Spartan Motors Reports Second Quarter 2010 Results

Spartan Motors, Inc. SPAR today reported results for its 2010 second quarter, which included the impact of the previously announced business realignment plan. Spartan posted a net loss for the quarter of $2.6 million, which included the unfavorable impact of these actions. Before one-time restructuring charges, adjusted net earnings from continuing operations was a positive $0.9 million, or $0.03 per diluted share. Second-quarter highlights (which reflect Road Rescue as a discontinued operation): * Net sales of $115.7 million * Gross margin of 14.3 percent of sales (15.1 percent before restructuring charges) * Operating expenses of 14.2 percent of sales (13.4 percent before restructuring charges) * Restructuring charges of $1.8 million, or $0.03 per diluted share, net of tax * Cash balance of $10.1 million (up $5.7 million from Q1 2010) * Debt of $20.3 million (down $3.1 million from Q1 2010) * Consolidated backlog of $205.7 million