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Spartan Motors (NYSE: SPAR) Snapshot Updated September 21, 2011

	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	Q3-09	Q4-09	Q1-10	Q2-10	Q3-10	Q4-10	Q1-11	Q2-11
	Sep-09	Dec-09	Mar-10	Jun-10	Sep-10	Dec-10	Mar-11	Jun-11	ttm
Revenue	89,704	100,455	122,517	110,772	120,571	126,875	95,133	99,364	441,943
Cost of Goods Sold	73,674	85,526	105,397	94,559	100,801	107,434	82,171	86,636	377,042
Gross Margin	16,030	14,929	17,120	16,213	19,770	19,441	12,962	12,728	64,901
As a % of Sales	17.9%	14.9%	14.0%	14.6%	16.4%	15.3%	13.6%	12.8%	14.7%

Operating Expenses
R&D	4,136	4,463	5,279	3,663	4,001	3,969	3,548	2,758	14,276
SG&A	9,736	10,507	11,629	10,961	10,400	10,879	10,743	12,563	44,585
Non Recurring	957	26	-	1,006	-	-	-	1,050	1,050
Others	-	-	-	-	-	-	-	-	-
Operating Expenses	14,829	14,996	16,908	15,630	14,401	14,848	14,291	16,371	59,911
As a % of Sales	16.5%	14.9%	13.8%	14.1%	11.9%	11.7%	15.0%	16.5%	13.6%

Operating Income	1,201	(67)	212	583	5,369	4,593	(1,329)	(3,643)	4,990
As a % of Sales	1.3%	-0.1%	0.2%	0.5%	4.5%	3.6%	-1.4%	-3.7%	1.1%

Income from Continuing Operations
Total Other Income/Expenses Net	267	31	109	(176)	304	206	84	72	666
Earnings Before Interest And Taxes	1,468	(36)	321	407	5,673	4,799	(1,245)	(3,571)	5,656
Interest Expense	329	355	318	257	238	138	95	78	549
Income Before Tax	1,139	(391)	3	150	5,435	4,661	(1,340)	(3,649)	5,107
Income Tax Expense	388	23	1	55	1,953	1,008	(442)	(1,429)	1,090
Minority Interest	-	-	-	-	-	-	-	-	-
Net Income From Continuing Ops	751	(414)	2	95	3,482	3,653	(898)	(2,220)	4,017

Non-recurring Events
Discontinued Operations	-	-	-	(2,706)	(166)	(222)	-	-	(388)
Extraordinary Items	-	-	-	-	-	-	-	-	-
Effect Of Accounting Changes	-	-	-	-	-	-	-	-	-
Other Items	-	-	-	-	-	-	-	-	-
Net Income	751	(414)	2	(2,611)	3,316	3,431	(898)	(2,220)	3,629
Preferred Stock And Other Adjustments	-	-	-	-	-	-	-	-	-
Net Income Applicable To Common Shares	751	(414)	2	(2,611)	3,316	3,431	(898)	(2,220)	3,629
As a % of Sales	0.8%	-0.4%	0.0%	-2.4%	2.8%	2.7%	-0.9%	-2.2%	0.8%

EBITDA	3,300	2,236	3,159	3,083	8,285	7,390	1,152	(770)	16,057
As a % of Sales	3.7%	2.2%	2.6%	2.8%	6.9%	5.8%	1.2%	-0.8%	3.6%

SPAR Balance Sheet	Quarter Ending
	Sep-09	Dec-09	Mar-10	Jun-10	Sep-10	Dec-10	Mar-11	Jun-11	ttm
Current Assets
Cash And Cash Equivalents	36,254	18,475	4,379	10,066	16,742	14,507	24,993	30,627	30,627
Short Term Investments	-	-	-	-	-	-	-	-	-
Net Receivables	56,337	57,573	56,946	52,787	59,926	61,650	51,026	44,613	44,613
Inventory	83,879	102,402	100,153	80,325	78,451	60,161	61,436	61,699	61,699
Other Current Assets	6,683	3,664	3,619	11,274	3,566	3,636	3,365	2,649	2,649
Total Current Assets	183,153	182,114	165,097	154,452	158,685	139,954	140,820	139,588	139,588

Long Term Assets
Long Term Investments	-	-	-	-	-	-	-	-	-
Property Plant and Equipment	65,815	80,228	78,823	74,537	72,930	71,268	70,369	67,835	67,835
Goodwill	2,457	18,404	18,418	18,418	18,418	18,418	18,418	20,815	20,815
Intangible Assets	-	11,491	11,295	11,099	11,023	10,946	10,817	12,292	12,292
Accumulated Amortization	-	-	-	-	-	-	-	-	-
Other Long Term Assets	998	1,041	974	952	1,039	1,163	5,766	1,426	1,426
Deferred Long Term Asset Charges	241	-	-	-	-	-	-	-	-
Total Long Term Assets	69,511	111,164	109,510	105,006	103,410	101,795	105,370	102,368	102,368

Total Assets	252,664	293,278	274,607	259,458	262,095	241,749	246,190	241,956	241,956

Current Liabilities
Accounts Payable	37,663	47,577	51,872	43,275	47,184	30,192	37,573	35,119	35,119
Short/Current Long Term Debt	11,513	11,146	11,133	10,107	10,109	102	92	79	79
Other Current Liabilities	4,677	6,300	7,504	6,407	6,527	11,430	8,658	9,228	9,228
Total Current Liabilities	53,853	65,023	70,509	59,789	63,820	41,724	46,323	44,426	44,426

Long Term Liabilities
Long Term Debt	15,172	35,204	12,199	10,173	5,142	5,122	5,124	5,111	5,111
Other Long Term Liabilities	1,775	4,189	4,179	4,140	4,066	4,284	4,553	4,955	4,955
Deferred Long Term Liability Charges	-	8,341	8,341	8,341	8,341	7,640	7,640	7,640	7,640
Minority Interest	-	-	-	-	-	-	-	-	-
Negative Goodwill	-	-	-	-	-	-	-	-	-
Total Long Term Liabilities	16,947	47,734	24,719	22,654	17,549	17,046	17,317	17,706	17,706

Total Liabilities	70,800	112,757	95,228	82,443	81,369	58,770	63,640	62,132	62,132

Stockholders' Equity
Misc Stocks Options Warrants	-	-	-	-	-	-	-	-	-
Redeemable Preferred Stock	-	-	-	-	-	-	-	-	-
Preferred Stock	-	-	-	-	-	-	-	-	-
Common Stock	329	329	329	329	332	332	332	334	334
Retained Earnings	115,148	113,092	111,454	108,843	112,160	113,932	113,034	109,144	109,144
Treasury Stock	-	-	-	-	-	-	-	-	-
Capital Surplus	66,387	67,099	67,596	67,843	68,234	68,715	69,184	70,346	70,346
Other Stockholder Equity	-	-	-	-	-	-	-	-	-
Total Stockholder Equity	181,864	180,520	179,379	177,015	180,726	182,979	182,550	179,824	179,824

Total Liabilities + Stockholder Equity	252,664	293,277	274,607	259,458	262,095	241,749	246,190	241,956	241,956

Asset Management Metrics
Asset Turns (Rev/Assets)	1.4	1.4	1.8	1.7	1.8	2.1	1.5	1.6	1.6
Inventory Turns	3.5	3.3	4.2	4.7	5.1	7.1	5.4	5.6	5.6
Days Sales Outstanding	57	52	42	43	45	44	49	41	41
ST+LT Debt to Equity Ratio	0.15	0.26	0.13	0.11	0.08	0.03	0.03	0.03	0.03
Return on Assets (Net Inc/Assets)	1.2%	-0.6%	0.0%	-4.0%	5.1%	5.7%	-1.5%	-3.7%	-3.7%

SPAR Statement of Cash Flows	Quarter Ending
	Sep-09	Dec-09	Mar-10	Jun-10	Sep-10	Dec-10	Mar-11	Jun-11	ttm
Net Income	751	(414)	2	(2,611)	3,316	3,431	(898)	(2,220)	3,629

Cash Flows from Operating Activities
Depreciation	1,832	2,272	2,838	2,676	2,612	2,591	2,397	2,801	10,401
Adjustments To Net Income	11,995	5,609	486	16,418	(11,484)	(590)	495	1,740	(9,839)
Changes In Accounts Receivables	29,099	9,596	591	645	(6,238)	(2,566)	10,937	8,597	10,730
Changes In Liabilities	(18,252)	(5,573)	3,915	(7,522)	4,344	(12,045)	4,909	(2,766)	(5,558)
Changes In Inventories	4,855	(3,665)	2,248	13,757	1,874	18,290	(1,275)	1,089	19,978
Changes In Other Operating Activities	1,231	2,161	81	961	(1,647)	336	(42)	(824)	(2,177)
Total Cash Flow From Operating Activities	31,511	9,986	10,161	24,324	(7,223)	9,447	16,523	8,417	27,164

Cash Flows from Investing Activities
Capital Expenditures	(696)	(707)	(1,239)	(847)	(931)	(852)	(1,440)	(1,027)	(4,250)
Investments	-	-	-	-	-	-	-	-	-
Other Cashflows from Investing Activities	1	(42,318)	-	5	7,429	737	(4,685)	27	3,508
Total Cash Flows From Investing Activities	(695)	(43,025)	(1,239)	(842)	6,498	(115)	(6,125)	(1,000)	(742)

Cash Flows from Financing Activities
Dividends Paid	-	(1,642)	-	-	-	(1,659)	-	-	(1,659)
Sale Purchase of Stock	(14)	30	(1)	1	-	-	-	-	-
Net Borrowings	(129)	19,337	(23,018)	(3,051)	(4,859)	(9,968)	56	240	(14,531)
Other Cash Flows from Financing Activities	(349)	489	-	(510)	(65)	(210)	14	(192)	(453)
Total Cash Flows From Financing Activities	(492)	18,214	(23,019)	(3,560)	(4,924)	(11,837)	70	48	(16,643)

Effect Of Exchange Rate Changes	-	-	-	-	-	-	-	-	-

Change In Cash and Cash Equivalents	30,324	(14,825)	(14,097)	19,922	(5,649)	(2,505)	10,468	7,465	9,779

`
SPAR Income Statement	Fiscal Year (December 31)
	2004	2005	2006	2007	2008	2009	2010	ttm
Revenue	312,270	343,007	445,378	681,923	844,390	429,926	480,735	441,943
Cost of Goods Sold	270,892	294,231	372,002	585,421	696,120	347,647	408,191	377,042
Gross Margin	41,378	48,776	73,376	96,502	148,270	82,279	72,544	64,901
As a % of Sales	13.3%	14.2%	16.5%	14.2%	17.6%	19.1%	15.1%	14.7%

Operating Expenses
R&D	7,943	9,431	12,622	15,869	19,461	17,703	16,912	14,276
SG&A	24,451	26,693	31,359	41,384	60,097	44,947	43,869	44,585
Non Recurring	-	-	2,086	-	-	983	1,006	1,050
Others	-	-	-	-	-	-	-	-
Operating Expenses	32,394	36,124	46,067	57,253	79,558	63,633	61,787	59,911
As a % of Sales	10.4%	10.5%	10.3%	8.4%	9.4%	14.8%	12.9%	13.6%

Operating Income	8,984	12,652	27,309	39,249	68,712	18,646	10,757	4,990
As a % of Sales	2.9%	3.7%	6.1%	5.8%	8.1%	4.3%	2.2%	1.1%

Income from Continuing Operations
Total Other Income/Expenses Net	575	859	1,012	725	679	754	443	666
Earnings Before Interest And Taxes	9,559	13,511	28,321	39,974	69,391	19,400	11,200	5,656
Interest Expense	366	141	347	1,747	2,061	1,339	951	549
Income Before Tax	9,193	13,370	27,974	38,227	67,330	18,061	10,249	5,107
Income Tax Expense	3,312	5,077	11,144	13,723	24,615	6,287	3,017	1,090
Minority Interest	-	-	-	-	-	-	-	-
Net Income From Continuing Ops	5,881	8,293	16,830	24,504	42,715	11,774	7,232	4,017

Non-recurring Events

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®.