Spartan Motors has reported 25% increase in revenues to $118.8m for the first quarter of 2012 when compared to $95.1m in the same quarter previous year.
The growth was primarily attributed to the revenue growth in the delivery and service vehicles segment, which posted sales of $58.8m, up 149.2% from $23.6m in the first quarter of 2011.
The company posted adjusted operating earnings of $0.04 per diluted share in the first quarter of 2012, compared with a net loss of $0.9m, or $0.03 per diluted share in the corresponding quarter previous year.
Spartan Motors president and CEO John Sztykiel said this is the third consecutive quarter Spartan has generated an adjusted operating profit.
"Spartan posted year-over-year revenue growth of 25%, plus a higher adjusted (excluding restructuring charges): gross margin, operating margin and net income," Sztykiel said.
Net loss for the first quarter of 2012 was $2m including restructuring charges, or $0.06 per diluted share, while adjusted gross margin was 14.6% of sales, up from 13.6% in first quarter of 2011.
Spartan Motors has reported adjusted operating income of $2m compared with a loss of $1.3m in Q1 2011, while adjusted net income was $0.04 per diluted share, or $1.3m.
Spartan Motors chief financial officer Joe Nowicki said the company continued to follow its operating plan during the first quarter, which translated into improved operating performance.
"Our Utilimaster business was particularly strong during the quarter, both in vehicle sales and aftermarket parts," Nowicki said.
"We increased our cash balance 24% to $39.4m at the end of the first quarter of 2012 versus $31.7m at the end of 2011."
