 199 production deduction | 10.52% | 0.89% | 7.72% |
Unrecognized tax benefit adjustment, expiration of statute | -765 | -400 | -118 |
Unrecognized tax benefit adjustment, expiration of statute | 71.23% | 5.10% | 5.00% |
Federal research and development tax credit | -296 | -135 | -294 |
Federal research and development tax credit | 27.56% | 1.72% | 12.47% |
Other | -32 | 22 | -155 |
Other | 2.95% | -0.28% | 6.57% |
TOTAL | ($2,103) | ($1,881) | $100 |
TOTAL | 195.81% | 23.96% | -4.24% |
Note_7_Taxes_on_Income_Details3
Note 7 - Taxes on Income (Details) - Deferred Income Tax Assets (Liabilities) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current asset (liability): | ||
State tax credit and net operating loss carry-forwards, net of federal income tax benefit | $3,948 | $3,932 |
Warranty reserve | 3,646 | 3,315 |
Inventory costs and reserves | 1,917 | 1,840 |
Compensation related accruals | 874 | 817 |
Workers compensation accrual | 337 | 231 |
Prepaid insurance | -474 | -147 |
Other | 613 | 315 |
Total - Current | 10,861 | 10,303 |
Valuation allowance | -3,062 | -3,567 |
Total - Current, net | 7,799 | 6,736 |
Noncurrent asset (liability): | ||
Goodwill | -1,777 | -2,181 |
Depreciation | -1,306 | -2,172 |
Stock based compensation | 1,051 | 1,082 |
Other | 24 | 62 |
Total – Noncurrent, net | ($2,008) | ($3,209) |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of the Change in the Unrecognized Tax Benefits [Abstract] | |||
Balance at January 1, | $833 | $1,166 | $990 |
Increase related to prior year tax positions | 73 | 16 | 245 |
Increase related to current year tax positions | 99 | 42 | 76 |
Settlements | -25 | ||
Expiration of statute | -524 | -391 | -120 |
Balance at December 31, | $481 | $833 | $1,166 |
Note_8_Transactions_with_Major2
Note 8 - Transactions with Major Customers (Details) | Dec. 31, 2014 | Dec. 31, 2013 |
Risks and Uncertainties [Abstract] | ||
Number of Customers Classified As Major Customers | 1 | 1 |
Note_8_Transactions_with_Major3
Note 8 - Transactions with Major Customers (Details) - Transactions with Major Customers (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Concentration Risk [Line Items] | |||||||||||
Sales | $118,771 | $144,239 | $115,795 | $127,959 | $126,454 | $126,074 | $120,874 | $96,136 | $506,764 | $469,538 | $470,577 |
Customer A [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Sales | 57,093 | 65,144 | 41,792 | ||||||||
Accounts receivable | 7,541 | 6,684 | 7,541 | 6,684 | 4,824 | ||||||
Customer B [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Sales | 24,305 | 27,152 | 59,074 | ||||||||
Accounts receivable | $279 | $209 | $279 | $209 | $331 |
Note_9_Commitments_and_Conting2
Note 9 - Commitments and Contingent Liabilities (Details) (USD $) | 12 Months Ended | 61 Months Ended | 33 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | Nov. 30, 2009 | Apr. 30, 2011 | ||||
Note 9 - Commitments and Contingent Liabilities (Details) [Line Items] | ||||||||||||
Letters of Credit Outstanding, Amount | $4,742 | $10,429 | $4,742 | $10,429 | ||||||||
Long-term Line of Credit | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 7,000 | |||||||||||
Payments for Previous Acquisition | 162 | 460 | 756 | |||||||||
Business Combination, Contingent Consideration, Liability | 1,500 | 1,007 | 3,706 | 1,500 | 1,007 | 2,934 | ||||||
Operating Expenses | 64,230 | 61,261 | 61,199 | |||||||||
GM [Member] | Revolving Credit Facility [Member] | ||||||||||||
Note 9 - Commitments and Contingent Liabilities (Details) [Line Items] | ||||||||||||
Long-term Line of Credit | 3,043 | 1,865 | 3,043 | 1,865 | ||||||||
GM [Member] | ||||||||||||
Note 9 - Commitments and Contingent Liabilities (Details) [Line Items] | ||||||||||||
Line of Credit Facility, Capacity Available for Trade Purchases | 10,000 | 10,000 | ||||||||||
Performance Based Payout for Sales Exceeding Targeted Levels [Member] | Utilimaster [Member] | ||||||||||||
Note 9 - Commitments and Contingent Liabilities (Details) [Line Items] | ||||||||||||
Payments for Previous Acquisition | 3,069 | |||||||||||
Performance Based Payout for Meeting Targeted Sales Levels for the Reach Commercial Van [Member] | Utilimaster [Member] | ||||||||||||
Note 9 - Commitments and Contingent Liabilities (Details) [Line Items] | ||||||||||||
Payments for Previous Acquisition | 2,000 | |||||||||||
Performance-based Earn-out Payments [Member] | Classic Fire [Member] | ||||||||||||
Note 9 - Commitments and Contingent Liabilities (Details) [Line Items] | ||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 1,000 | |||||||||||
Payments for Previous Acquisition | 0 | |||||||||||
Business Combination, Contingent Consideration, Liability | 0 | |||||||||||
Operating Expenses | -83 | |||||||||||
Letter of Credit [Member] | ||||||||||||
Note 9 - Commitments and Contingent Liabilities (Details) [Line Items] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 20,000 | 20,000 | ||||||||||
Utilimaster [Member] | ||||||||||||
Note 9 - Commitments and Contingent Liabilities (Details) [Line Items] | ||||||||||||
Payments for Previous Acquisition | $5,069 | |||||||||||
[1] | Our primary line of credit is a $70,000 unsecured revolving line with Well Fargo Bank and JPMorgan Chase Bank, expiring on December 31, 2017, with an option to renew for two successive one year terms thereafter. Both lending institutions equally share this commitment. The terms of this credit agreement allow us 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 our ratio of debt to earnings from time to time. We had no borrowings on this line at December 31, 2014 or 2013. GM and Chrysler have the ability to draw up to $10,000 against our primary line of credit in relation to chassis supplied to Utilimaster under chassis bailment inventory programs. See Note 9, Commitments and Contingent Liabilities for further information about this chassis bailment inventory program. The applicable borrowing rate including margin was 1.655750% (or one-month LIBOR plus 1.5%) at December 31, 2014. |
Note_9_Commitments_and_Conting3
Note 9 - Commitments and Contingent Liabilities (Details) - Changes Warranty Liability (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Changes Warranty Liability [Abstract] | ||
Balance of accrued warranty at January 1 | $7,579 | $6,062 |
Warranties issued during the period | 5,670 | 3,915 |
Cash settlements made during the period | -4,875 | -4,394 |
Changes in liability for pre-existing warranties during the period, including expirations | 863 | 1,996 |
Balance of accrued warranty at December 31 | $9,237 | $7,579 |
Note_9_Commitments_and_Conting4
Note 9 - Commitments and Contingent Liabilities (Details) - Changes in Present Value of Contingent Liability (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Changes in Present Value of Contingent Liability [Abstract] | ||||||
Contingent liability fair value, balance | $1,007 | $3,706 | $2,934 | |||
Expense from discount amortization | 114 | 215 | 483 | |||
Expense from changes in estimated fair value of contingent payments (1) | 628 | [1] | -194 | [1] | 2,389 | [1] |
Payments made | -249 | -2,720 | -2,100 | |||
Contingent liability fair value, balance | $1,500 | $1,007 | $3,706 | |||
[1] | Represents adjustments to the contingent consideration liability based on expected or actual Classic Fire or Utilimaster sales levels for 2012, 2013 and 2014, along with the expectation of or success in meeting the targeted sales levels for the ReachTM commercial van in 2012 and 2013. |
Note_10_Compensation_Incentive1
Note 10 - Compensation Incentive Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
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 | $625 | $604 | $380 |
Economic Value Add Plan [Member] | Quarterly Bonus [Member] | |||
Note 10 - Compensation Incentive Plans (Details) [Line Items] | |||
Compensation | 1,789 | 867 | 1,134 |
Economic Value Add Plan [Member] | Annual Bonus [Member] | |||
Note 10 - Compensation Incentive Plans (Details) [Line Items] | |||
Compensation | $1,644 | $236 | $1,698 |
Note_11_Debt_Details
Note 11 - Debt (Details) (USD $) | 1 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Nov. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Note 11 - Debt (Details) [Line Items] | |||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $59 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 5,062 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 65 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 42 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 33 | ||||
Long-term Line of Credit | 0 | [1] | 0 | [1] | |
Line of Credit Facility, Current Borrowing Capacity | 38,600 | 23,800 | |||
Prudential Investment Management [Member] | |||||
Note 11 - Debt (Details) [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000 | ||||
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 | ||||
Long-term Line of Credit | 5,000 | 5,000 | |||
Well Fargo Bank and JPMorgan Chase Bank [Member] | Federal Funds Effective Rate [Member] | |||||
Note 11 - Debt (Details) [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||
Well Fargo Bank and JPMorgan Chase Bank [Member] | One Month Adjusted LIBOR [Member] | |||||
Note 11 - Debt (Details) [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||
Well Fargo Bank and JPMorgan Chase Bank [Member] | |||||
Note 11 - Debt (Details) [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 70,000 | ||||
Long-term Line of Credit | 0 | 0 | |||
Potential Credit Facility Borrowing Capacity | 35,000 | ||||
Debt Instrument, Reference Rate, Term | 1 month | ||||
Line of Credit Facility, Capacity Available for Trade Purchases | 10,000 | ||||
Line of Credit Facility, Interest Rate at Period End | 1.66% | ||||
[1] | Our primary line of credit is a $70,000 unsecured revolving line with Well Fargo Bank and JPMorgan Chase Bank, expiring on December 31, 2017, with an option to renew for two successive one year terms thereafter. Both lending institutions equally share this commitment. The terms of this credit agreement allow us 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 our ratio of debt to earnings from time to time. We had no borrowings on this line at December 31, 2014 or 2013. GM and Chrysler have the ability to draw up to $10,000 against our primary line of credit in relation to chassis supplied to Utilimaster under chassis bailment inventory programs. See Note 9, Commitments and Contingent Liabilities for further information about this chassis bailment inventory program. The applicable borrowing rate including margin was 1.655750% (or one-month LIBOR plus 1.5%) at December 31, 2014. |
Note_11_Debt_Details_Longterm_
Note 11 - Debt (Details) - Long-term Debt (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Long-term Debt, Unclassified [Abstract] | ||||
Note payable to Prudential Investment Management, Inc. Principal due December 1, 2016 with quarterly interest only 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 6 – Leases) | 261 | 340 | ||
Total debt | 5,261 | 5,340 | ||
Less current portion of long-term debt | -59 | -79 | ||
Total long-term debt | $5,202 | $5,261 | ||
[1] | We have a private shelf agreement with Prudential Investment Management, Inc., which allows us 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. We had $5,000 of private placement notes outstanding at December 31, 2014 and 2013 with Prudential Investment Management, Inc. | |||
[2] | Our primary line of credit is a $70,000 unsecured revolving line with Well Fargo Bank and JPMorgan Chase Bank, expiring on December 31, 2017, with an option to renew for two successive one year terms thereafter. Both lending institutions equally share this commitment. The terms of this credit agreement allow us 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 our ratio of debt to earnings from time to time. We had no borrowings on this line at December 31, 2014 or 2013. GM and Chrysler have the ability to draw up to $10,000 against our primary line of credit in relation to chassis supplied to Utilimaster under chassis bailment inventory programs. See Note 9, Commitments and Contingent Liabilities for further information about this chassis bailment inventory program. The applicable borrowing rate including margin was 1.655750% (or one-month LIBOR plus 1.5%) at December 31, 2014. |
Note_11_Debt_Details_Longterm_1
Note 11 - Debt (Details) - Long-term Debt (Parentheticals) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Long-term Debt, Unclassified [Abstract] | ||
Notе Payablе to Prudеntial Invеstmеnt Managеmеnt, Inc. Quartеrly Intеrеst Paymеnt | $68 | $68 |
Notе Payablе to Prudеntial Invеstmеnt Managеmеnt, Inc. Intеrеst Ratе | 5.46% | 5.46% |
Note_12_Stock_Based_Compensati2
Note 12 - Stock Based Compensation (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 12 - 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) | 2,519,000 | ||
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 | $10 | $339 | $30 |
Stock Appreciation Rights, Number of Common Shares Called by Rights (in Shares) | 7,864 | ||
Share Based Compensation Arrangement by Share Based Payment Award SARs Exercises in Period Total Intrinsic Value | 0 | 4 | 7 |
Employee Stock Purchase Plan Discount | 95.00% | ||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 44 | 81 | |
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in Shares) | 9,000 | 16,000 | |
Restricted Stock [Member] | Minimum [Member] | |||
Note 12 - 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 12 - Stock Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||
Restricted Stock [Member] | |||
Note 12 - 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) | $5.09 | $5.24 | $5.43 |
Allocated Share-based Compensation Expense | 1,624 | 1,624 | 1,645 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 568 | 568 | 576 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 1,785 | 1,397 | 1,603 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $1,314 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 292 days | ||
Employee Stock Purchase Plan [Member] | |||
Note 12 - Stock Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 750,000 |
Note_12_Stock_Based_Compensati3
Note 12 - Stock Based Compensation (Details) - Option Activity (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 |
Option Activity [Abstract] | |
Options outstanding and exercisable at December 31, 2013 | 233 |
Options outstanding and exercisable at December 31, 2013 | $5.18 |
Exercised | -178 |
Exercised | $5.31 |
Cancelled | -16 |
Cancelled | $5.30 |
Options outstanding and exercisable at December 31, 2014 | 39 |
Options outstanding and exercisable at December 31, 2014 | $4.57 |
Options outstanding and exercisable at December 31, 2014 | $26 |
Options outstanding and exercisable at December 31, 2014 | 1 year |
Note_12_Stock_Based_Compensati4
Note 12 - Stock Based Compensation (Details) - SARs Activity (Stock Appreciation Rights (SARs) [Member], USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 |
Stock Appreciation Rights (SARs) [Member] | |
Note 12 - Stock Based Compensation (Details) - SARs Activity [Line Items] | |
SARs outstanding and exercisable at December 31, 2013 | 305 |
SARs outstanding and exercisable at December 31, 2013 | $3.04 |
Cancelled | -16 |
Cancelled | $3.24 |
SARs outstanding and exercisable at December 31, 2014 | 289 |
SARs outstanding and exercisable at December 31, 2014 | $3.03 |
SARs outstanding and exercisable at December 31, 2014 | $41 |
SARs outstanding and exercisable at December 31, 2014 | 2 years 73 days |
Note_12_Stock_Based_Compensati5
Note 12 - 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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restricted Stock [Member] | |||
Note 12 - Stock Based Compensation (Details) - Restricted Stock Activity [Line Items] | |||
Non-vested shares outstanding, Total Number of Non-vested Shares (000) | 439 | 486 | |
Non-vested shares outstanding, Weighted Average Grant Date Fair Value | $5.13 | $5.34 | |
Non-vested shares outstanding, Weighted Average Remaining Vesting Life (Years) | 292 days | ||
Granted | 328 | ||
Granted | $5.09 | $5.24 | $5.43 |
Vested | -331 | ||
Vested | $5.40 | ||
Forfeited | -44 | ||
Forfeited | $5.19 |
Note_13_Shareholders_Equity_De
Note 13 - Shareholders Equity (Details) (Common Stock [Member]) | Dec. 31, 2014 | Oct. 19, 2011 |
Common Stock [Member] | ||
Note 13 - Shareholders Equity (Details) [Line Items] | ||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 1,000,000 | |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 618,000 |
Note_13_Shareholders_Equity_De1
Note 13 - Shareholders Equity (Details) - Summary of Stock Repurchased and Retired (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 |
Summary of Stock Repurchased and Retired [Abstract] | ||||
Average purchase price | $5.40 | $5.07 | $5.23 | |
Shares purchased | 185 | 197 | 382 | |
Purchase value | $1,000 | $1,000 | $2,000 | $2,000 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
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 | 34,251 | 33,550 | 33,165 |
Effect of dilutive stock options | 5 | ||
Diluted weighted average common shares outstanding | 34,256 | 33,550 | 33,165 |
Employee Stock Option [Member] | |||
Antidilutive stock awards: | |||
Anti-dilutive stock awards | 175 | 45 | 250 |
Restricted Stock [Member] | |||
Antidilutive stock awards: | |||
Anti-dilutive stock awards | 531 | 637 |
Note_15_Business_Segments_Deta
Note 15 - Business Segments (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 15 - Business Segments (Details) [Line Items] | |||
Number of Reportable Segments | 3 | ||
Percent of Revenue Attributed to Foreign Countries | 11.00% | 7.10% | 9.40% |
Foreign Countries [Member] | |||
Note 15 - Business Segments (Details) [Line Items] | |||
Revenues (in Dollars) | 55,919 | 33,150 | 44,205 |
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $118,771 | $144,239 | $115,795 | $127,959 | $126,454 | $126,074 | $120,874 | $96,136 | $506,764 | $469,538 | $470,577 |
Depreciation and amortization expense | 8,378 | 9,238 | 8,990 | ||||||||
Operating income (loss) | -1,151 | -8,198 | -2,591 | ||||||||
Segment assets | 238,813 | 253,282 | 238,813 | 253,282 | 245,151 | ||||||
Capital expenditures | 3,463 | 3,526 | 12,468 | ||||||||
Emergency Response Vehicles [Member] | Emergency Response Vehicles [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 184,532 | 165,087 | 162,320 | ||||||||
Emergency Response Vehicles [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 184,532 | 165,087 | 162,320 | ||||||||
Utilmaster Vehicles [Member] | Delivery and Service Vehicles [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 189,016 | 156,401 | 150,255 | ||||||||
Utilmaster Vehicles [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 187,690 | 157,291 | 150,255 | ||||||||
Motorhome Chassis [Member] | Specialty Chassis and Vehicles [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 86,186 | 90,008 | 72,127 | ||||||||
Motorhome Chassis [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 86,186 | 90,008 | 72,127 | ||||||||
Other Specialty Vehicles [Member] | Specialty Chassis and Vehicles [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 9,165 | 10,678 | 7,426 | ||||||||
Other Specialty Vehicles [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 9,165 | 10,678 | 7,426 | ||||||||
Aftermarket Parts and Assemblies [Member] | Delivery and Service Vehicles [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 21,482 | 22,808 | 57,975 | ||||||||
Aftermarket Parts and Assemblies [Member] | Specialty Chassis and Vehicles [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 16,383 | 24,556 | 20,474 | ||||||||
Aftermarket Parts and Assemblies [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 39,191 | 46,474 | 78,449 | ||||||||
Emergency Response Vehicles [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 184,532 | 165,087 | 162,320 | ||||||||
Depreciation and amortization expense | 1,030 | 1,390 | 1,711 | ||||||||
Operating income (loss) | -7,087 | -7,664 | -2,951 | ||||||||
Segment assets | 81,748 | 80,540 | 81,748 | 80,540 | 77,806 | ||||||
Capital expenditures | 516 | 312 | 374 | ||||||||
Delivery and Service Vehicles [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 210,498 | 179,209 | 208,230 | ||||||||
Depreciation and amortization expense | 4,297 | 3,781 | 2,648 | ||||||||
Operating income (loss) | 8,324 | -3,942 | 6,035 | ||||||||
Segment assets | 65,827 | 78,654 | 65,827 | 78,654 | 73,567 | ||||||
Capital expenditures | 989 | 1,964 | 9,424 | ||||||||
Specialty Chassis and Vehicles [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 111,734 | 125,242 | 100,027 | ||||||||
Depreciation and amortization expense | 669 | 1,498 | 1,945 | ||||||||
Operating income (loss) | 7,426 | 10,030 | 2,198 | ||||||||
Segment assets | 21,269 | 24,399 | 21,269 | 24,399 | 27,565 | ||||||
Capital expenditures | 412 | 209 | 959 | ||||||||
Other Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization expense | 2,382 | 2,569 | 2,686 | ||||||||
Operating income (loss) | -9,814 | -6,622 | -7,873 | ||||||||
Segment assets | 69,669 | 69,689 | 69,669 | 69,689 | 66,213 | ||||||
Capital expenditures | $1,546 | $1,041 | $1,711 |
Note_16_Quarterly_Financial_Da2
Note 16 - Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 |
Quarterly Financial Information Disclosure [Abstract] | ||
Restructuring Charges | $1,882 | $275 |
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Summarized Quarterly Financial Data [Abstract] | |||||||||||
Sales | $118,771 | $144,239 | $115,795 | $127,959 | $126,454 | $126,074 | $120,874 | $96,136 | $506,764 | $469,538 | $470,577 |
Gross profit | 15,510 | 20,162 | 14,662 | 12,745 | 14,960 | 16,131 | 15,626 | 6,347 | 63,079 | 53,063 | 58,608 |
Net earnings (loss) attributable to Spartan Motors, Inc. | ($133) | $3,199 | $247 | ($2,140) | ($2,970) | $563 | $691 | ($4,254) | $1,173 | ($5,971) | ($2,457) |
Basic net earnings (loss) per share (in Dollars per share) | $0 | $0.09 | $0.01 | ($0.06) | ($0.09) | $0.02 | $0.02 | ($0.13) | $0.03 | ($0.18) | ($0.07) |
Diluted net earnings (loss) per share (in Dollars per share) | $0 | $0.09 | $0.01 | ($0.06) | ($0.09) | $0.02 | $0.02 | ($0.13) | $0.03 | ($0.18) | ($0.07) |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts [Member] | |||
Valuation Allowance [Line Items] | |||
Balance at Beginning of Period | $769 | $1,021 | $749 |
Additions Charged to Costs and Expenses | 71 | 15 | 324 |
Deductions | -696 | -267 | -52 |
Balance at End of Period | 144 | 769 | 1,021 |
Inventory Valuation Reserve [Member] | |||
Valuation Allowance [Line Items] | |||
Balance at Beginning of Period | 2,295 | 3,056 | 3,565 |
Additions Charged to Costs and Expenses | 5,343 | 2,645 | 671 |
Deductions | -4,050 | -3,406 | -1,180 |
Balance at End of Period | 3,588 | 2,295 | 3,056 |
Warranty Reserves [Member] | |||
Valuation Allowance [Line Items] | |||
Balance at Beginning of Period | 7,579 | 6,062 | 5,802 |
Additions Charged to Costs and Expenses | 6,533 | 5,911 | 5,102 |
Deductions | -4,875 | -4,394 | -4,842 |
Balance at End of Period | 9,237 | 7,579 | 6,062 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Valuation Allowance [Line Items] | |||
Balance at Beginning of Period | 3,567 | 3,586 | 3,546 |
Additions Charged to Costs and Expenses | 110 | 50 | |
Deductions | -505 | -130 | -10 |
Balance at End of Period | $3,062 | $3,567 | $3,586 |