Spartan Reports 1Q Loss; Revenue Grows 33%
Sales during the period totaled $128 million versus $96.1 million the year prior. The Charlotte Mich.-based company reported that its Specialty Chassis & Vehicles (SCV) unit reported lower first-quarter revenue and operating income compared to the previous year despite despite sales of motorhome and bus chassis edging up 6.8% to $21.8 million from $20.4 million.
Spartan incurred a net loss of $2.1 million, or 6 cents per share, versus a net loss of $4.3 million, or 13 cents per share a year ago.
CEO John Sztykiel noted, “In the first quarter of 2014, our DSV and Delivery & Service (SCV) segments reported operating profits while we continued to improve the performance of our Emergency Response (ER) group. DSV reported a $2.6 million operating profit and continued on their path to operating cost reductions. SCV was profitable for the quarter despite the anticipated drop in defense-related aftermarket parts revenue, demonstrating our focus on disciplined execution.”
Other highlights from the first quarter include:
• Gross margin of 10% of sales versus 6.6%.
• Operating loss of $3.5 million compared to an operating loss of $6.8 million.
• Cash balance of $27.2 million at March 31, 2014, compared to $16.6 million at March 31, 2013.
• Order backlog increased to $274 million at March 31, 2014, from $242.7 million at Dec. 31, 2013.
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