Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 31, 2016 | |
Document Information [Line Items] | ||
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) | 34,403,373 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 39,986,000 | $ 32,701,000 |
Accounts receivable, less allowance of $412 and $130 | 70,482,000 | 56,617,000 |
Inventories, net | 67,960,000 | 60,558,000 |
Income taxes receivable | 696,000 | 1,755,000 |
Other current assets | 3,044,000 | 3,506,000 |
Total current assets | 182,168,000 | 155,137,000 |
Property, plant and equipment, net | 50,998,000 | 47,320,000 |
Goodwill | 15,961,000 | 15,961,000 |
Intangible assets, net | 6,562,000 | 7,093,000 |
Deferred income taxes, net | 3,313,000 | 644,000 |
Other assets | 2,246,000 | 1,996,000 |
TOTAL ASSETS | 261,248,000 | 228,151,000 |
Current liabilities: | ||
Accounts payable | 44,140,000 | 27,318,000 |
Accrued warranty | 18,673,000 | 16,610,000 |
Accrued customer rebates | 1,760,000 | 2,681,000 |
Accrued compensation and related taxes | 12,217,000 | 8,684,000 |
Deposits from customers | 17,546,000 | 13,095,000 |
Other current liabilities and accrued expenses | 5,719,000 | 3,922,000 |
Current portion of long-term debt | 5,065,000 | 63,000 |
Total current liabilities | 105,120,000 | 72,373,000 |
Long-term debt, less current portion | 90,000 | 5,124,000 |
Other non-current liabilities | 2,467,000 | 2,163,000 |
Total liabilities | 107,677,000 | 79,660,000 |
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; 34,419 and 34,271 outstanding | 344,000 | 343,000 |
Additional paid in capital | 76,678,000 | 76,472,000 |
Retained earnings | 77,205,000 | 72,326,000 |
Total Spartan Motors, Inc. shareholders’ equity | 154,227,000 | 149,141,000 |
Non-controlling interest | (656,000) | (650,000) |
Total shareholders’ equity | 153,571,000 | 148,491,000 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 261,248,000 | $ 228,151,000 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Accounts receivable, allowance | $ 412 | $ 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) | 34,419,000 | 34,271,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenues | $ 148,664 | $ 136,572 | $ 444,927 | $ 409,767 |
Cost of products sold | 130,571 | 123,755 | 390,206 | 367,520 |
Restructuring charges | 83 | 9 | 83 | 464 |
Gross profit | 18,010 | 12,808 | 54,638 | 41,783 |
Operating expenses: | ||||
Research and development | 1,377 | 454 | 4,408 | 3,087 |
Selling, general and administrative | 13,820 | 12,359 | 41,782 | 39,202 |
Restructuring charges | 221 | 453 | 788 | 1,965 |
Total operating expenses | 15,418 | 13,266 | 46,978 | 44,254 |
Operating income (loss) | 2,592 | (458) | 7,660 | (2,471) |
Other income (expense): | ||||
Interest expense | (112) | (91) | (314) | (293) |
Interest and other income (expense) | 151 | (36) | 305 | 121 |
Total other income (expense) | 39 | (127) | (9) | (172) |
Income (loss) before taxes | 2,631 | (585) | 7,651 | (2,643) |
Taxes | (113) | 5,234 | (11) | 4,896 |
Net income (loss) | 2,744 | (5,819) | 7,662 | (7,539) |
Less: net loss attributable to non-controlling interest | (1) | (1) | (6) | (17) |
Net income (loss) attributable to Spartan Motors Inc. | $ 2,745 | $ (5,818) | $ 7,668 | $ (7,522) |
Basic net earnings (loss) per share (in dollars per share) | $ 0.08 | $ (0.17) | $ 0.22 | $ (0.22) |
Diluted net earnings (loss) per share (in dollars per share) | $ 0.08 | $ (0.17) | $ 0.22 | $ (0.22) |
Basic weighted average common shares outstanding (in shares) | 34,439 | 33,885 | 34,406 | 33,806 |
Diluted weighted average common shares outstanding (in shares) | 34,439 | 33,885 | 34,406 | 33,806 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 7,662 | $ (7,539) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 5,742 | 5,447 |
Gain on disposal of assets | (24) | (22) |
Impairment of assets | 406 | 2,234 |
Accruals for warranty | 9,790 | 7,299 |
Tax benefit related to stock incentive plan transactions | 1 | |
Deferred income taxes | (2,670) | 3,150 |
Stock based compensation related to stock awards | 1,280 | 1,050 |
Decrease (increase) in operating assets: | ||
Accounts receivable | (13,865) | (20,159) |
Inventories | (7,402) | (7,370) |
Income taxes receivable | 1,059 | 1,696 |
Other assets | 462 | 760 |
Increase (decrease) in operating liabilities: | ||
Accounts payable | 16,822 | 16,161 |
Cash paid for warranty repairs | (7,727) | (5,297) |
Accrued customer rebates | (921) | 1,367 |
Accrued compensation and related taxes | 3,533 | 957 |
Deposits from customers | 4,451 | (479) |
Other current liabilities and accrued expenses | 1,797 | (2,117) |
Taxes on income | 58 | 932 |
Total adjustments | 12,792 | 5,609 |
Net cash provided by (used in) operating activities | 20,454 | (1,930) |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (9,299) | (3,603) |
Proceeds from sale of property, plant and equipment | 25 | 205 |
Net cash used in investing activities | (9,274) | (3,398) |
Cash flows from financing activities: | ||
Borrowings under credit facilities | 15,244 | |
Payments on credit facilities | (15,244) | |
Purchase and retirement of common stock | (2,000) | |
Payment of dividends | (1,725) | (1,713) |
Proceeds from long-term debt | 10 | |
Payments on long-term debt | (42) | (44) |
Net cash used in the exercise, vesting or cancellation of stock incentive awards | (137) | (436) |
Cash related to tax impact of stock incentive plan transactions | (1) | |
Payment of contingent consideration on acquisition | (162) | |
Net cash used in financing activities | (3,895) | (2,355) |
Net increase (decrease) in cash and cash equivalents | 7,285 | (7,683) |
Cash and cash equivalents at beginning of period | 32,701 | 28,570 |
Cash and cash equivalents at end of period | $ 39,986 | $ 20,887 |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - 9 months ended Sep. 30, 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) | 13 | ||||
Issuance of common stock and the tax impact of stock incentive plan transactions | (137) | (137) | |||
Issuance of restricted stock, net of cancellation (in shares) | 557 | ||||
Issuance of restricted stock, net of cancellation | $ 5 | (5) | |||
Stock based compensation expense related to restricted stock | 1,280 | 1,280 | |||
Purchase and retirement of common stock (in shares) | (422) | ||||
Purchase and retirement of common stock | $ (4) | (932) | (1,064) | (2,000) | |
Dividends declared and paid ($0.05 per share) | (1,725) | (1,725) | |||
Net income (loss) | 7,668 | (6) | 7,662 | ||
Balance (in shares) at Sep. 30, 2016 | 34,419 | ||||
Balance at Sep. 30, 2016 | $ 344 | $ 76,678 | $ 77,205 | $ (656) | $ 153,571 |
Condensed Consolidated Stateme7
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (Parentheticals) | 9 Months Ended |
Sep. 30, 2016$ / shares | |
Retained Earnings [Member] | |
Dividends declared (in dollars per share) | $ 0.05 |
Note 1 - General and Summary of
Note 1 - General and Summary of Accounting Policies | 9 Months Ended |
Sep. 30, 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; and Bristol, Indiana; as well as contract manufacturing in Kansas City, Missouri; and Saltillo, Mexico. Spartan USA is the result of a consolidation of several of our subsidiaries, including Crimson Fire, Inc., Spartan Motors Chassis, Inc., and Utilimaster Corporation, into a single business entity. 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, Indiana location manufactures delivery and service vehicles and supplies 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 terms of the dissolution have not yet been determined, pending the outcome of the court proceedings. These unaudited condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, 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 September 30, 2016, the results of operations for the three and nine month periods ended September 30, 2016 and the cash flows for the nine month period ended September 30, 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 and nine months ended September 30, 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 September 30, 2016 and December 31, 2015. Recently issued accounting standards In August 2016, the FASB issued Accounting Standards Update No. 2016-15, Statement of Cash Flows (Topic 230) 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 In May 2016, the FASB issued Accounting Standards Update No. 2016-12, Revenue from Contracts with Customers (Topic 606), Narrow-Scope Improvements and Practical Expedients |
Note 2 - Inventories
Note 2 - Inventories | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 2 – INVENTORIES Inventories are summarized as follows: September 30 , December 31, 201 6 201 5 Finished goods $ 11,263 $ 16,812 Work in process 19,235 11,691 Raw materials and purchased components 40,801 35,285 Reserve for slow-moving inventory (3,339 ) (3,230 ) Total inventory $ 67,960 $ 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 $4,125 and $2,857 at September 30, 2016 and December 31, 2015. |
Note 3 - Restructuring
Note 3 - Restructuring | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | NOTE 3 – RESTRUCTURING During the three and nine months ended September 30, 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 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 three and nine month periods ended September 30, 2016 and 2015, which were all related to our Emergency Response Vehicles segment, are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Cost of products sold Inventory impairment $ - $ 9 $ - $ 290 Production relocation 83 - 83 174 Total cost of products sold 83 9 83 464 General and Administrative Manufacturing process reengineering 221 453 788 1,965 Total restructuring $ 304 $ 462 $ 871 $ 2,429 |
Note 4 - Commitments and Contin
Note 4 - Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 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 September 30, 2016 and December 31, 2015, we had outstanding letters of credit totaling $1,150 and $1,337 related to certain emergency response vehicle contracts and our workers compensation insurance. At September 30, 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, other than the Spartan-Gimaex dissolution discussion below, 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 $3,043 and $3,795 outstanding on our revolving credit line at September 30, 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 nine months ended September 30, 2016 and 2015 were as follows: 2016 2015 Balance of accrued warranty at January 1 $ 16,610 $ 9,237 Warranties issued during the period 3,733 3,413 Cash settlements made during the period (7,727 ) (5,297 ) Changes in liability for pre-existing warranties during the period, including expirations 6,057 3,886 ) Balance of accrued warranty at September 30 $ 18,673 $ 11,239 Changes in liability for pre-existing warranties during the nine months ended September 30, 2016 include $3,968 for campaigns and recalls outside of our normal warranty programs and $2,089 for changes in the estimated liability for existing warranties resulting from newly available claim data. 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 nine months ended September 30, 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 | 9 Months Ended |
Sep. 30, 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Basic weighted average common shares outstanding 34,439 33,885 34,406 33,806 Effect of dilutive stock options - - - - Diluted weighted average common shares outstanding 34,439 33,885 34,406 33,806 Anti-dilutive stock awards: Restricted stock - 405 - 408 Stock options - - - - - 405 - 408 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 | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 6 – TAXES Our effective tax rate was -4.3% and -0.1% for the three and nine month periods ended September 30, 2016. 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 three and nine months ended September 30, 2016 does not include a current year federal tax expense, but consists of state income taxes, adjustments to reserves for uncertain tax positions and a true-up of certain prior year tax provisions to the amount of tax anticipated to be paid based on the actual filing. Our effective rates for the three and nine months ended September 30, 2015 were -894.5% and -185.2%, and differed from the statutory rates due to the valuation allowance recorded during the quarter ended September 30, 2015. |
Note 7 - Shareholders' Equity
Note 7 - Shareholders' Equity | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 7 – SHAREHOLDERS’ EQUITY In October 2011, our Board of Directors authorized the re-purchase of up to 1,000 shares of the Company’s common stock. In April 2016, our Board of Directors authorized the re-purchase of up to 1,000 additional shares of our common stock, and terminated the October 2011 authorization effective June 30, 2016. The following tables represent our open market purchases of our common stock during the three and nine months ended September 30, 2016. Three months ended September 30, Share purchase programs 2016 2015 Authorized amount (shares) Date approved by board Program termination Shares purchased Purchase value Shares purchased Purchase value 1,000 October, 2011 June 30, 2016 - $ - - $ - 1,000 April, 2016 N/A - $ - - $ - Nine months ended September 30, Share purchase programs 2016 2015 Authorized amount (shares) Date approved by board Program termination Shares purchased Purchase value Shares purchased Purchase value 1,000 October, 2011 June 30, 2016 422 $ 2,000 - $ - 1,000 April, 2016 N/A - $ - - $ - |
Note 8 - Business Segments
Note 8 - Business Segments | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 8 - 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, Fleet Vehicles and Services, and Specialty Chassis and Vehicles. Previously, we reported sales of aftermarket parts and accessories related to our emergency response vehicles, motor home chassis and defense vehicles as part of our Specialty Chassis and Vehicles segment. As a result of a realignment of our operating segments completed during the second quarter of 2016, aftermarket parts and accessories related to emergency response vehicles are now included in the Emergency Response Vehicles segment. Segment results from prior periods are shown reflecting the change. 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 and distributes related aftermarket parts and accessories. Our Fleet Vehicles and Services segment consists of our operations at our Bristol, Indiana location, 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, the production of commercial truck bodies and the distribution of related aftermarket parts and accessories. This segment was formerly referred to as Delivery and Service Vehicles; however, there has been no change in the operations contained within this segment. 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 accessories. 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 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 September 30, 2016 Emergency Response Vehicles Fleet Vehicles & Services Specialty Chassis & Vehicles Other Consolidated Emergency response vehicle sales $ 40,185 $ - $ - $ - $ 40,185 Fleet vehicle sales - 57,422 - - 57,422 Motor home chassis sales - - 22,344 - 22,344 Other specialty chassis and vehicle sales - - 4,091 - 4,091 Aftermarket parts and accessories sales 1,934 20,537 2,151 - 24,622 Total sales $ 42,119 $ 77,959 $ 28,586 $ - $ 148,664 Depreciation and amortization expense $ 217 $ 874 $ 125 $ 962 $ 2,178 Operating income (loss) (3,837 ) 9,598 852 (4,021 ) 2,592 Capital expenditures 387 140 2,439 539 3,505 Three Months Ended September 30, 2015 Emergency Response Vehicles Fleet Vehicles & Services Specialty Chassis & Vehicles Other Consolidated Emergency response vehicle sales $ 42,030 $ - $ - $ - $ 42,030 Fleet vehicle sales - 45,526 - - 45,526 Motor home chassis sales - - 32,367 - 32,367 Other specialty chassis and vehicle sales - - 2,388 - 2,388 Aftermarket parts and accessories sales 1,637 8,711 3,913 - 14,261 Total sales $ 43,667 $ 54,237 $ 38,668 $ - $ 136,572 Depreciation and amortization expense $ 263 $ 928 $ 105 $ 576 $ 1,872 Operating income (loss) (5,627 ) 4,064 2,412 (1,307 ) (458 ) Capital expenditures 119 200 260 549 1,128 Nine Months Ended September 30, 2016 Emergency Response Vehicles Fleet Vehicles & Services Specialty Chassis & Vehicles Other Consolidated Emergency response vehicle sales $ 130,080 $ - $ - $ - $ 130,080 Fleet vehicle sales - 154,774 - - 154,774 Motor home chassis sales - - 73,254 - 73,254 Other specialty chassis and vehicle sales - - 16,722 - 16,722 Aftermarket parts and accessories sales 5,555 56,292 8,250 - 70,097 Total sales $ 135,635 $ 211,066 $ 98,226 $ - $ 444,927 Depreciation and amortization expense $ 636 $ 2,586 $ 363 $ 2,157 $ 5,742 Operating income (loss) (9,911 ) 21,647 5,405 (9,481 ) 7,660 Segment assets 75,086 76,818 32,391 76,953 261,248 Capital expenditures 1,070 1,760 4,690 1,779 9,299 Nine Months Ended September 30, 2015 Emergency Response Vehicles Fleet Vehicles & Services Specialty Chassis & Vehicles Other Consolidated Emergency response vehicle sales $ 146,485 $ - $ - $ - $ 146,485 Fleet vehicle sales - 138,596 - - 138,596 Motor home chassis sales - - 75,430 - 75,430 Other specialty chassis and vehicle sales - - 10,829 - 10,829 Aftermarket parts and accessories sales 4,737 23,371 10,319 - 38,427 Total sales $ 151,222 $ 161,967 $ 96,578 $ - $ 409,767 Depreciation and amortization expense $ 707 $ 2,732 $ 299 $ 1,709 $ 5,447 Operating income (loss) (11,671 ) 10,006 4,806 (5,612 ) (2,471 ) Segment assets 84,758 83,945 34,129 45,653 248,485 Capital expenditures 885 706 577 1,435 3,603 |
Note 9 - Subsequent Events
Note 9 - Subsequent Events | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 9 – SUBSEQUENT EVENTS On October 31, 2016, we repaid the $5,000 principal outstanding on our Series B Senior Notes due December 1, 2016, with cash on hand. On October 31, 2016, we entered into a Second Amended and Restated Credit Agreement (the "Credit Agreement") by and among us, certain of our subsidiaries, Wells Fargo Bank, National Association, as administrative agent ("Wells Fargo"), and the lenders party thereto consisting of Wells Fargo, JPMorgan Chase Bank, N.A. and PNC Bank (the "Lenders"). Under the Credit Agreement, we may borrow up to $100,000 from the Lenders under a three-year unsecured revolving credit facility. We may also request an increase in the facility of up to $35,000 in the aggregate, subject to customary conditions. The credit facility is also available for the issuance of letters of credit of up to $20,000 and swing line loans of up to $15,000, subject to certain limitations and restrictions. Interest rates on borrowings under the credit facility are based on either (i) the highest of the prime rate, the federal funds effective rate from time to time plus 0.5%, or the one month adjusted London interbank market rate ("LIBOR") plus 1.0%; or (ii) adjusted LIBOR plus a margin based upon our ratio of debt to earnings from time to time. The Credit Agreement contains certain customary representations and covenants, including performance-based financial covenants on our part, which may limit our available borrowings under our line of credit. The Credit Agreement also prohibits us from incurring additional indebtedness; limits certain acquisitions, investments, advances or loans; limits our ability to pay dividends in certain circumstances; and restricts substantial asset sales. The credit facility matures October 31, 2019, following which we have the option to renew the credit facility, subject to lender approval, for two successive one-year periods with an ultimate maturity date of December 31, 2021. We had no drawings against this credit line as of September 30, 2016 or December 31, 2015. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently issued accounting standards In August 2016, the FASB issued Accounting Standards Update No. 2016-15, Statement of Cash Flows (Topic 230) 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 In May 2016, the FASB issued Accounting Standards Update No. 2016-12, Revenue from Contracts with Customers (Topic 606), Narrow-Scope Improvements and Practical Expedients |
Note 2 - Inventories (Tables)
Note 2 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30 , December 31, 201 6 201 5 Finished goods $ 11,263 $ 16,812 Work in process 19,235 11,691 Raw materials and purchased components 40,801 35,285 Reserve for slow-moving inventory (3,339 ) (3,230 ) Total inventory $ 67,960 $ 60,558 |
Note 3 - Restructuring (Tables)
Note 3 - Restructuring (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Cost of products sold Inventory impairment $ - $ 9 $ - $ 290 Production relocation 83 - 83 174 Total cost of products sold 83 9 83 464 General and Administrative Manufacturing process reengineering 221 453 788 1,965 Total restructuring $ 304 $ 462 $ 871 $ 2,429 |
Note 4 - Commitments and Cont20
Note 4 - Commitments and Contingent Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | 2016 2015 Balance of accrued warranty at January 1 $ 16,610 $ 9,237 Warranties issued during the period 3,733 3,413 Cash settlements made during the period (7,727 ) (5,297 ) Changes in liability for pre-existing warranties during the period, including expirations 6,057 3,886 ) Balance of accrued warranty at September 30 $ 18,673 $ 11,239 |
Note 5 - Earnings (Loss) Per 21
Note 5 - Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Basic weighted average common shares outstanding 34,439 33,885 34,406 33,806 Effect of dilutive stock options - - - - Diluted weighted average common shares outstanding 34,439 33,885 34,406 33,806 Anti-dilutive stock awards: Restricted stock - 405 - 408 Stock options - - - - - 405 - 408 |
Note 7 - Shareholders' Equity (
Note 7 - Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Common Stock Repurchased and Retired [Table Text Block] | Three months ended September 30, Share purchase programs 2016 2015 Authorized amount (shares) Date approved by board Program termination Shares purchased Purchase value Shares purchased Purchase value 1,000 October, 2011 June 30, 2016 - $ - - $ - 1,000 April, 2016 N/A - $ - - $ - Nine months ended September 30, Share purchase programs 2016 2015 Authorized amount (shares) Date approved by board Program termination Shares purchased Purchase value Shares purchased Purchase value 1,000 October, 2011 June 30, 2016 422 $ 2,000 - $ - 1,000 April, 2016 N/A - $ - - $ - |
Note 8 - Business Segments (Tab
Note 8 - Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Emergency Response Vehicles Fleet Vehicles & Services Specialty Chassis & Vehicles Other Consolidated Emergency response vehicle sales $ 40,185 $ - $ - $ - $ 40,185 Fleet vehicle sales - 57,422 - - 57,422 Motor home chassis sales - - 22,344 - 22,344 Other specialty chassis and vehicle sales - - 4,091 - 4,091 Aftermarket parts and accessories sales 1,934 20,537 2,151 - 24,622 Total sales $ 42,119 $ 77,959 $ 28,586 $ - $ 148,664 Depreciation and amortization expense $ 217 $ 874 $ 125 $ 962 $ 2,178 Operating income (loss) (3,837 ) 9,598 852 (4,021 ) 2,592 Capital expenditures 387 140 2,439 539 3,505 Emergency Response Vehicles Fleet Vehicles & Services Specialty Chassis & Vehicles Other Consolidated Emergency response vehicle sales $ 42,030 $ - $ - $ - $ 42,030 Fleet vehicle sales - 45,526 - - 45,526 Motor home chassis sales - - 32,367 - 32,367 Other specialty chassis and vehicle sales - - 2,388 - 2,388 Aftermarket parts and accessories sales 1,637 8,711 3,913 - 14,261 Total sales $ 43,667 $ 54,237 $ 38,668 $ - $ 136,572 Depreciation and amortization expense $ 263 $ 928 $ 105 $ 576 $ 1,872 Operating income (loss) (5,627 ) 4,064 2,412 (1,307 ) (458 ) Capital expenditures 119 200 260 549 1,128 Emergency Response Vehicles Fleet Vehicles & Services Specialty Chassis & Vehicles Other Consolidated Emergency response vehicle sales $ 130,080 $ - $ - $ - $ 130,080 Fleet vehicle sales - 154,774 - - 154,774 Motor home chassis sales - - 73,254 - 73,254 Other specialty chassis and vehicle sales - - 16,722 - 16,722 Aftermarket parts and accessories sales 5,555 56,292 8,250 - 70,097 Total sales $ 135,635 $ 211,066 $ 98,226 $ - $ 444,927 Depreciation and amortization expense $ 636 $ 2,586 $ 363 $ 2,157 $ 5,742 Operating income (loss) (9,911 ) 21,647 5,405 (9,481 ) 7,660 Segment assets 75,086 76,818 32,391 76,953 261,248 Capital expenditures 1,070 1,760 4,690 1,779 9,299 Emergency Response Vehicles Fleet Vehicles & Services Specialty Chassis & Vehicles Other Consolidated Emergency response vehicle sales $ 146,485 $ - $ - $ - $ 146,485 Fleet vehicle sales - 138,596 - - 138,596 Motor home chassis sales - - 75,430 - 75,430 Other specialty chassis and vehicle sales - - 10,829 - 10,829 Aftermarket parts and accessories sales 4,737 23,371 10,319 - 38,427 Total sales $ 151,222 $ 161,967 $ 96,578 $ - $ 409,767 Depreciation and amortization expense $ 707 $ 2,732 $ 299 $ 1,709 $ 5,447 Operating income (loss) (11,671 ) 10,006 4,806 (5,612 ) (2,471 ) Segment assets 84,758 83,945 34,129 45,653 248,485 Capital expenditures 885 706 577 1,435 3,603 |
Note 1 - General and Summary 24
Note 1 - General and Summary of Accounting Policies (Details Textual) - Accounting Standards Update 2015-17 [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Year Ended December 31, 2015 [Member] | Reclassification from Current Deferred Tax Assets to Noncurrent Deferred Tax Assets [Member] | ||
Prior Period Reclassification Adjustment | $ 3,164 | |
Year Ended December 31, 2015 [Member] | Reclassification from Deferred Tax Liabilities to Noncurrent Deferred Tax Assets [Member] | ||
Prior Period Reclassification Adjustment | $ 2,520 | |
Increase (Decrease) in Operating Assets | $ (2,520) | |
Increase (Decrease) in Current Assets | (3,164) | |
Increase (Decrease) in Other Assets | 644 | |
Increase (Decrease) in Operating Liabilities | $ (2,520) |
Note 2 - Inventories (Details T
Note 2 - Inventories (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Other Inventory, Demo, Gross | $ 4,125 | $ 2,857 |
Note 2 - Inventories - Summary
Note 2 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Finished goods | $ 11,263 | $ 16,812 |
Work in process | 19,235 | 11,691 |
Raw materials and purchased components | 40,801 | 35,285 |
Reserve for slow-moving inventory | (3,339) | (3,230) |
Total inventory | $ 67,960 | $ 60,558 |
Note 3 - Restructuring - Restru
Note 3 - Restructuring - Restructuring Charges Included in Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Emergency Response Vehicles [Member] | Inventory Impairment [Member] | ||||
Restructuring charges | $ 9 | $ 290 | ||
Emergency Response Vehicles [Member] | Production Relocation Costs [Member] | ||||
Restructuring charges | 83 | 83 | 174 | |
Emergency Response Vehicles [Member] | Manufacturing Process Reengineering [Member] | ||||
Restructuring charges, general and admininstrative | 221 | 453 | 788 | 1,965 |
Emergency Response Vehicles [Member] | ||||
Restructuring charges | 83 | 9 | 83 | 464 |
Total restructuring | 304 | 462 | 871 | 2,429 |
Restructuring charges | 83 | 9 | 83 | 464 |
Restructuring charges, general and admininstrative | $ 221 | $ 453 | $ 788 | $ 1,965 |
Note 4 - Commitments and Cont28
Note 4 - Commitments and Contingent Liabilities (Details Textual) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | 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 | 3,043,000 | $ 3,795,000 | |
Campaign and Recalls Outside Programs [Member] | |||
Inventory Recall Expense | 3,968,000 | ||
Change in Esitmated Liability [Member] | |||
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties | 2,089,000 | ||
Inventory Write-down | 0 | 1,217,000 | |
Letters of Credit Outstanding, Amount | 1,150,000 | 1,337,000 | |
Long-term Line of Credit | 0 | $ 0 | |
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties | $ 6,057,000 | $ 3,886,000 |
Note 4 - Commitments and Cont29
Note 4 - Commitments and Contingent Liabilities - Changes Warranty Liability (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Balance of accrued warranty | $ 16,610 | $ 9,237 |
Warranties issued during the period | 3,733 | 3,413 |
Cash settlements made during the period | (7,727) | (5,297) |
Changes in liability for pre-existing warranties during the period, including expirations | 6,057 | 3,886 |
Balance of accrued warranty | $ 18,673 | $ 11,239 |
Note 5 - Earnings (Loss) Per 30
Note 5 - Earnings (Loss) Per Share - Reconciliation of Basic Weighted Average Common Shares Outstanding to Diluted Weighted Average Shares Outstanding (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Employee Stock Option [Member] | ||||
Effect of dilutive stock options (in shares) | ||||
Anti-dilutive stock awards (in shares) | ||||
Restricted Stock [Member] | ||||
Anti-dilutive stock awards (in shares) | 405 | 408 | ||
Basic weighted average common shares outstanding (in shares) | 34,439 | 33,885 | 34,406 | 33,806 |
Diluted weighted average common shares outstanding (in shares) | 34,439 | 33,885 | 34,406 | 33,806 |
Anti-dilutive stock awards (in shares) | 405 | 408 |
Note 6 - Taxes (Details Textual
Note 6 - Taxes (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Effective Income Tax Rate Reconciliation, Percent | (4.30%) | (894.50%) | (0.10%) | (185.20%) |
Note 7 - Shareholders' Equity32
Note 7 - Shareholders' Equity (Details Textual) - shares shares in Millions | Apr. 30, 2016 | Oct. 31, 2011 |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 1 | 1 |
Note 7 - Shareholders' Equity -
Note 7 - Shareholders' Equity - Summary of Stock Repurchased and Retired (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Apr. 30, 2016 | Oct. 31, 2011 | |
October, 2011 [Member] | ||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 1,000 | 1,000 | ||||
Shares purchased (in shares) | 422 | |||||
Purchase and retirement of common stock | $ 2,000 | |||||
April, 2016 [Member] | ||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 1,000 | 1,000 | ||||
Shares purchased (in shares) | ||||||
Purchase and retirement of common stock | ||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 1,000 | 1,000 | ||||
Purchase and retirement of common stock | $ (2,000) |
Note 8 - Business Segments (Det
Note 8 - Business Segments (Details Textual) | 9 Months Ended |
Sep. 30, 2016 | |
Number of Reportable Segments | 3 |
Note 8 - Business Segments - Se
Note 8 - Business Segments - Segment Reporting Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Emergency Response Vehicles [Member] | Emergency Response Vehicles [Member] | |||||
Revenues | $ 40,185,000 | $ 42,030,000 | $ 130,080,000 | $ 146,485,000 | |
Emergency Response Vehicles [Member] | Delivery And Service Vehicles [Member] | |||||
Revenues | |||||
Emergency Response Vehicles [Member] | Other Segments [Member] | |||||
Revenues | |||||
Emergency Response Vehicles [Member] | Specialty Chassis and Vehicles [Member] | |||||
Revenues | |||||
Emergency Response Vehicles [Member] | |||||
Revenues | 40,185,000 | 42,030,000 | 130,080,000 | 146,485,000 | |
Fleet Vehicle Sales [Member] | Emergency Response Vehicles [Member] | |||||
Revenues | |||||
Fleet Vehicle Sales [Member] | Delivery And Service Vehicles [Member] | |||||
Revenues | 57,422,000 | 45,526,000 | 154,774,000 | 138,596,000 | |
Fleet Vehicle Sales [Member] | Other Segments [Member] | |||||
Revenues | |||||
Fleet Vehicle Sales [Member] | Specialty Chassis and Vehicles [Member] | |||||
Revenues | |||||
Fleet Vehicle Sales [Member] | |||||
Revenues | 57,422,000 | 45,526,000 | 154,774,000 | 138,596,000 | |
Motorhome Chassis [Member] | Emergency Response Vehicles [Member] | |||||
Revenues | |||||
Motorhome Chassis [Member] | Delivery And Service Vehicles [Member] | |||||
Revenues | |||||
Motorhome Chassis [Member] | Other Segments [Member] | |||||
Revenues | |||||
Motorhome Chassis [Member] | Specialty Chassis and Vehicles [Member] | |||||
Revenues | 22,344,000 | 32,367,000 | 73,254,000 | 75,430,000 | |
Motorhome Chassis [Member] | |||||
Revenues | 22,344,000 | 32,367,000 | 73,254,000 | 75,430,000 | |
Other Specialty Vehicles [Member] | Emergency Response Vehicles [Member] | |||||
Revenues | |||||
Other Specialty Vehicles [Member] | Delivery And Service Vehicles [Member] | |||||
Revenues | |||||
Other Specialty Vehicles [Member] | Other Segments [Member] | |||||
Revenues | |||||
Other Specialty Vehicles [Member] | Specialty Chassis and Vehicles [Member] | |||||
Revenues | 4,091,000 | 2,388,000 | 16,722,000 | 10,829,000 | |
Other Specialty Vehicles [Member] | |||||
Revenues | 4,091,000 | 2,388,000 | 16,722,000 | 10,829,000 | |
Aftermarket Parts and Accessories Sales [Member] | Emergency Response Vehicles [Member] | |||||
Revenues | 1,934,000 | 1,637,000 | 5,555,000 | 4,737,000 | |
Aftermarket Parts and Accessories Sales [Member] | Delivery And Service Vehicles [Member] | |||||
Revenues | 20,537,000 | 8,711,000 | 56,292,000 | 23,371,000 | |
Aftermarket Parts and Accessories Sales [Member] | Other Segments [Member] | |||||
Revenues | |||||
Aftermarket Parts and Accessories Sales [Member] | Specialty Chassis and Vehicles [Member] | |||||
Revenues | 2,151,000 | 3,913,000 | 8,250,000 | 10,319,000 | |
Aftermarket Parts and Accessories Sales [Member] | |||||
Revenues | 24,622,000 | 14,261,000 | 70,097,000 | 38,427,000 | |
Emergency Response Vehicles [Member] | |||||
Revenues | 42,119,000 | 43,667,000 | 135,635,000 | 151,222,000 | |
Depreciation and amortization | 217,000 | 263,000 | 636,000 | 707,000 | |
Operating income (loss) | (3,837,000) | (5,627,000) | (9,911,000) | (11,671,000) | |
Capital expenditures | 387,000 | 119,000 | 1,070,000 | 885,000 | |
Segment assets | 75,086,000 | 84,758,000 | 75,086,000 | 84,758,000 | |
Delivery And Service Vehicles [Member] | |||||
Revenues | 77,959,000 | 54,237,000 | 211,066,000 | 161,967,000 | |
Depreciation and amortization | 874,000 | 928,000 | 2,586,000 | 2,732,000 | |
Operating income (loss) | 9,598,000 | 4,064,000 | 21,647,000 | 10,006,000 | |
Capital expenditures | 140,000 | 200,000 | 1,760,000 | 706,000 | |
Segment assets | 76,818,000 | 83,945,000 | 76,818,000 | 83,945,000 | |
Other Segments [Member] | |||||
Revenues | |||||
Depreciation and amortization | 962,000 | 576,000 | 2,157,000 | 1,709,000 | |
Operating income (loss) | (4,021,000) | (1,307,000) | (9,481,000) | (5,612,000) | |
Capital expenditures | 539,000 | 549,000 | 1,779,000 | 1,435,000 | |
Segment assets | 76,953,000 | 45,653,000 | 76,953,000 | 45,653,000 | |
Specialty Chassis and Vehicles [Member] | |||||
Revenues | 28,586,000 | 38,668,000 | 98,226,000 | 96,578,000 | |
Depreciation and amortization | 125,000 | 105,000 | 363,000 | 299,000 | |
Operating income (loss) | 852,000 | 2,412,000 | 5,405,000 | 4,806,000 | |
Capital expenditures | 2,439,000 | 260,000 | 4,690,000 | 577,000 | |
Segment assets | 32,391,000 | 34,129,000 | 32,391,000 | 34,129,000 | |
Revenues | 148,664,000 | 136,572,000 | 444,927,000 | 409,767,000 | |
Depreciation and amortization | 2,178,000 | 1,872,000 | 5,742,000 | 5,447,000 | |
Operating income (loss) | 2,592,000 | (458,000) | 7,660,000 | (2,471,000) | |
Capital expenditures | 3,505,000 | 1,128,000 | 9,299,000 | 3,603,000 | |
Segment assets | $ 261,248,000 | $ 248,485,000 | $ 261,248,000 | $ 248,485,000 | $ 228,151,000 |
Note 9 - Subsequent Events (Det
Note 9 - Subsequent Events (Details Textual) | Oct. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) |
Federal Funds Effective Swap Rate [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | Wells Fargo, JPMorgan Chase Bank, N.A.and PNC Bank [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||
One Month Adjusted LIBOR [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | Wells Fargo, JPMorgan Chase Bank, N.A.and PNC Bank [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||
Revolving Credit Facility [Member] | Subsequent Event [Member] | Wells Fargo, JPMorgan Chase Bank, N.A.and PNC Bank [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000,000 | ||
Debt Instrument, Term | 3 years | ||
Line of Credit Facility, Potential Increase Borrowing Capacity | $ 35,000,000 | ||
Line of Credit Facility, Number of Successive Periods in Renewal Option | 2 | ||
Line of Credit Facility, Term of Successive Periods in Renewal Option | 1 year | ||
Letter of Credit [Member] | Subsequent Event [Member] | Wells Fargo, JPMorgan Chase Bank, N.A.and PNC Bank [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000,000 | ||
Letter of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000,000 | ||
Swing Line Loans [Member] | Subsequent Event [Member] | Wells Fargo, JPMorgan Chase Bank, N.A.and PNC Bank [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 15,000,000 | ||
Subsequent Event [Member] | Series B Senior Note [Member] | |||
Repayments of Unsecured Debt | $ 5,000,000 | ||
Long-term Line of Credit | $ 0 | $ 0 |