The Shyft Group, Inc. (SHYF) 10-Q 4 May 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 29, 2016
Entity Registrant Name	SPARTAN MOTORS INC
Entity Central Index Key	743,238
Trading Symbol	spar
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)		34,441,403
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 36,785,000	$ 32,701,000
Accounts receivable, less allowance of $419 and $130	59,532,000	56,617,000
Inventories	71,177,000	60,558,000
Deferred income tax assets	3,164,000	3,164,000
Income taxes receivable	813,000	1,755,000
Other current assets	3,732,000	3,506,000
Total current assets	175,203,000	158,301,000
Property, plant and equipment, net	47,439,000	47,320,000
Goodwill	15,961,000	15,961,000
Intangible assets, net	6,916,000	7,093,000
Other assets	2,075,000	1,996,000
TOTAL ASSETS	247,594,000	230,671,000
Current liabilities:
Accounts payable	41,292,000	27,318,000
Accrued warranty	16,217,000	16,610,000
Accrued customer rebates	2,056,000	2,681,000
Accrued compensation and related taxes	8,583,000	8,684,000
Deposits from customers	15,582,000	13,095,000
Other current liabilities and accrued expenses	4,365,000	3,922,000
Current portion of long-term debt	63,000	63,000
Total current liabilities	88,158,000	72,373,000
Other non-current liabilities	2,270,000	2,163,000
Long-term debt, less current portion	5,124,000	5,124,000
Deferred income tax liabilities	2,520,000	2,520,000
Total liabilities	$ 98,072,000	$ 82,180,000
Commitments and contingencies
Shareholders' equity:
Preferred stock, no par value: 2,000 shares authorized (none issued)	$ 0	$ 0
Common stock, $0.01 par value; 40,000 shares authorized; 34,861 and 34,271 outstanding	349,000	343,000
Additional paid in capital	76,954,000	76,472,000
Retained earnings	72,869,000	72,326,000
Total Spartan Motors, Inc. shareholders’ equity	150,172,000	149,141,000
Non-controlling interest	(650,000)	(650,000)
Total shareholders’ equity	149,522,000	148,491,000
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 247,594,000	$ 230,671,000

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Accounts receivable, allowance	$ 419	$ 130
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)	34,861,000	34,271,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Sales	$ 133,726	$ 128,372
Cost of products sold	$ 117,906	116,504
Restructuring charges		335
Gross profit	$ 15,820	11,533
Operating expenses:
Research and development	1,224	1,469
Selling, general and administrative	13,566	13,602
Restructuring charges, general and admininstrative	339	820
Total operating expenses	15,129	15,891
Operating income (loss)	691	(4,358)
Other income (expense):
Interest expense	(114)	(90)
Interest and other income	59	127
Total other income (expense)	(55)	37
Income (loss) before taxes	636	(4,321)
Taxes	93	(1,426)
Net income (loss)	$ 543	(2,895)
Less: net income (loss) attributable to non-controlling interest		(15)
Net income (loss) attributable to Spartan Motors, Inc.	$ 543	$ (2,880)
Basic net income (loss) per share (in dollars per share)	$ 0.02	$ (0.09)
Diluted net income (loss) per share (in dollars per share)	$ 0.02	$ (0.09)
Basic weighted average common shares outstanding (in shares)	34,280	33,661
Diluted weighted average common shares outstanding (in shares)	34,280	33,661

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income (loss)	$ 543	$ (2,895)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	1,786	1,769
(Gain)/loss on disposal of assets	(5)	15
Accruals for warranty	2,128	1,903
Tax expense (benefit) related to stock incentive plan transactions	37	(1)
Stock based compensation related to stock awards	619	644
Decrease (increase) in operating assets:
Accounts receivable	(2,915)	(21,890)
Inventories	(10,619)	(13,907)
Income taxes receivable	942	(1,447)
Other assets	(226)	109
Increase (decrease) in operating liabilities:
Accounts payable	13,974	23,512
Cash paid for warranty repairs	(2,521)	(1,563)
Accrued customer rebates	(625)	270
Accrued compensation and related taxes	(101)	854
Deposits from customers	2,487	(1,126)
Other current liabilities and accrued expenses	443	(966)
Taxes on income	(9)	13
Total adjustments	5,395	(11,811)
Net cash provided by (used in) operating activities	5,938	(14,706)
Cash flows from investing activities:
Purchases of property, plant and equipment	(1,743)	(1,383)
Proceeds from sale of property, plant and equipment	20	29
Net cash used in investing activities	(1,723)	$ (1,354)
Cash flows from financing activities:
Proceeds from long-term debt	10
Payments on long-term debt	(10)	$ (15)
Net cash used in the exercise, vesting or cancellation of stock incentive awards	(94)	(376)
Cash related to tax impact of stock incentive plan transactions	(37)	1
Payment of contingent consideration on acquisition		(162)
Net cash used in financing activities	(131)	(552)
Net increase (decrease) in cash and cash equivalents	4,084	(16,612)
Cash and cash equivalents at beginning of period	32,701	28,570
Cash and cash equivalents at end of period	$ 36,785	$ 11,958

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - 3 months ended Mar. 31, 2016 - 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, 2015	34,271
Balance at Dec. 31, 2015	$ 343	$ 76,472	$ 72,326	$ (650)	$ 148,491
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		(131)			(131)
Issuance of restricted stock, net of cancellation (in shares)	584
Issuance of restricted stock, net of cancellation	$ 6	(6)
Stock based compensation expense related to restricted stock		$ 619			619
Net income (loss)			543		543
Balance (in shares) at Mar. 31, 2016	34,861
Balance at Mar. 31, 2016	$ 349	$ 76,954	$ 72,869	$ (650)	$ 149,522

Note 1 - General and Summary of

Note 1 - General and Summary of Accounting Policies	3 Months Ended
	Mar. 31, 2016
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”, “our” or “us”) consolidated financial statements for the year ended December 31, 2015, included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 9, 2016. There have been no changes in such accounting policies as of the date of this report. Spartan Motors, Inc. 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 manufacture bodies for various markets including emergency response vehicles and delivery and service vehicles. Our operating activities are conducted through our wholly-owned operating subsidiary, Spartan Motors USA, Inc. (“Spartan USA”), with locations in Charlotte, Michigan; Brandon, South Dakota; Ephrata, Pennsylvania; Bristol and Wakarusa, Indiana; Kansas City, Missouri; and Saltillo, Mexico. Spartan USA was formerly known as Crimson Fire, Inc. 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. Our Bristol and Wakarusa, Indiana locations manufacture delivery and service vehicles and supply related aftermarket parts and services under the Utilimaster brand name, while our Kansas City, Missouri and Saltillo, Mexico locations sell and install equipment used in delivery vehicles. Spartan USA is also 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 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 March 31, 2016, the results of operations for the three month period ended March 31, 2016 and the cash flows for the three month period ended March 31, 2016, 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, 2015. The results of operations for the three months ended March 31, 2016 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 March 31, 2016 and December 31, 2015. 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 months ended March 31, 2016 in order to more consistently align the results of our individual business units. Expenses of $2,172 for the three months ended March 31, 2015 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 March 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation – Stock Compensation In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases In November 2015, the FASB issued Accounting Standards Update 2015-17, Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes 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 In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) In March 2016, the FASB issued Accounting Standards Update No. 2016-08, Revenue from Contracts with Customers (Topic 606), Principal versus Agent Considerations (Reporting Revenue Gross versus Net) In April 2016, the FASB issued Accounting Standards Update No. 2016-10, Revenue from Contracts with Customers (Topic 606), Identifying Performance Obligations and Licensing

Note 2 - Inventories

Note 2 - Inventories	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE 2 – INVENTORIES Inventories are summarized as follows: March 31, December 31, 201 6 201 5 Finished goods $ 10,977 $ 16,812 Work in process 21,954 11,691 Raw materials and purchased components 42,001 35,285 Reserve for slow-moving inventory (3,755 ) (3,230 ) Total inventory $ 71,177 $ 60,558 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 $3,049 and $2,857 at March 31, 2016 and December 31, 2015.

Note 3 - Restructuring

Note 3 - Restructuring	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Restructuring and Related Activities Disclosure [Text Block]	NOTE 3 – RESTRUCTURING During the first quarter of 2016 and 2015, we incurred restructuring charges related to efforts undertaken to upgrade production processes at our Brandon, South Dakota and Ephrata, Pennsylvania locations. Restructuring charges incurred in the first quarter of 2015 also included costs related to the relocation of our Ocala, Florida manufacturing operations to our Charlotte, Michigan and Brandon, South Dakota facilities. Restructuring charges included in our Consolidated Statements of Operations for the quarter ended March 31, 2016 and 2015, which were all related to our Emergency Response Vehicles segment, are as follows: 2016 2015 Cost of products sold Inventory impairment $ - $ 218 Production relocation - 117 Total cost of products sold - 335 General and Administrative Manufacturing process reengineering 339 820 Total restructuring $ 339 $ 1,155 The following table provides a summary of the compensation related charges incurred during the quarter ended March 31, 2015 as part of our restructuring initiatives, along with the related outstanding balances to be paid in relation to those expenses. There was no outstanding balance at January 1, 2016. Severance Balance January 1, 2015 $ 165 Accrual for severance - Payments and adjustments made in period 158 Balance March 31, 2015 $ 7

Note 4 - Commitments and Contin

Note 4 - Commitments and Contingent Liabilities	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015, we had outstanding letters of credit totaling $1,337 and $1,337 related to certain emergency response vehicle contracts and our workers compensation insurance. At March 31, 2016, 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 We are 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 our facilities. As a result of these agreements, there was $1,031 and $3,795 outstanding on our revolving credit line at March 31, 2016 and December 31, 2015. Under the terms of the bailment inventory agreements, these chassis never become our property, 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 one of our bodies, 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 Condensed Consolidated Balance Sheets. Warranty Related We 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 three months ended March 31, 2016 and 2015 were as follows: 2016 201 5 Balance of accrued warranty at January 1 $ 16,610 $ 9,237 Warranties issued during the period 1,069 890 Cash settlements made during the period (2,521 ) (1,563 ) Changes in liability for pre-existing warranties during the period, including expirations 1,059 1,013 Balance of accrued warranty at March 31 $ 16,217 $ 9,577 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. Through December 31, 2015, we recorded charges totaling $1,217 to write down certain inventory items associated with this joint venture to their estimated fair values. There were no further charges recorded during the quarter ended March 31, 2016. Costs associated with the wind-down will be impacted by the final dissolution agreement. In accordance with accounting guidance, the costs we have accrued so far represent the low end of the range of the estimated total charges that we believe we may incur related to the wind-down. While we are unable to determine the final cost of the wind-down with certainty at this time, we may incur additional charges, depending on the final terms of the dissolution, and such charges could be material to our future operating results.

Note 5 - Earnings (Loss) Per Sh

Note 5 - Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 2015 Basic weighted average common shares outstanding 34,280 33,661 Effect of dilutive stock options - - Diluted weighted average common shares outstanding 34,280 33,661 Anti-dilutive stock awards: Restricted stock - 412 Stock options - 4 - 416 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.

Note 6 - Taxes

Note 6 - Taxes	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Income Tax Disclosure [Text Block]	N OTE 6 – TAXES Our effective tax rate was 14.6% and 33.0% for the three months ended March 31, 2016 and 2015. Our effective tax rate in 2016 was impacted by a valuation allowance recorded in 2015 against substantially all of our deferred tax assets. We continue to anticipate the need for this valuation allowance in 2016. We expect that any tax provision or benefit that we record in 2016 based upon taxable income or loss will be offset by an equal adjustment to our valuation allowance. As a result, our tax provision for the quarter ended March 31, 2016 does not include a current year tax expense, but consists of adjustments to reserves for uncertain tax positions and a true-up of certain prior year state tax provisions to the amount of tax paid based on the actual filing. Our effective rate for the three months ended March 30, 2015 was based on statutory rates applied to actual pre-tax loss.

Note 7 - Business Segments

Note 7 - Business Segments	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE 7 - 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. Our Emergency Response Vehicles segment consists of the emergency response chassis operations at our Charlotte, Michigan location and our operations at our Brandon, South Dakota and Ephrata, Pennsylvania locations, along with our Spartan-Gimaex joint venture. This segment engineers and manufactures emergency response chassis and vehicles. Our Delivery and Service Vehicles segment consists of our operations at our Bristol and Wakarusa, Indiana locations, along with our operations at our up-fit centers in Kansas City, Missouri and Saltillo, Mexico 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. Our Specialty Chassis and Vehicles segment consists of our Charlotte, Michigan 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. SPARTAN MOTORS, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Amounts in thousands, except per share data) 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 makers 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 March 31, 2016 Emergency Response Vehicles Delivery & Service Vehicles Specialty Chassis & Vehicles Other Consolidated Emergency response vehicle sales $ 39,384 $ - $ - $ - $ 39,384 Delivery and service vehicle sales - 40,305 - - 40,305 Motor home chassis sales - - 26,431 - 26,431 Other specialty chassis and vehicle sales - - 4,405 - 4,405 Aftermarket parts and assemblies sales - 18,987 4,214 - 23,201 Total sales $ 39,384 $ 59,292 $ 35,050 $ - $ 133,726 Depreciation and amortization expense $ 206 $ 873 $ 115 $ 592 $ 1,786 Operating income (loss) (3,904 ) 5,588 1,717 (2,710 ) 691 Segment assets 68,731 74,135 31,608 73,120 247,594 Capital expenditures 381 733 199 430 1,743 Three Months Ended March 31, 2015 Emergency Response Vehicles Delivery & Service Vehicles Specialty Chassis & Vehicles Other Consolidated Emergency response vehicle sales $ 43,206 $ - $ - $ - $ 43,206 Delivery and service vehicle sales - 48,034 - - 48,034 Motor home chassis sales - - 23,349 - 23,349 Other specialty chassis and vehicle sales - - 2,537 - 2,537 Aftermarket parts and assemblies sales - 6,857 4,389 - 11,246 Total sales $ 43,206 $ 54,891 $ 30,275 $ - $ 128,372 Depreciation and amortization expense $ 195 $ 912 $ 98 $ 564 $ 1,769 Operating income (loss) (5,386 ) 2,649 966 (2,587 ) (4,358 ) Segment assets 95,035 85,223 29,110 49,659 259,027 Capital expenditures 414 249 138 582 1,383

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recently issued accounting standard s In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation – Stock Compensation In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases In November 2015, the FASB issued Accounting Standards Update 2015-17, Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes 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 In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) In March 2016, the FASB issued Accounting Standards Update No. 2016-08, Revenue from Contracts with Customers (Topic 606), Principal versus Agent Considerations (Reporting Revenue Gross versus Net) In April 2016, the FASB issued Accounting Standards Update No. 2016-10, Revenue from Contracts with Customers (Topic 606), Identifying Performance Obligations and Licensing

Note 2 - Inventories (Tables)

Note 2 - Inventories (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 31, December 31, 201 6 201 5 Finished goods $ 10,977 $ 16,812 Work in process 21,954 11,691 Raw materials and purchased components 42,001 35,285 Reserve for slow-moving inventory (3,755 ) (3,230 ) Total inventory $ 71,177 $ 60,558

Note 3 - Restructuring (Tables)

Note 3 - Restructuring (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Restructuring Reserve by Type of Cost [Table Text Block]	2016 2015 Cost of products sold Inventory impairment $ - $ 218 Production relocation - 117 Total cost of products sold - 335 General and Administrative Manufacturing process reengineering 339 820 Total restructuring $ 339 $ 1,155
Restructuring and Related Costs [Table Text Block]	Severance Balance January 1, 2015 $ 165 Accrual for severance - Payments and adjustments made in period 158 Balance March 31, 2015 $ 7

Note 4 - Commitments and Cont17

Note 4 - Commitments and Contingent Liabilities (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	2016 201 5 Balance of accrued warranty at January 1 $ 16,610 $ 9,237 Warranties issued during the period 1,069 890 Cash settlements made during the period (2,521 ) (1,563 ) Changes in liability for pre-existing warranties during the period, including expirations 1,059 1,013 Balance of accrued warranty at March 31 $ 16,217 $ 9,577

Note 5 - Earnings (Loss) Per 18

Note 5 - Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	Three Months Ended March 31, 2016 2015 Basic weighted average common shares outstanding 34,280 33,661 Effect of dilutive stock options - - Diluted weighted average common shares outstanding 34,280 33,661 Anti-dilutive stock awards: Restricted stock - 412 Stock options - 4 - 416

Note 7 - Business Segments (Tab

Note 7 - Business Segments (Tables)	3 Months Ended
	Mar. 31, 2016
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 vehicle sales $ 39,384 $ - $ - $ - $ 39,384 Delivery and service vehicle sales - 40,305 - - 40,305 Motor home chassis sales - - 26,431 - 26,431 Other specialty chassis and vehicle sales - - 4,405 - 4,405 Aftermarket parts and assemblies sales - 18,987 4,214 - 23,201 Total sales $ 39,384 $ 59,292 $ 35,050 $ - $ 133,726 Depreciation and amortization expense $ 206 $ 873 $ 115 $ 592 $ 1,786 Operating income (loss) (3,904 ) 5,588 1,717 (2,710 ) 691 Segment assets 68,731 74,135 31,608 73,120 247,594 Capital expenditures 381 733 199 430 1,743 Emergency Response Vehicles Delivery & Service Vehicles Specialty Chassis & Vehicles Other Consolidated Emergency response vehicle sales $ 43,206 $ - $ - $ - $ 43,206 Delivery and service vehicle sales - 48,034 - - 48,034 Motor home chassis sales - - 23,349 - 23,349 Other specialty chassis and vehicle sales - - 2,537 - 2,537 Aftermarket parts and assemblies sales - 6,857 4,389 - 11,246 Total sales $ 43,206 $ 54,891 $ 30,275 $ - $ 128,372 Depreciation and amortization expense $ 195 $ 912 $ 98 $ 564 $ 1,769 Operating income (loss) (5,386 ) 2,649 966 (2,587 ) (4,358 ) Segment assets 95,035 85,223 29,110 49,659 259,027 Capital expenditures 414 249 138 582 1,383

Note 1 - General and Summary 20

Note 1 - General and Summary of Accounting Policies (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Quarter ended March 31, 2015 [Member] | From Research and Development Expense to Cost of Products Sold [Member]
Prior Period Reclassification Adjustment	$ 2,172

Note 2 - Inventories (Details T

Note 2 - Inventories (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Other Inventory, Demo, Gross	$ 3,049	$ 2,857

Note 2 - Inventories (Details)

Note 2 - Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Finished goods	$ 10,977	$ 16,812
Work in process	21,954	11,691
Raw materials and purchased components	42,001	35,285
Reserve for slow-moving inventory	(3,755)	(3,230)
Total inventory	$ 71,177	$ 60,558

Note 3 - Restructuring (Details

Note 3 - Restructuring (Details Textual)	Jan. 01, 2016USD ($)
Restructuring Reserve	$ 0

Note 3 - Restructuring Charges

Note 3 - Restructuring Charges Included in Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Emergency Response Vehicles [Member] | Inventory Impairment [Member]
Restructuring charges, cost of products sold		$ 218
Emergency Response Vehicles [Member] | Production Relocation Costs [Member]
Restructuring charges, cost of products sold		117
Emergency Response Vehicles [Member] | Manufacturing Process Reengineering [Member]
Restructuring charges, general and admininstrative	$ 339	820
Emergency Response Vehicles [Member]
Restructuring charges, cost of products sold		335
Total restructuring	$ 339	$ 1,155
Restructuring charges, cost of products sold			$ 335
Restructuring charges, general and admininstrative	$ 339		$ 820

Note 3 - Summary of Compensatio

Note 3 - Summary of Compensation Related Charges (Details) - Employee Severance [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Balance, beginning of period	$ 165
Payments and adjustments made in period	158
Balance, end of period	$ 7

Note 4 - Commitments and Cont26

Note 4 - Commitments and Contingent Liabilities (Details Textual) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 20,000,000
Revolving Credit Facility [Member] | GM [Member]
Line of Credit Facility, Capacity Available for Trade Purchases	10,000,000
Long-term Line of Credit	1,031,000	$ 3,795,000
Inventory Write-down	0	1,217,000
Letters of Credit Outstanding, Amount	$ 1,337,000	$ 1,337,000

Note 4 - Changes Warranty Liabi

Note 4 - Changes Warranty Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Balance of accrued warranty	$ 16,610	$ 9,237
Warranties issued during the period	1,069	890
Cash settlements made during the period	(2,521)	(1,563)
Changes in liability for pre-existing warranties during the period, including expirations	1,059	1,013
Balance of accrued warranty	$ 16,217	$ 9,577

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	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Restricted Stock [Member]
Anti-dilutive stock awards (in shares)		412
Employee Stock Option [Member]
Anti-dilutive stock awards (in shares)		4
Basic weighted average common shares outstanding (in shares)	34,280	33,661
Diluted weighted average common shares outstanding (in shares)	34,280	33,661
Anti-dilutive stock awards (in shares)		416

Note 6 - Taxes (Details Textual

Note 6 - Taxes (Details Textual)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Effective Income Tax Rate Reconciliation, Percent	14.60%	33.00%

Note 7 - Business Segments (Det

Note 7 - Business Segments (Details Textual)	12 Months Ended
	Dec. 31, 2016
Number of Reportable Segments	3

Note 7 - Segment Reporting Info

Note 7 - Segment Reporting Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Emergency Response Vehicles [Member] | Emergency Response Vehicles [Member]
Revenues	$ 39,384,000	$ 43,206,000
Emergency Response Vehicles [Member]
Revenues	39,384,000	43,206,000
Delivery And Service Vehicles [Member] | Delivery And Service Vehicles [Member]
Revenues	40,305,000	48,034,000
Delivery And Service Vehicles [Member]
Revenues	40,305,000	48,034,000
Motorhome Chassis [Member] | Specialty Chassis and Vehicles [Member]
Revenues	26,431,000	23,349,000
Motorhome Chassis [Member]
Revenues	26,431,000	23,349,000
Other Specialty Vehicles [Member] | Specialty Chassis and Vehicles [Member]
Revenues	4,405,000	2,537,000
Other Specialty Vehicles [Member]
Revenues	4,405,000	2,537,000
Aftermarket Parts and Assemblies [Member] | Delivery And Service Vehicles [Member]
Revenues	18,987,000	6,857,000
Aftermarket Parts and Assemblies [Member] | Specialty Chassis and Vehicles [Member]
Revenues	4,214,000	4,389,000
Aftermarket Parts and Assemblies [Member]
Revenues	23,201,000	11,246,000
Emergency Response Vehicles [Member]
Revenues	39,384,000	43,206,000
Depreciation and amortization expense	206,000	195,000
Operating income (loss)	(3,904,000)	(5,386,000)
Segment assets	68,731,000	95,035,000
Capital expenditures	381,000	414,000
Delivery And Service Vehicles [Member]
Revenues	59,292,000	54,891,000
Depreciation and amortization expense	873,000	912,000
Operating income (loss)	5,588,000	2,649,000
Segment assets	74,135,000	85,223,000
Capital expenditures	733,000	249,000
Specialty Chassis and Vehicles [Member]
Revenues	35,050,000	30,275,000
Depreciation and amortization expense	115,000	98,000
Operating income (loss)	1,717,000	966,000
Segment assets	31,608,000	29,110,000
Capital expenditures	199,000	138,000
Other Segments [Member]
Depreciation and amortization expense	592,000	564,000
Operating income (loss)	(2,710,000)	(2,587,000)
Segment assets	73,120,000	49,659,000
Capital expenditures	430,000	582,000
Revenues	133,726,000	128,372,000	$ 128,372,000
Depreciation and amortization expense	1,786,000	1,769,000
Operating income (loss)	691,000	(4,358,000)	(4,358,000)
Segment assets	247,594,000	259,027,000	$ 230,671,000
Capital expenditures	$ 1,743,000	$ 1,383,000