Spartan Motors Inc., parent company of Spartan Chassis Inc., has filed its 10-K document with the Securities and Exchange Commission (SEC).
Highlight of business operations, as reported by GuruFocus.com, include the following:
The company’s success depends on its ability to respond quickly to changing market demands and new regulatory requirements. Thus, it emphasizes research and development and commits significant resources to develop and adapt new products and production techniques. The company dedicates a portion of its facilities to research and development projects and focuses on implementing the latest technology from component manufacturers into existing products and manufacturing prototypes of new product lines. The company spent $16.9 million, $17 million and $18.8 million on research and development in 2010, 2009, and 2008, respectively.
In 2010, the company s customer base included two major customers, as defined by sales of more than 10% of total net sales. Sales to BAE Systems and to Fleetwood RV Inc., which are both customers of Spartan Chassis, were $65.2 million and $48.7 million respectively for 2010.
Sales to customers outside the United States were $14.2 million, $11.1 million and $11.2 million for the years ended Dec. 31, 2010, 2009 and 2008, respectively, or 2.9%, 2.6% and 1.3%, respectively, of sales for those years. All of the company s long-lived assets are located in the United States.
Visit www.spartanmotors.com for a full version of the Spartan 10-K filing.