Spartan Motors, a manufacturer of custom chassis and emergency-rescue vehicles reported net earnings of $US1.3 million, or $0.11 per share, on sales of $62.1 million for the first quarter of 2004, compared with net earnings of $2.6 million, or $0.21 per share, on sales of $60.4 million for the same quarter last year.
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The decline in earnings reflects a net loss at Spartan’s EVTeam companies, Crimson Fire, Crimson Fire Aerials and Road Rescue. Start-up costs related to Crimson Fire Aerial’s new facility and product launch, coupled with Road Rescue’s continuing production ramp-up following its move from St. Paul, Minnesota, to Marion, South Carolina, hurt profitability as expected.
During the first quarter, consolidated net sales increased 2.8% compared with the first quarter of 2003. Spartan said increased sales of RV chassis and ambulances were offset by modest declines in fire truck and fire truck chassis sales, primarily due to the production timing of several orders.
Consolidated gross margin decreased to 14.9% in the first quarter of 2004, compared to 15.9% for the same period in 2003.
