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    Spartan Motors 4Q profit falls 80 pct

    Associated Press – Tue, Feb 14, 2012

    CHARLOTTE, Mich. (AP) — Shares of Spartan Motors Inc., which makes frames for fire trucks, RVs and other vehicles, tumbled Tuesday, after the company reported an 80 percent drop in fourth-quarter profit as revenue declined.

    Spartan shares dropped 9 percent in afternoon trading.

    Spartan posted net income of $694,000, or 2 cents per share, in the October-December period, down from $3.4 million, or 10 cents per share, in the same quarter in 2010.

    Analysts, on average, expected a profit of 4 cents per share, according to a FactSet poll.

    Revenue dropped 12 percent to $111.2 million from $126.9 million. That still topped analysts' prediction of $105.9 million. Spartan said the decline was because in late 2010, it had a big one-time order for defense parts. Delayed shipments of some vans also hurt sales in its most recent quarter, Spartan said.

    The company also earned less because it didn't sell some profitable parts in its defense business and some material shortages in one division made production less efficient.

    But the news wasn't all bad. Spartan said revenue growth in an important unit was healthy, and its backlog rose 1.8 percent from year-ago levels to end the quarter at $137 million. It's also trying to cut costs by shifting production to different facilities.

    Spartan plans to move its some operations to a new leased facility in Bristol, Ind. from its current Wakarusa, Ind. campus. The company expects the move to save it about $4 million a year, although closing the Wakarusa facility will cost Spartan $4 million to $6 million in the current quarter.

    For the full year 2011, the Spartan, Mich., company posted net income of $773,000, or 2 cents per share, down from $4.1 million, or 13 cents per share, in 2010. Revenue fell 11 percent to $426 million from $480.7 million.

    In afternoon trading, Spartan shares dropped 56 cents to $5.83. The company's shares had risen nearly 30 percent in the past three months.

     

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