Spartan Motors, Inc. (SPAR) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $0.94 million, or $ 0.03 a share in the quarter, against a net loss of $9.45 million, or $0.28 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $1.50 million, or $0.04 a share compared with $0.58 million or $0.02 a share, a year ago. Revenue during the quarter grew 3.70 percent to $145.85 million from $140.65 million in the previous year period. Gross margin for the quarter expanded 848 basis points over the previous year period to 12.27 percent. Operating margin for the quarter period stood at positive 0.66 percent as compared to a negative 7.12 percent for the previous year period.
Operating income for the quarter was $0.96 million, compared with an operating loss of $10.01 million in the previous year period.
However, the adjusted operating profit for the quarter stood at $1.91 million compared to operating loss of $2.30 million in prior year period.
"Spartan closed 2016, on a high note with a profitable fourth quarter performance, our fourth profitable quarter in a row," said Daryl Adams, president and chief executive officer. "While 2016 goes in the books as the strongest financial performance Spartan has had since 2009, we are most proud of the progress we have made to date, on behalf of our shareholders. Our performance in 2016 reflects great progress toward key operational milestones as the positive momentum we sparked and fanned in 2015 started to accelerate and deliver on our turnaround initiatives, some well ahead of schedule. Take a look at 2016, and you are looking at a company whose head is squarely in the game, and it is one we intend to win."
For financial year 2017, Spartan Motors, Inc. forecasts revenue to be in the range of $615 million to $685 million. It projects net income to be in the range of $7.76 million to $9.80 million. It expects diluted earnings per share to be in the range of $0.22 to $0.28. It expects diluted earnings per share to be in the range of $0.30 to $0.36 on adjusted basis for the same period.
Debt comes down significantly
Spartan Motors, Inc. has recorded a decline in total debt over the last one year. It stood at $0.14 million as on Dec. 31, 2016, down 97.32 percent or $5.05 million from $5.19 million on Dec. 31, 2015. Total debt was 0.06 percent of total assets as on Dec. 31, 2016, compared with 2.25 percent on Dec. 31, 2015.
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