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Spartan Motors' CEO Discusses 1Q 2012 Results - Earnings Call Transcript

Please note that during the question and answer period, we will take one question and one follow-up, per analyst. That should allow everyone the opportunity to ask a question. After asking your question, you're welcome to rejoin the queue, for additional questions, as time permits.

Now, I'm pleased to turn the call over to John Sztykiel for his opening remarks.

John Sztykiel

All right. Thank you Greg. Good morning and thank you for joining us today. We have been busy at Spartan, working to diversify and grow our business and deliver consistent profitability.

We'll keep our prepared remarks fairly short today so we can discuss the quarter, our growth strategy, and how we are defining emergency response. Joe Nowicki will then provide a review of our first-quarter financial results. Following that, we will have time to answer your questions.

But, as we look at the first quarter, there were four major points to note in the first quarter. First, Spartan's operating income was $2 million, compared to an operating loss of $1.3 million, a year ago. Spartan earned an adjusted net income of $0.04 per share in the first quarter of '12, versus a loss of $0.03 per share in the first quarter of 2011.

Note that our first-quarter 2012 results excluded $5.4 million in restructuring charges

Second, the first quarter of 2012 marks the third quarter in a row that Spartan has posted an adjusted operating profit.

Third, we diversified our revenue base. In the first quarter of 2012, 65%, nearly two-thirds of our revenue, came from consumers or businesses rather than government buyers.

Fourth, we posted revenue growth of 25% in the first quarter of '12 versus first-quarter 2011. This rate of growth shows the strength of our brand and the benefits of our diversified globe strategy.

Now, I want to update you on some of the steps we took during the first quarter. First, we continue to move ahead with our plan to relocate Utilimaster operations to a more efficient plant in Bristol, Indiana, as we execute our strategy for Utilimaster. We expect to begin transferring production of the Bristol facility in the late Q3/Q4 time frame. As you will recall, we forecasted annual cost reductions of at least $4 million by moving our Utilimaster operations to Bristol, Indiana. This remains our target. We continue to make progress towards relocating our operations in realizing these savings.

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