The Shyft Group, Inc. (SHYF) 10-Q 5 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Entity Registrant Name	SPARTAN MOTORS INC
Entity Central Index Key	743,238
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		34,256,811
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 20,597	$ 28,570
Accounts receivable, less allowance of $149 and $144	63,563	48,362
Inventories	69,943	71,163
Deferred income tax assets	7,799	7,799
Income taxes receivable	1,729	1,696
Other current assets	2,827	3,661
Total current assets	166,458	161,251
Property, plant and equipment, net	49,547	50,417
Goodwill	15,961	15,961
Intangible assets, net	8,545	8,958
Other assets	2,380	2,226
TOTAL ASSETS	242,891	238,813
Current liabilities:
Accounts payable	30,517	22,762
Accrued warranty	9,751	9,237
Accrued customer rebates	2,832	2,166
Accrued compensation and related taxes	9,067	8,226
Deposits from customers	10,005	11,524
Other current liabilities and accrued expenses	5,399	6,646
Current portion of long-term debt	61	59
Total current liabilities	67,632	60,620
Other non-current liabilities	2,454	2,365
Long-term debt, less current portion	5,171	5,202
Deferred income tax liabilities	$ 2,008	$ 2,008
Shareholders' equity:
Preferred stock, no par value: 2,000 shares authorized (none issued)
Common stock, $0.01 par value; 40,000 shares authorized; 34,277 and 34,094 outstanding	$ 343	$ 341
Additional paid in capital	76,135	75,695
Retained earnings	89,306	92,724
Total Spartan Motors, Inc. shareholders’ equity	165,784	168,760
Non-controlling interest	(158)	(142)
Total shareholders’ equity	165,626	168,618
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 242,891	$ 238,813

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Accounts receivable, allowance	$ 149	$ 144
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares outstanding (in shares)	34,277,000	34,094,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue	$ 144,824	$ 115,795	$ 273,196	$ 243,754
Cost of products sold	127,263	$ 103,153	243,765	$ 220,082
Restructuring charges, cost of products sold	119		455
Gross profit	17,442	$ 12,642	28,976	$ 23,672
Operating expenses:
Research and development	1,164	720	2,633	1,864
Selling, general and administrative	13,241	$ 11,891	26,843	$ 25,319
Restructuring charges	692		1,512
Total operating expenses	15,097	$ 12,611	30,988	$ 27,183
Operating income (loss)	2,345	31	(2,012)	(3,511)
Other income (expense):
Interest expense	(112)	(91)	(202)	(185)
Interest and other income	31	111	157	239
Total other income (expense)	(81)	20	(45)	54
Income (loss) before taxes	2,264	51	(2,057)	(3,457)
Taxes	1,088	(179)	(338)	(1,546)
Net income (loss)	1,176	230	(1,719)	(1,911)
Less: net loss attributable to non-controlling interest	(1)	(17)	(16)	(18)
Net income (loss) attributable to Spartan Motors Inc.	$ 1,177	$ 247	$ (1,703)	$ (1,893)
Basic net earnings (loss) per share (in dollars per share)	$ 0.03	$ 0.01	$ (0.05)	$ (0.06)
Diluted net earnings (loss) per share (in dollars per share)	$ 0.03	$ 0.01	$ (0.05)	$ (0.06)
Basic weighted average common shares outstanding (in shares)	34,280	34,446	33,767	33,842
Diluted weighted average common shares outstanding (in shares)	34,281	34,450	33,767	33,842

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net loss	$ (1,719)	$ (1,911)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	3,575	4,419
Gain on disposal of assets	$ (20)	(92)
Expense from changes in fair value of contingent consideration		346
Tax expense related to stock incentive plan transactions		46
Stock based compensation related to stock awards	$ 876	954
Decrease (increase) in operating assets:
Accounts receivable	(15,201)	(1,626)
Inventories	1,220	(3,013)
Income taxes receivable	(33)	(2,063)
Other assets	834	(119)
Increase (decrease) in operating liabilities:
Accounts payable	7,755	4,721
Accrued warranty	514	985
Accrued customer rebates	666	92
Accrued compensation and related taxes	841	910
Deposits from customers	(1,519)	(23)
Other current liabilities and accrued expenses	(1,085)	61
Taxes on income	(65)	(35)
Total adjustments	(1,642)	5,563
Net cash provided by (used in) operating activities	(3,361)	3,652
Cash flows from investing activities:
Purchases of property, plant and equipment	(2,475)	(1,868)
Proceeds from sale of property, plant and equipment	203	240
Net cash used in investing activities	(2,272)	$ (1,628)
Cash flows from financing activities:
Borrowings under credit facilities	15,244
Payments on credit facilities	$ (15,244)
Purchase and retirement of common stock		$ (1,000)
Payments on long-term debt	$ (29)	(51)
Net cash used in the exercise, vesting or cancellation of stock incentive awards	$ (434)	(72)
Cash paid related to tax impact of stock incentive plan transactions		(46)
Payment of contingent consideration on acquisitions	$ (162)	(162)
Payment of dividends	(1,715)	(1,723)
Net cash used in financing activities	(2,340)	(3,054)
Net decrease in cash and cash equivalents	(7,973)	(1,030)
Cash and cash equivalents at beginning of period	28,570	30,707
Cash and cash equivalents at end of period	$ 20,597	$ 29,677

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - 6 months ended Jun. 30, 2015 - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Dec. 31, 2014	34,094
Balance at Dec. 31, 2014	$ 341	$ 75,695	$ 92,724	$ (142)	$ 168,618
Issuance of common stock and the tax impact of stock incentive plan transactions (in shares)	6
Issuance of common stock and the tax impact of stock incentive plan transactions		(434)			$ (434)
Issuance of restricted stock, net of cancellation (in shares)	177
Issuance of restricted stock, net of cancellation	$ 2	(2)
Stock based compensation expense related to restricted stock		$ 876			$ 876
Dividends declared ($0.05 per share)			$ (1,715)		(1,715)
Net loss			(1,703)	$ (16)	(1,719)
Balance (in shares) at Jun. 30, 2015	34,277
Balance at Jun. 30, 2015	$ 343	$ 76,135	$ 89,306	$ (158)	$ 165,626

Condensed Consolidated Stateme7

Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (Parentheticals)	6 Months Ended
	Jun. 30, 2015$ / shares
Retained Earnings [Member]
Dividends declared, per share (in dollars per share)	$ 0.05

Note 1 - General and Summary of

Note 1 - General and Summary of Accounting Policies	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Business Description and Accounting Policies [Text Block]	NOTE 1 - GENERAL AND SUMMARY OF ACCOUNTING POLICIES For a description of key accounting policies followed, refer to the notes to the Spartan Motors, Inc. (the “Company”, “we” or “us”) consolidated financial statements for the year ended December 31, 2014, included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 5, 2015. There have been no changes in such accounting policies as of the date of this report. We have two wholly-owned operating subsidiaries: Spartan Motors USA, Inc. (“Spartan USA”), with locations in Charlotte, Michigan; Brandon, South Dakota; and Ephrata, Pennsylvania, and Utilimaster Corporation (“Utilimaster”), located in Bristol and Wakarusa, Indiana. On July 1, 2015 our Charlotte, Michigan location (formerly Spartan Motors Chassis, Inc.) and our Ephrata, Pennsylvania location (formerly Crimson Fire Aerials, Inc.) were merged into Spartan USA. Our Charlotte, Michigan location manufactures heavy duty chassis and vehicles and supplies aftermarket parts and services under the Spartan Chassis and Spartan ERV brand names. Our Brandon, South Dakota and Ephrata, Pennsylvania locations manufacture emergency response vehicles under the Spartan ERV brand name, while our Bristol and Wakarusa, Indiana locations manufacture delivery and service vehicles and supply related aftermarket parts and services under the Utilimaster brand name. Spartan USA is a participant in Spartan-Gimaex Innovations, LLC (“Spartan-Gimaex”), a 50/50 joint venture with Gimaex Holding, Inc. Spartan-Gimaex is reported as a consolidated subsidiary of Spartan Motors, Inc. In February 2015, Spartan USA and Gimaex Holding, Inc. mutually agreed to begin discussions regarding the dissolution of the joint venture. In June 2015, Spartan USA and Gimaex Holding, Inc. entered into court proceedings to determine the terms of the dissolution. The dissolution is expected to become effective in 2015. The accompanying unaudited interim condensed consolidated financial statements reflect all normal and recurring adjustments that are necessary for the fair presentation of our financial position as of June 30, 2015, the results of operations for the three and six month periods ended June 30, 2015 and the cash flows for the three and six month periods ended June 30, 2015, and should be read in conjunction with the audited consolidated financial statements and footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2014. The results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the results to be expected for the full year. We are required to disclose the fair value of our financial instruments in accordance with Financial Accounting Standards Board (“FASB”) Codification relating to “Disclosures about Fair Values of Financial Instruments.” The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and our fixed and variable rate debt instruments approximate their fair value at June 30, 2015 and December 31, 2014. Certain engineering costs related to routine product changes, that were formerly classified within Research and development expense, have been classified within Cost of products sold on the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2015 in order to more consistently align the results of our individual business units. Expenses of $2,020 and $3,735 for the three and six months ended June 30, 2014 have been reclassified accordingly. Certain other immaterial amounts in the prior periods’ financial statements have been reclassified to conform to the current period’s presentation. These reclassifications had no impact on previously reported Net income (loss) or Total shareholders’ equity. Recently issued accounting standard s In July 2015, the FASB issued Accounting Standards Update 2015-11, Inventory (Topic 330) – Simplifying the Measurement of Inventory In February 2015, the FASB issued Accounting Standards Update 2015-02 Consolidation (Topic 810), Amendments to the Consolidation Analysis that the adoption of the provisions of ASU 2015-02 will have a material impact on our consolidated financial position, results of operations or cash flows. In May 2014 the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606)

Note 2 - Inventories

Note 2 - Inventories	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE 2 – INVENTORIES Inventories are summarized as follows: June 30 , December 31, 2015 201 4 Finished goods $ 10,487 $ 16,981 Work in process 22,361 16,698 Raw materials and purchased components 39,722 41,072 Reserve for slow-moving inventory (2,627 ) (3,588 ) Total inventories $ 69,943 $ 71,163 We 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. The net carrying amount was $4,209 and $8,718 at June 30, 2015 and December 31, 2014.

Note 3 - Restructuring

Note 3 - Restructuring	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Restructuring and Related Activities Disclosure [Text Block]	NOTE 3 – RESTRUCTURING During 2015, we incurred restructuring charges related to the relocation of our Ocala, Florida 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. Restructuring charges included in our Consolidated Statements of Operations through June 30, 2015, which were all related to our Emergency Response Vehicles segment, are as follows: Cost of products sold Inventory impairment $ 281 Production relocation 174 Total cost of products sold 455 General and Administrative Manufacturing process reengineering 1,512 Total restructuring $ 1,967 The following table provides a summary of the compensation related charges incurred through June 30, 2015 as part of our restructuring initiatives, along with the related outstanding balances to be paid in relation to those expenses. Severance Balance January 1, 2015 $ 165 Accrual for severance - Payments and adjustments made in period 158 Balance March 31, 2015 $ 7 Accrual for severance - Payments and adjustments made in period 7 Balance June 30, 2015 $ -

Note 4 - Commitments and Contin

Note 4 - Commitments and Contingent Liabilities	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 4 - 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 June 30, 2015 and December 31, 2014, we had outstanding letters of credit totaling $1,368 and $4,742 related to certain emergency response vehicle contracts and our workers compensation insurance. At June 30, 2015, 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 businesses. 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 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 $2,374 and $3,043 outstanding on our revolving credit line at June 30, 2015 and December 31, 2014. 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. Contingent Consideration In connection with the acquisition of Utilimaster in November 2009, we incurred contingent obligations in the form of certain performance-based earn-out payments, up to an aggregate maximum amount of $7,000. Through March 31, 2015, we made earn-out payments totaling $6,569, including $1,500 paid in the first quarter of 2015. No further payments are due under this contingent obligation. 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. 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 six months ended June 30, 2015 and 2014 were as follows: 2015 2014 Balance of accrued warranty at January 1 $ 9,237 $ 7,579 Warranties issued during the period 2,097 2,336 Cash settlements made during the period (3,601 ) (1,958 ) Changes in liability for pre-existing warranties during the period, including expirations 2,018 607 Balance of accrued warranty at June 30 $ 9,751 $ 8,564 Spartan-Gimaex joint venture In February 2015, Spartan USA and Gimaex Holding, Inc. mutually agreed to begin discussions regarding the dissolution of the Spartan-Gimaex joint venture. In June 2015, Spartan USA and Gimaex Holding, Inc. entered into court proceedings to determine the terms of the dissolution. 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. are expected to share any costs associated with the wind-down on an equal share basis. National Highway Traffic Safety Administration (“NHTSA”) penalty In July 2015, we entered into a settlement agreement with the NHTSA pertaining to our early warning and defect reporting. Under the terms of the agreement we will pay a fine of $1,000 in equal installments over three years, and will complete performance obligations including compliance and regulatory practice improvements, industry outreach, and recalls to remedy safety defects in certain of our chassis. The following table presents the charges recorded in the Condensed Consolidated Statement of Operations as a result of this agreement: Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Cost of products sold $ 556 $ 1,269 Selling, general and administrative 500 1,000 $ 1,056 $ 2,269

Note 5 - Earnings (Loss) Per Sh

Note 5 - Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE 5 – EARNINGS (LOSS) PER SHARE The following table presents a reconciliation of the weighted average shares outstanding used in the Net earnings (loss) per share (“EPS”) calculation: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Basic weighted average common shares outstanding 34,280 34,446 33,767 33,842 Effect of dilutive stock options 1 4 - - Diluted weighted average common shares outstanding 34,281 34,450 33,767 33,842 Anti-dilutive stock awards: Restricted stock - - 410 490 Stock options - - 3 7 - - 413 497 Stock awards noted as anti-dilutive were not included in the basic (Restricted stock awards) and diluted (Stock option awards) weighted average common shares outstanding. Although these stock awards were not included in the Company’s calculation of basic or diluted EPS, they may have a dilutive effect on the EPS calculation in future periods if the price of the common stock increases or we report net income.

Note 6 - Taxes

Note 6 - Taxes	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Income Tax Disclosure [Text Block]	N OTE 6 – TAXES Our effective tax rate was 48.1% and 16.4% for the three and six months ended June 30, 2015. Our effective rate for the six months ended June 30, 2015 differs from the statutory rate primarily due to the impact of the $1,000 non-deductible NHTSA penalty accrued during the period, which reduced the tax benefit recorded on the year-to-date pre-tax loss. Our effective tax rate was (343.9)% and 44.7% for the three and six months ended June 30, 2014. Our effective tax rate for the three months ended June 30, 2014 differed from the statutory rate due to an adjustment to our tax provision recorded in the quarter as a result of a change in our expectations for our full year financial performance. During the second quarter of 2014, we recorded an income tax credit of $202 to increase the balance of the tax benefit recorded for the first half of 2014 to our then current estimated full year effective tax rate of 44.7%. Our effective rate for the six months ended June 30, 2014 differed from the statutory rate due to non-deductible expenses forecasted for the full year, including additional accruals related to the Utilimaster earn-out contingency.

Note 7 - Business Segments

Note 7 - Business Segments	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE 7 - BUSINESS SEGMENTS We identify our reportable segments based on 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. Our Emergency Response Vehicles segment manufactures chassis and complete vehicles for the emergency response market with operations in Charlotte, Michigan; Brandon, South Dakota; and Ephrata, Pennsylvania. Our Delivery and Service Vehicles segment manufactures walk-in vans and truck bodies at our Bristol and Wakarusa, Indiana facilities, and distributes related aftermarket parts for vehicles used in delivery and service businesses. Our Specialty Chassis and Vehicles segment is comprised of the Spartan USA operations located in Charlotte, Michigan that engineer and manufacture motor home chassis and defense and other specialty vehicles and distribute aftermarket parts and assemblies related to motor homes, defense vehicles and emergency response vehicles. Appropriate expense amounts are allocated to the three reportable segments and are included in their reported operating income or loss. The accounting policies of the segments are the same as those described, or referred to, in Note 1 - General and Summary of Accounting Policies. Assets and related depreciation expense in the column labeled “Other” pertain to capital assets maintained at the corporate level. Segment loss from operations in the “Other” column contains corporate related expenses not allocable to the operating segments. Interest expense and Taxes on income are not included in the information utilized by the chief operating decision maker to assess segment performance and allocate resources, and accordingly, are excluded from the segment results presented below. Intercompany transactions between operating segments were immaterial in all periods presented. Three Months Ended June 30, 201 5 Emergency Response Vehicles Delivery & Service Vehicles Specialty Chassis & Vehicles Other Consolidated Emergency Response Vehicles Sales $ 61,249 $ - $ - $ - $ 61,249 Delivery & Service Vehicles Sales - 45,038 - - 45,038 Motorhome Chassis Sales - - 19,714 - 19,714 Other Specialty Chassis and Vehicles Sales - - 5,904 - 5,904 Aftermarket Parts and Assemblies Sales - 7,802 5,117 - 12,919 Total Sales $ 61,249 $ 52,840 $ 30,735 $ - $ 144,824 Depreciation and Amortization Expense $ 249 $ 894 $ 96 $ 567 $ 1,806 Operating Income (Loss) $ (1,221 ) $ 3,293 $ 1,991 $ (1,718 ) $ 2,345 Capital Expenditures $ 352 $ 257 $ 180 $ 303 $ 1,092 Three Months Ended June 30, 2014 Emergency Response Vehicles Delivery & Service Vehicles Specialty Chassis & Vehicles Other Consolidated Emergency Response Vehicles Sales $ 42,118 $ - $ - $ - $ 42,118 Delivery & Service Vehicles Sales - 44,639 - - 44,639 Motorhome Chassis Sales - - 17,799 - 17,799 Other Specialty Chassis and Vehicles Sales - - 2,176 - 2,176 Aftermarket Parts and Assemblies Sales - 4,894 4,169 - 9,063 Total Sales $ 42,118 $ 49,533 $ 24,144 $ - $ 115,795 Depreciation and Amortization Expense $ 249 $ 1,122 $ 188 $ 601 $ 2,160 Operating Income (Loss) $ (1,461 ) $ 1,683 $ 1,426 $ (1,617 ) $ 31 Capital Expenditures $ 199 $ 230 $ 72 $ 511 $ 1,012 Six Months Ended June 30, 201 5 Emergency Response Vehicles Delivery & Service Vehicles Specialty Chassis & Vehicles Other Consolidated Emergency Response Vehicles Sales $ 104,455 $ - $ - $ - $ 104,455 Delivery & Service Vehicles Sales - 93,072 - - 93,072 Motorhome Chassis Sales - - 43,063 - 43,063 Other Specialty Chassis and Vehicles Sales - - 8,441 - 8,441 Aftermarket Parts and Assemblies Sales - 14,659 9,506 - 24,165 Total Sales $ 104,455 $ 107,731 $ 61,010 $ - $ 273,196 Depreciation and Amortization Expense $ 444 $ 1,804 $ 194 $ 1,133 $ 3,575 Operating Income (Loss) $ (6,607 ) $ 5,943 $ 2,957 $ (4,305 ) $ (2,012 ) Segment Assets $ 78,845 $ 72,148 $ 15,838 $ 76,060 $ 242,891 Capital Expenditures $ 765 $ 506 $ 317 $ 887 $ 2,475 Six Months Ended June 30, 2014 Emergency Response Vehicles Delivery & Service Vehicles Specialty Chassis & Vehicles Other Consolidated Emergency Response Vehicles Sales $ 78,060 $ - $ - $ - $ 78,060 Delivery & Service Vehicles Sales - 103,610 - - 103,610 Motorhome Chassis Sales - - 39,584 - 39,584 Other Specialty Chassis and Vehicles Sales - - 4,196 - 4,196 Aftermarket Parts and Assemblies Sales - 11,099 7,205 - 18,304 Total Sales $ 78,060 $ 114,709 $ 50,985 $ - $ 243,754 Depreciation and Amortization Expense $ 508 $ 2,235 $ 481 $ 1,195 $ 4,419 Operating Income (Loss) $ (5,125 ) $ 4,279 $ 2,059 $ (4,724 ) $ (3,511 ) Segment Assets $ 87,811 $ 74,655 $ 21,843 $ 71,999 $ 256,308 Capital Expenditures $ 242 $ 370 $ 167 $ 1,089 $ 1,868

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recently issued accounting standard s In July 2015, the FASB issued Accounting Standards Update 2015-11, Inventory (Topic 330) – Simplifying the Measurement of Inventory In February 2015, the FASB issued Accounting Standards Update 2015-02 Consolidation (Topic 810), Amendments to the Consolidation Analysis that the adoption of the provisions of ASU 2015-02 will have a material impact on our consolidated financial position, results of operations or cash flows. In May 2014 the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606)

Note 2 - Inventories (Tables)

Note 2 - Inventories (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30 , December 31, 2015 201 4 Finished goods $ 10,487 $ 16,981 Work in process 22,361 16,698 Raw materials and purchased components 39,722 41,072 Reserve for slow-moving inventory (2,627 ) (3,588 ) Total inventories $ 69,943 $ 71,163

Note 3 - Restructuring (Tables)

Note 3 - Restructuring (Tables)	6 Months Ended
	Jun. 30, 2015
Emergency Response Vehicles [Member]
Notes Tables
Schedule of Restructuring Reserve by Type of Cost [Table Text Block]	Severance Balance January 1, 2015 $ 165 Accrual for severance - Payments and adjustments made in period 158 Balance March 31, 2015 $ 7 Accrual for severance - Payments and adjustments made in period 7 Balance June 30, 2015 $ -
Restructuring and Related Costs [Table Text Block]	Cost of products sold Inventory impairment $ 281 Production relocation 174 Total cost of products sold 455 General and Administrative Manufacturing process reengineering 1,512 Total restructuring $ 1,967

Note 4 - Commitments and Cont18

Note 4 - Commitments and Contingent Liabilities (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	2015 2014 Balance of accrued warranty at January 1 $ 9,237 $ 7,579 Warranties issued during the period 2,097 2,336 Cash settlements made during the period (3,601 ) (1,958 ) Changes in liability for pre-existing warranties during the period, including expirations 2,018 607 Balance of accrued warranty at June 30 $ 9,751 $ 8,564
Schedule of Loss Contingencies by Contingency [Table Text Block]	Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Cost of products sold $ 556 $ 1,269 Selling, general and administrative 500 1,000 $ 1,056 $ 2,269

Note 5 - Earnings (Loss) Per 19

Note 5 - Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Basic weighted average common shares outstanding 34,280 34,446 33,767 33,842 Effect of dilutive stock options 1 4 - - Diluted weighted average common shares outstanding 34,281 34,450 33,767 33,842 Anti-dilutive stock awards: Restricted stock - - 410 490 Stock options - - 3 7 - - 413 497

Note 7 - Business Segments (Tab

Note 7 - Business Segments (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Emergency Response Vehicles Delivery & Service Vehicles Specialty Chassis & Vehicles Other Consolidated Emergency Response Vehicles Sales $ 104,455 $ - $ - $ - $ 104,455 Delivery & Service Vehicles Sales - 93,072 - - 93,072 Motorhome Chassis Sales - - 43,063 - 43,063 Other Specialty Chassis and Vehicles Sales - - 8,441 - 8,441 Aftermarket Parts and Assemblies Sales - 14,659 9,506 - 24,165 Total Sales $ 104,455 $ 107,731 $ 61,010 $ - $ 273,196 Depreciation and Amortization Expense $ 444 $ 1,804 $ 194 $ 1,133 $ 3,575 Operating Income (Loss) $ (6,607 ) $ 5,943 $ 2,957 $ (4,305 ) $ (2,012 ) Segment Assets $ 78,845 $ 72,148 $ 15,838 $ 76,060 $ 242,891 Capital Expenditures $ 765 $ 506 $ 317 $ 887 $ 2,475 Emergency Response Vehicles Delivery & Service Vehicles Specialty Chassis & Vehicles Other Consolidated Emergency Response Vehicles Sales $ 61,249 $ - $ - $ - $ 61,249 Delivery & Service Vehicles Sales - 45,038 - - 45,038 Motorhome Chassis Sales - - 19,714 - 19,714 Other Specialty Chassis and Vehicles Sales - - 5,904 - 5,904 Aftermarket Parts and Assemblies Sales - 7,802 5,117 - 12,919 Total Sales $ 61,249 $ 52,840 $ 30,735 $ - $ 144,824 Depreciation and Amortization Expense $ 249 $ 894 $ 96 $ 567 $ 1,806 Operating Income (Loss) $ (1,221 ) $ 3,293 $ 1,991 $ (1,718 ) $ 2,345 Capital Expenditures $ 352 $ 257 $ 180 $ 303 $ 1,092 Emergency Response Vehicles Delivery & Service Vehicles Specialty Chassis & Vehicles Other Consolidated Emergency Response Vehicles Sales $ 42,118 $ - $ - $ - $ 42,118 Delivery & Service Vehicles Sales - 44,639 - - 44,639 Motorhome Chassis Sales - - 17,799 - 17,799 Other Specialty Chassis and Vehicles Sales - - 2,176 - 2,176 Aftermarket Parts and Assemblies Sales - 4,894 4,169 - 9,063 Total Sales $ 42,118 $ 49,533 $ 24,144 $ - $ 115,795 Depreciation and Amortization Expense $ 249 $ 1,122 $ 188 $ 601 $ 2,160 Operating Income (Loss) $ (1,461 ) $ 1,683 $ 1,426 $ (1,617 ) $ 31 Capital Expenditures $ 199 $ 230 $ 72 $ 511 $ 1,012 Emergency Response Vehicles Delivery & Service Vehicles Specialty Chassis & Vehicles Other Consolidated Emergency Response Vehicles Sales $ 78,060 $ - $ - $ - $ 78,060 Delivery & Service Vehicles Sales - 103,610 - - 103,610 Motorhome Chassis Sales - - 39,584 - 39,584 Other Specialty Chassis and Vehicles Sales - - 4,196 - 4,196 Aftermarket Parts and Assemblies Sales - 11,099 7,205 - 18,304 Total Sales $ 78,060 $ 114,709 $ 50,985 $ - $ 243,754 Depreciation and Amortization Expense $ 508 $ 2,235 $ 481 $ 1,195 $ 4,419 Operating Income (Loss) $ (5,125 ) $ 4,279 $ 2,059 $ (4,724 ) $ (3,511 ) Segment Assets $ 87,811 $ 74,655 $ 21,843 $ 71,999 $ 256,308 Capital Expenditures $ 242 $ 370 $ 167 $ 1,089 $ 1,868

Note 1 - General and Summary 21

Note 1 - General and Summary of Accounting Policies (Details Textual) - Jun. 30, 2014 - USD ($) $ in Thousands	Total	Total
Reclassified from Research and Development Expense to Cost of Products Sold [Member]
Prior Period Reclassification Adjustment	$ 2,020	$ 3,735

Note 2 - Inventories (Details T

Note 2 - Inventories (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Other Inventory, Demo, Gross	$ 4,209	$ 8,718

Note 2 - Inventories (Details)

Note 2 - Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Finished goods	$ 10,487	$ 16,981
Work in process	22,361	16,698
Raw materials and purchased components	39,722	41,072
Reserve for slow-moving inventory	(2,627)	(3,588)
Total inventories	$ 69,943	$ 71,163

Note 3 - Summary of Compensatio

Note 3 - Summary of Compensation Related Charges (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015
Emergency Response Vehicles [Member] | Inventory Impairment [Member]
Restructuring charges, cost of products sold	$ 281
Emergency Response Vehicles [Member] | Production Relocation Costs [Member]
Restructuring charges, cost of products sold	174
Emergency Response Vehicles [Member] | Manufacturing Process Reengineering [Member]
General and Administrative
Manufacturing process reengineering	1,512
Emergency Response Vehicles [Member]
Restructuring charges, cost of products sold	455
General and Administrative
Total restructuring	1,967
Restructuring charges, cost of products sold	455
Manufacturing process reengineering	$ 1,512

Note 3 - Restructuring Charges

Note 3 - Restructuring Charges Included in Consolidated Statements of Operations (Details) - Employee Severance [Member] - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2015	Mar. 31, 2015
Balance, beginning of period	$ 7	$ 165
Accrual for severance
Payments and adjustments made in period	$ 7	$ 158
Balance, end of period		$ 7

Note 4 - Commitments and Cont26

Note 4 - Commitments and Contingent Liabilities (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended		64 Months Ended
	Jul. 31, 2015	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2015	Dec. 31, 2014	Nov. 30, 2009
Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 20,000,000		$ 20,000,000
Revolving Credit Facility [Member] | GM [Member]
Long-term Line of Credit		2,374,000		2,374,000			$ 3,043,000
GM [Member]
Line of Credit Facility, Capacity Available for Trade Purchases		10,000,000		10,000,000
Utilimaster [Member]
Payments for Previous Acquisition			$ 1,500,000			$ 6,569,000
Subsequent Event [Member]
Litigation Settlement, Amount	$ (1,000,000)
Equal Installment Period for Penalty Pertaining to Early Warning and Defect Reporting	3 years
Business Combination, Contingent Consideration, Liability			$ 0			$ 0
Letters of Credit Outstanding, Amount		1,368,000		1,368,000			$ 4,742,000
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High								$ 7,000,000
Payments for Previous Acquisition				162,000	$ 162,000
Litigation Settlement, Amount		$ (1,056,000)		$ (2,269,000)

Note 4 - Changes Warranty Liabi

Note 4 - Changes Warranty Liability (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Balance of accrued warranty at January 1	$ 9,237	$ 7,579
Warranties issued during the period	2,097	2,336
Cash settlements made during the period	(3,601)	(1,958)
Changes in liability for pre-existing warranties during the period, including expirations	2,018	(607)
Balance of accrued warranty at June 30	$ 9,751	$ 8,564

Note 4 - Charges for National H

Note 4 - Charges for National Highway Traffic Safety Administration Penalty (Details) - Jun. 30, 2015 - USD ($) $ in Thousands	Total	Total
Cost of Sales [Member]
Penalty Charges	$ 556	$ 1,269
Selling, General and Administrative Expenses [Member]
Penalty Charges	500	1,000
Penalty Charges	$ 1,056	$ 2,269

Note 5 - Reconciliation of Basi

Note 5 - Reconciliation of Basic Weighted Average Common Shares Outstanding to Diluted Weighted Average Shares Outstanding (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Restricted Stock [Member]
Anti-dilutive stock awards:
Anti-dilutive stock awards (in shares)			410	490
Employee Stock Option [Member]
Anti-dilutive stock awards:
Anti-dilutive stock awards (in shares)			3	7
Basic weighted average common shares outstanding (in shares)	34,280	34,446	33,767	33,842
Effect of dilutive stock options (in shares)	1	4
Diluted weighted average common shares outstanding (in shares)	34,281	34,450	33,767	33,842
Anti-dilutive stock awards (in shares)			413	497

Note 6 - Taxes (Details Textual

Note 6 - Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Effective Income Tax Rate Reconciliation, Percent	48.10%	(343.90%)	16.40%	44.70%
Penalty Pertaining to Early Warning and Defect Reporting			$ 1,000
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount		$ (202)

Note 7 - Business Segments (Det

Note 7 - Business Segments (Details Textual)	6 Months Ended
	Jun. 30, 2015
Number of Reportable Segments	3

Note 7 - Segment Reporting Info

Note 7 - Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Emergency Response Vehicles [Member] | Emergency Response Vehicles [Member]
Revenue	$ 61,249	$ 42,118	$ 104,455	$ 78,060
Emergency Response Vehicles [Member] | Delivery And Service Vehicles [Member]
Revenue
Emergency Response Vehicles [Member] | Specialty Chassis and Vehicles [Member]
Revenue
Emergency Response Vehicles [Member] | Other Segments [Member]
Revenue
Emergency Response Vehicles [Member]
Revenue	$ 61,249	$ 42,118	$ 104,455	$ 78,060
Utilimaster [Member] | Emergency Response Vehicles [Member]
Revenue
Utilimaster [Member] | Delivery And Service Vehicles [Member]
Revenue	$ 45,038	$ 44,639	$ 93,072	$ 103,610
Utilimaster [Member] | Specialty Chassis and Vehicles [Member]
Revenue
Utilimaster [Member] | Other Segments [Member]
Revenue
Utilimaster [Member]
Revenue	$ 45,038	$ 44,639	$ 93,072	$ 103,610
Motorhome Chassis [Member] | Emergency Response Vehicles [Member]
Revenue
Motorhome Chassis [Member] | Delivery And Service Vehicles [Member]
Revenue
Motorhome Chassis [Member] | Specialty Chassis and Vehicles [Member]
Revenue	$ 19,714	$ 17,799	$ 43,063	$ 39,584
Motorhome Chassis [Member] | Other Segments [Member]
Revenue
Motorhome Chassis [Member]
Revenue	$ 19,714	$ 17,799	$ 43,063	$ 39,584
Other Specialty Vehicles [Member] | Emergency Response Vehicles [Member]
Revenue
Other Specialty Vehicles [Member] | Delivery And Service Vehicles [Member]
Revenue
Other Specialty Vehicles [Member] | Specialty Chassis and Vehicles [Member]
Revenue	$ 5,904	$ 2,176	$ 8,441	$ 4,196
Other Specialty Vehicles [Member] | Other Segments [Member]
Revenue
Other Specialty Vehicles [Member]
Revenue	$ 5,904	$ 2,176	$ 8,441	$ 4,196
Aftermarket Parts and Assemblies [Member] | Emergency Response Vehicles [Member]
Revenue
Aftermarket Parts and Assemblies [Member] | Delivery And Service Vehicles [Member]
Revenue	$ 7,802	$ 4,894	$ 14,659	$ 11,099
Aftermarket Parts and Assemblies [Member] | Specialty Chassis and Vehicles [Member]
Revenue	$ 5,117	$ 4,169	$ 9,506	$ 7,205
Aftermarket Parts and Assemblies [Member] | Other Segments [Member]
Revenue
Aftermarket Parts and Assemblies [Member]
Revenue	$ 12,919	$ 9,063	$ 24,165	$ 18,304
Emergency Response Vehicles [Member]
Revenue	61,249	42,118	104,455	78,060
Depreciation and amortization expense	249	249	444	508
Operating income (loss)	(1,221)	(1,461)	(6,607)	(5,125)
Capital expenditures	352	199	765	242
Segment Assets	78,845	87,811	78,845	87,811
Delivery And Service Vehicles [Member]
Revenue	52,840	49,533	107,731	114,709
Depreciation and amortization expense	894	1,122	1,804	2,235
Operating income (loss)	3,293	1,683	5,943	4,279
Capital expenditures	257	230	506	370
Segment Assets	72,148	74,655	72,148	74,655
Specialty Chassis and Vehicles [Member]
Revenue	30,735	24,144	61,010	50,985
Depreciation and amortization expense	96	188	194	481
Operating income (loss)	1,991	1,426	2,957	2,059
Capital expenditures	180	72	317	167
Segment Assets	$ 15,838	$ 21,843	$ 15,838	$ 21,843
Other Segments [Member]
Revenue
Depreciation and amortization expense	$ 567	$ 601	$ 1,133	$ 1,195
Operating income (loss)	(1,718)	(1,617)	(4,305)	(4,724)
Capital expenditures	303	511	887	1,089
Segment Assets	76,060	71,999	76,060	71,999
Revenue	144,824	115,795	273,196	243,754
Depreciation and amortization expense	1,806	2,160	3,575	4,419
Operating income (loss)	2,345	31	(2,012)	(3,511)
Capital expenditures	1,092	1,012	2,475	1,868
Segment Assets	$ 242,891	$ 256,308	$ 242,891	$ 256,308