SPAR Snapshot

RV *Investor*	RV STOCKS AND INDUSTRY NEWS

Guardado Advisors LLC

Made in the USA


Spartan Motors (NYSE: SPAR) Snapshot Updated April 4, 2010

	Company Profile Spartan Motors, Inc. manufactures custom chassis and vehicles for the recreational vehicle, fire truck, ambulance and emergency-rescue markets. The company’s brand names – Spartan®, Crimson Fire® and Road Rescue®.

Consolidated Charting

Consolidated Statements

	Quarter Ending
SPAR Income Statement	Q1-07	Q2-07	Q3-07	Q4-07	Q1-08	Q2-08	Q3-08	Q4-08	Q1-09	Q2-09	Q3-09	Q4-09
	Mar-07	Jun-07	Sep-07	Dec-07	Mar-08	Jun-08	Sep-08	Dec-08	Mar-09	Jun-09	Sep-09	Dec-09	ttm
Revenue	142,882	152,583	148,891	237,567	264,095	196,520	237,461	146,314	115,498	124,269	89,704	100,455	429,926
Cost of Goods Sold	118,191	128,570	131,316	207,344	223,465	162,772	194,496	115,387	89,376	99,071	73,674	85,526	347,647
Gross Margin	24,691	24,013	17,575	30,223	40,630	33,748	42,965	30,927	26,122	25,198	16,030	14,929	82,279
As a % of Sales	17.3%	15.7%	11.8%	12.7%	15.4%	17.2%	18.1%	21.1%	22.6%	20.3%	17.9%	14.9%	19.1%

Operating Expenses
R&D	3,790	3,696	3,840	4,543	4,688	4,743	5,216	4,814	4,760	4,344	4,136	4,463	17,703
SG&A	9,482	9,670	9,690	12,542	12,540	12,886	15,701	18,970	12,008	12,696	9,736	10,507	44,947
Non Recurring	-	-	-	-	-	-	-	-	-	-	957	26	983
Others	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Expenses	13,272	13,366	13,530	17,085	17,228	17,629	20,917	23,784	16,768	17,040	14,829	14,996	63,633
As a % of Sales	9.3%	8.8%	9.1%	7.2%	6.5%	9.0%	8.8%	16.3%	14.5%	13.7%	16.5%	14.9%	14.8%

Operating Income	11,419	10,647	4,045	13,138	23,402	16,119	22,048	7,143	9,354	8,158	1,201	(67)	18,646
As a % of Sales	8.0%	7.0%	2.7%	5.5%	8.9%	8.2%	9.3%	4.9%	8.1%	6.6%	1.3%	-0.1%	4.3%

Income from Continuing Operations
Total Other Income/Expenses Net	137	192	191	205	93	199	331	56	216	240	267	31	754
Earnings Before Interest And Taxes	11,556	10,839	4,236	13,343	23,495	16,318	22,379	7,199	9,570	8,398	1,468	(36)	19,400
Interest Expense	246	436	235	830	732	436	642	251	325	330	329	355	1,339
Income Before Tax	11,310	10,403	4,001	12,513	22,763	15,882	21,737	6,948	9,245	8,068	1,139	(391)	18,061
Income Tax Expense	4,104	3,888	1,430	4,301	7,982	5,467	7,081	4,085	3,186	2,690	388	23	6,287
Minority Interest	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Income From Continuing Ops	7,206	6,515	2,571	8,212	14,781	10,415	14,656	2,863	6,059	5,378	751	(414)	11,774

Non-recurring Events
Discontinued Operations	-	-	-	-	-	-	-	-	-	-	-	-	-
Extraordinary Items	-	-	-	-	-	-	-	-	-	-	-	-	-
Effect Of Accounting Changes	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Items	-	-	-	-		-	-	-	-	-	-	-	-
Net Income	7,206	6,515	2,571	8,212	14,781	10,415	14,656	2,863	6,059	5,378	751	(414)	11,774
Preferred Stock And Other Adjustments	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Income Applicable To Common Shares	7,206	6,515	2,571	8,212	14,781	10,415	14,656	2,863	6,059	5,378	751	(414)	11,774
As a % of Sales	5.0%	4.3%	1.7%	3.5%	5.6%	5.3%	6.2%	2.0%	5.2%	4.3%	0.8%	-0.4%	2.7%

EBITDA	12,380	11,707	5,327	14,623	24,822	17,727	23,937	8,964	11,371	10,258	3,300	2,236	27,165
As a % of Sales	8.7%	7.7%	3.6%	6.2%	9.4%	9.0%	10.1%	6.1%	9.8%	8.3%	3.7%	2.2%	6.3%

SPAR Balance Sheet	Quarter Ending
	Mar-07	Jun-07	Sep-07	Dec-07	Mar-08	Jun-08	Sep-08	Dec-08	Mar-09	Jun-09	Sep-09	Dec-09	ttm
Current Assets
Cash And Cash Equivalents	1,291	4,330	5,667	13,528	5,298	3,166	6,854	19,198	32,681	22,295	36,254	18,475	18,475
Short Term Investments						-	-	-	-	-	-	-	-
Net Receivables	79,243	84,251	94,703	139,831	178,632	111,474	159,230	83,011	78,452	85,676	56,337	57,573	57,573
Inventory	72,793	78,748	90,940	103,076	95,461	113,107	102,091	86,648	89,495	88,734	83,879	102,402	102,402
Other Current Assets	10,820	1,366	455	1,978	2,127	2,144	2,318	2,607	2,506	2,019	6,683	3,664	3,664
Total Current Assets	164,147	168,695	191,765	258,413	281,518	229,891	270,493	191,464	203,134	198,724	183,153	182,114	182,114

Long Term Assets
Long Term Investments						-	-	-	-	-	-	-	-
Property Plant and Equipment	35,874	42,446	51,479	56,673	59,292	62,043	66,226	66,786	65,780	67,394	65,815	80,228	80,228
Goodwill	2,457	2,457	2,457	2,457	2,457	2,457	2,457	2,457	2,457	2,457	2,457	18,404	18,404
Intangible Assets	-	-	-	-	-	-	-	-	-	-	-	11,491	11,491
Accumulated Amortization	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Long Term Assets	521	506	523	345	260	209	208	193	1,160	1,328	998	1,041	1,041
Deferred Long Term Asset Charges	-	-	-	-	-	775	775	241	241	241	241	-	-
Total Long Term Assets	38,852	45,409	54,459	59,475	62,009	65,484	69,666	69,677	69,638	71,420	69,511	111,164	111,164

Total Assets	202,999	214,104	246,224	317,888	343,527	295,375	340,159	261,141	272,772	270,144	252,664	293,278	293,278

Current Liabilities
Accounts Payable	36,324	58,445	68,858	116,296	103,045	76,030	83,666	47,638	51,627	44,832	37,663	47,577	47,577
Short/Current Long Term Debt	521	522	522	523	523	523	524	10,640	10,518	10,519	11,513	11,146	11,146
Other Current Liabilities	30,068	8,254	7,264	8,907	10,326	10,483	11,083	14,507	15,456	15,764	4,677	6,300	6,300
Total Current Liabilities	66,913	67,221	76,644	125,726	113,894	87,036	95,273	72,785	77,601	71,115	53,853	65,023	65,023

Long Term Liabilities
Long Term Debt	21,126	24,957	44,865	62,695	84,564	53,433	74,302	16,556	16,426	16,296	15,172	35,204	35,204
Other Long Term Liabilities	972	1,008	1,078	1,025	1,025	1,108	1,069	1,157	2,192	1,888	1,775	4,189	4,189
Deferred Long Term Liability Charges	89	89	89	-	-	-	-	-	-	-	-	8,341	8,341
Minority Interest	-	-	-	-	-	-	-	-	-	-	-	-	-
Negative Goodwill	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Long Term Liabilities	22,187	26,054	46,032	63,720	85,589	54,541	75,371	17,713	18,618	18,184	16,947	47,734	47,734

Total Liabilities	89,100	93,275	122,676	189,446	199,483	141,577	170,644	90,498	96,219	89,299	70,800	112,757	112,757

Stockholders' Equity
Misc Stocks Options Warrants	-	-	-	-	-	-	-	-	-	-	-	-	-
Redeemable Preferred Stock	-	-	-	-	-	-	-	-	-	-	-	-	-
Preferred Stock	-	-	-	-	-	-	-	-	-	-	-	-	-
Common Stock	215	325	326	324	324	326	327	326	324	329	329	329	329
Retained Earnings	55,506	60,323	62,874	66,246	81,027	89,825	104,482	105,711	111,614	114,398	115,148	113,092	113,092
Treasury Stock	-	-	-	-		-	-	-	-	-	-	-	-
Capital Surplus	58,177	60,181	60,348	62,648	63,469	63,644	64,706	64,607	64,613	66,117	66,387	67,099	67,099
Other Stockholder Equity	-	-	-	-		-	-	-	-	-	-	-	-
Total Stockholder Equity	113,898	120,829	123,548	129,218	144,820	153,795	169,515	170,644	176,551	180,844	181,864	180,520	180,520

Total Liabilities + Stockholder Equity	202,998	214,104	246,224	318,664	344,303	295,372	340,159	261,142	272,770	270,143	252,664	293,277	293,277

Asset Management Metrics
Asset Turns (Rev/Assets)	2.8	2.9	2.4	3.0	3.1	2.7	2.8	2.2	1.7	1.8	1.4	1.4	1.5
Inventory Turns	6.5	6.5	5.8	8.0	9.4	5.8	7.6	5.3	4.0	4.5	3.5	3.3	3.4
Days Sales Outstanding	51	50	58	54	62	52	61	52	62	63	57	52	49
ST+LT Debt to Equity Ratio	0.19	0.21	0.37	0.49	0.59	0.35	0.44	0.16	0.15	0.15	0.15	0.26	0.26
Return on Assets (Net Inc/Assets)	14.2%	12.2%	4.2%	10.3%	17.2%	14.1%	17.2%	4.4%	8.9%	8.0%	1.2%	-0.6%	4.0%

SPAR Statement of Cash Flows	Quarter Ending
	Mar-07	Jun-07	Sep-07	Dec-07	Mar-08	Jun-08	Sep-08	Dec-08	Mar-09	Jun-09	Sep-09	Dec-09	ttm
Net Income	7,206	6,515	2,571	8,212	14,781	10,415	14,656	2,863	6,059	5,378	751	(414)	11,774

Cash Flows from Operating Activities
Depreciation	824	868	1,091	1,280	1,327	1,409	1,558	1,765	1,801	1,860	1,832	2,272	7,765
Adjustments To Net Income	(1,795)	(1,420)	132	(2,525)	362	826	1,446	1,131	510	473

Company Profile

Spartan Motors, Inc. manufactures custom chassis and vehicles for the recreational vehicle, fire truck, ambulance and emergency-rescue markets. The company’s brand names – Spartan®, Crimson Fire® and Road Rescue®.