NOVI, Mich., July 28, 2022 (GLOBE NEWSWIRE) — The Shyft Group, Inc. (NASDAQ: SHYF) (“Shyft” or the “Company”), the North American chief in specialty automobile manufacturing, meeting and upfit for the industrial, retail and repair specialty automobile markets, in the present day reported working outcomes for the second quarter ending June 30, 2022.
Second Quarter 2022 Financial Highlights from Continuing Operations1
For the second quarter of 2022 in comparison with the second quarter of 2021:
- Sales of $232.2 million, a lower of $11.8 million, or 4.8%, from $244.0 million.
- Income from persevering with operations of $5.3 million, or $0.15 per share, in comparison with revenue from persevering with operations of $17.0 million, or $0.44 per share.
- Adjusted EBITDA of $13.7 million, or 5.9% of gross sales, a lower of $14.9 million, from $28.6 million, or 11.7% of gross sales. Results embody $7.0 million of EV growth prices.
- Adjusted internet revenue of $7.5 million, or $0.21 per share, in comparison with adjusted internet revenue of $19.0 million, or $0.53 per share within the second quarter of 2021.
- Consolidated backlog at June 30, 2022, totaled $1.1 billion, up $383.8 million, or 51.1%, in comparison with $751.4 million at June 30, 2021, reflecting continued robust demand throughout all business models.
“The Shyft Group continued to manage supply chain disruptions in the second quarter with results in line with our expectations. The Specialty Vehicles team executed well and produced solid results, while we also saw chassis deliveries in our Fleet Vehicle Services business improve steadily as the quarter progressed,” stated Daryl Adams, President and Chief Executive Officer. “We also continued to hit key development milestones with our electrification products and remain on track for production in mid-2023.”
Fleet Vehicles and Services (FVS)
FVS section gross sales had been $136.9 million, a lower of $24.7 million, or 15.3%, from $161.6 million as a consequence of decreased quantity associated largely to decreased OEM chassis availability, partially offset by pricing actions.
Adjusted EBITDA was $14.5 million, or 10.6% of gross sales, in comparison with $28.1 million, or 17.4% of gross sales, a 12 months in the past. The lower was primarily pushed by decrease quantity and productiveness inefficiencies because of intermittent chassis provide, materials and labor price inflation, partially offset by pricing actions and blend.
The section backlog at June 30, 2022, totaled $1.0 billion and was up 53.2% in comparison with $652.6 million at June 30, 2021.
1 The Company divested its Emergency Response Vehicles (ERV) business efficient February 1, 2020. Accordingly, the monetary outcomes of ERV have been categorized as discontinued operations for all durations introduced. Unless in any other case famous, monetary outcomes introduced are based mostly on persevering with operations.
Specialty Vehicles (SV)
SV section gross sales had been $95.3 million, a rise of $12.9 million, or 15.7%, from $82.4 million a 12 months in the past. This was as a consequence of continued robust efficiency in luxurious motorhome chassis and repair physique gross sales in addition to the affect of pricing actions.
Adjusted EBITDA was $12.9 million, or 13.5% of gross sales, a rise of $4.1 million, or 46.0%, from $8.8 million, or 10.7% of gross sales, a 12 months in the past. The improve was primarily as a consequence of larger gross sales quantity, pricing actions and improved product combine, partially offset by materials and labor price inflation.
The section backlog as of June 30, 2022, totaled $135.2 million and was up 36.8% in comparison with $98.8 million at June 30, 2021.
2022 Outlook
“As anticipated, our second quarter started off slow, but progressively improved as OEM chassis deliveries increased throughout the quarter,” stated Jon Douyard, Chief Financial Officer. “Given our second quarter performance, along with increased visibility into chassis supply, strong customer demand, and a healthy balance sheet, we believe that we are on track to deliver our improved full year guidance.”
Guidance for full-year 2022, however additional chassis and provide chain associated points, is as follows:
- Revenue to be within the vary of $925 million to $1.1 billion
- Adjusted EBITDA of $55 to $80 million, together with $30 million of bills associated to EV growth
- Income from persevering with operations of $21 to $41 million
- Earnings per share of $0.59 to $1.15
- Adjusted earnings per share of $0.85 to $1.41
Adams concluded, “We remain excited about our long-term business prospects, our capabilities, and our team. Our financial strength positions us well to invest in innovation and meet the evolving needs of our customers despite the current industry wide challenges. The team is laser focused on executing our growth strategy and driving long-term value for customers, employees, and shareholders.”
Conference Call and Webcast Information
The Shyft Group will host a convention name at 10 a.m. ET in the present day to debate these outcomes and present business developments. The convention name and webcast will likely be accessible by way of:
Webcast: www.theshyftgroup.com/webcasts
Conference Call: 1-844-868-8845 (home) or 412-317-6591 (worldwide); passcode: 10163194
For extra details about Shyft, please go to www.theshyftgroup.com.
About The Shyft Group
The Shyft Group is the North American chief in specialty automobile manufacturing, meeting, and upfit for the industrial, retail, and repair specialty automobile markets. Our clients embody first-to-last mile supply firms throughout vocations, federal, state, and native authorities entities; the trades; and utility and infrastructure segments. The Shyft Group is organized into two core business models: Shyft Fleet Vehicles & Services™ and Shyft Specialty Vehicles™. Today, its household of manufacturers contains Blue Arc™ EV Solutions, Utilimaster®, Royal Truck Body™, DuraMag® and Magnum®, Strobes-R-Us™, Spartan RV Chassis™, Builtmore Contract Manufacturing™, and corresponding aftermarket provisions. The Shyft Group and its go-to-market manufacturers are well-known of their respective industries for high quality, sturdiness, and first-to-market innovation. The Company employs roughly 3,800 workers and contractors throughout campuses, and operates amenities in Michigan, Indiana, Maine, Pennsylvania, South Carolina, Florida, Missouri, California, Arizona, Texas, and Saltillo, Mexico. The Company reported gross sales of $992 million in 2021. Learn extra about The Shyft Group at TheShyftGroup.com.
This launch comprises data, together with our income and earnings steering, all different data supplied with respect to our outlook for 2022 and future durations, and different statements regarding our business, strategic place, monetary projections, monetary energy, future plans, targets, and the efficiency of our merchandise and operations which will represent “forward-looking statements” throughout the that means of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend the forward-looking statements to be lined by the secure harbor provisions for forward-looking statements in these sections. Generally, we now have recognized such forward-looking statements through the use of phrases equivalent to “believe,” “expect,” “intend,” “potential,” “future,” “may,” “will,” “should,” and related expressions or through the use of future dates in reference to any dialogue of, amongst different issues, the development or operation of latest or present amenities, working efficiency, developments, occasions or developments that we count on or anticipate will happen sooner or later, statements regarding quantity adjustments, share of gross sales and earnings per share adjustments, anticipated price financial savings, potential capital and operational money enhancements, anticipated disruptions to our operations and business as a result of COVID-19 pandemic, adjustments in provide and demand circumstances and costs for our merchandise, commerce duties and different elements of commerce coverage, statements relating to our future methods, merchandise and improvements, and statements expressing normal views about future working outcomes. However, the absence of those phrases or related expressions doesn’t imply {that a} assertion just isn’t forward-looking. Forward-looking statements are usually not historic info, however as an alternative signify solely the Company’s beliefs relating to future occasions, a lot of which, by their nature, are inherently unsure and out of doors of the Company’s management. It is feasible that the Company’s precise outcomes and monetary situation could differ, presumably materially, from the anticipated outcomes and monetary situation indicated in these forward-looking statements. Management believes that these forward-looking statements are affordable as of the time made. However, warning ought to be taken to not place undue reliance on any such forward-looking statements as a result of such statements communicate solely as of the date when made. We undertake no obligation to publicly replace or revise any forward-looking statements, whether or not because of new data, future occasions or in any other case, besides as required by regulation. In addition, forward-looking statements are topic to sure dangers and uncertainties that would trigger precise outcomes to vary materially from the Company’s historic expertise and our current expectations or projections. In addition, forward-looking statements are topic to sure dangers and uncertainties that would trigger precise outcomes to vary materially from the Company’s historic expertise and our current expectations or projections. These dangers and uncertainties embody, however are usually not restricted to the dangers and uncertainties described in “Item 1A. Risk Factors” in our Annual Report on Form 10-Okay for the 12 months ended December 31, 2021, and people described on occasion in our future reviews filed with the Securities and Exchange Commission (SEC), which can be found at www.sec.gov or our web site. All forward-looking statements on this launch are certified by this paragraph. Investors shouldn’t place undue reliance on forward-looking statements as a prediction of precise outcomes. We undertake no obligation to publicly replace or revise any forward-looking statements on this launch, whether or not because of new data, future occasions, or in any other case.
| The Shyft Group, Inc. and Subsidiaries | |||||
| Consolidated Balance Sheets | |||||
| (In hundreds) | |||||
| (Unaudited) | |||||
| June 30, | December 31, | ||||
| 2022 | 2021 | ||||
| ASSETS | |||||
| Current belongings: | |||||
| Cash and money equivalents | $ | 6,607 | $ | 37,158 | |
| Accounts receivable, much less allowance of $162 and $187 | 79,241 | 87,262 | |||
| Contract belongings | 42,368 | 21,483 | |||
| Inventories, internet | 102,010 | 67,184 | |||
| Other receivables – chassis pool agreements | 23,636 | 9,926 | |||
| Other present belongings | 13,698 | 10,813 | |||
| Total present belongings | 267,560 | 233,826 | |||
| Property, plant and gear, internet | 66,169 | 61,057 | |||
| Right of use belongings – working leases | 54,426 | 43,316 | |||
| Goodwill | 48,880 | 48,880 | |||
| Intangible belongings, internet | 51,029 | 52,981 | |||
| Net deferred tax asset | 5,312 | 4,880 | |||
| Other belongings | 1,637 | 2,927 | |||
| TOTAL ASSETS | $ | 495,013 | $ | 447,867 | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||
| Current liabilities: | |||||
| Accounts payable | $ | 90,259 | $ | 82,442 | |
| Accrued guarantee | 5,596 | 5,975 | |||
| Accrued compensation and associated taxes | 12,918 | 19,064 | |||
| Contract liabilities | 1,359 | 988 | |||
| Operating lease legal responsibility | 9,706 | 7,934 | |||
| Other present liabilities and accrued bills | 9,856 | 9,256 | |||
| Short-term debt – chassis pool agreements | 23,636 | 9,926 | |||
| Current portion of long-term debt | 192 | 252 | |||
| Total present liabilities | 153,522 | 135,837 | |||
| Other non-current liabilities | 7,004 | 8,108 | |||
| Long-term working lease legal responsibility | 46,188 | 36,329 | |||
| Long-term debt, much less present portion | 55,263 | 738 | |||
| Total liabilities | 261,977 | 181,012 | |||
| Shareholders’ fairness: | |||||
| Preferred inventory, no par worth: 2,000 shares approved (none issued) | – | – | |||
| Common inventory, no par worth : 80,000 shares approved; 35,063 and 35,416 excellent | 88,894 | 95,375 | |||
| Retained earnings | 144,041 | 171,379 | |||
| Total The Shyft Group, Inc. shareholders’ fairness | 232,935 | 266,754 | |||
| Non-controlling curiosity | 101 | 101 | |||
| Total shareholders’ fairness | 233,036 | 266,855 | |||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 495,013 | $ | 447,867 | |
The Shyft Group, Inc. and Subsidiaries
Consolidated Statements of Operations
(In hundreds, besides per share information)
(Unaudited)
| Three Months Ended |
Six Months Ended |
||||||||||||||||
| June 30, |
June 30, |
||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||
| Sales | $ | 232,195 | $ | 243,982 | $ | 439,078 | $ | 441,870 | |||||||||
| Cost of merchandise bought | 190,077 | 192,076 | 371,029 | 349,978 | |||||||||||||
| Gross revenue | 42,118 | 51,906 | 68,049 | 91,892 | |||||||||||||
| Operating bills: | |||||||||||||||||
| Research and growth | 7,563 | 940 | 12,490 | 1,722 | |||||||||||||
| Selling, normal and administrative | 26,860 | 28,740 | 53,412 | 53,277 | |||||||||||||
| Total working bills | 34,423 | 29,680 | 65,902 | 54,999 | |||||||||||||
| Operating revenue | 7,695 | 22,226 | 2,147 | 36,893 | |||||||||||||
| Other revenue (expense): | |||||||||||||||||
| Interest expense | (463 | ) | (227 | ) | (617 | ) | (57 | ) | |||||||||
| Other revenue (expense) | (488 | ) | 506 | (523 | ) | 689 | |||||||||||
| Total different revenue (expense) | (951 | ) | 279 | (1,140 | ) | 632 | |||||||||||
| Income from persevering with operations earlier than revenue taxes | 6,744 | 22,505 | 1,007 | 37,525 | |||||||||||||
| Income tax expense (profit) | 1,461 | 5,552 | (424 | ) | 9,042 | ||||||||||||
| Income from persevering with operations | 5,283 | 16,953 | 1,431 | 28,483 | |||||||||||||
| Income from discontinued operations, internet of revenue taxes | – | – | – | 81 | |||||||||||||
| Net revenue | 5,283 | 16,953 | 1,431 | 28,564 | |||||||||||||
| Less: internet revenue attributable to non-controlling curiosity | – | 990 | – | 1,025 | |||||||||||||
| Net revenue attributable to The Shyft Group, Inc. | $ | 5,283 | $ | 15,963 | $ | 1,431 | $ | 27,539 | |||||||||
| Basic earnings per share | |||||||||||||||||
| Continuing operations | $ | 0.15 | $ | 0.45 | $ | 0.04 | $ | 0.78 | |||||||||
| Discontinued operations | – | – | – | – | |||||||||||||
| Basic earnings per share | $ | 0.15 | $ | 0.45 | $ | 0.04 | $ | 0.78 | |||||||||
| Diluted internet earnings per share | |||||||||||||||||
| Continuing operations | $ | 0.15 | $ | 0.44 | $ | 0.04 | $ | 0.76 | |||||||||
| Discontinued operations | – | – | – | – | |||||||||||||
| Diluted earnings per share | $ | 0.15 | $ | 0.44 | $ | 0.04 | $ | 0.76 | |||||||||
| Basic weighted common widespread shares excellent | 35,049 | 35,333 | 35,078 | 35,322 | |||||||||||||
| Diluted weighted common widespread shares excellent | 35,243 | 36,190 | 35,437 | 36,191 | |||||||||||||
The Shyft Group, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In hundreds, besides par worth)
(Unaudited)
| Six Months Ended June 30, |
||||||
| 2022 | 2021 | |||||
| Cash flows from working actions: | ||||||
| Net revenue | $ | 1,431 | $ | 28,564 | ||
| Adjustments to reconcile internet revenue to internet money utilized in working actions | ||||||
| Depreciation and amortization | 6,696 | 5,330 | ||||
| Non-cash inventory based mostly compensation expense | 3,708 | 4,492 | ||||
| Deferred revenue taxes | (432 | ) | 134 | |||
| Loss (achieve) on disposal of belongings | 481 | (105 | ) | |||
| Changes in accounts receivable and contract belongings | (12,863 | ) | (42,639 | ) | ||
| Changes in inventories | (34,826 | ) | (21,992 | ) | ||
| Changes in accounts payable | 7,333 | 27,721 | ||||
| Changes in accrued compensation and associated taxes | (6,146 | ) | 665 | |||
| Changes in accrued guarantee | (379 | ) | 989 | |||
| Changes in different belongings and liabilities | (1,672 | ) | 69 | |||
| Net money offered by (utilized in) working actions | (36,669 | ) | 3,228 | |||
| Cash flows from investing actions: | ||||||
| Purchases of property, plant and gear | (10,010 | ) | (12,373 | ) | ||
| Proceeds from sale of property, plant and gear | 148 | 15 | ||||
| Acquisition of business, internet of money acquired | – | 404 | ||||
| Net money utilized in investing actions | (9,862 | ) | (11,954 | ) | ||
| Cash flows from financing actions: | ||||||
| Proceeds from long-term debt | 85,000 | 15,000 | ||||
| Payments on long-term debt | (30,000 | ) | (15,000 | ) | ||
| Payments of dividends | (3,640 | ) | (1,776 | ) | ||
| Purchase and retirement of widespread inventory | (26,789 | ) | (3,348 | ) | ||
| Issuance and vesting of inventory incentive awards | (8,591 | ) | (2,967 | ) | ||
| Net money offered by (utilized in) financing actions | 15,980 | (8,091 | ) | |||
| Net lower in money and money equivalents | (30,551 | ) | (16,817 | ) | ||
| Cash and money equivalents at starting of 12 months | 37,158 | 20,995 | ||||
| Cash and money equivalents at finish of 12 months | $ | 6,607 | $ | 4,178 | ||
The Shyft Group, Inc. and Subsidiaries
Sales and Other Financial Information by Business Segment
(Unaudited)
Quarter Ended June 30, 2022 (in hundreds of {dollars})
| Business Segments | |||||||||||||
| Fleet Vehicles | Specialty | ||||||||||||
| & Services | Vehicles | Other | Consolidated | ||||||||||
| Fleet automobile gross sales | $ | 126,181 | $ | – | $ | – | $ | 126,181 | |||||
| Motorhome chassis gross sales | – | 42,710 | – | 42,710 | |||||||||
| Other specialty autos gross sales | – | 47,044 | – | 47,044 | |||||||||
| Aftermarket components and equipment gross sales | 10,716 | 5,544 | – | 16,260 | |||||||||
| Total Sales | $ | 136,897 | $ | 95,298 | $ | – | $ | 232,195 | |||||
| Adjusted EBITDA | $ | 14,525 | $ | 12,859 | $ | (13,695 | ) | $ | 13,689 | ||||
The Shyft Group, Inc. and Subsidiaries
Sales and Other Financial Information by Business Segment
(Unaudited)
Quarter Ended June 30, 2021 (in hundreds of {dollars})
| Business Segments | |||||||||||||
| Fleet Vehicles | Specialty | ||||||||||||
| & Services | Vehicles | Other | Consolidated | ||||||||||
| Fleet automobile gross sales | $ | 153,171 | $ | – | $ | – | $ | 153,171 | |||||
| Motorhome chassis gross sales | – | 40,891 | – | 40,891 | |||||||||
| Other specialty autos gross sales | – | 36,070 | – | 36,070 | |||||||||
| Aftermarket components and equipment gross sales | 8,447 | 5,403 | – | 13,850 | |||||||||
| Total Sales | $ | 161,618 | $ | 82,364 | $ | – | $ | 243,982 | |||||
| Adjusted EBITDA | $ | 28,116 | $ | 8,808 | $ | (8,354 | ) | $ | 28,570 | ||||
The Shyft Group, Inc. and Subsidiaries
Sales and Other Financial Information by Business Segment
(Unaudited)
Period End Backlog (quantities in hundreds of {dollars})
| Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sept. 30, 2021 | Jun. 30, 2021 | ||||||||||
| Fleet Vehicles and Services | $ | 1,000,021 | $ | 1,148,700 | $ | 859,442 | $ | 749,731 | $ | 652,642 | ||||
| Motorhome Chassis | 62,811 | 61,297 | 54,583 | 60,978 | 56,294 | |||||||||
| Other Specialty Vehicles | 72,058 | 62,406 | 49,407 | 41,504 | 42,106 | |||||||||
| Aftermarket Parts and Accessories | 293 | 296 | 127 | 347 | 382 | |||||||||
| Total Specialty Vehicles | 135,162 | 123,999 | 104,117 | 102,829 | 98,782 | |||||||||
| Total Backlog | $ | 1,135,183 | $ | 1,272,699 | $ | 963,559 | $ | 852,560 | $ | 751,424 | ||||
Reconciliation of Non-GAAP Financial Measures
This launch presents Adjusted EBITDA (earnings earlier than curiosity, taxes, depreciation and amortization), adjusted internet revenue, and adjusted earnings per share, every of which is a non-GAAP monetary measure. These non-GAAP measures are calculated by excluding gadgets that we consider to be rare or not indicative of our underlying working efficiency, in addition to sure non-cash bills. We outline Adjusted EBITDA as revenue from persevering with operations earlier than curiosity, revenue taxes, depreciation and amortization, as adjusted to remove the affect of restructuring fees, acquisition associated bills and changes, non-cash stock-based compensation bills, and different good points and losses not reflective of our ongoing operations.
We current the non-GAAP measure Adjusted EBITDA as a result of we take into account it to be an necessary supplemental measure of our efficiency. The presentation of Adjusted EBITDA permits buyers to higher perceive our operations by eradicating gadgets that we consider are usually not consultant of our persevering with operations and will distort our longer-term working developments. We consider this measure to be helpful to enhance the comparability of our outcomes from interval to interval and with our rivals, in addition to to indicate ongoing outcomes from operations distinct from gadgets which can be rare or not indicative of our persevering with working efficiency. We consider that presenting this non-GAAP measure is beneficial to buyers as a result of it permits buyers to view efficiency utilizing the identical instruments that administration makes use of to finances, make working and strategic selections, and consider our historic efficiency. We consider that the presentation of this non-GAAP measure, when thought-about along with the corresponding GAAP monetary measures and the reconciliations to that measure, gives buyers with extra understanding of the elements and developments affecting our business than might be obtained within the absence of this disclosure.
Our administration makes use of Adjusted EBITDA to judge the efficiency of and allocate sources to our segments. Adjusted EBITDA can also be used, together with different monetary and non-financial measures, for functions of figuring out annual incentive compensation for our administration crew and long-term incentive compensation for sure members of our administration crew.
The Shyft Group, Inc. and Subsidiaries
Consolidated Financial Summary (Non-GAAP)
(In hundreds, besides per share information)
(Unaudited)
| Three Months Ended June 30, | |||||||||||||
| The Shyft Group, Inc. | 2022 | % of gross sales | 2021 | % of gross sales | |||||||||
| Income from persevering with operations | $ | 5,283 | 2.3 | % | $ | 16,953 | 6.9 | % | |||||
| Net (revenue) attributable to non-controlling curiosity | – | (990 | ) | ||||||||||
| Add (subtract): | |||||||||||||
| Restructuring and different associated fees | 354 | 505 | |||||||||||
| Acquisition associated bills and changes | 341 | 71 | |||||||||||
| Non-cash stock-based compensation expense | 2,060 | 2,850 | |||||||||||
| Loss from liquidation of JV | 643 | ||||||||||||
| Tax impact of changes | (496 | ) | (998 | ) | |||||||||
| Adjusted internet revenue | $ | 7,542 | 3.2 | % | $ | 19,034 | 7.8 | % | |||||
| Income from persevering with operations | $ | 5,283 | 2.3 | % | $ | 16,953 | 6.9 | % | |||||
| Net (revenue) attributable to non-controlling curiosity | – | (990 | ) | ||||||||||
| Add (subtract): | |||||||||||||
| Depreciation and amortization | 3,727 | 2,759 | |||||||||||
| Income tax expense | 1,461 | 5,552 | |||||||||||
| Interest expense | 463 | 227 | |||||||||||
| EBITDA | $ | 10,934 | 4.7 | % | $ | 24,501 | 10.0 | % | |||||
| Add: | |||||||||||||
| Restructuring and different associated fees | 354 | 505 | |||||||||||
| Acquisition associated bills and changes | 341 | 71 | |||||||||||
| Non-cash stock-based compensation expense | 2,060 | 2,850 | |||||||||||
| Loss from liquidation of JV | – | 643 | |||||||||||
| Adjusted EBITDA | $ | 13,689 | 5.9 | % | $ | 28,570 | 11.7 | % | |||||
| Diluted internet earnings per share | $ | 0.15 | $ | 0.44 | |||||||||
| Add (subtract): | |||||||||||||
| Restructuring and different associated fees | 0.01 | – | |||||||||||
| Acquisition associated bills and changes | 0.01 | – | |||||||||||
| Non-cash stock-based compensation expense | 0.05 | 0.08 | |||||||||||
| Loss from liquidation of JV | 0.01 | ||||||||||||
| Tax impact of changes | (0.01 | ) | – | ||||||||||
| Adjusted diluted internet earnings per share | $ | 0.21 | $ | 0.53 | |||||||||
| The Shyft Group, Inc. and Subsidiaries | |||||||||||||
| Consolidated Financial Summary (Non-GAAP) | |||||||||||||
| (In hundreds, besides per share information) | |||||||||||||
| (Unaudited) | |||||||||||||
| Forecast | |||||||||||||
| Twelve Months Ended December 31, 2022 |
|||||||||||||
| The Shyft Group, Inc. | Low | Mid | High | ||||||||||
| Income from persevering with operations | $ | 21,097 | $ | 31,116 | $ | 41,135 | |||||||
| Add: | |||||||||||||
| Depreciation and amortization | 13,582 | 13,582 | 13,582 | ||||||||||
| Interest expense | 1,500 | 1,250 | 1,000 | ||||||||||
| Taxes | 6,481 | 9,212 | 11,943 | ||||||||||
| EBITDA | $ | 42,660 | $ | 55,160 | $ | 67,660 | |||||||
| Add: | |||||||||||||
| Non-cash stock-based compensation and different fees | 12,340 | 12,340 | 12,340 | ||||||||||
| Adjusted EBITDA | $ | 55,000 | $ | 67,500 | $ | 80,000 | |||||||
| Earnings per share | $ | 0.59 | $ | 0.87 | $ | 1.15 | |||||||
| Add: | |||||||||||||
| Non-cash stock-based compensation and different fees | 0.34 | 0.34 | 0.34 | ||||||||||
| Less tax impact of changes | (0.08 | ) | (0.08 | ) | (0.08 | ) | |||||||
| Adjusted earnings per share | $ | 0.85 | $ | 1.13 | $ | 1.41 | |||||||
CONTACT:
Randy Wilson
Vice President, Investor Relations and Treasury
Cell: 248.727.3755
Email: [email protected]
