Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 28, 2020 | Jun. 28, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | SPARTAN MOTORS INC | ||
Entity Central Index Key | 0000743238 | ||
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 Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 35,427,976 | ||
Entity Public Float | $ 372,242,152 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common stock, $.01 par value |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 19,349 | $ 27,439 |
Accounts receivable, less allowance of $228 and $99 | 58,874 | 68,009 |
Contract assets | 10,898 | 9,229 |
Inventories | 59,456 | 39,213 |
Other receivables – chassis pool agreements | 8,162 | |
Other current assets | 5,344 | 3,952 |
Current assets held for sale | 90,725 | 97,487 |
Total current assets | 252,808 | 245,329 |
Property, plant and equipment, net | 40,074 | 32,485 |
Right of use assets – operating leases | 32,147 | |
Goodwill | 43,632 | 22,367 |
Intangible assets, net | 54,061 | 5,011 |
Other assets | 2,295 | 2,261 |
Net deferred tax assets | 25,520 | 7,141 |
Noncurrent assets held for sale | 39,190 | |
TOTAL ASSETS | 450,537 | 353,784 |
Current liabilities: | ||
Accounts payable | 54,713 | 73,384 |
Accrued warranty | 5,694 | 4,407 |
Accrued compensation and related taxes | 15,841 | 7,678 |
Deposits from customers | 2,640 | 871 |
Operating lease liability | 5,162 | |
Other current liabilities and accrued expenses | 15,967 | 8,620 |
Short-term debt – chassis pool agreements | 8,162 | |
Current portion of long-term debt | 177 | 60 |
Current liabilities held for sale | 49,601 | 43,077 |
Total current liabilities | 157,957 | 138,097 |
Other non-current liabilities | 4,922 | 4,058 |
Long-term operating lease liability | 27,241 | |
Long-term debt, less current portion | 88,670 | 25,547 |
Total liabilities | 278,790 | 167,702 |
Commitments and contingent liabilities | ||
Shareholders' equity: | ||
Preferred stock, no par value: 2,000 shares authorized (none issued) | ||
Common stock, $0.01 par value; 80,000 shares authorized; 35,343 and 35,321 outstanding | 353 | 353 |
Additional paid in capital | 85,148 | 82,816 |
Retained earnings | 86,764 | 103,571 |
Total Spartan Motors, Inc. shareholders’ equity | 172,265 | 186,740 |
Non-controlling interest | (518) | (658) |
Total shareholders' equity | 171,747 | 186,082 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 450,537 | $ 353,784 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts receivable, allowance | $ 228 | $ 99 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, authorized (in shares) | 2,000 | 2,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 80,000 | 80,000 |
Common stock, outstanding (in shares) | 35,343 | 35,321 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Sales | $ 756,542 | $ 570,527 | $ 404,248 |
Cost of products sold | 639,509 | 497,370 | 341,176 |
Restructuring charges | 6 | 13 | 120 |
Gross profit | 117,027 | 73,144 | 62,952 |
Operating expenses: | |||
Research and development | 4,864 | 3,771 | 3,596 |
Selling, general and administrative | 64,473 | 46,206 | 39,329 |
Restructuring charges | 76 | 649 | 678 |
Total operating expenses | 69,413 | 50,626 | 43,603 |
Operating income | 47,614 | 22,518 | 19,349 |
Other income (expense): | |||
Interest expense | (1,839) | (1,080) | (98) |
Interest and other income | 1,370 | 12 | 602 |
Total other (expense) income | (469) | (1,068) | 504 |
Income from continuing operations before income taxes | 47,145 | 21,450 | 19,853 |
Income tax expense | 10,355 | 3,334 | 2,382 |
Income from continuing operations | 36,790 | 18,116 | 17,471 |
(Loss) income from discontinued operations, net of income taxes | (49,216) | (3,104) | (1,537) |
Net (loss) income | (12,426) | 15,012 | 15,934 |
Less: net income (loss) attributable to non-controlling interest | 140 | (1) | |
Net (loss) income attributable to Spartan Motors, Inc. | $ (12,566) | $ 15,012 | $ 15,935 |
Basic earnings per share | |||
Continuing operations, Basic (in dollars per share) | $ 1.03 | $ 0.52 | $ 0.50 |
Discontinued operations, Basic (in dollars per share) | (1.39) | (0.09) | (0.04) |
Basie earnings per share (in dollars per share) | (0.36) | 0.43 | 0.46 |
Diluted earnings per share | |||
Continuing operations, Diluted (in dollars per share) | 1.03 | 0.52 | 0.50 |
Discontinued operations, Diluted (in dollars per share) | (1.39) | (0.09) | (0.04) |
Diluted earnings per share (in dollars per share) | $ (0.36) | $ 0.43 | $ 0.46 |
Basic weighted average common shares outstanding (in shares) | 35,318 | 35,187 | 34,949 |
Diluted weighted average common shares outstanding (in shares) | 35,416 | 35,187 | 34,949 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - 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, 2016 | 34,383 | ||||
Balance at Dec. 31, 2016 | $ 344 | $ 76,837 | $ 76,428 | $ (657) | $ 152,952 |
Issuance of common stock related to stock incentive plan transactions (in shares) | 29 | ||||
Issuance of common stock related to stock incentive plan transactions | (645) | (645) | |||
Dividends declared | (3,508) | (3,508) | |||
Issuance of restricted stock, net of cancellation (in shares) | 685 | ||||
Issuance of restricted stock, net of cancellation | $ 7 | (7) | |||
Stock-based compensation expense | 3,536 | 3,536 | |||
Net (loss) income | 15,935 | (1) | 15,934 | ||
Balance (in shares) at Dec. 31, 2017 | 35,097 | ||||
Balance at Dec. 31, 2017 | $ 351 | 79,721 | 88,855 | (658) | 168,269 |
Transition adjustment for adoption of new revenue recognition standard | 3,668 | 3,668 | |||
Balance, Adjusted | $ 351 | 79,721 | 92,523 | (658) | 171,937 |
Issuance of common stock related to stock incentive plan transactions (in shares) | 13 | ||||
Issuance of common stock related to stock incentive plan transactions | (2,670) | (2,670) | |||
Dividends declared | (3,516) | (3,516) | |||
Issuance of restricted stock, net of cancellation (in shares) | 54 | ||||
Issuance of restricted stock, net of cancellation | $ 1 | (1) | |||
Stock-based compensation expense | 4,027 | 4,027 | |||
Net (loss) income | 15,012 | $ 15,012 | |||
Purchase and retirement of common stock (in shares) | (90) | (90) | |||
Purchase and retirement of common stock | $ (1) | (207) | (448) | $ (656) | |
Issuance of common stock related to investment in subsidiary (in shares) | 247 | ||||
Issuance of common stock related to investment in subsidiary | $ 2 | 1,946 | 1,948 | ||
Transition adjustment for adoption of new lease standard | Accounting Standards Update 2016-02 [Member] | (113) | (113) | |||
Balance (in shares) at Dec. 31, 2018 | 35,321 | ||||
Balance at Dec. 31, 2018 | $ 353 | 82,816 | 103,571 | (658) | 186,082 |
Balance, Adjusted | $ 353 | 82,816 | 103,458 | (658) | 185,969 |
Issuance of common stock related to stock incentive plan transactions (in shares) | 28 | ||||
Issuance of common stock related to stock incentive plan transactions | (766) | (766) | |||
Dividends declared | (3,572) | (3,572) | |||
Issuance of restricted stock, net of cancellation (in shares) | 96 | ||||
Issuance of restricted stock, net of cancellation | $ 1 | (1) | |||
Stock-based compensation expense | 5,281 | 5,281 | |||
Net (loss) income | (12,566) | 140 | $ (12,426) | ||
Purchase and retirement of common stock (in shares) | (101) | (101) | |||
Purchase and retirement of common stock | $ (1) | (236) | (556) | $ (793) | |
Cancellation of common stock related to investment in subsidiary | (1,946) | (1,946) | |||
Balance (in shares) at Dec. 31, 2019 | 35,344 | ||||
Balance at Dec. 31, 2019 | $ 353 | $ 85,148 | $ 86,764 | $ (518) | $ 171,747 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Dividends declared (in dollars per share) | $ 0.10 | $ 0.10 | $ 0.10 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net (loss) income | $ (12,426) | $ 15,012 | $ 15,934 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities | |||
Depreciation and amortization | 11,180 | 10,370 | 9,937 |
Gain on disposal of assets | (14) | (13) | |
Impairment of goodwill and intangible assets | 13,856 | ||
Impairment of assets held for sale | 39,275 | ||
Accruals for warranty | 12,671 | 8,660 | 9,099 |
Expense from changes in fair value of contingent consideration | (693) | ||
Deferred income taxes | (18,225) | (755) | (3,974) |
Non-cash stock based compensation expense | 5,281 | 4,027 | 3,536 |
Decrease (increase) in operating assets, net of effects of acquisition: | |||
Accounts receivable | 22,812 | (22,490) | (18,576) |
Contract assets | (10,112) | (5,467) | |
Inventories | (14,783) | (24,340) | 42,920 |
Income taxes receivable | 1,287 | ||
Other assets | (709) | (658) | 851 |
Increase (decrease) in operating liabilities, net of effects of acquisition: | |||
Accounts payable | (20,404) | 35,297 | 5,366 |
Cash paid for warranty repairs | (11,818) | (10,838) | (13,854) |
Accrued compensation and related taxes | 7,737 | (2,789) | (1,530) |
Deposits from customers | 1,163 | 4,444 | (33,648) |
Other current liabilities and accrued expenses | 954 | 1,094 | 240 |
Other long-term liabilities | 291 | (345) | 1,725 |
Other | (1,235) | ||
Accrued income taxes | 8,687 | (2,503) | 2,716 |
Total adjustments | 46,607 | (6,986) | 6,082 |
Net cash provided by operating activities | 34,181 | 8,026 | 22,016 |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (10,042) | (8,985) | (5,340) |
Proceeds from sale of property, plant and equipment | 15 | 13 | |
Acquisition of business, net of cash acquired | (88,938) | (5,200) | (28,903) |
Net cash used in investing activities | (98,965) | (14,185) | (34,230) |
Cash flows from financing activities: | |||
Proceeds from long-term debt | 92,000 | 7,684 | 32,919 |
Payments on long-term debt | (30,175) | (66) | (15,070) |
Payment of contingent consideration on acquisitions | (701) | ||
Purchase and retirement of common stock | (793) | (656) | |
Net cash used in the exercise, vesting or cancellation of stock incentive awards | (766) | (2,670) | (645) |
Payment of dividends | (3,572) | (3,516) | (3,508) |
Net cash provided by financing activities | 56,694 | 75 | 13,696 |
Net (decrease) increase in cash and cash equivalents | (8,090) | (6,084) | 1,482 |
Cash and cash equivalents at beginning of year | 27,439 | 33,523 | 32,041 |
Cash and cash equivalents at end of year | $ 19,349 | $ 27,439 | $ 33,523 |
Note 1 - General and Summary of
Note 1 - General and Summary of Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | NOTE 1 Nature of Operations On February 1, 2020, $55,000 2 – Discontinued Operations On September 9, 2019, $89,369 On June 12, 2019, On December 17, 2018, $7,032, $5,200 $1,832 Principles of Consolidation Non-Controlling Interest At December 31, 2019, 50% not December 31, 2019, 80% Use of Estimates may Revenue Recognition may not may one not not one We have elected to utilize the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred because the amortization period for the prepaid costs that would have otherwise been deferred and amortized is one not 12 – Commitments and Contingent Liabilities not Revenue for parts sales for all segments is recognized at the time that control and risk of ownership has passed to the customer, which is generally when the ordered part is shipped to the customer. Historical return rates on parts sales have been immaterial. Accordingly, no For certain of our vehicles and chassis, we sell separately priced service contracts that provide roadside assistance or extend certain warranty coverage beyond our base warranty agreements. These separately priced contracts range from one six Distinct revenue recognition policies for our segments are as follows: Fleet Vehicles and Services Our walk-in vans and truck bodies are generally built on a chassis that is owned and controlled by the customer. Due to the customer ownership of the chassis, the performance obligation for these walk-in vans and truck bodies is satisfied as the vehicles are built. Accordingly, the revenue and corresponding cost of products sold associated with these contracts are recognized over time based on the inputs completed for a given performance obligation during the reporting period. Certain contracts will specify that a walk-in van or truck body is to be built on a chassis that we purchase and subsequently sell to the customer. The revenue on these contracts is recognized at the time that the performance obligation is satisfied, and control and risk of ownership has passed to the customer, which is generally upon shipment of the vehicle from our manufacturing facility to the customer or receipt of the vehicle by the customer, depending on contract terms. We have elected to treat shipping and handling costs subsequent to transfer of control as fulfillment activities and, accordingly, recognize these costs as the revenue is recognized. Revenue for upfit and field service contracts is recognized over time, as equipment is installed in the customer’s vehicle or as repairs and enhancements are made to the customer’s vehicles. Revenue and the corresponding cost of products sold is estimated based on the inputs completed for a given performance obligation. Our performance obligation for upfit and field service contracts is satisfied when the equipment installation or repairs and enhancements of the customer’s vehicle has been completed. Our receivables are generally collected in less than three Specialty Chassis and Vehicles We recognize revenue and the corresponding cost of products sold on the sale of motor home chassis when the performance obligation is completed and control and risk of ownership of the chassis has passed to our customer, which is generally upon shipment of the chassis to the customer. Revenue and the corresponding cost of products sold associated with other specialty chassis is recognized over time based on the inputs completed for a given performance obligation during the reporting period. Other specialty chassis are generally built on a chassis that is owned and controlled by the customer. Due to the customer ownership of the chassis, the performance obligations for other specialty chassis contracts are satisfied as the products are assembled. Our receivables will generally be collected in less than three Business Combinations may may not one Accounting for such acquisitions requires us to make significant assumptions and estimates and, although we believe any estimates and assumptions we make are reasonable and appropriate at the time they are made, unanticipated events and circumstances may may one Costs incurred to effect an acquisition, such as legal, accounting, valuation or other third Shipping and Handling of Products Cash and Cash Equivalents three Accounts Receivable not 30 60 90 10 25%. may may no Inventories first first may Contract Assets Property, Plant and Equipment 20 three 15 three seven three five may not 8 – Property, Plant and Equipment Assets and Liabilities Held for Sale one one We initially measure a disposal group that is classified as held for sale at the lower of its carrying value or fair value less costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not not Upon determining that a disposal group meets the criteria to be classified as held for sale, the Company reports the assets and liabilities of the disposal group, if material, in the line items assets held for sale and liabilities held for sale in the Consolidated Balance Sheets. Depreciation is not Additionally, we report the reporting results for a disposal group in discontinued operations separately from continuing operations to distinguish the financial impact of disposal transactions from ongoing operations if the disposal represents a strategic shift that has or will have a major effect on our operations and financial results. Related Party Transactions. one 19 – Related Party Transactions Goodwill and Other Intangible Assets not may not Other intangible assets with finite lives are amortized over their estimated useful lives and are tested for impairment whenever events or changes in circumstances indicate that their carrying amounts may not We perform our annual goodwill and indefinite lived intangible assets impairment test as of October 1 first not not not If we elect to bypass the qualitative assessment for a reporting unit, or if after completing the assessment we determine that it is more likely than not not We evaluate the recoverability of our indefinite lived intangible assets, which consists of our Utilimaster, Smeal and Royal Truck Body trade names, by comparing the estimated fair value of the trade names with their carrying values. We estimate the fair value of our trade names based on estimates of future royalty payments that are avoided through our ownership of the trade name, discounted to their present value. In determining the estimated fair value of the trade names, we consider current and projected future levels of sales based on our plans for Utilimaster, Smeal and Royal Truck Body branded products, business trends, prospects and market and economic conditions. Significant judgments inherent in these assessments and analyses include assumptions about macroeconomic and industry conditions, appropriate sales growth rates, WACC and the amount of expected future net cash flows. The judgments and assumptions used in the estimate of fair value are generally consistent with the projections and assumptions that are used in current operating plans. Such assumptions are subject to change because of changing economic and competitive conditions. The determination of fair value is highly sensitive to differences between estimated and actual cash flows and changes in the related discount rate used to evaluate the fair value of the reporting units and trade names. See “Note 2 – Discontinued Operations 8 10 7 – Goodwill and Intangible Assets Warranties 12 – Commitments and Contingent Liabilities Deposits from Customers Research and Development Taxes on Income not We establish valuation allowances for deferred income tax assets in accordance with GAAP, which provides that such valuation allowances shall be established unless realization of the income tax benefits is more likely than not. We recognize the tax benefit from an uncertain tax position only if it is more likely than not no not Interest and penalties attributable to income taxes are recorded as a component of income taxes. See "Note 10 – Taxes on Income Earnings Per Share 15 – Stock-Based Compensation 17 – Earnings Per Share Stock - B ased Compensation 15 – Stock Based Compensation Fair Value December 31, 2019 2018 Segment Reporting. two 18 – Business Segments Supplemental Disclosures of Cash Flow Information. $1,844, $630 $619 2019, 2018 2017. $4,942, $5,054 $0 2019, 2018 2017. 2018 $1,950, 2019, $1,832 3 – Acquisition Activities New Accounting Standards In December 2019, No. 2019 12 , Income Taxes (Topic 740 2019 12” 2019 12 740 740 December 15, 2020 2019 12 not In June 2016, 2016 13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments 2016 13” 2016 13 December 15, 2019 2016 13 not In February 2016, No. 2016 02, Leases 2016 02” 12 December 15, 2018, 2016 02 January 1, 2019 Adoption of Lease Accounting Policy 9 – Leases 2016 02 Except for the changes below, we have consistently applied the accounting policies to all periods presented in these consolidated financial statements. Adoption of Lease Accounting Policy We applied ASU 2016 02 842” January 1, 2019. not not January 1, 2019 $13,582 $675 $13,716 $696. $113, $42 not We determine if an arrangement is a lease at inception. Operating leases are included in ROU assets - operating leases, Operating lease liability, and Long-term operating lease liability on our Consolidated Balance Sheets. Finance leases are included in Other assets, Other current liabilities and accrued expenses and Other non-current liabilities on our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not We do not 12 We have lease agreements with lease and non-lease components, which are accounted for separately for leases related to real property. For leases related to personal property we account for lease and non-lease components associated with a lease as a single lease component. |
Note 2 - Discontinued Operation
Note 2 - Discontinued Operations | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | NOTE 2 On February 1, 2020, $55,000 December 31, 2019. December 31, 2019, 2018 2017. The Loss from discontinued operations presented in the Consolidated Statement of Operations for the years ended December 31, 2019, 2018 2017: Year Ended December 31, 2019 2018 2017 Sales $ 261,860 $ 245,637 $ 302,850 Cost of products sold 245,785 220,526 276,567 Gross profit 16,075 25,111 26,283 Operating expenses 28,864 31,516 29,461 Operating loss (12,789 ) (6,405 ) (3,178 ) Loss on asset impairments 53,131 - - Other income (expense) 1,021 2,228 (651 ) Loss from discontinued operations before taxes (64,899 ) (4,177 ) (3,829 ) Income tax benefit 15,683 1,073 2,292 Net loss from discontinued operations $ (49,216 ) $ (3,104 ) $ (1,537 ) In the annual goodwill and intangible assets impairment test as of October 1, 2019, 2019 $13,856 December 31, 2019, $39,275 $3,604. December 31, 2019 2018. December 31, December 31, 2019 (1) 2018 (1) Assets: Accounts receivable, net $ 30,760 $ 38,792 Contract assets 36,740 26,798 Inventories 32,329 30,779 Other current assets 1,142 1,118 Property, plant and equipment, 21,967 24,082 Right of use assets – operating leases 5,960 - Goodwill - 11,456 Intangible assets 1,050 3,600 Other noncurrent assets 52 52 Impairment of carrying value (39,275 ) - Total assets held for sale $ 90,725 $ 136,677 December 31, December 31, 2019 (1) 2018 (1) Liabilities: Accounts payable 4,213 3,015 Accrued warranty 11,347 11,683 Accrued compensation and related taxes 3,047 2,842 Deposits from customers 21,409 21,761 Operating lease liability 727 - Other current liabilities 3,495 3,776 Long-term operating lease liability 5,363 - Total liabilities held for sale $ 49,601 $ 43,077 ( 1 December 31, 2019, December 31, 2018, $97,487 $39,190, $43,077. Total depreciation and amortization and capital expenditures for the discontinued operations for the years ended December 31, 2019, 2018 2017: Year Ended December 31, 2019 2018 2017 Depreciation and amortization $ 5,106 $ 4,156 $ 3,905 Capital expenditures $ 2,431 $ 4,332 $ 1,364 |
Note 3 - Acquisition Activities
Note 3 - Acquisition Activities | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 3 – ACQUISITION ACTIVITIES 2019 On September 9, 2019, $89,369 $89,369 $175,000 August 8, 2018. September 9, 2019 $17,073 $2,382 December 31, 2019. Royal is a leading California-based designer, manufacturer and installer of service truck bodies and accessories. Royal manufactures and assembles truck body options for various trades, service truck bodies, stake body trucks, contractor trucks, and dump bed trucks. Royal is the largest service body company in the western United States with its principal facility in Carson, California. Royal has additional manufacturing, assembly, and service space in branch locations in Union City and Roseville, California; Mesa, Arizona; and Dallas and Weatherford, Texas. This acquisition allows us to quickly expand our footprint in the western United States supporting our strategy of coast-to-coast manufacturing and distribution. Royal is part of our Specialty Chassis & Vehicle segment. During the year ended 2019, $1,691 18 – Business Segments. Purchase Price Allocation This acquisition was accounted for using the acquisition method of accounting with the purchase price allocated to the assets purchased and liabilities assumed based upon their estimated fair values at the date of acquisition. Identifiable intangible assets include customer relationships, trade names and trademarks, patented technology and non-competition agreements. The preliminary excess of the purchase price over the estimated fair values of the net tangible and intangible assets acquired of $27,476 The fair value of the net assets acquired was based on a preliminary valuation and the estimates and assumptions are subject to change within the measurement period. The Company is working with the buyer to finalize the working capital adjustments which may no one The preliminary allocation of purchase price to assets acquired and liabilities assumed was as follows: Cash and cash equivalents $ 431 Accounts receivable, less allowance 5,019 Contract assets 1,499 Inventory 6,453 Other receivables – chassis pool agreements 10,424 Property, plant and equipment, net 4,980 Right of use assets-operating leases 12,767 Intangible assets 47,150 Goodwill 27,476 Total assets acquired 116,199 Accounts payable 1,658 Customer prepayments 255 Accrued warranty 98 Operating lease liabilities 1,693 Accrued compensation and related taxes 569 Other current liabilities and accrued expenses 30 Short-term debt – chassis pool agreements 10,424 Long-term operating lease liability 11,074 Long-term debt, less current portion 1,029 Total liabilities assumed 26,830 Total purchase price $ 89,369 Goodwill Assigned Intangible assets totaling $47,150 Amount Useful Life (in years) Customer relationships $ 30,000 15 Trade names and trademarks 13,000 Indefinite Patented technology 2,200 8 Non-competition agreements 1,950 5 $ 47,150 The Company amortizes the customer relationships utilizing an accelerated approach and patented technology and non-competition agreements assets utilizing a straight-line approach. Amortization expense, including the intangible assets preliminarily recorded from the Royal acquisition, is $666 2019, $2,665, $2,665, $3,162, $3,072 2020 2023, Goodwill consists of operational synergies that are expected to be realized in both the short and long-term and the opportunity to enter into new markets which will enable us to increase value to our customers and shareholders. Key areas of expected cost savings include an expanded dealer network, complementary product portfolios and manufacturing and supply chain work process improvements. Pro Forma Results (Unaudited) The following table provides unaudited pro forma net sales and results of operations for the years ended December 31, 2019 2018. not not Year ended December 31, 2019 2018 Pro forma results of operations from continuing operations Net sales $ 789,585 $ 612,337 Net income $ 36,760 $ 19,158 Diluted earnings per share $ 1.04 $ 0.54 2018 On December 17, 2018, Purchase Price Allocation The total purchase price paid for our acquisition of SRUS was $7,032 $5,200 $1,832 This acquisition was accounted for using the acquisition method of accounting, which requires the purchase price to be allocated to the assets purchased and liabilities assumed based upon their estimated fair values at the date of acquisition. The excess of the estimated purchase price over the preliminary estimated fair values of the net tangible and intangible assets acquired of $195 2019, $6,211 no one The allocation of purchase price to assets acquired and liabilities assumed was as follows: Accounts receivable $ 1,165 Inventory 893 Other current assets 3 Property, plant and equipment 1,911 Other Assets 192 Intangible assets 3,100 Goodwill 195 Total assets acquired 7,459 Accounts payable 382 Other current liabilities 45 Total liabilities assumed 427 Total purchase price $ 7,032 Contingent Consideration Pursuant to the purchase agreement, the former owners of the SRUS business may 2021 $3,250. 2019 2021 $1,832 |
Note 4 - Revenue
Note 4 - Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 4 Contract Assets and Liabilities The tables below disclose changes in contract assets and liabilities as of the periods indicated. December 31, 2019 December 31, 2018 Contract Assets Contract assets, beginning of year $ 9,229 $ 5,200 Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional (9,229 ) (5,200 ) Contract assets recognized, net of reclassification to receivables 10,898 9,229 Contract assets, end of year 10,898 9,229 Contract Liabilities Contract liabilities, beginning of year 871 201 Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied (871 ) (201 ) Cash received in advance and not recognized as revenue 2,640 871 Contract liabilities, end of year 2,640 871 The aggregate amount of the transaction price allocated to remaining performance obligations in existing contracts that are yet to be completed in the Fleet Vehicles and Services ("FVS") and Specialty Chassis and Vehicles ("SCV") segments are $305,796 $ 30,777 one December 31, 2019. In the following tables, revenue is disaggregated by primary geographical market and timing of revenue recognition for the years ended December 31, 2019, 2018 2017. Year Ended December 31, 2019 FVS SCV Total Reportable Segments Other Total Primary geographical markets United States $ 554,691 $ 185,768 $ 740,459 $ (5,278 ) $ 735,181 Other 21,203 158 21,361 - 21,361 Total sales $ 575,894 $ 185,926 $ 761,820 $ (5,278 ) $ 756,542 Timing of revenue recognition Products transferred at a point in time $ 164,437 $ 137,894 $ 302,331 $ (5,278 ) $ 297,053 Products and services transferred over time 411,457 48,032 459,489 - 459,489 Total sales $ 575,894 $ 185,926 $ 761,820 $ (5,278 ) $ 756,542 Year Ended December 31, 2018 FVS SCV Total Reportable Segments Other Total Primary geographical markets United States $ 367,730 $ 191,814 $ 559,544 $ (10,221 ) $ 549,323 Other 19,819 1,385 21,204 - 21,204 Total sales $ 387,549 $ 193,199 $ 580,748 $ (10,221 ) $ 570,527 Timing of revenue recognition Products transferred at a point in time $ 113,576 $ 160,408 $ 273,984 $ (10,221 ) $ 263,763 Products and services transferred over time 273,973 32,791 306,764 - 306,764 Total sales $ 387,549 $ 193,199 $ 580,748 $ (10,221 ) $ 570,527 Year Ended December 31, 2017 FVS SCV Total Reportable Segments Other Total Primary geographical markets United States $ 238,267 $ 158,246 $ 396,513 $ (5,657 ) $ 390,856 Other 12,828 564 13,392 - 13,392 Total sales $ 251,095 $ 158,810 $ 409,905 $ (5,657 ) $ 404,248 Timing of revenue recognition Products transferred at a point in time $ 251,095 $ 158,810 $ 409,905 $ (5,657 ) $ 404,248 Products and services transferred over time - - - - - Total sales $ 251,095 $ 158,810 $ 409,905 $ (5,657 ) $ 404,248 |
Note 5 - Inventories
Note 5 - Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 5 – INVENTORIES Inventories are summarized as follows: December 31, 201 9 201 8 Finished goods $ 4,764 $ 5,347 Work in process 1,773 2,190 Raw materials and purchased components 57,679 33,418 Reserve for slow-moving inventory (4,760 ) (1,742 ) Total Inventory $ 59,456 $ 39,213 |
Note 6 - Restructuring Charges
Note 6 - Restructuring Charges | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | N OTE 6 – RESTRUCTURING CHARGES We have incurred restructuring charges for a company-wide initiative to streamline operations. Restructuring charges included in our Consolidated Statements of Operations for the years ended December 31, 2019, 2018 2017, December 31, 2019 2018 2017 FVS $ - $ - $ 644 SCV 82 180 109 Other - 482 45 Total restructuring charges $ 82 $ 662 $ 798 The following table summarizes the compensation related charges incurred under these initiatives through year ended December 31, 2019. Severance 2019 Severance 2018 Accrual balance January 1, $ 199 $ 12 Accrual for severance - 665 Payments and adjustments made in period (199 ) (478 ) Accrual balance December 31, $ - $ 199 |
Note 7 - Goodwill and Intangibl
Note 7 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 7 – GOODWILL AND INTANGIBLE ASSETS Goodwill We test goodwill for impairment at the reporting unit level on an annual basis as of October 1, not 1– General and Summary of Accounting Policies As described in "Note 3 Acquisition Activities December 31, 2019 2018, October 1, 2019 337% 67%, October 1, 2019. As discussed in "Note 1 General and Summary of Accounting Policies The change in the carrying amount of goodwill for the year ended December 31, 2019 2018 FVS SCV Total December 31, December 31, December 31, 2019 2018 2019 2018 2019 2018 Goodwill, beginning of year $ 21,729 $ 15,323 $ 638 $ 638 $ 22,367 $ 15,961 Acquisition and measurement period adjustments (6,211 ) 6,406 27,476 - 21,265 6,406 Goodwill, end of year $ 15,518 $ 21,729 $ 28,114 $ 638 $ 43,632 $ 22,367 Other Intangible Assets At December 31, 2019, not At December 31, 2019, 15 eight five not We evaluate the recoverability of our indefinite lived intangible assets, which, as of October 1, 2019, September 9, 2019, October 1, 2019, not not The following table provides information regarding our other intangible assets: As of December 31, 2019 As of December 31, 2018 Gross carrying amount Accumulated amortization Net Gross carrying amount Accumulated amortization Net Customer relationships $ 37,570 $ 4,943 $ 32,627 $ 6,170 $ 4,029 $ 2,141 Acquired product development project 1,860 1,860 - 1,860 1,860 - Patented technology 2,200 69 2,131 - - - Non-compete agreements 2,950 617 2,333 400 400 - Backlog 320 320 - 320 320 - Trade Names 16,970 - 16,970 2,870 - 2,870 $ 61,870 $ 7,809 $ 54,061 $ 11,620 $ 6,609 $ 5,011 We recorded $1,200, $320 $683 2019, 2018 2017. The estimated remaining amortization associated with finite-lived intangible assets is expected to be expensed as follows: Amount 2020 $ 3,151 2021 3,127 2022 3,624 2023 3,511 2024 3,181 Thereafter 20,496 Total $ 37,090 |
Note 8 - Property, Plant and Eq
Note 8 - Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 8 Property, plant and equipment are summarized by major classifications as follows: December 31, 201 9 201 8 Land and improvements $ 8,692 $ 7,791 Buildings and improvements 38,653 36,087 Plant machinery and equipment 33,348 27,267 Furniture and fixtures 21,416 19,947 Vehicles 1,872 1,558 Construction in process 3,527 1,157 Subtotal 107,508 93,807 Less accumulated depreciation (67,434 ) (61,322 ) Total property, plant and equipment, net $ 40,074 $ 32,485 We recorded depreciation expense of $5,892, $6,393 $5,994 2019, 2018 2017. no 2019 2018. |
Note 9 - Leases
Note 9 - Leases | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | NOTE 9 We have operating and finance leases for land, buildings and certain equipment. Our leases have remaining lease terms of one 17 10 not December 31, 2019, 14 Debt $4,146, $2,794 $2,196 December 31, 2019, 2018 2017. Operating lease expenses are classified as cost of products sold and operating expenses on the Consolidated Statements of Operations. The components of lease expense were as follows: Year ended December 31, 2019 Operating leases $ 3,928 Short-term leases (1) 218 Total lease expense $ 4,146 ( 1 not one The weighted average remaining lease term and weighted average discount rate were as follows: Year ended December 31, 2019 Weighted average remaining lease term of operating leases (in years) 8.4 Weighted average discount rate of operating leases 3.8 % Supplemental cash flow information related to leases was as follows: Year ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow for operating leases $ 4,544 Right of use assets obtained in exchange for lease obligations: Operating leases $ 10,493 Finance leases $ - Maturities of operating lease liabilities as of December 31, 2019 Years ending December 31: 2020 $ 5,937 2021 5,054 2022 4,614 2023 4,619 2024 4,390 Thereafter 13,337 Total lease payments 37,951 Less: imputed interest 5,622 Total lease liabilities $ 32,329 |
Note 10 - Taxes on Income
Note 10 - Taxes on Income | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 10 Income taxes consist of the following: Year Ended December 31, 2019 2018 2017 Taxes on income from continuing operations $ 10,355 $ 3,334 $ 2,382 Income tax benefits from discontinued operations (15,683 ) (1,073 ) (2,292 ) Total taxes on income $ (5,328 ) $ 2,261 $ 90 Income taxes from continuing operations consist of the following: Year Ended December 31, 201 9 201 8 201 7 Current (benefit): Federal $ 9,883 $ 2,819 $ 5,831 State 1,664 758 240 Foreign 128 67 - Total current 11,675 3,644 6,071 Deferred (benefit): Federal (705 ) (316 ) (1,333 ) State (615 ) 6 (2,356 ) Total deferred (1,320 ) (310 ) (3,689 ) Total taxes on income $ 10,355 $ 3,334 $ 2,382 On December 22, 2017, 35 21 December 31, 2017. 2017 not September 27, 2017, The SEC staff issued Staff Accounting Bulletin No. 118 118” 2017 118, In accordance with SAB 118, $2,963 December 31, 2017. 2018 2017 $373 2018 Differences between the expected income tax expense derived from applying the federal statutory income tax rate to earnings from continuing operations before taxes on income and the actual tax expense are as follows: Year Ended December 31, 201 9 201 8 201 7 Amount Percen - tage Amount Percen - tage Amount Percen - tage Federal income taxes at the statutory rate $ 9,901 21.0 % $ 4,505 21.0 % $ 6,949 35.0 % State tax expense, net of federal income tax benefit 577 1.2 486 2.3 416 2.1 Increase (decrease) in income taxes resulting from: Deferred income tax re-measurement due to Tax Act - - (373 ) (1.7 ) 2,963 14.9 Other deferred income tax adjustment (75 ) (0.2 ) 13 - 338 1.7 Non-deductible compensation 511 1.1 - - - - Other nondeductible expenses 115 0.2 91 0.4 98 0.5 Foreign derived intangible income deduction (45 ) (0.1 ) (35 ) (0.2 ) - - Domestic manufacturing deduction - - - - (465 ) (2.3 ) Stock based compensation (136 ) (0.3 ) (1,207 ) (5.6 ) (381 ) (1.9 ) Worthless stock deduction of dissolved subsidiary - - - - (966 ) (4.9 ) Forfeiture of state net operating loss and credit carry-forwards from dissolution of subsidiary - - - - 3,039 15.3 Foreign tax expense 128 0.3 67 0.3 - - Valuation allowance adjustment 135 0.3 60 0.3 (9,544 ) (48.0 ) Unrecognized tax benefit adjustment (61 ) (0.1 ) 332 1.6 206 1.0 Federal research and development (591 ) (1.3 ) (349 ) (1.6 ) (328 ) (1.7 ) Foreign tax credit (38 ) - (67 ) (0.3 ) - - Other (66 ) (0.1 ) (189 ) (0.9 ) 57 0.3 Total $ 10,355 22.0 % $ 3,334 15.6 % $ 2,382 12.0 % Temporary differences which give rise to deferred income tax assets (liabilities) are as follows: December 31, 2019 2018 Deferred income tax assets: Loss on asset impairment for discontinued operations $ 12,764 $ - Warranty reserve 3,782 3,257 Inventory costs and reserves 2,661 1,801 Contract assets 7,217 1,694 Stock-based compensation 1,195 984 Net operating loss carry-forwards, net of federal income tax benefit 449 723 Compensation related accruals 698 589 Credit carry-forwards net of federal income tax benefit 1,027 506 Other 916 611 Total deferred income tax assets $ 30,709 $ 10,165 Deferred income tax liabilities: Depreciation $ (2,666 ) $ (1,479 ) Intangible assets (1,974 ) (1,205 ) Prepaid expenses (295 ) (222 ) Total deferred income tax liabilities $ (4,935 ) $ (2,906 ) Net deferred income tax assets $ 25,774 $ 7,259 Valuation allowance (254 ) (118 ) Net deferred tax asset $ 25,520 $ 7,141 Based upon an assessment of the available positive and negative evidence at December 31, 2019, not At December 31, 2019 2018, $569 $915, 2020. December 31, 2019 2018, $1,300 $640, 2021. $0 $20 December 31, 2019 2018. A reconciliation of the change in the unrecognized tax benefits (“UTB”) for the three December 31, 2019, 2018 2017 2019 2018 2017 Balance at January 1, $ 827 $ 565 $ 345 Increase (decrease) related to prior year tax positions 103 35 168 Increase related to current year tax positions 578 319 118 Expiration of statute (238 ) (92 ) (66 ) Balance at December 31, $ 1,270 $ 827 $ 565 As of December 31, 2019, $1,270 $213 $1,483 $209 2019, $143 2018, $94 2017, As of December 31, 2019, no 2015 We also file tax returns in several states and those jurisdictions remain subject to audit in accordance with relevant state statutes. These audits can involve complex issues that may may not not twelve |
Note 11 - Transactions with Maj
Note 11 - Transactions with Major Customers | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 11 Major customers are defined as those with sales greater than 10 10% Year Number of major customers Combined percentage of consolidated sales Segment 2019 2 37.9 % FVS 2018 4 51.7 % FVS and SCV 2017 2 29.3 % SCV |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 1 2 Under the terms of our credit agreement with our banks, we have the ability to issue letters of credit totaling $20,000. $ 525 December 31, 2019 2018 At December 31, 2019, not Spartan-Gimaex Joint Venture In February 2015, June 2015, February 2017, 2019, no 10 may may not $216 December 31, 2019. 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 Certain warranty and other related claims involve matters of dispute that ultimately are resolved by negotiation, arbitration or litigation. Infrequently, a material warranty issue can arise which is beyond the scope of our historical experience. We provide for any such warranty issues as they become known and are estimable. It is reasonably possible that additional warranty and other related claims could arise from disputes or other matters beyond the scope of our historical experience. Changes in our warranty liability during the years ended December 31, 2019 2018 2019 2018 Balance of accrued warranty at January 1 $ 4,407 $ 4,340 Provisions for current period sales 4,383 2,537 Cash settlements (3,489 ) (3,013 ) Changes in liability for pre-existing warranties 295 543 Acquisitions 98 - Balance of accrued warranty at December 31 $ 5,694 $ 4,407 |
Note 13 - Defined Contribution
Note 13 - Defined Contribution Plans | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | NOTE 1 3 – DEFINED CONTRIBUTION PLANS We sponsor defined contribution retirement plans which cover all associates who meet length of service and minimum age requirements. Our matching contributions vest over 5 $1,654, $1,606 $676 2019, 2018 2017. |
Note 14 - Debt
Note 14 - Debt | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 1 4 Short-term debt consists of the following: December 31, December 31, Chassis pool agreements $ 8,162 $ - Total short-term debt $ 8,162 $ - Chassis Pool Agreements The Company obtains certain vehicle chassis for its walk-in vans, truck bodies and specialty vehicles directly from the chassis manufacturers under converter pool agreements. Chassis are obtained from the manufacturers based on orders from customers, and in some cases, for unallocated orders. The agreements generally state that the manufacturer will provide a supply of chassis to be maintained at the Company’s facilities with the condition that we will store such chassis and will not not not December 31, 2019, $8,162 Other receivables – chassis pool agreements and Short-term debt – chassis pool agreements 90 Long-term debt consists of the following: December 31, 9 December 31, 8 Line of credit revolver (1) $ 87,400 $ 25,460 Finance lease obligations 496 147 Other 951 - Total debt 88,847 25,607 Less current portion of long-term debt (177 ) (60 ) Total long-term debt $ 88,670 $ 25,547 ( 1 On August 8, 2018, May 14, 2019, September 9, 2019 September 25, 2019 As a result, at December 31, 2019, may $175,000 August 8, 2023. may $50,000 $20,000 $30,000, 0.5%, one 1.0%; 3.7500% one 1.25% December 31, 2019. Under the terms of our Credit Agreement, we have the ability to issue letters of credit totaling $20,000. December 31, 2019 2018, $ 525 Under the terms of our Credit Agreement, we are required to maintain certain financial ratios and other financial covenants, which limited our available borrowings (exclusive of outstanding borrowings) under our line of credit to a total of approximately $60,499 $86,410 December 31, 2019 2018, December 31, 2019 December 31, 2018, Concurrent with the close of the sale of the ERV business and effective January 31, 2020, fourth not fourth |
Note 15 - Stock Based Compensat
Note 15 - Stock Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 15 We have stock incentive plans covering certain employees and non-employee directors. Shares reserved for stock awards under these plans total 2,856,250. 1,412,446 December 31, 2019. 2016. Restricted Stock We issue restricted stock, at no may not three five We receive an excess tax benefit or liability during the period the restricted shares vest. The excess tax benefit (liability) is determined by the excess (shortfall) of the market price of the stock on date of vesting over (under) the grant date market price used to amortize the awards to compensation expense. As required, any excess tax benefits or liabilities are reported in the Consolidated Statements of Cash Flows as operating cash flows. Restricted stock activity for the year ended December 31, 2019, Total (000) Weighted Weighted Non-vested shares outstanding at December 31, 2018 977 $ 7.97 Granted 279 9.38 Vested (467 ) 7.50 Forfeited (78 ) 12.13 Non-vested shares outstanding at December 31, 2019 711 $ 8.58 0.9 The weighted-average grant date fair value of non-vested shares granted was $9.38, $9.96 $7.65 December 31, 2019, 2018 2017. 2019, 2018 2017, $3,983, $4,027 $3,536, $759, $846 $1,238 2019, 2018 2017. December 31, 2019, 2018 2017, $3,507, $4,318 $1,356. December 31, 2019, $3,413 1.1 Performance Stock Units During the year ended December 31, 2019, 218,148 three After completion of the performance period, the number of performance units earned will be issued as shares of Common Stock. The aggregate number of shares of Common Stock that ultimately may not 0% 200% A dividend equivalent is calculated based on the actual number of units earned at the end of the performance period equal to the dividends that would have been payable on the earned units had they been held during the entire performance period as Common Stock. At the end of the performance period, the dividend equivalents are paid in the form of additional shares of Common Stock based on the then-current market value of the Common Stock. 87,260 2019 three may 0% 200% Additional paid-in capital $8.99. 130,888 2019 may 0% 200% Additional paid-in capital The fair value of the TSR PSUs was calculated using the Monte Carlo simulation model which resulted in the grant date fair value for these TSR PSUs of $13.71 The Monte Carlo simulation was computed using the following assumptions: Three-year risk-free interest rate (1) 2.37 % Expected term (in years) 2.7 Estimated volatility (2) 53.7 % ( 1 Based on the U.S. government bond benchmark on the grant date. ( 2 Represents the historical price volatility of the Company’s common stock for the three The total PSU expense and associated tax benefit for all outstanding awards for the year ended December 31, 2019 $642 $93, no December 31, 2018 2017. The PSU activity for the year ended December 31, 2019 Total Weighted- Average Grant Date Fair Value per Unit Non-vested as of December 31, 2018 - $ - Granted 218,148 11.82 Non-vested as of December 31, 2019 218,148 $ 11.82 As of December 31, 2019, $1,936 2.0 Restricted Stock Units During the year ended December 31, 2019, 182,333 three one Additional paid-in capital The RSU expense and associated tax benefit for all outstanding awards for the year ended December 31, 2019 $656 $130, no December 31, 2018 2017. As of December 31, 2019, $981 1.2 The RSU activity for the year ended December 31, 2019 Total Weighted- Average Grant Date Fair Value per Unit Non-vested as of December 31, 2018 - $ - Granted 182,333 8.98 Non-vested as of December 31, 2019 182,333 $ 8.98 Employee Stock Purchase Plan We instituted an employee stock purchase plan (“ESPP”) beginning on October 1, 2011 90% 750,000 February 24, 2021, December 31, 2019, 2018 2017, $231, $214 $98 22,000, 20,000 9,000 |
Note 16 - Shareholders Equity
Note 16 - Shareholders Equity | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 1 6 – SHAREHOLDERS EQUITY On April 28, 2016, one The following table represents our purchases of our common stock during the years ended December 31, 2019 2018 Year Ended December, 31 Shares purchased (000) Purchase value Remaining shares allowable to be purchased 2018 90 $ 656 910 2019 101 $ 793 809 |
Note 17 - Earnings Per Share
Note 17 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 1 7 – EARNINGS PER SHARE The table below reconciles basic weighted average common shares outstanding to diluted weighted average shares outstanding for 2019, 2018 2017 not not may Year Ended December 31, 2019 2018 2017 Basic weighted average common shares outstanding 35,318 35,187 34,949 Plus dilutive effect of Restricted Stock Units and Performance Stock Units 98 - - Diluted weighted average common shares outstanding 35,416 35,187 34,949 Antidilutive stock awards: Unvested restricted stock awards - - - |
Note 18 - Business Segments
Note 18 - Business Segments | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 1 8 We identify our reportable segments based on our management structure and the financial data utilized by our chief operating decision maker to assess segment performance and allocate resources among our operating units. We have two December 31, 2019. no We evaluate the performance of our reportable segments based on adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), which is a non-GAAP financial measure. This non-GAAP measure is calculated by excluding items that we believe to be infrequent or not fourth 2019, not Our FVS segment consists of our operations at our Bristol, Indiana location, and beginning in 2018 Our SCV 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. In addition, beginning in September 2019 The accounting policies of the segments are the same as those described, or referred to, in "Note 1 General and Summary of Accounting Policies not not Sales to customers outside the United States were $21,361, $21,204 $13,392 December 31, 2019, 2018 2017, 2.8%, 3.7% 3.3%, Sales and other financial information by business segment are as follows: Year Ended December 31, 201 9 Segment FVS SCV Eliminations and Other Consolidated Fleet vehicles sales $ 504,023 $ 5,278 $ (5,278 ) $ 504,023 Motor home chassis sales - 127,130 - 127,130 Other specialty vehicles sales - 43,067 - 43,067 Aftermarket parts and accessories sales 71,871 10,451 - 82,322 Total sales $ 575,894 $ 185,926 $ (5,278 ) $ 756,542 Depreciation and amortization expense $ 2,466 $ 2,104 $ 1,503 $ 6,073 Adjusted EBITDA 60,663 20,716 (17,334 ) 64,045 Segment assets 154,138 137,777 67,897 359,812 Capital expenditures 2,851 2,220 2,525 7,596 Year Ended December 31, 2018 Segment FVS SCV Eliminations and Other Consolidated Fleet vehicles sales $ 297,627 $ 10,221 $ (10,221 ) $ 297,627 Motor home chassis sales - 149,533 - 149,533 Other specialty vehicles sales - 22,570 - 22,570 Aftermarket parts and accessories sales 89,922 10,875 - 100,797 Total sales $ 387,549 $ 193,199 $ (10,221 ) $ 570,527 Depreciation and amortization expense $ 2,401 $ 1,495 $ 2,318 $ 6,214 Adjusted EBITDA 26,680 18,620 (9,915 ) 35,385 Segment assets 117,508 17,335 82,264 217,107 Capital expenditures 1,859 116 2,678 4,653 Year Ended December 31, 2017 Segment FVS SCV Eliminations and Other Consolidated Fleet vehicles sales $ 207,666 $ 5,657 $ (5,657 ) $ 207,666 Motor home chassis sales - 124,584 - 124,584 Other specialty vehicles sales - 18,416 - 18,416 Aftermarket parts and accessories sales 43,429 10,153 - 53,582 Total sales $ 251,095 $ 158,810 $ (5,657 ) $ 404,248 Depreciation and amortization expense $ 3,361 $ 1,314 $ 1,357 $ 6,032 Adjusted EBITDA 26,958 14,058 (9,344 ) 31,762 Segment assets 60,550 21,445 76,439 158,434 Capital expenditures 562 386 3,028 3,976 The table below presents the reconciliation of our consolidated income from continuing operations before taxes to total segment Adjusted EBITDA. Adjusted EBITDA is not not may not may not not Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Income from continuing operations before income taxes $ 47,145 $ 21,450 $ 19,853 Net (income) loss attributable to non-controlling interest (140 ) - 1 Interest expense 109 481 156 Depreciation and amortization expense 4,570 3,896 4,675 Restructuring and other related charges 82 176 746 Unallocated corporate expenses 29,613 19,297 15,585 Total segment adjusted EBITDA $ 81,379 $ 45,300 $ 41,016 |
Note 19 - Related Party Transac
Note 19 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 1 9 – RELATED PARTY TRANSACTIONS Angela Freeman, who serves on the Spartan Motors Board of Directors effective August 5, 2019, December 2018. August 5, 2019 December 31, 2019, $6,723. Richard Dauch, who serves on the Spartan Motors Board of Directors, was the Chief Executive Officer of Accuride, Inc. through January 6, 2019. December 31, 2018 2017, $799 $698 2019 January 6, 2019 not |
Note 20 - Subsequent Event
Note 20 - Subsequent Event | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 20 Effective February 1, 2020, $55,000, |
Note 21 - Quarterly Financial D
Note 21 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE 2 1 Summarized quarterly financial data for the years ended December 31, 2019 2018 2 Acquisition Activities February 1, 2020, may not 2019 Quarter Ended 2018 Quarter Ended Mar 31 June 30 Sept 30 Dec 31 Mar 31 June 30 Sept 30 Dec 31 Sales $ 172,206 $ 179,673 $ 224,703 $ 179,960 $ 106,325 $ 124,366 $ 165,920 $ 173,916 Gross profit 20,720 20,859 38,029 37,419 14,775 19,407 19,828 19,134 Operating expenses 14,767 14,608 20,915 19,123 12,124 13,812 11,438 13,252 Income from continuing operations 4,835 4,544 13,126 14,285 3,866 2,706 7,128 4,416 (Loss) income from discontinued operations, net of income taxes (3,298 ) (1,255 ) (2,711 ) (41,952 ) 328 1,034 (1,885 ) (2,581 ) Net income (loss) attributable to Spartan Motors, Inc. 1,397 3,504 10,354 (27,821 ) 4,194 3,740 5,243 1,835 Basic earnings (loss) per share Continuing operations 0.13 0.14 0.37 0.40 0.11 0.08 0.20 0.12 Discontinued operations (0.09 ) (0.04 ) (0.08 ) (1.19 ) 0.01 0.03 (0.05 ) (0.07 ) Basic earnings per share 0.04 0.10 0.29 (0.79 ) 0.12 0.11 0.15 0.05 Diluted earnings (loss) per share Continuing operations 0.13 0.14 0.37 0.40 0.11 0.08 0.20 0.12 Discontinued operations (0.09 ) (0.04 ) (0.08 ) (1.18 ) 0.01 0.03 (0.05 ) (0.07 ) Diluted earnings per share 0.04 0.10 0.29 (0.78 ) 0.12 0.11 0.15 0.05 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II Column A Column B Column C Column D Column E Additions Year ended December 31, 2019: Allowance for doubtful accounts $ 99 $ 415 $ - $ (286 ) $ 228 Year ended December 31, 2018: Allowance for doubtful accounts $ 98 $ 32 $ - $ (31 ) $ 99 Year ended December 31, 2017: Allowance for doubtful accounts $ 420 $ 78 $ - $ (400 ) $ 98 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Non-Controlling Interest At December 31, 2019, 50% not December 31, 2019, 80% |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates may |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition may not may one not not one We have elected to utilize the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred because the amortization period for the prepaid costs that would have otherwise been deferred and amortized is one not 12 – Commitments and Contingent Liabilities not Revenue for parts sales for all segments is recognized at the time that control and risk of ownership has passed to the customer, which is generally when the ordered part is shipped to the customer. Historical return rates on parts sales have been immaterial. Accordingly, no For certain of our vehicles and chassis, we sell separately priced service contracts that provide roadside assistance or extend certain warranty coverage beyond our base warranty agreements. These separately priced contracts range from one six Distinct revenue recognition policies for our segments are as follows: Fleet Vehicles and Services Our walk-in vans and truck bodies are generally built on a chassis that is owned and controlled by the customer. Due to the customer ownership of the chassis, the performance obligation for these walk-in vans and truck bodies is satisfied as the vehicles are built. Accordingly, the revenue and corresponding cost of products sold associated with these contracts are recognized over time based on the inputs completed for a given performance obligation during the reporting period. Certain contracts will specify that a walk-in van or truck body is to be built on a chassis that we purchase and subsequently sell to the customer. The revenue on these contracts is recognized at the time that the performance obligation is satisfied, and control and risk of ownership has passed to the customer, which is generally upon shipment of the vehicle from our manufacturing facility to the customer or receipt of the vehicle by the customer, depending on contract terms. We have elected to treat shipping and handling costs subsequent to transfer of control as fulfillment activities and, accordingly, recognize these costs as the revenue is recognized. Revenue for upfit and field service contracts is recognized over time, as equipment is installed in the customer’s vehicle or as repairs and enhancements are made to the customer’s vehicles. Revenue and the corresponding cost of products sold is estimated based on the inputs completed for a given performance obligation. Our performance obligation for upfit and field service contracts is satisfied when the equipment installation or repairs and enhancements of the customer’s vehicle has been completed. Our receivables are generally collected in less than three Specialty Chassis and Vehicles We recognize revenue and the corresponding cost of products sold on the sale of motor home chassis when the performance obligation is completed and control and risk of ownership of the chassis has passed to our customer, which is generally upon shipment of the chassis to the customer. Revenue and the corresponding cost of products sold associated with other specialty chassis is recognized over time based on the inputs completed for a given performance obligation during the reporting period. Other specialty chassis are generally built on a chassis that is owned and controlled by the customer. Due to the customer ownership of the chassis, the performance obligations for other specialty chassis contracts are satisfied as the products are assembled. Our receivables will generally be collected in less than three |
Business Combinations Policy [Policy Text Block] | Business Combinations may may not one Accounting for such acquisitions requires us to make significant assumptions and estimates and, although we believe any estimates and assumptions we make are reasonable and appropriate at the time they are made, unanticipated events and circumstances may may one Costs incurred to effect an acquisition, such as legal, accounting, valuation or other third |
Shipping and Handling of Products [Policy Text Block] | Shipping and Handling of Products |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents three |
Accounts Receivable [Policy Text Block] | Accounts Receivable not 30 60 90 10 25%. may may no |
Inventory, Policy [Policy Text Block] | Inventories first first may |
Contract Assets, Policy [Policy Text Block] | Contract Assets |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment 20 three 15 three seven three five may not 8 – Property, Plant and Equipment |
Discontinued Operations, Policy [Policy Text Block] | Assets and Liabilities Held for Sale one one We initially measure a disposal group that is classified as held for sale at the lower of its carrying value or fair value less costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not not Upon determining that a disposal group meets the criteria to be classified as held for sale, the Company reports the assets and liabilities of the disposal group, if material, in the line items assets held for sale and liabilities held for sale in the Consolidated Balance Sheets. Depreciation is not Additionally, we report the reporting results for a disposal group in discontinued operations separately from continuing operations to distinguish the financial impact of disposal transactions from ongoing operations if the disposal represents a strategic shift that has or will have a major effect on our operations and financial results. |
Related Party Transactions Policy [Policy Text Block] | Related Party Transactions. one 19 – Related Party Transactions |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets not may not Other intangible assets with finite lives are amortized over their estimated useful lives and are tested for impairment whenever events or changes in circumstances indicate that their carrying amounts may not We perform our annual goodwill and indefinite lived intangible assets impairment test as of October 1 first not not not If we elect to bypass the qualitative assessment for a reporting unit, or if after completing the assessment we determine that it is more likely than not not We evaluate the recoverability of our indefinite lived intangible assets, which consists of our Utilimaster, Smeal and Royal Truck Body trade names, by comparing the estimated fair value of the trade names with their carrying values. We estimate the fair value of our trade names based on estimates of future royalty payments that are avoided through our ownership of the trade name, discounted to their present value. In determining the estimated fair value of the trade names, we consider current and projected future levels of sales based on our plans for Utilimaster, Smeal and Royal Truck Body branded products, business trends, prospects and market and economic conditions. Significant judgments inherent in these assessments and analyses include assumptions about macroeconomic and industry conditions, appropriate sales growth rates, WACC and the amount of expected future net cash flows. The judgments and assumptions used in the estimate of fair value are generally consistent with the projections and assumptions that are used in current operating plans. Such assumptions are subject to change because of changing economic and competitive conditions. The determination of fair value is highly sensitive to differences between estimated and actual cash flows and changes in the related discount rate used to evaluate the fair value of the reporting units and trade names. See “Note 2 – Discontinued Operations 8 10 7 – Goodwill and Intangible Assets |
Standard Product Warranty, Policy [Policy Text Block] | Warranties 12 – Commitments and Contingent Liabilities |
Deposits from Customers [Policy Text Block] | Deposits from Customers |
Research and Development Expense, Policy [Policy Text Block] | Research and Development |
Income Tax, Policy [Policy Text Block] | Taxes on Income not We establish valuation allowances for deferred income tax assets in accordance with GAAP, which provides that such valuation allowances shall be established unless realization of the income tax benefits is more likely than not. We recognize the tax benefit from an uncertain tax position only if it is more likely than not no not Interest and penalties attributable to income taxes are recorded as a component of income taxes. See "Note 10 – Taxes on Income |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share 15 – Stock-Based Compensation 17 – Earnings Per Share |
Share-based Payment Arrangement [Policy Text Block] | Stock - B ased Compensation 15 – Stock Based Compensation |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value December 31, 2019 2018 |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting. two 18 – Business Segments |
Supplemental Disclosures of Cash Flow Policy [Policy Text Block] | Supplemental Disclosures of Cash Flow Information. $1,844, $630 $619 2019, 2018 2017. $4,942, $5,054 $0 2019, 2018 2017. 2018 $1,950, 2019, $1,832 3 – Acquisition Activities |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards In December 2019, No. 2019 12 , Income Taxes (Topic 740 2019 12” 2019 12 740 740 December 15, 2020 2019 12 not In June 2016, 2016 13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments 2016 13” 2016 13 December 15, 2019 2016 13 not In February 2016, No. 2016 02, Leases 2016 02” 12 December 15, 2018, 2016 02 January 1, 2019 Adoption of Lease Accounting Policy 9 – Leases 2016 02 Except for the changes below, we have consistently applied the accounting policies to all periods presented in these consolidated financial statements. Adoption of Lease Accounting Policy We applied ASU 2016 02 842” January 1, 2019. not not January 1, 2019 $13,582 $675 $13,716 $696. $113, $42 not We determine if an arrangement is a lease at inception. Operating leases are included in ROU assets - operating leases, Operating lease liability, and Long-term operating lease liability on our Consolidated Balance Sheets. Finance leases are included in Other assets, Other current liabilities and accrued expenses and Other non-current liabilities on our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not We do not 12 We have lease agreements with lease and non-lease components, which are accounted for separately for leases related to real property. For leases related to personal property we account for lease and non-lease components associated with a lease as a single lease component. |
Note 2 - Discontinued Operati_2
Note 2 - Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Year Ended December 31, 2019 2018 2017 Sales $ 261,860 $ 245,637 $ 302,850 Cost of products sold 245,785 220,526 276,567 Gross profit 16,075 25,111 26,283 Operating expenses 28,864 31,516 29,461 Operating loss (12,789 ) (6,405 ) (3,178 ) Loss on asset impairments 53,131 - - Other income (expense) 1,021 2,228 (651 ) Loss from discontinued operations before taxes (64,899 ) (4,177 ) (3,829 ) Income tax benefit 15,683 1,073 2,292 Net loss from discontinued operations $ (49,216 ) $ (3,104 ) $ (1,537 ) December 31, December 31, 2019 (1) 2018 (1) Assets: Accounts receivable, net $ 30,760 $ 38,792 Contract assets 36,740 26,798 Inventories 32,329 30,779 Other current assets 1,142 1,118 Property, plant and equipment, 21,967 24,082 Right of use assets – operating leases 5,960 - Goodwill - 11,456 Intangible assets 1,050 3,600 Other noncurrent assets 52 52 Impairment of carrying value (39,275 ) - Total assets held for sale $ 90,725 $ 136,677 December 31, December 31, 2019 (1) 2018 (1) Liabilities: Accounts payable 4,213 3,015 Accrued warranty 11,347 11,683 Accrued compensation and related taxes 3,047 2,842 Deposits from customers 21,409 21,761 Operating lease liability 727 - Other current liabilities 3,495 3,776 Long-term operating lease liability 5,363 - Total liabilities held for sale $ 49,601 $ 43,077 Year Ended December 31, 2019 2018 2017 Depreciation and amortization $ 5,106 $ 4,156 $ 3,905 Capital expenditures $ 2,431 $ 4,332 $ 1,364 |
Note 3 - Acquisition Activiti_2
Note 3 - Acquisition Activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash and cash equivalents $ 431 Accounts receivable, less allowance 5,019 Contract assets 1,499 Inventory 6,453 Other receivables – chassis pool agreements 10,424 Property, plant and equipment, net 4,980 Right of use assets-operating leases 12,767 Intangible assets 47,150 Goodwill 27,476 Total assets acquired 116,199 Accounts payable 1,658 Customer prepayments 255 Accrued warranty 98 Operating lease liabilities 1,693 Accrued compensation and related taxes 569 Other current liabilities and accrued expenses 30 Short-term debt – chassis pool agreements 10,424 Long-term operating lease liability 11,074 Long-term debt, less current portion 1,029 Total liabilities assumed 26,830 Total purchase price $ 89,369 Accounts receivable $ 1,165 Inventory 893 Other current assets 3 Property, plant and equipment 1,911 Other Assets 192 Intangible assets 3,100 Goodwill 195 Total assets acquired 7,459 Accounts payable 382 Other current liabilities 45 Total liabilities assumed 427 Total purchase price $ 7,032 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Amount Useful Life (in years) Customer relationships $ 30,000 15 Trade names and trademarks 13,000 Indefinite Patented technology 2,200 8 Non-competition agreements 1,950 5 $ 47,150 |
Business Acquisition, Pro Forma Information [Table Text Block] | Year ended December 31, 2019 2018 Pro forma results of operations from continuing operations Net sales $ 789,585 $ 612,337 Net income $ 36,760 $ 19,158 Diluted earnings per share $ 1.04 $ 0.54 |
Note 4 - Revenue (Tables)
Note 4 - Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Contract with Customer, Asset and Liability [Table Text Block] | December 31, 2019 December 31, 2018 Contract Assets Contract assets, beginning of year $ 9,229 $ 5,200 Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional (9,229 ) (5,200 ) Contract assets recognized, net of reclassification to receivables 10,898 9,229 Contract assets, end of year 10,898 9,229 Contract Liabilities Contract liabilities, beginning of year 871 201 Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied (871 ) (201 ) Cash received in advance and not recognized as revenue 2,640 871 Contract liabilities, end of year 2,640 871 |
Disaggregation of Revenue [Table Text Block] | Year Ended December 31, 2019 FVS SCV Total Reportable Segments Other Total Primary geographical markets United States $ 554,691 $ 185,768 $ 740,459 $ (5,278 ) $ 735,181 Other 21,203 158 21,361 - 21,361 Total sales $ 575,894 $ 185,926 $ 761,820 $ (5,278 ) $ 756,542 Timing of revenue recognition Products transferred at a point in time $ 164,437 $ 137,894 $ 302,331 $ (5,278 ) $ 297,053 Products and services transferred over time 411,457 48,032 459,489 - 459,489 Total sales $ 575,894 $ 185,926 $ 761,820 $ (5,278 ) $ 756,542 Year Ended December 31, 2018 FVS SCV Total Reportable Segments Other Total Primary geographical markets United States $ 367,730 $ 191,814 $ 559,544 $ (10,221 ) $ 549,323 Other 19,819 1,385 21,204 - 21,204 Total sales $ 387,549 $ 193,199 $ 580,748 $ (10,221 ) $ 570,527 Timing of revenue recognition Products transferred at a point in time $ 113,576 $ 160,408 $ 273,984 $ (10,221 ) $ 263,763 Products and services transferred over time 273,973 32,791 306,764 - 306,764 Total sales $ 387,549 $ 193,199 $ 580,748 $ (10,221 ) $ 570,527 Year Ended December 31, 2017 FVS SCV Total Reportable Segments Other Total Primary geographical markets United States $ 238,267 $ 158,246 $ 396,513 $ (5,657 ) $ 390,856 Other 12,828 564 13,392 - 13,392 Total sales $ 251,095 $ 158,810 $ 409,905 $ (5,657 ) $ 404,248 Timing of revenue recognition Products transferred at a point in time $ 251,095 $ 158,810 $ 409,905 $ (5,657 ) $ 404,248 Products and services transferred over time - - - - - Total sales $ 251,095 $ 158,810 $ 409,905 $ (5,657 ) $ 404,248 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 201 9 201 8 Finished goods $ 4,764 $ 5,347 Work in process 1,773 2,190 Raw materials and purchased components 57,679 33,418 Reserve for slow-moving inventory (4,760 ) (1,742 ) Total Inventory $ 59,456 $ 39,213 |
Note 6 - Restructuring Charges
Note 6 - Restructuring Charges (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | December 31, 2019 2018 2017 FVS $ - $ - $ 644 SCV 82 180 109 Other - 482 45 Total restructuring charges $ 82 $ 662 $ 798 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Severance 2019 Severance 2018 Accrual balance January 1, $ 199 $ 12 Accrual for severance - 665 Payments and adjustments made in period (199 ) (478 ) Accrual balance December 31, $ - $ 199 |
Note 7 - Goodwill and Intangi_2
Note 7 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | FVS SCV Total December 31, December 31, December 31, 2019 2018 2019 2018 2019 2018 Goodwill, beginning of year $ 21,729 $ 15,323 $ 638 $ 638 $ 22,367 $ 15,961 Acquisition and measurement period adjustments (6,211 ) 6,406 27,476 - 21,265 6,406 Goodwill, end of year $ 15,518 $ 21,729 $ 28,114 $ 638 $ 43,632 $ 22,367 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | As of December 31, 2019 As of December 31, 2018 Gross carrying amount Accumulated amortization Net Gross carrying amount Accumulated amortization Net Customer relationships $ 37,570 $ 4,943 $ 32,627 $ 6,170 $ 4,029 $ 2,141 Acquired product development project 1,860 1,860 - 1,860 1,860 - Patented technology 2,200 69 2,131 - - - Non-compete agreements 2,950 617 2,333 400 400 - Backlog 320 320 - 320 320 - Trade Names 16,970 - 16,970 2,870 - 2,870 $ 61,870 $ 7,809 $ 54,061 $ 11,620 $ 6,609 $ 5,011 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Amount 2020 $ 3,151 2021 3,127 2022 3,624 2023 3,511 2024 3,181 Thereafter 20,496 Total $ 37,090 |
Note 8 - Property, Plant and _2
Note 8 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 201 9 201 8 Land and improvements $ 8,692 $ 7,791 Buildings and improvements 38,653 36,087 Plant machinery and equipment 33,348 27,267 Furniture and fixtures 21,416 19,947 Vehicles 1,872 1,558 Construction in process 3,527 1,157 Subtotal 107,508 93,807 Less accumulated depreciation (67,434 ) (61,322 ) Total property, plant and equipment, net $ 40,074 $ 32,485 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year ended December 31, 2019 Operating leases $ 3,928 Short-term leases (1) 218 Total lease expense $ 4,146 Year ended December 31, 2019 Weighted average remaining lease term of operating leases (in years) 8.4 Weighted average discount rate of operating leases 3.8 % Year ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow for operating leases $ 4,544 Right of use assets obtained in exchange for lease obligations: Operating leases $ 10,493 Finance leases $ - |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Years ending December 31: 2020 $ 5,937 2021 5,054 2022 4,614 2023 4,619 2024 4,390 Thereafter 13,337 Total lease payments 37,951 Less: imputed interest 5,622 Total lease liabilities $ 32,329 |
Note 10 - Taxes on Income (Tabl
Note 10 - Taxes on Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Income Tax Expense (Benefit), Including Discontinued Operations [Table Text Block] | Year Ended December 31, 2019 2018 2017 Taxes on income from continuing operations $ 10,355 $ 3,334 $ 2,382 Income tax benefits from discontinued operations (15,683 ) (1,073 ) (2,292 ) Total taxes on income $ (5,328 ) $ 2,261 $ 90 Income taxes from continuing operations consist of the following: |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 201 9 201 8 201 7 Current (benefit): Federal $ 9,883 $ 2,819 $ 5,831 State 1,664 758 240 Foreign 128 67 - Total current 11,675 3,644 6,071 Deferred (benefit): Federal (705 ) (316 ) (1,333 ) State (615 ) 6 (2,356 ) Total deferred (1,320 ) (310 ) (3,689 ) Total taxes on income $ 10,355 $ 3,334 $ 2,382 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 201 9 201 8 201 7 Amount Percen - tage Amount Percen - tage Amount Percen - tage Federal income taxes at the statutory rate $ 9,901 21.0 % $ 4,505 21.0 % $ 6,949 35.0 % State tax expense, net of federal income tax benefit 577 1.2 486 2.3 416 2.1 Increase (decrease) in income taxes resulting from: Deferred income tax re-measurement due to Tax Act - - (373 ) (1.7 ) 2,963 14.9 Other deferred income tax adjustment (75 ) (0.2 ) 13 - 338 1.7 Non-deductible compensation 511 1.1 - - - - Other nondeductible expenses 115 0.2 91 0.4 98 0.5 Foreign derived intangible income deduction (45 ) (0.1 ) (35 ) (0.2 ) - - Domestic manufacturing deduction - - - - (465 ) (2.3 ) Stock based compensation (136 ) (0.3 ) (1,207 ) (5.6 ) (381 ) (1.9 ) Worthless stock deduction of dissolved subsidiary - - - - (966 ) (4.9 ) Forfeiture of state net operating loss and credit carry-forwards from dissolution of subsidiary - - - - 3,039 15.3 Foreign tax expense 128 0.3 67 0.3 - - Valuation allowance adjustment 135 0.3 60 0.3 (9,544 ) (48.0 ) Unrecognized tax benefit adjustment (61 ) (0.1 ) 332 1.6 206 1.0 Federal research and development (591 ) (1.3 ) (349 ) (1.6 ) (328 ) (1.7 ) Foreign tax credit (38 ) - (67 ) (0.3 ) - - Other (66 ) (0.1 ) (189 ) (0.9 ) 57 0.3 Total $ 10,355 22.0 % $ 3,334 15.6 % $ 2,382 12.0 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2019 2018 Deferred income tax assets: Loss on asset impairment for discontinued operations $ 12,764 $ - Warranty reserve 3,782 3,257 Inventory costs and reserves 2,661 1,801 Contract assets 7,217 1,694 Stock-based compensation 1,195 984 Net operating loss carry-forwards, net of federal income tax benefit 449 723 Compensation related accruals 698 589 Credit carry-forwards net of federal income tax benefit 1,027 506 Other 916 611 Total deferred income tax assets $ 30,709 $ 10,165 Deferred income tax liabilities: Depreciation $ (2,666 ) $ (1,479 ) Intangible assets (1,974 ) (1,205 ) Prepaid expenses (295 ) (222 ) Total deferred income tax liabilities $ (4,935 ) $ (2,906 ) Net deferred income tax assets $ 25,774 $ 7,259 Valuation allowance (254 ) (118 ) Net deferred tax asset $ 25,520 $ 7,141 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2019 2018 2017 Balance at January 1, $ 827 $ 565 $ 345 Increase (decrease) related to prior year tax positions 103 35 168 Increase related to current year tax positions 578 319 118 Expiration of statute (238 ) (92 ) (66 ) Balance at December 31, $ 1,270 $ 827 $ 565 |
Note 11 - Transactions with M_2
Note 11 - Transactions with Major Customers (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Year Number of major customers Combined percentage of consolidated sales Segment 2019 2 37.9 % FVS 2018 4 51.7 % FVS and SCV 2017 2 29.3 % SCV |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | 2019 2018 Balance of accrued warranty at January 1 $ 4,407 $ 4,340 Provisions for current period sales 4,383 2,537 Cash settlements (3,489 ) (3,013 ) Changes in liability for pre-existing warranties 295 543 Acquisitions 98 - Balance of accrued warranty at December 31 $ 5,694 $ 4,407 |
Note 14 - Debt (Tables)
Note 14 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Short-term Debt [Table Text Block] | December 31, December 31, Chassis pool agreements $ 8,162 $ - Total short-term debt $ 8,162 $ - |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, 9 December 31, 8 Line of credit revolver (1) $ 87,400 $ 25,460 Finance lease obligations 496 147 Other 951 - Total debt 88,847 25,607 Less current portion of long-term debt (177 ) (60 ) Total long-term debt $ 88,670 $ 25,547 |
Note 15 - Stock Based Compens_2
Note 15 - Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Total (000) Weighted Weighted Non-vested shares outstanding at December 31, 2018 977 $ 7.97 Granted 279 9.38 Vested (467 ) 7.50 Forfeited (78 ) 12.13 Non-vested shares outstanding at December 31, 2019 711 $ 8.58 0.9 |
Schedule of Share-based Payment Award, Valuation Assumptions [Table Text Block] | Three-year risk-free interest rate (1) 2.37 % Expected term (in years) 2.7 Estimated volatility (2) 53.7 % |
Share-based Payment Arrangement, Activity [Table Text Block] | Total Weighted- Average Grant Date Fair Value per Unit Non-vested as of December 31, 2018 - $ - Granted 218,148 11.82 Non-vested as of December 31, 2019 218,148 $ 11.82 Total Weighted- Average Grant Date Fair Value per Unit Non-vested as of December 31, 2018 - $ - Granted 182,333 8.98 Non-vested as of December 31, 2019 182,333 $ 8.98 |
Note 16 - Shareholders Equity (
Note 16 - Shareholders Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Common Stock Repurchased and Retired [Table Text Block] | Year Ended December, 31 Shares purchased (000) Purchase value Remaining shares allowable to be purchased 2018 90 $ 656 910 2019 101 $ 793 809 |
Note 17 - Earnings Per Share (T
Note 17 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Year Ended December 31, 2019 2018 2017 Basic weighted average common shares outstanding 35,318 35,187 34,949 Plus dilutive effect of Restricted Stock Units and Performance Stock Units 98 - - Diluted weighted average common shares outstanding 35,416 35,187 34,949 Antidilutive stock awards: Unvested restricted stock awards - - - |
Note 18 - Business Segments (Ta
Note 18 - Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Segment FVS SCV Eliminations and Other Consolidated Fleet vehicles sales $ 504,023 $ 5,278 $ (5,278 ) $ 504,023 Motor home chassis sales - 127,130 - 127,130 Other specialty vehicles sales - 43,067 - 43,067 Aftermarket parts and accessories sales 71,871 10,451 - 82,322 Total sales $ 575,894 $ 185,926 $ (5,278 ) $ 756,542 Depreciation and amortization expense $ 2,466 $ 2,104 $ 1,503 $ 6,073 Adjusted EBITDA 60,663 20,716 (17,334 ) 64,045 Segment assets 154,138 137,777 67,897 359,812 Capital expenditures 2,851 2,220 2,525 7,596 Segment FVS SCV Eliminations and Other Consolidated Fleet vehicles sales $ 297,627 $ 10,221 $ (10,221 ) $ 297,627 Motor home chassis sales - 149,533 - 149,533 Other specialty vehicles sales - 22,570 - 22,570 Aftermarket parts and accessories sales 89,922 10,875 - 100,797 Total sales $ 387,549 $ 193,199 $ (10,221 ) $ 570,527 Depreciation and amortization expense $ 2,401 $ 1,495 $ 2,318 $ 6,214 Adjusted EBITDA 26,680 18,620 (9,915 ) 35,385 Segment assets 117,508 17,335 82,264 217,107 Capital expenditures 1,859 116 2,678 4,653 Segment FVS SCV Eliminations and Other Consolidated Fleet vehicles sales $ 207,666 $ 5,657 $ (5,657 ) $ 207,666 Motor home chassis sales - 124,584 - 124,584 Other specialty vehicles sales - 18,416 - 18,416 Aftermarket parts and accessories sales 43,429 10,153 - 53,582 Total sales $ 251,095 $ 158,810 $ (5,657 ) $ 404,248 Depreciation and amortization expense $ 3,361 $ 1,314 $ 1,357 $ 6,032 Adjusted EBITDA 26,958 14,058 (9,344 ) 31,762 Segment assets 60,550 21,445 76,439 158,434 Capital expenditures 562 386 3,028 3,976 |
Schedule of Earnings Before Interest, Taxes, Depreciation and Amortization [Table Text Block] | Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Income from continuing operations before income taxes $ 47,145 $ 21,450 $ 19,853 Net (income) loss attributable to non-controlling interest (140 ) - 1 Interest expense 109 481 156 Depreciation and amortization expense 4,570 3,896 4,675 Restructuring and other related charges 82 176 746 Unallocated corporate expenses 29,613 19,297 15,585 Total segment adjusted EBITDA $ 81,379 $ 45,300 $ 41,016 |
Note 21 - Quarterly Financial_2
Note 21 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2019 Quarter Ended 2018 Quarter Ended Mar 31 June 30 Sept 30 Dec 31 Mar 31 June 30 Sept 30 Dec 31 Sales $ 172,206 $ 179,673 $ 224,703 $ 179,960 $ 106,325 $ 124,366 $ 165,920 $ 173,916 Gross profit 20,720 20,859 38,029 37,419 14,775 19,407 19,828 19,134 Operating expenses 14,767 14,608 20,915 19,123 12,124 13,812 11,438 13,252 Income from continuing operations 4,835 4,544 13,126 14,285 3,866 2,706 7,128 4,416 (Loss) income from discontinued operations, net of income taxes (3,298 ) (1,255 ) (2,711 ) (41,952 ) 328 1,034 (1,885 ) (2,581 ) Net income (loss) attributable to Spartan Motors, Inc. 1,397 3,504 10,354 (27,821 ) 4,194 3,740 5,243 1,835 Basic earnings (loss) per share Continuing operations 0.13 0.14 0.37 0.40 0.11 0.08 0.20 0.12 Discontinued operations (0.09 ) (0.04 ) (0.08 ) (1.19 ) 0.01 0.03 (0.05 ) (0.07 ) Basic earnings per share 0.04 0.10 0.29 (0.79 ) 0.12 0.11 0.15 0.05 Diluted earnings (loss) per share Continuing operations 0.13 0.14 0.37 0.40 0.11 0.08 0.20 0.12 Discontinued operations (0.09 ) (0.04 ) (0.08 ) (1.18 ) 0.01 0.03 (0.05 ) (0.07 ) Diluted earnings per share 0.04 0.10 0.29 (0.78 ) 0.12 0.11 0.15 0.05 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Valuation Allowances and Reserves [Table Text Block] | Column A Column B Column C Column D Column E Additions Year ended December 31, 2019: Allowance for doubtful accounts $ 99 $ 415 $ - $ (286 ) $ 228 Year ended December 31, 2018: Allowance for doubtful accounts $ 98 $ 32 $ - $ (31 ) $ 99 Year ended December 31, 2017: Allowance for doubtful accounts $ 420 $ 78 $ - $ (400 ) $ 98 |
Note 1 - General and Summary _2
Note 1 - General and Summary of Accounting Policies (Details Textual) - USD ($) $ in Thousands | Feb. 01, 2020 | Sep. 09, 2019 | Jan. 01, 2019 | Dec. 17, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total | $ 1,844 | $ 630 | $ 619 | ||||
Income Taxes Paid, Net, Total | 4,942 | 5,054 | $ 0 | ||||
Stock Issued | 1,950 | ||||||
Operating Lease, Right-of-Use Asset | 32,147 | ||||||
Operating Lease, Liability, Total | 32,329 | ||||||
Finance Lease, Liability, Total | $ 496 | 147 | |||||
Accounting Standards Update 2016-02 [Member] | |||||||
Operating Lease, Right-of-Use Asset | $ 13,582 | ||||||
Finance Lease, Right-of-Use Asset | 675 | ||||||
Operating Lease, Liability, Total | 13,716 | ||||||
Finance Lease, Liability, Total | 696 | ||||||
Cumulative Effect of New Accounting Standard In Period Of Adoption | (113) | (113) | |||||
Cumulative Effect on Retained Earnings, Tax | $ 42 | ||||||
Building and Building Improvements [Member] | |||||||
Property, Plant and Equipment, Useful Life | 20 years | ||||||
Machinery and Equipment [Member] | Minimum [Member] | |||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||
Machinery and Equipment [Member] | Maximum [Member] | |||||||
Property, Plant and Equipment, Useful Life | 15 years | ||||||
Furniture and Fixtures [Member] | Minimum [Member] | |||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||
Furniture and Fixtures [Member] | Maximum [Member] | |||||||
Property, Plant and Equipment, Useful Life | 7 years | ||||||
Vehicles [Member] | Minimum [Member] | |||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||
Vehicles [Member] | Maximum [Member] | |||||||
Property, Plant and Equipment, Useful Life | 5 years | ||||||
Spartan-Gimaex Joint Venture [Member] | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | ||||||
Strobes-R-Us Inc. [Member] | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 80.00% | ||||||
Royal [Member] | |||||||
Payments to Acquire Businesses, Gross | $ 89,369 | ||||||
Strobes-R-Us Inc. [Member] | |||||||
Payments to Acquire Businesses, Gross | $ 5,200 | ||||||
Business Combination, Consideration Transferred, Total | 7,032 | ||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 1,832 | ||||||
Accounts Receivable, Amount Forgiven | $ 1,832 | ||||||
Discontinued Operations, Disposed of by Sale [Member] | Disposal of Emergency Response and Vehicle Business [Member] | Subsequent Event [Member] | |||||||
Proceeds from Divestiture of Businesses | $ 55,000,000 |
Note 2 - Discontinued Operati_3
Note 2 - Discontinued Operations (Details Textual) - USD ($) $ in Thousands | Feb. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Asset Impairment, Total | $ 13,856 | ||||
Impairment of Long-Lived Assets to be Disposed of | 39,275 | ||||
Disposal Group, Including Discontinued Operation, Assets, Current, Total | 90,725 | 97,487 | |||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent, Total | 39,190 | ||||
Disposal Group, Including Discontinued Operation, Liabilities, Current, Total | 49,601 | 43,077 | |||
Emergency Response Vehicles [Member] | |||||
Goodwill and Intangible Asset Impairment, Total | 13,856 | ||||
Discontinued Operations, Held-for-sale [Member] | Disposal of Emergency Response and Vehicle Business [Member] | |||||
Impairment of Long-Lived Assets to be Disposed of | [1] | 39,275 | |||
Disposal Group, Including Discontinued Operation, Selling Expense | $ 3,604 | ||||
Disposal Group, Including Discontinued Operation, Assets, Current, Total | 97,487 | ||||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent, Total | 39,190 | ||||
Disposal Group, Including Discontinued Operation, Liabilities, Current, Total | $ 43,077 | ||||
Subsequent Event [Member] | Discontinued Operations, Disposed of by Sale [Member] | Disposal of Emergency Response and Vehicle Business [Member] | |||||
Proceeds from Divestiture of Businesses | $ 55,000,000 | ||||
[1] | As of December 31, 2019, assets and liabilities held for sale were classified as current. As of December 31, 2018, current and noncurrent assets held for sale were $97,487 and $39,190, respectively, and current liabilities held for sale was $43,077. |
Note 2 - Discontinued Operati_4
Note 2 - Discontinued Operations - Schedule of Discontinued Operations for Financial Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Income tax benefit | $ (15,683) | $ (1,073) | $ (2,292) | |||||||||
Net loss from discontinued operations | $ (41,952) | $ (2,711) | $ (1,255) | $ (3,298) | $ (2,581) | $ (1,885) | $ 1,034 | $ 328 | (49,216) | (3,104) | (1,537) | |
Impairment of carrying value | (39,275) | |||||||||||
Disposal of Emergency Response and Vehicle Business [Member] | Discontinued Operations, Held-for-sale [Member] | ||||||||||||
Sales | 261,860 | 245,637 | 302,850 | |||||||||
Cost of products sold | 245,785 | 220,526 | 276,567 | |||||||||
Gross profit | 16,075 | 25,111 | 26,283 | |||||||||
Operating expenses | 28,864 | 31,516 | 29,461 | |||||||||
Operating loss | (12,789) | (6,405) | (3,178) | |||||||||
Loss on asset impairments | 53,131 | |||||||||||
Other income (expense) | 1,021 | 2,228 | (651) | |||||||||
Loss from discontinued operations before taxes | (64,899) | (4,177) | (3,829) | |||||||||
Income tax benefit | (15,683) | (1,073) | (2,292) | |||||||||
Net loss from discontinued operations | (49,216) | (3,104) | (1,537) | |||||||||
Accounts receivable, net | [1] | 30,760 | 38,792 | 30,760 | 38,792 | |||||||
Contract assets | [1] | 36,740 | 26,798 | 36,740 | 26,798 | |||||||
Inventories | [1] | 32,329 | 30,779 | 32,329 | 30,779 | |||||||
Other current assets | [1] | 1,142 | 1,118 | 1,142 | 1,118 | |||||||
Property, plant and equipment, | [1] | 21,967 | 24,082 | 21,967 | 24,082 | |||||||
Right of use assets – operating leases | [1] | 5,960 | 5,960 | |||||||||
Goodwill | [1] | 11,456 | 11,456 | |||||||||
Intangible assets | [1] | 1,050 | 3,600 | 1,050 | 3,600 | |||||||
Other noncurrent assets | [1] | 52 | 52 | 52 | 52 | |||||||
Impairment of carrying value | [1] | (39,275) | ||||||||||
Total assets held for sale | [1] | 90,725 | 136,677 | 90,725 | 136,677 | |||||||
Accounts payable | [1] | 4,213 | 3,015 | 4,213 | 3,015 | |||||||
Accrued warranty | [1] | 11,347 | 11,683 | 11,347 | 11,683 | |||||||
Accrued compensation and related taxes | [1] | 3,047 | 2,842 | 3,047 | 2,842 | |||||||
Deposits from customers | [1] | 21,409 | 21,761 | 21,409 | 21,761 | |||||||
Operating lease liability | [1] | 727 | 727 | |||||||||
Other current liabilities | [1] | 3,495 | 3,776 | 3,495 | 3,776 | |||||||
Long-term operating lease liability | [1] | 5,363 | 5,363 | |||||||||
Total liabilities held for sale | [1] | $ 49,601 | $ 43,077 | 49,601 | 43,077 | |||||||
Depreciation and amortization | 5,106 | 4,156 | 3,905 | |||||||||
Capital expenditures | $ 2,431 | $ 4,332 | $ 1,364 | |||||||||
[1] | As of December 31, 2019, assets and liabilities held for sale were classified as current. As of December 31, 2018, current and noncurrent assets held for sale were $97,487 and $39,190, respectively, and current liabilities held for sale was $43,077. |
Note 3 - Acquisition Activiti_3
Note 3 - Acquisition Activities (Details Textual) - USD ($) $ in Thousands | Sep. 09, 2019 | Dec. 17, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill, Ending Balance | $ 43,632 | $ 22,367 | $ 15,961 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 47,150 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 3,127 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 3,624 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 3,511 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 3,181 | ||||
Goodwill, Purchase Accounting Adjustments | 21,265 | $ 6,406 | |||
Revolving Credit Facility [Member] | Lenders [Member] | |||||
Line of Credit Facility, Remaining Borrowing Capacity | 175,000 | ||||
Royal [Member] | |||||
Payments to Acquire Businesses, Gross | 89,369 | ||||
Proceeds from Lines of Credit, Total | 89,369 | ||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 17,073 | ||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 2,382 | ||||
Business Combination, Acquisition Related Costs | 1,691 | ||||
Goodwill, Ending Balance | 27,476 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 47,150 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | 666 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 2,665 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 2,665 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 3,162 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 3,072 | ||||
Strobes-R-Us Inc. [Member] | |||||
Payments to Acquire Businesses, Gross | $ 5,200 | ||||
Goodwill, Ending Balance | 195 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 3,100 | ||||
Business Combination, Consideration Transferred, Total | 7,032 | ||||
Business Combination, Consideration Transferred, Liabilities Incurred | 1,832 | ||||
Goodwill, Purchase Accounting Adjustments | (6,211) | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 3,250 | ||||
Business Combination, Contingent Consideration, Liability, Total | $ 1,832 |
Note 3 - Acquisition Activiti_4
Note 3 - Acquisition Activities - Purchase Price Allocation (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 09, 2019 | Dec. 31, 2018 | Dec. 17, 2018 | Dec. 31, 2017 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 47,150 | ||||
Goodwill, Ending Balance | $ 43,632 | $ 22,367 | $ 15,961 | ||
Royal [Member] | |||||
Cash and cash equivalents | 431 | ||||
Accounts receivable, less allowance | 5,019 | ||||
Contract assets | 1,499 | ||||
Inventory | 6,453 | ||||
Other receivables – chassis pool agreements | 10,424 | ||||
Property, plant and equipment, net | 4,980 | ||||
Right of use assets-operating leases | 12,767 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 47,150 | ||||
Goodwill, Ending Balance | 27,476 | ||||
Total assets acquired | 116,199 | ||||
Accounts payable | 1,658 | ||||
Customer prepayments | 255 | ||||
Accrued warranty | 98 | ||||
Operating lease liabilities | 1,693 | ||||
Accrued compensation and related taxes | 569 | ||||
Other current liabilities and accrued expenses | 30 | ||||
Short-term debt – chassis pool agreements | 10,424 | ||||
Long-term operating lease liability | 11,074 | ||||
Long-term debt, less current portion | 1,029 | ||||
Total liabilities assumed | 26,830 | ||||
Total purchase price | 89,369 | ||||
Total liabilities assumed | $ 26,830 | ||||
Strobes-R-Us Inc. [Member] | |||||
Accounts receivable, less allowance | $ 1,165 | ||||
Inventory | 893 | ||||
Other receivables – chassis pool agreements | 3 | ||||
Property, plant and equipment, net | 1,911 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 3,100 | ||||
Goodwill, Ending Balance | 195 | ||||
Total assets acquired | 7,459 | ||||
Accounts payable | 382 | ||||
Other current liabilities and accrued expenses | 45 | ||||
Total liabilities assumed | 427 | ||||
Total purchase price | 7,032 | ||||
Other Assets | 192 | ||||
Total liabilities assumed | $ 427 |
Note 3 - Acquisition Activiti_5
Note 3 - Acquisition Activities - Intangible Assets (Details) - Royal [Member] $ in Thousands | Sep. 09, 2019USD ($) |
Amount | $ 47,150 |
Trademarks and Trade Names [Member] | |
Trade names and trademarks | 13,000 |
Customer Relationships [Member] | |
Amount | $ 30,000 |
Useful Life (Year) | 15 years |
Patented Technology [Member] | |
Amount | $ 2,200 |
Useful Life (Year) | 8 years |
Noncompete Agreements [Member] | |
Amount | $ 1,950 |
Useful Life (Year) | 5 years |
Note 3 - Acquisition Activiti_6
Note 3 - Acquisition Activities - Pro Forma Results (Unaudited) (Details) - Royal [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net sales | $ 789,585 | $ 612,337 |
Net income | $ 36,760 | $ 19,158 |
Diluted earnings per share (in dollars per share) | $ 1.04 | $ 0.54 |
Note 4 - Revenue 1 (Details Tex
Note 4 - Revenue 1 (Details Textual) $ in Thousands | Dec. 31, 2019USD ($) |
Fleet Vehicles and Services [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 305,796 |
Specialty Chassis and Vehicles [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 30,777 |
Note 4 - Revenue 2 (Details Tex
Note 4 - Revenue 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | Dec. 31, 2019 |
Fleet Vehicles and Services [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Specialty Chassis and Vehicles [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Note 4 - Revenue - Contract Ass
Note 4 - Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Contract assets, balance | $ 9,229 | $ 5,200 |
Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional | (9,229) | (5,200) |
Contract assets recognized, net of reclassification to receivables | 10,898 | 9,229 |
Contract assets, balance | 10,898 | 9,229 |
Contract liabilities, balance | 871 | 201 |
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied | (871) | (201) |
Cash received in advance and not recognized as revenue | 2,640 | 871 |
Contract liabilities, balance | $ 2,640 | $ 871 |
Note 4 - Revenue - Disaggregate
Note 4 - Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | $ 179,960 | $ 224,703 | $ 179,673 | $ 172,206 | $ 173,916 | $ 165,920 | $ 124,366 | $ 106,325 | $ 756,542 | $ 570,527 | $ 404,248 |
Transferred at Point in Time [Member] | |||||||||||
Revenues | 297,053 | 263,763 | 404,248 | ||||||||
Transferred over Time [Member] | |||||||||||
Revenues | 459,489 | 306,764 | |||||||||
Operating Segments [Member] | |||||||||||
Revenues | 761,820 | 580,748 | 409,905 | ||||||||
Operating Segments [Member] | Transferred at Point in Time [Member] | |||||||||||
Revenues | 302,331 | 273,984 | 409,905 | ||||||||
Operating Segments [Member] | Transferred over Time [Member] | |||||||||||
Revenues | 459,489 | 306,764 | |||||||||
Consolidation, Eliminations [Member] | |||||||||||
Revenues | (5,278) | (10,221) | (5,657) | ||||||||
Consolidation, Eliminations [Member] | Transferred at Point in Time [Member] | |||||||||||
Revenues | (5,278) | (10,221) | (5,657) | ||||||||
Consolidation, Eliminations [Member] | Transferred over Time [Member] | |||||||||||
Revenues | |||||||||||
Fleet Vehicles and Services [Member] | Operating Segments [Member] | |||||||||||
Revenues | 575,894 | 387,549 | 251,095 | ||||||||
Fleet Vehicles and Services [Member] | Operating Segments [Member] | Transferred at Point in Time [Member] | |||||||||||
Revenues | 164,437 | 113,576 | 251,095 | ||||||||
Fleet Vehicles and Services [Member] | Operating Segments [Member] | Transferred over Time [Member] | |||||||||||
Revenues | 411,457 | 273,973 | |||||||||
Specialty Chassis and Vehicles [Member] | Operating Segments [Member] | |||||||||||
Revenues | 185,926 | 193,199 | 158,810 | ||||||||
Specialty Chassis and Vehicles [Member] | Operating Segments [Member] | Transferred at Point in Time [Member] | |||||||||||
Revenues | 137,894 | 160,408 | 158,810 | ||||||||
Specialty Chassis and Vehicles [Member] | Operating Segments [Member] | Transferred over Time [Member] | |||||||||||
Revenues | 48,032 | 32,791 | |||||||||
UNITED STATES | |||||||||||
Revenues | 735,181 | 549,323 | 390,856 | ||||||||
UNITED STATES | Operating Segments [Member] | |||||||||||
Revenues | 740,459 | 559,544 | 396,513 | ||||||||
UNITED STATES | Consolidation, Eliminations [Member] | |||||||||||
Revenues | (5,278) | (10,221) | (5,657) | ||||||||
UNITED STATES | Fleet Vehicles and Services [Member] | Operating Segments [Member] | |||||||||||
Revenues | 554,691 | 367,730 | 238,267 | ||||||||
UNITED STATES | Specialty Chassis and Vehicles [Member] | Operating Segments [Member] | |||||||||||
Revenues | 185,768 | 191,814 | 158,246 | ||||||||
Non-US [Member] | |||||||||||
Revenues | 21,361 | 21,204 | 13,392 | ||||||||
Non-US [Member] | Operating Segments [Member] | |||||||||||
Revenues | 21,361 | 21,204 | 13,392 | ||||||||
Non-US [Member] | Consolidation, Eliminations [Member] | |||||||||||
Revenues | |||||||||||
Non-US [Member] | Fleet Vehicles and Services [Member] | Operating Segments [Member] | |||||||||||
Revenues | 21,203 | 19,819 | 12,828 | ||||||||
Non-US [Member] | Specialty Chassis and Vehicles [Member] | Operating Segments [Member] | |||||||||||
Revenues | $ 158 | $ 1,385 | $ 564 |
Note 5 - Inventories - Summary
Note 5 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finished goods | $ 4,764 | $ 5,347 |
Work in process | 1,773 | 2,190 |
Raw materials and purchased components | 57,679 | 33,418 |
Reserve for slow-moving inventory | (4,760) | (1,742) |
Total Inventory | $ 59,456 | $ 39,213 |
Note 6 - Restructuring Charge_2
Note 6 - Restructuring Charges - Restructuring Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring and other related charges | $ 82 | $ 662 | $ 798 |
Fleet Vehicles and Services [Member] | |||
Restructuring and other related charges | 644 | ||
Specialty Chassis and Vehicles [Member] | |||
Restructuring and other related charges | 82 | 180 | 109 |
Other Segments [Member] | |||
Restructuring and other related charges | $ 482 | $ 45 |
Note 6 - Restructuring Charge_3
Note 6 - Restructuring Charges - Summary of Compensation Related Charges (Details) - Employee Severance [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accrual balance | $ 199 | $ 12 |
Accrual for severance | 665 | |
Payments and adjustments made in period | (199) | (478) |
Accrual balance | $ 199 |
Note 7 - Goodwill and Intangi_3
Note 7 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 01, 2019 | |
Amortization of Intangible Assets, Total | $ 1,200 | $ 320 | $ 683 | |
Customer Relationships [Member] | Specialty Chassis and Vehicles [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 15 years | |||
Patented Technology [Member] | Specialty Chassis and Vehicles [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 8 years | |||
Noncompete Agreements [Member] | Specialty Chassis and Vehicles [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||
Fleet Vehicles and Services [Member] | ||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 337.00% | |||
Specialty Chassis and Vehicles [Member] | ||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 67.00% |
Note 7 - Goodwill and Intangi_4
Note 7 - Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill, beginning of year | $ 22,367 | $ 15,961 |
Acquisition and measurement period adjustments | 21,265 | 6,406 |
Goodwill, end of year | 43,632 | 22,367 |
Fleet Vehicles and Services [Member] | ||
Goodwill, beginning of year | 21,729 | 15,323 |
Acquisition and measurement period adjustments | (6,211) | 6,406 |
Goodwill, end of year | 15,518 | 21,729 |
Specialty Chassis and Vehicles [Member] | ||
Goodwill, beginning of year | 638 | 638 |
Acquisition and measurement period adjustments | 27,476 | |
Goodwill, end of year | $ 28,114 | $ 638 |
Note 7 - Goodwill and Intangi_5
Note 7 - Goodwill and Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accumulated amortization, finite-lived | $ 7,809 | $ 6,609 |
Net carrying amount, finite-lived | 37,090 | |
Gross carrying amount, intangible assets | 61,870 | 11,620 |
Net carrying amount, intangible assets | 54,061 | 5,011 |
Customer Relationships [Member] | ||
Gross carrying amount, finite-lived | 37,570 | 6,170 |
Accumulated amortization, finite-lived | 4,943 | 4,029 |
Net carrying amount, finite-lived | 32,627 | 2,141 |
Acquired Product Development Project [Member] | ||
Gross carrying amount, finite-lived | 1,860 | 1,860 |
Accumulated amortization, finite-lived | 1,860 | 1,860 |
Net carrying amount, finite-lived | ||
Patented Technology [Member] | ||
Gross carrying amount, finite-lived | 2,200 | |
Accumulated amortization, finite-lived | 69 | |
Net carrying amount, finite-lived | 2,131 | |
Noncompete Agreements [Member] | ||
Gross carrying amount, finite-lived | 2,950 | 400 |
Accumulated amortization, finite-lived | 617 | 400 |
Net carrying amount, finite-lived | 2,333 | |
Order or Production Backlog [Member] | ||
Gross carrying amount, finite-lived | 320 | 320 |
Accumulated amortization, finite-lived | 320 | 320 |
Net carrying amount, finite-lived | ||
Trade Names [Member] | ||
Accumulated amortization, finite-lived | ||
Gross carrying amount, indefinite-lived | $ 16,970 | $ 2,870 |
Note 7 - Goodwill and Intangi_6
Note 7 - Goodwill and Intangible Assets - Estimated Remaining Amortization Associated With Finite-lived Intangible Assets (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 3,151 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 3,127 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 3,624 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 3,511 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 3,181 |
Thereafter | 20,496 |
Total | $ 37,090 |
Note 8 - Property, Plant and _3
Note 8 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Depreciation, Total | $ 5,892 | $ 6,393 | $ 5,994 |
Interest Costs Capitalized | $ 0 | $ 0 |
Note 8 - Property, Plant and _4
Note 8 - Property, Plant and Equipment - Summary of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, plant and equipment, gross | $ 107,508 | $ 93,807 |
Less accumulated depreciation | (67,434) | (61,322) |
Total property, plant and equipment, net | 40,074 | 32,485 |
Land and Land Improvements [Member] | ||
Property, plant and equipment, gross | 8,692 | 7,791 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | 38,653 | 36,087 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 33,348 | 27,267 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 21,416 | 19,947 |
Vehicles [Member] | ||
Property, plant and equipment, gross | 1,872 | 1,558 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 3,527 | $ 1,157 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Leases, Rent Expense, Total | $ 4,146 | $ 2,794 | $ 2,196 |
Minimum [Member] | |||
Leases, Remaining Lease Terms | 1 year | ||
Maximum [Member] | |||
Leases, Remaining Lease Terms | 17 years | ||
Lessee, Operating Lease, Renewal Term | 10 years |
Note 9 - Leases - Lease Expense
Note 9 - Leases - Lease Expense and Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($) | ||
Operating leases | $ 3,928 | |
Short-term leases(1) | 218 | [1] |
Total lease expense | $ 4,146 | |
Weighted average remaining lease term of operating leases (in years) (Year) | 8 years 146 days | |
Weighted average discount rate of operating leases | 3.80% | |
Operating cash flow for operating leases | $ 4,544 | |
Operating leases | 10,493 | |
Finance leases | ||
[1] | Includes expenses for month-to-month equipment leases, which are classified as short-term as the Company is not reasonably certain to renew the lease term beyond one month. |
Note 9 - Leases - Future Minimu
Note 9 - Leases - Future Minimum Operating Lease Commitments Under Non-cancelable Operating Lease (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 5,937 |
2021 | 5,054 |
2022 | 4,614 |
2023 | 4,619 |
2024 | 4,390 |
Thereafter | 13,337 |
Total lease payments | 37,951 |
Less: imputed interest | 5,622 |
Total lease liabilities | $ 32,329 |
Note 10 - Taxes on Income (Deta
Note 10 - Taxes on Income (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 35.00% | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (373) | $ 2,963 | ||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | $ 569 | 915 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Total | 1,027 | 506 | ||
Deferred Tax Assets, Valuation Allowance, Total | 254 | 118 | ||
Unrecognized Tax Benefits, Ending Balance | 1,270 | 827 | 565 | $ 345 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 213 | |||
Unrecognized Tax Benefits Including Income Tax Penalties And Interest Accrued | 1,483 | |||
Unrecognized Tax Benefits Including Income Tax Penalties And Interest Accrued, Current | 209 | |||
Unrecognized Tax Benefits, Period Increase (Decrease), Total | 143 | $ 94 | ||
Domestic Tax Authority [Member] | ||||
Deferred Tax Assets, Tax Credit Carryforwards, Total | 1,300 | 640 | ||
State and Local Jurisdiction [Member] | ||||
Deferred Tax Assets, Valuation Allowance, Total | $ 0 | $ 20 |
Note 10 - Taxes on Income - Inc
Note 10 - Taxes on Income - Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Taxes on income from continuing operations | $ 10,355 | $ 3,334 | $ 2,382 |
Income tax benefits from discontinued operations | (15,683) | (1,073) | (2,292) |
Total taxes on income | $ (5,328) | $ 2,261 | $ 90 |
Note 10 - Taxes on Income - I_2
Note 10 - Taxes on Income - Income Tax from Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current (benefit): | |||
Federal | $ 9,883 | $ 2,819 | $ 5,831 |
State | 1,664 | 758 | 240 |
Foreign | 128 | 67 | |
Total current | 11,675 | 3,644 | 6,071 |
Deferred (benefit): | |||
Federal | (705) | (316) | (1,333) |
State | (615) | 6 | (2,356) |
Total deferred | (1,320) | (310) | (3,689) |
Total taxes on income | $ 10,355 | $ 3,334 | $ 2,382 |
Note 10 - Taxes on Income - I_3
Note 10 - Taxes on Income - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Federal income taxes at the statutory rate, amount | $ 9,901 | $ 4,505 | $ 6,949 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 35.00% |
State tax expense, net of federal income tax benefit, amount | $ 577 | $ 486 | $ 416 |
State tax expense, net of federal income tax benefit | 1.20% | 2.30% | 2.10% |
Deferred income tax re-measurement due to Tax Act, amount | $ (373) | $ 2,963 | |
Deferred income tax re-measurement due to Tax Act | (1.70%) | 14.90% | |
Other deferred income tax adjustment, amount | $ (75) | $ 13 | $ 338 |
Other deferred income tax adjustment | (0.20%) | 1.70% | |
Non-deductible compensation, amount | $ 511 | ||
Non-deductible compensation | 1.10% | ||
Other nondeductible expenses, amount | $ 115 | $ 91 | $ 98 |
Other nondeductible expenses | 0.20% | 0.40% | 0.50% |
Foreign derived intangible income deduction, amount | $ (45) | $ (35) | |
Foreign derived intangible income deduction | (0.10%) | (0.20%) | |
Domestic manufacturing deduction, amount | $ (465) | ||
Domestic manufacturing deduction | (2.30%) | ||
Stock based compensation, amount | $ (136) | $ (1,207) | $ (381) |
Stock based compensation | (0.30%) | (5.60%) | (1.90%) |
Worthless stock deduction of dissolved subsidiary, amount | $ (966) | ||
Worthless stock deduction of dissolved subsidiary | (4.90%) | ||
Forfeiture of state net operating loss and credit carry-forwards from dissolution of subsidiary, amount | $ 3,039 | ||
Forfeiture of state net operating loss and credit carry-forwards from dissolution of subsidiary | 15.30% | ||
Foreign tax expense, amount | $ 128 | $ 67 | |
Foreign tax expense | 0.30% | 0.30% | |
Valuation allowance adjustment, amount | $ 135 | $ 60 | $ (9,544) |
Valuation allowance adjustment | 0.30% | 0.30% | (48.00%) |
Unrecognized tax benefit adjustment, amount | $ (61) | $ 332 | $ 206 |
Unrecognized tax benefit adjustment | (0.10%) | 1.60% | 1.00% |
Federal research and development tax credit, amount | $ (591) | $ (349) | $ (328) |
Federal research and development tax credit | (1.30%) | (1.60%) | (1.70%) |
Foreign tax credit, amount | $ (38) | $ (67) | |
Foreign tax credit | (0.30%) | ||
Other, amount | $ (66) | $ (189) | $ 57 |
Other | (0.10%) | (0.90%) | 0.30% |
Total taxes on income | $ 10,355 | $ 3,334 | $ 2,382 |
Total | 22.00% | 15.60% | 12.00% |
Note 10 - Taxes on Income - Def
Note 10 - Taxes on Income - Deferred Income Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred income tax assets: | ||
Loss on asset impairment for discontinued operations | $ 12,764 | |
Warranty reserve | 3,782 | 3,257 |
Inventory costs and reserves | 2,661 | 1,801 |
Contract assets | 7,217 | 1,694 |
Stock-based compensation | 1,195 | 984 |
Net operating loss carry-forwards, net of federal income tax benefit | 449 | 723 |
Compensation related accruals | 698 | 589 |
Credit carry-forwards net of federal income tax benefit | 1,027 | 506 |
Other | 916 | 611 |
Total deferred income tax assets | 30,709 | 10,165 |
Deferred income tax liabilities: | ||
Depreciation | (2,666) | (1,479) |
Intangible assets | (1,974) | (1,205) |
Prepaid expenses | (295) | (222) |
Total deferred income tax liabilities | (4,935) | (2,906) |
Net deferred income tax assets | 25,774 | 7,259 |
Valuation allowance | (254) | (118) |
Net deferred tax asset | $ 25,520 | $ 7,141 |
Note 10 - Taxes on Income - Rec
Note 10 - Taxes on Income - Reconciliation of the Change in the Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Balance at beginning of year | $ 827 | $ 565 | $ 345 |
Increase related to prior year tax positions | 103 | 35 | 168 |
Increase related to current year tax positions | 578 | 319 | 118 |
Expiration of statute | (238) | (92) | (66) |
Balance at end of year | $ 1,270 | $ 827 | $ 565 |
Note 11 - Transactions with M_3
Note 11 - Transactions with Major Customers - Information about Major Customers (Details) - Customer Concentration Risk [Member] - Revenue Benchmark [Member] | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fleet Vehicles and Services [Member] | |||
Number of major customers | 2 | 4 | |
Fleet Vehicles and Services [Member] | Two Customers [Member] | |||
Combined percentage of consolidated sales | 37.90% | ||
Fleet Vehicles and Services [Member] | Four Customers [Member] | |||
Combined percentage of consolidated sales | 51.70% | ||
Specialty Chassis and Vehicles [Member] | |||
Number of major customers | 2 | ||
Specialty Chassis and Vehicles [Member] | Two Customers [Member] | |||
Combined percentage of consolidated sales | 29.30% |
Note 12 - Commitments and Con_3
Note 12 - Commitments and Contingent Liabilities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Letters of Credit Outstanding, Amount | $ 525 | $ 525 |
Dissolution of Spartan-Gimaex Joint Venture [Member] | Spartan-Gimaex Joint Venture [Member] | ||
Inventory Write-down | 216 | |
Letter of Credit [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 |
Note 12 - Commitments and Con_4
Note 12 - Commitments and Contingent Liabilities - Changes in Warranty Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Balance of accrued warranty | $ 4,407 | $ 4,340 |
Provisions for current period sales | 4,383 | 2,537 |
Cash settlements | (3,489) | (3,013) |
Changes in liability for pre-existing warranties | 295 | 543 |
Acquisitions | 98 | |
Balance of accrued warranty | $ 5,694 | $ 4,407 |
Note 13 - Defined Contributio_2
Note 13 - Defined Contribution Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Contribution Plan Company Matching Contributions Vesting Period | 5 years | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1,654 | $ 1,606 | $ 676 |
Note 14 - Debt (Details Textual
Note 14 - Debt (Details Textual) - USD ($) $ in Thousands | Aug. 08, 2018 | Dec. 31, 2019 | Dec. 31, 2018 |
Short-term Debt, Total | $ 8,162 | ||
Letters of Credit Outstanding, Amount | 525 | 525 | |
Line of Credit Facility, Current Borrowing Capacity | 60,499 | $ 86,410 | |
Letter of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 20,000 | ||
Lenders [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 175,000 | ||
Line of Credit Facility, Potential Increase Borrowing Capacity | $ 50,000 | ||
Debt Instrument Reference Rate Term | 30 days | ||
Debt Instrument, Interest Rate During Period | 3.75% | ||
Lenders [Member] | Revolving Credit Facility [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||
Lenders [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | 1.25% | |
Lenders [Member] | Letter of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 | ||
Lenders [Member] | Swing Line Loans [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000 | ||
Chassis Pool Agreements [Member] | |||
Short-term Debt, Total | $ 8,162 |
Note 14 - Debt - Short-term Deb
Note 14 - Debt - Short-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Short-term debt | $ 8,162 |
Note 14 - Debt - Schedule of Lo
Note 14 - Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Line of credit revolver (1): | [1] | $ 87,400 | $ 25,460 |
Finance lease obligations | 496 | 147 | |
Other | 951 | ||
Total debt | 88,847 | 25,607 | |
Less current portion of long-term debt | (177) | (60) | |
Total long-term debt | $ 88,670 | $ 25,547 | |
[1] | On August 8, 2018, we entered into a Credit Agreement (the "Credit Agreement") by and among us and certain of our subsidiaries as borrowers, Wells Fargo Bank, National Association ("Wells Fargo"), as administrative agent, and the lenders party thereto consisting of Wells Fargo, JPMorgan Chase Bank, N.A. and PNC Bank National Association (the "Lenders"). Subsequently, the Credit Agreement was amended on May 14, 2019, September 9, 2019 and September 25, 2019 and certain of our other subsidiaries executed guaranties guarantying the borrowers' obligations under the Credit Agreement. As a result, at December 31, 2019, under the Credit Agreement, as amended, we may borrow up to $175,000 from the Lenders under a secured revolving credit facility which matures August 8, 2023. We may also request an increase in the facility of up to $50,000 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 $30,000, subject to certain limitations and restrictions. This revolving credit facility carries an interest rate of either (i) the highest of prime rate, the federal funds effective rate from time to time plus 0.5%, or the one month adjusted LIBOR plus 1.0%; or (ii) adjusted LIBOR, in each case plus a margin based upon our ratio of debt to earnings from time to time. The applicable borrowing rate including margin was 3.7500% (or one-month LIBOR plus 1.25%) at December 31, 2019. The credit facility is secured by security interests in, and liens on, all assets of the borrowers and guarantors, other than real property and certain other excluded assets. Under the terms of our Credit Agreement, we are required to maintain certain financial ratios and other financial covenants, which limited our available borrowings under our revolving credit facility to a total of approximately $60,499 and $86,410 at December 31, 2019 and December 31, 2018, respectively. The Credit Agreement also prohibits us from incurring additional indebtedness; limits certain acquisitions, investments, advances or loans; limits our ability to pay dividends in certain circumstances; and restricts substantial asset sales, all subject to certain exceptions and baskets. At December 31, 2019 and December 31, 2018, we were in compliance with all covenants in our credit agreement. Concurrent with the close of the sale of the ERV business and effective January 31, 2020, the Credit Agreement was further amended by a fourth amendment, which released certain of our subsidiaries that were sold as part of the ERV business pursuant to the Asset Purchase Agreement. The substantive business terms of the Credit Agreement remain in place and were not changed by the fourth amendment. |
Note 15 - Stock Based Compens_3
Note 15 - Stock Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,856,250 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,412,446 | ||
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 750,000 | ||
Employee Stock Purchase Plan Discount | 90.00% | ||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 231 | $ 214 | $ 98 |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 22,000 | 20,000 | 9,000 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 9.38 | $ 9.96 | $ 7.65 |
Share-based Payment Arrangement, Expense | $ 3,983 | $ 4,027 | $ 3,536 |
Share-based Payment Arrangement, Expense, Tax Benefit | 759 | 846 | 1,238 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 3,507 | 4,318 | 1,356 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 3,413 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 36 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 279,000 | ||
Restricted Stock [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Restricted Stock [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 11.82 | ||
Share-based Payment Arrangement, Expense | $ 642 | 0 | 0 |
Share-based Payment Arrangement, Expense, Tax Benefit | 93 | 0 | 0 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,936 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 218,148 | ||
Performance Shares [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 8.99 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 87,260 | ||
Performance Shares [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 13.71 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 130,888 | ||
Performance Shares [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement By Share-based Payment Award, Percentage Of Shares Earned | 0.00% | ||
Performance Shares [Member] | Minimum [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||
Share-based Compensation Arrangement By Share-based Payment Award, Percentage Of Shares Earned | 0.00% | ||
Performance Shares [Member] | Minimum [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||
Share-based Compensation Arrangement By Share-based Payment Award, Percentage Of Shares Earned | 0.00% | ||
Performance Shares [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement By Share-based Payment Award, Percentage Of Shares Earned | 200.00% | ||
Performance Shares [Member] | Maximum [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||
Share-based Compensation Arrangement By Share-based Payment Award, Percentage Of Shares Earned | 200.00% | ||
Performance Shares [Member] | Maximum [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||
Share-based Compensation Arrangement By Share-based Payment Award, Percentage Of Shares Earned | 200.00% | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 8.98 | ||
Share-based Payment Arrangement, Expense | $ 656 | 0 | 0 |
Share-based Payment Arrangement, Expense, Tax Benefit | 130 | $ 0 | $ 0 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 981 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 73 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 182,333 | ||
Restricted Stock Units (RSUs) [Member] | Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Restricted Stock Units (RSUs) [Member] | Board Members [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year |
Note 15 - Stock Based Compens_4
Note 15 - Stock Based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Balance, non-vested shares outstanding (in shares) | 977 | ||
Balance, non-vested shares outstanding, weighted average grant date fair value (in dollars per share) | $ 7.97 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 279 | ||
Granted (in dollars per share) | $ 9.38 | $ 9.96 | $ 7.65 |
Vested (in shares) | (467) | ||
Vested (in dollars per share) | $ 7.50 | ||
Forfeited (in shares) | (78) | ||
Forfeited (in dollars per share) | $ 12.13 | ||
Balance, non-vested shares outstanding (in shares) | 711 | 977 | |
Balance, non-vested shares outstanding, weighted average grant date fair value (in dollars per share) | $ 8.58 | $ 7.97 | |
Balance, non-vested shares outstanding, weighted average remaining vesting life (Year) | 328 days |
Note 15 - Stock Based Compens_5
Note 15 - Stock Based Compensation - Simulation Assumption (Details) - Performance Shares Units [Member] | 12 Months Ended | |
Dec. 31, 2019 | ||
Three-year risk-free interest rate (1) | 2.37% | [1] |
Expected term (in years) (Year) | 2 years 255 days | |
Estimated volatility (2) | 53.70% | [2] |
[1] | Based on the U.S. government bond benchmark on the grant date. | |
[2] | Represents the historical price volatility of the Company's common stock for the three-year period preceding the grant date. |
Note 15 - Stock Based Compens_6
Note 15 - Stock Based Compensation - Expenses and Associated Tax Benefits for Outstanding Awards (Details) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Performance Shares [Member] | |
Balance, non-vested shares outstanding (in shares) | shares | |
Balance, non-vested shares outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | |
Granted (in shares) | shares | 218,148 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 11.82 |
Balance, non-vested shares outstanding (in shares) | shares | 218,148 |
Balance, non-vested shares outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 11.82 |
Restricted Stock Units (RSUs) [Member] | |
Balance, non-vested shares outstanding (in shares) | shares | |
Balance, non-vested shares outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | |
Granted (in shares) | shares | 182,333 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.98 |
Balance, non-vested shares outstanding (in shares) | shares | 182,333 |
Balance, non-vested shares outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.98 |
Note 16 - Shareholders Equity_2
Note 16 - Shareholders Equity (Details Textual) shares in Millions | Apr. 28, 2016shares |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 1 |
Note 16 - Shareholders Equity -
Note 16 - Shareholders Equity - Summary of Stock Repurchased and Retired (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Shares purchased (in shares) | 101 | 90 |
Purchase value | $ 793 | $ 656 |
Remaining shares allowable to be purchased (in shares) | 809 | 910 |
Note 17 - Earnings Per Share -
Note 17 - Earnings Per Share - Reconciliation of Basic Weighted Average Common Shares Outstanding to Diluted Weighted Average Shares Outstanding (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Basic weighted average common shares outstanding (in shares) | 35,318 | 35,187 | 34,949 |
Plus dilutive effect of Restricted Stock Units and Performance Stock Units (in shares) | 98 | ||
Diluted weighted average common shares outstanding (in shares) | 35,416 | 35,187 | 34,949 |
Restricted Stock [Member] | |||
Antidilutive stock awards: | |||
Anti-dilutive stock awards (in shares) |
Note 18 - Business Segments (De
Note 18 - Business Segments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of Reportable Segments | 2 | ||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 179,960 | $ 224,703 | $ 179,673 | $ 172,206 | $ 173,916 | $ 165,920 | $ 124,366 | $ 106,325 | $ 756,542 | $ 570,527 | $ 404,248 |
Percent of Revenue Attributed to Foreign Countries | 2.80% | 3.70% | 3.30% | ||||||||
Foreign Countries [Member] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 21,361 | $ 21,204 | $ 13,392 |
Note 18 - Business Segments - S
Note 18 - Business Segments - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | $ 179,960 | $ 224,703 | $ 179,673 | $ 172,206 | $ 173,916 | $ 165,920 | $ 124,366 | $ 106,325 | $ 756,542 | $ 570,527 | $ 404,248 |
Depreciation and amortization expense | 11,180 | 10,370 | 9,937 | ||||||||
Segment assets | 450,537 | 353,784 | 450,537 | 353,784 | |||||||
Capital expenditures | 10,042 | 8,985 | 5,340 | ||||||||
Continuing Operations [Member] | |||||||||||
Revenues | 756,542 | 570,527 | 404,248 | ||||||||
Depreciation and amortization expense | 6,073 | 3,896 | 4,675 | ||||||||
Adjusted EBITDA | 64,045 | 35,385 | 31,762 | ||||||||
Segment assets | 359,812 | 217,107 | 359,812 | 217,107 | 158,434 | ||||||
Capital expenditures | 7,596 | 4,653 | 3,976 | ||||||||
Utilmaster Vehicles [Member] | Continuing Operations [Member] | |||||||||||
Revenues | 504,023 | 297,627 | 207,666 | ||||||||
Motorhome Chassis [Member] | Continuing Operations [Member] | |||||||||||
Revenues | 127,130 | 149,533 | 124,584 | ||||||||
Other Specialty Vehicles [Member] | Continuing Operations [Member] | |||||||||||
Revenues | 43,067 | 22,570 | 18,416 | ||||||||
Aftermarket Parts and Accessories Sales [Member] | Continuing Operations [Member] | |||||||||||
Revenues | 82,322 | 100,797 | 53,582 | ||||||||
Operating Segments [Member] | |||||||||||
Revenues | 761,820 | 580,748 | 409,905 | ||||||||
Operating Segments [Member] | Fleet Vehicles and Services [Member] | |||||||||||
Revenues | 575,894 | 387,549 | 251,095 | ||||||||
Operating Segments [Member] | Fleet Vehicles and Services [Member] | Continuing Operations [Member] | |||||||||||
Revenues | 575,894 | 387,549 | 251,095 | ||||||||
Depreciation and amortization expense | 2,466 | 2,401 | 3,361 | ||||||||
Adjusted EBITDA | 60,663 | 26,680 | 26,958 | ||||||||
Segment assets | 154,138 | 117,508 | 154,138 | 117,508 | 60,550 | ||||||
Capital expenditures | 2,851 | 1,859 | 562 | ||||||||
Operating Segments [Member] | Fleet Vehicles and Services [Member] | Utilmaster Vehicles [Member] | Continuing Operations [Member] | |||||||||||
Revenues | 504,023 | 297,627 | 207,666 | ||||||||
Operating Segments [Member] | Fleet Vehicles and Services [Member] | Motorhome Chassis [Member] | Continuing Operations [Member] | |||||||||||
Revenues | |||||||||||
Operating Segments [Member] | Fleet Vehicles and Services [Member] | Other Specialty Vehicles [Member] | Continuing Operations [Member] | |||||||||||
Revenues | |||||||||||
Operating Segments [Member] | Fleet Vehicles and Services [Member] | Aftermarket Parts and Accessories Sales [Member] | Continuing Operations [Member] | |||||||||||
Revenues | 71,871 | 89,922 | 43,429 | ||||||||
Operating Segments [Member] | Specialty Chassis and Vehicles [Member] | |||||||||||
Revenues | 185,926 | 193,199 | 158,810 | ||||||||
Operating Segments [Member] | Specialty Chassis and Vehicles [Member] | Continuing Operations [Member] | |||||||||||
Revenues | 185,926 | 193,199 | 158,810 | ||||||||
Depreciation and amortization expense | 2,104 | 1,495 | 1,314 | ||||||||
Adjusted EBITDA | 20,716 | 18,620 | 14,058 | ||||||||
Segment assets | 137,777 | 17,335 | 137,777 | 17,335 | 21,445 | ||||||
Capital expenditures | 2,220 | 116 | 386 | ||||||||
Operating Segments [Member] | Specialty Chassis and Vehicles [Member] | Utilmaster Vehicles [Member] | Continuing Operations [Member] | |||||||||||
Revenues | 5,278 | 10,221 | 5,657 | ||||||||
Operating Segments [Member] | Specialty Chassis and Vehicles [Member] | Motorhome Chassis [Member] | Continuing Operations [Member] | |||||||||||
Revenues | 127,130 | 149,533 | 124,584 | ||||||||
Operating Segments [Member] | Specialty Chassis and Vehicles [Member] | Other Specialty Vehicles [Member] | Continuing Operations [Member] | |||||||||||
Revenues | 43,067 | 22,570 | 18,416 | ||||||||
Operating Segments [Member] | Specialty Chassis and Vehicles [Member] | Aftermarket Parts and Accessories Sales [Member] | Continuing Operations [Member] | |||||||||||
Revenues | 10,451 | 10,875 | 10,153 | ||||||||
Consolidation, Eliminations [Member] | |||||||||||
Revenues | (5,278) | (10,221) | (5,657) | ||||||||
Consolidation, Eliminations [Member] | Continuing Operations [Member] | |||||||||||
Revenues | (5,278) | (10,221) | (5,657) | ||||||||
Adjusted EBITDA | (17,334) | (9,915) | (9,344) | ||||||||
Consolidation, Eliminations [Member] | Utilmaster Vehicles [Member] | Continuing Operations [Member] | |||||||||||
Revenues | (5,278) | (10,221) | (5,657) | ||||||||
Consolidation, Eliminations [Member] | Motorhome Chassis [Member] | Continuing Operations [Member] | |||||||||||
Revenues | |||||||||||
Consolidation, Eliminations [Member] | Other Specialty Vehicles [Member] | Continuing Operations [Member] | |||||||||||
Revenues | |||||||||||
Consolidation, Eliminations [Member] | Aftermarket Parts and Accessories Sales [Member] | Continuing Operations [Member] | |||||||||||
Revenues | |||||||||||
Segment Reconciling Items [Member] | Continuing Operations [Member] | |||||||||||
Depreciation and amortization expense | 1,503 | 2,318 | 1,357 | ||||||||
Segment assets | $ 67,897 | $ 82,264 | 67,897 | 82,264 | 76,439 | ||||||
Capital expenditures | $ 2,525 | 2,678 | $ 3,028 | ||||||||
Segment Reconciling Items [Member] | Other Specialty Vehicles [Member] | Continuing Operations [Member] | |||||||||||
Revenues |
Note 18 - Business Segments - R
Note 18 - Business Segments - Reconciliation of Adjusted EBITDA (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income from continuing operations before income taxes | $ 47,145 | $ 21,450 | $ 19,853 |
Net (income) loss attributable to non-controlling interest | (140) | 1 | |
Interest expense | 1,839 | 1,080 | 98 |
Depreciation and amortization expense | 11,180 | 10,370 | 9,937 |
Restructuring and other related charges | 82 | 662 | 798 |
Continuing Operations [Member] | |||
Income from continuing operations before income taxes | 47,145 | 21,450 | 19,853 |
Net (income) loss attributable to non-controlling interest | (140) | 1 | |
Interest expense | 109 | 481 | 156 |
Depreciation and amortization expense | 6,073 | 3,896 | 4,675 |
Restructuring and other related charges | 82 | 176 | 746 |
Unallocated corporate expenses | 29,613 | 19,297 | 15,585 |
Total segment adjusted EBITDA | $ 81,379 | $ 45,300 | $ 41,016 |
Note 19 - Related Party Trans_2
Note 19 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 5 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
C.H. Robinson [Member] | |||
Related Party Transaction, Purchases from Related Party | $ 6,723 | ||
Accuride Distributing [Member] | |||
Related Party Transaction, Purchases from Related Party | $ 799 | $ 698 |
Note 20 - Subsequent Event (Det
Note 20 - Subsequent Event (Details Textual) $ in Thousands | Feb. 01, 2020USD ($) |
Subsequent Event [Member] | Disposal of Emergency Response and Vehicle Business [Member] | Discontinued Operations, Disposed of by Sale [Member] | |
Proceeds from Divestiture of Businesses | $ 55,000,000 |
Note 21 - Quarterly Financial_3
Note 21 - Quarterly Financial Data (Unaudited) - Summarized Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Sales | $ 179,960 | $ 224,703 | $ 179,673 | $ 172,206 | $ 173,916 | $ 165,920 | $ 124,366 | $ 106,325 | $ 756,542 | $ 570,527 | $ 404,248 |
Gross profit | 37,419 | 38,029 | 20,859 | 20,720 | 19,134 | 19,828 | 19,407 | 14,775 | 117,027 | 73,144 | 62,952 |
Operating expenses | 19,123 | 20,915 | 14,608 | 14,767 | 13,252 | 11,438 | 13,812 | 12,124 | 69,413 | 50,626 | 43,603 |
Income from continuing operations | 14,285 | 13,126 | 4,544 | 4,835 | 4,416 | 7,128 | 2,706 | 3,866 | 36,790 | 18,116 | 17,471 |
(Loss) income from discontinued operations, net of income taxes | (41,952) | (2,711) | (1,255) | (3,298) | (2,581) | (1,885) | 1,034 | 328 | (49,216) | (3,104) | (1,537) |
Net income (loss) attributable to Spartan Motors, Inc. | $ (27,821) | $ 10,354 | $ 3,504 | $ 1,397 | $ 1,835 | $ 5,243 | $ 3,740 | $ 4,194 | $ (12,566) | $ 15,012 | $ 15,935 |
Continuing operations (in dollars per share) | $ 0.40 | $ 0.37 | $ 0.14 | $ 0.13 | $ 0.12 | $ 0.20 | $ 0.08 | $ 0.11 | $ 1.03 | $ 0.52 | $ 0.50 |
Discontinued operations (in dollars per share) | (1.19) | (0.08) | (0.04) | (0.09) | (0.07) | (0.05) | 0.03 | 0.01 | (1.39) | (0.09) | (0.04) |
Basic earnings per share (in dollars per share) | (0.79) | 0.29 | 0.10 | 0.04 | 0.05 | 0.15 | 0.11 | 0.12 | (0.36) | 0.43 | 0.46 |
Continuing operations (in dollars per share) | 0.40 | 0.37 | 0.14 | 0.13 | 0.12 | 0.20 | 0.08 | 0.11 | 1.03 | 0.52 | 0.50 |
Discontinued operations (in dollars per share) | (1.18) | (0.08) | (0.04) | (0.09) | (0.07) | (0.05) | 0.03 | 0.01 | (1.39) | (0.09) | (0.04) |
Diluted earnings per share (in dollars per share) | $ (0.78) | $ 0.29 | $ 0.10 | $ 0.04 | $ 0.05 | $ 0.15 | $ 0.11 | $ 0.12 | $ (0.36) | $ 0.43 | $ 0.46 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Schedule II - Valuation and Qualifying Accounts (Details) - SEC Schedule, 12-09, Allowance, Credit Loss [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Balance at Beginning of Period | $ 99 | $ 98 | $ 420 |
Additions Charged to Costs and Expenses | 415 | 32 | 78 |
Additions Charged to Other Accounts | |||
Deductions | (286) | (31) | (400) |
Balance at End of Period | $ 228 | $ 99 | $ 98 |