Spartan Motors, Inc. announced operating income of $1.8 million for the third quarter of 2013. After an income tax provision of $1.3 million to adjust income tax expense for 2013 to a projected 20 percent rate for the year, Spartan reported net income of $0.6 million, or $0.02 per diluted share. In the third quarter of 2012, the Company reported an operating loss of $0.3 million and a net loss of $0.01 per diluted share. Spartan reported a cash balance of $20.0 million as of Sept. 30, 2013, up from $15.6 million at June 30, 2013.
Commenting on the quarter, John Sztykiel, Spartan's Chief Executive Officer, said, "The third quarter was another quarter in which we executed the plan, the "I" in DRIVE (Integrated Operational Improvement), and delivered improved operating results. All three of our segments, Emergency Response (ER), Delivery and Service (DSV), and Specialty Vehicles (SV), posted operating income, a reflection that DRIVE is delivering positive results across Spartan Motors. Our backlog grew by 37.8 percent compared to Q3 2012, and we improved our cash position by $4.4 million from June 30, 2013, both positive indicators as we close out 2013."
Sztykiel continued: "DRIVE is working, and we are moving forward. This progress is expected to lead to better operating performance in the fourth quarter of 2013 and into 2014. With our major operational initiatives showing positive results and our greatest challenges behind us, we are shifting more attention to generating diversified growth."
For the first nine months of 2013, Spartan reported revenue of $343.1 million versus $346.1 million in the same period of 2012. The decline in revenue from the prior year was due to the disruption caused by Utilimaster's move of walk-in van production to Bristol, Ind. in the first quarter of 2013 and the completion of a large field service solutions program in mid-2012. Spartan booked an operating loss of $3.9 million for 2013 year to date, compared to operating income of $0.2 million for the first three quarters of 2012.
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