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Spartan Motors CEO Discusses Q3 2011 Results - Earnings Call Transcript

Stocks in this article: SPAR

All known risks our management believes could materially affect the results are identified in our Forms 10-K and 10-Q filed with the SEC. However, there may be other risks we face.

With that, I would like to turn the call over to John Sztykiel, John.

John Sztykiel

Alright. Thank you Jeff. Good morning to those who are listening on today's call and those on the Internet.

First I will briefly review our Q3 financial highlights then covered by our operational plan, the growth agenda and market overview. Joe Nowicki, our CFO will then provide a detailed review of the quarterly financial results. We will conclude by sharing our strategic direction that will pave the way for future profitable growth followed by a Q&A section.

First, an overview of the third quarter results. On our second quarter call we indicated that the first half of 2011 would be challenging from a demand perspective, but that the second half would market turn for the better in terms of sales and profitability. Based on the results we delivered this morning, we started the second half even stronger than what we anticipated, with Utilimaster posting stellar results and proving the value of our diversified business model.

Our focus on our four-part operational plan resulted in sequential improvements in revenue and return to solid profitability in Q3. At this point before I go on, I wish to thank all the SMI associates for a strong step in the right direction which took place in the third quarter. It all happens by people working together focused on the right strategy working in alignment.

Our top line performance highlighted the strength of our diversified business lines as solid growth in Utilimaster drove outstanding results in delivery and service. The performance of Utilimaster helped to offset softness in the recreational vehicle, the emergency response and the defense markets. It also helped produce our exposure to government dependent revenue streams.

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