spar20201030_8k.htm
false 0000743238 0000743238 2020-11-05 2020-11-05
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
 
Date of Report (Date of Earliest Event Reported): November 5, 2020
 
THE SHYFT GROUP, INC.
(Exact Name of Registrant as Specified in Its Charter)
 
 
Michigan
(State or Other Jurisdiction
of Incorporation)
001-33582
(Commission File No.)
38-2078923
(IRS Employer
Identification No.)
     
 
41280 Bridge Street, Novi, Michigan
 (Address of Principal Executive Offices)
48375
(Zip Code)
 
517-543-6400
(Registrant's Telephone Number, Including Area Code)
 
Not Applicable
(Former Name or Former Address, if changed Since Last Report)
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
Written communications pursuant to Rule 425 under the Section Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $.01 par value
SHYF
NASDAQ Global Select Market
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
 

 
Item 2.02     Results of Operations and Financial Condition
 
On November 5, 2020, The Shyft Group, Inc. issued a press release announcing its financial results for the quarter ended September 30, 2020, along with an accompanying investor presentation. Copies of the press release and investor presentation are attached to this Current Report as Exhibits 99.1 and 99.2.
 
The information in this Item 2.02 and the attached Exhibits 99.1 and 99.2 shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
 
Item 9.01     Financial Statements and Exhibits
 
(d) Exhibits
 
99.1     Press Release dated November 5, 2020 regarding the financial results for the quarter ended September 30, 2020.
 
99.2     Investor presentation dated November 5, 2020 regarding the financial results for the quarter ended September 30, 2020.
 
104      Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
THE SHYFT GROUP, INC.
Dated: November 5, 2020
By:
/s/ Jonathan C. Douyard
Jonathan C. Douyard
Chief Financial Officer
 
 
ex_210569.htm

Exhibit 99.1

 

 

 

 

 

The Shyft Group Posts Strong Third Quarter Results

 

Reports EPS Gain of 46% to Record $0.54 on Sales of $203.5 million

 

Adjusted EPS Increases 38% to Record $0.62

 

Reinstates Initial 2020 Guidance

 

Novi, Mich., November 5, 2020 – The Shyft Group, Inc. (NASDAQ: SHYF) (“Shyft” or the “Company”), the North American leader in specialty vehicle manufacturing, assembly and upfit for the commercial, retail and service specialty vehicle markets, today reported operating results for the third quarter ending September 30, 2020.

 

As part of its transformational strategy to further focus on accelerating growth and profitability, the Company divested its Emergency Response (“ER”) business effective February 1, 2020, as previously announced. Accordingly, the financial results of ER have been classified as discontinued operations for all periods presented. Unless otherwise noted, financial results presented are based on continuing operations. 

 

Sales for the three and nine-month periods ending September 30, 2019, include $23.0 million and $91.4 million, respectively, of pass-through revenues from the one-time USPS truck body order (USPS order).

 

Third Quarter 2020 Highlights from Continuing Operations

 

For the third quarter of 2020 compared to the third quarter of 2019:

 

Sales of $203.5 million, a decrease of $21.2 million, or 9.4%, from $224.7 million. Sales increased $1.8 million, or 0.9%, excluding the USPS order.

Gross profit margin of 24.9% of sales, an 800 basis point improvement from 16.9% of sales, driven by product mix, improved material costs and actions taken to improve overall operating efficiency. 

Income from continuing operations of $19.4 million, or $0.54 per share, compared to $13.1 million, or $0.37 per share

Adjusted EBITDA of $32.6 million, or 16.0% of sales, an increase of $10.3 million, or 46%, from $22.3 million, or 9.9% of sales.  The USPS order reduced adjusted EBITDA as a percentage of sales by approximately 110 basis points in the prior year.     

Adjusted net income of $22.1 million, or $0.62 per share, an increase of $6.2 million, or 39.7%, from $15.9 million, or $0.45 per share. 

Generated $32.4 million of cash from operating activities during the third quarter of 2020, providing $143.7 million of total liquidity 

Consolidated backlog at September 30, 2020, totaled $280.6 million, up $16.9 million, or 6.4%, compared to $263.7 million at September 30, 2019. Since September 30, 2020, consolidated backlog has increased approximately $46 million, to $326 million in October, reflecting strong demand for parcel delivery vehicles.   

Purchased F3 MFG, Inc. (“F3”), a leading aluminum service body and accessory manufacturer of the well-recognized DuraMag® and Magnum® brands, effective October 1, 2020.

 

 

 

 

“I am extremely proud of our team and of our performance this quarter, as we navigated the pandemic resulting in the most profitable quarter in our Company’s history,” said Daryl Adams, President and Chief Executive Officer. The strong performance reflects growing momentum from our transformative efforts to focus on higher growth and margin opportunities in parcel delivery supporting ecommerce and specialty vehicles.”

 

Fleet Vehicles and Services (FVS)

 

FVS segment sales were $145.2 million, a decrease of 19.2% from $179.6 million, primarily due to significantly lower truck body sales and upfit volumes being impacted by the pandemic, partially offset by higher walk-in-van volumes. Sales decreased 7.3%, or $11.4 million, excluding the USPS order.

 

Adjusted EBITDA increased $8.5 million to $33.2 million, or 22.9% of sales, from $24.7 million, or 13.7% of sales, a year ago. The increase was primarily due to product mix, productivity, cost reduction actions, lower healthcare costs, and the USPS order.

 

Segment backlog at September 30, 2020, which totaled $228.9 million, has increased $54 million, or 23%, to approximately $282 million as of October 31, 2020. This compares to $223.8 million at September 30, 2019 and reflects strong demand for vehicles across the entire FVS product portfolio.   

 

Specialty Vehicles (SV)

 

SV segment sales were $58.3 million, an increase of 29.2%, from $45.1 million due to higher luxury motor coach chassis sales and the Royal Truck Body (Royal) acquisition completed in September 2019.

 

Adjusted EBITDA increased $3.1 million to $7.2 million, or 12.3% of sales, from $4.1 million, or 9.0% of sales, a year ago. The increase was primarily due to volume and the Royal acquisition.

 

Segment backlog at September 30, 2020, totaled $51.8 million, up 29.6% compared to $39.9 million at September 30, 2019, due to increased luxury motor coach chassis orders.

 

Liquidity Update

 

The Shyft Group’s access to capital remains strong at $143.7 million, including $43.1 million of cash on hand at September 30, 2020, a portion of which was used to fund the F3 acquisition on October 1, 2020.  The Company paid down $10.0 million on its revolving credit facility during the third quarter and another $10.0 million in October.  The leverage ratio currently stands at 0.5 times adjusted EBITDA and leaves the Company in a solid position to continue to pursue strategic opportunities.

 

Outlook – Reinstates Initial 2020 Guidance

 

Based on our strong third quarter performance, our current growing backlog position and chassis visibility, notwithstanding intensifying pandemic-related issues, the Company is reinstating its previously issued March 2020 guidance, and shifting its profitability targets to the higher end as follows: 

 

Revenue to be in the range of $660.0 to $680.0 million

Adjusted EBITDA of $73.0 to $75.0 million

Adjusted earnings per share of $1.28 to $1.32

 

“As we approach the end of the year, I’m pleased to say that our strategy is paying off.  The end markets we serve continue to be strong, fueled of course by the surge in ecommerce parcel deliveries.  As we begin Q4, we are seeing the increase in demand that we expected, and we are encouraged by our interactions with our customers about future growth,” said Adams. “Q3 was incredible for us, due in large part to our ability to pull ahead key builds and produce at optimal levels.  I’m extremely optimistic for what the future has in store for The Shyft Group.”

 

 

 

 

Conference Call, Webcast, Investor Presentation and Investor Information

The Shyft Group will host a conference call for analysts and portfolio managers at 10 a.m. EST today to discuss these results and current business trends. The conference call and webcast will be available via:

 

Webcast: www.TheShyftGroup.com/investor-relations/webcasts

Conference Call: 1-877-317-6789 (domestic) or 412-317-6789 (international); passcode: 10148648

 

For more information about The Shyft Group, please visit www.TheShyftGroup.com.

 

About The Shyft Group
The Shyft Group is the North American leader in specialty vehicle manufacturing, assembly, and upfit for the commercial, retail, and service specialty vehicle markets.  Our customers include first-to-last mile delivery companies across vocations; federal, state, and local government entities; the trades; and utility and infrastructure segments.  The Shyft Group is organized into two core business units: Shyft Fleet Vehicles and Services and Shyft Specialty Vehicles. Today, its family of brands includes Utilimaster, Royal Truck Body, DuraMag, Strobes-R-Us, Spartan RV Chassis, Builtmore Contract Manufacturing, and corresponding aftermarket provisions. The Shyft Group and its go-to-market brands are well known in their respective industries for quality, durability, and first-to-market innovation. The Company employs approximately 2,900 associates across campuses, and operates facilities in Michigan, Indiana, Maine, Pennsylvania, South Carolina, Florida, Missouri, California, Arizona, Texas, and Saltillo, Mexico. The Company reported sales from continuing operations of $757 million in 2019. Learn more about The Shyft Group at www.TheShyftGroup.com.

 

This release contains several forward-looking statements that are not historical facts, including our revenue and earnings guidance and other statements concerning our business, strategic position, financial projections, financial strength, future plans, objectives, and the performance of our products and operations.  These statements can be identified by words such as "believe," "expect," "intend," "potential," "future," "may," "will," "should," and similar expressions regarding future expectations.  Furthermore, statements contained in this document relating to the global outbreak of the novel coronavirus disease (COVID-19), the impact of which remains inherently uncertain on our financial results, are forward-looking statements.  These forward-looking statements involve various known and unknown risks, uncertainties, and assumptions that are difficult to predict with regard to timing, extent, and likelihood.  Therefore, actual performance and results may materially differ from what may be expressed or forecasted in such forward-looking statements. Factors that could contribute to these differences include future developments relating to the COVID-19 pandemic, including governmental responses, supply chain shortages, and potential labor issues; operational and other complications that may arise affecting the implementation of our plans and business objectives; continued pressures caused by economic conditions including weaknesses resulting from the COVID-19 pandemic; challenges that may arise in connection with the integration of new businesses or assets we acquire or the disposition of assets; restructuring of our operations, and/or our expansion into new geographic markets; issues unique to government contracting, such as competitive bidding processes, qualification requirements, and delays or changes in funding; disruptions within our dealer network; changes in our relationships with major customers, suppliers, or other business partners, including Isuzu; changes in the demand or supply of products within our markets or raw materials needed to manufacture those products; and changes in laws and regulations affecting our business.  Other factors that could affect outcomes are set forth in our Annual Report on Form 10-K and other filings we make with the Securities and Exchange Commission (SEC), which are available at www.sec.gov or our website.  All forward-looking statements in this release are qualified by this paragraph.  Investors should not place undue reliance on forward-looking statements as a prediction of actual results.  We undertake no obligation to publicly update or revise any forward-looking statements in this release, whether as a result of new information, future events, or otherwise.

 

 

CONTACT:

Juris Pagrabs

Group Treasurer

The Shyft Group

(517) 997-3862 

 

 

 

 

The Shyft Group, Inc. and Subsidiaries

Consolidated Balance Sheets

(In thousands, except par value)

(Unaudited)

 

   

September 30,

   

December 31,

 
   

2020

   

2019

 

ASSETS

               

Current assets:

               

Cash and cash equivalents

  $ 43,055     $ 19,349  

Accounts receivable, less allowance of $198 and $228

    99,461       58,874  

Contract assets

    9,667       10,898  

Inventories, net

    43,076       59,456  

Other receivables - chassis pool agreements

    12,741       8,162  

Other current assets

    9,490       5,344  

Current assets held for sale

    -       90,725  

Total current assets

    217,490       252,808  
                 

Property, plant and equipment, net

    37,360       40,074  

Right of use assets – operating leases

    35,529       32,147  

Goodwill

    43,480       43,632  

Intangible assets, net

    51,662       54,061  

Other assets

    1,938       2,295  

Net deferred tax asset

    7,660       25,520  

TOTAL ASSETS

  $ 395,119     $ 450,537  

LIABILITIES AND SHAREHOLDERS' EQUITY

               

Current liabilities:

               

Accounts payable

  $ 63,433     $ 54,713  

Accrued warranty

    5,564       5,694  

Accrued compensation and related taxes

    15,421       15,841  

Deposits from customers

    650       2,640  

Operating lease liability

    6,273       5,162  

Other current liabilities and accrued expenses

    6,731       15,967  

Short-term debt - chassis pool agreements

    12,741       8,162  

Current portion of long-term debt

    220       177  

Current liabilities held for sale

    -       49,601  

Total current liabilities

    111,033       157,957  
                 

Other non-current liabilities

    6,063       4,922  

Long-term operating lease liability

    29,836       27,241  

Long-term debt, less current portion

    48,522       88,670  

Total liabilities

    195,454       278,790  

Shareholders' equity:

               

Preferred stock, no par value: 2,000 shares authorized (none issued)

    -       -  

Common stock, $0.01 par value; 80,000 shares authorized; 35,550 and 35,343 outstanding

    355       353  

Additional paid in capital

    90,362       85,148  

Retained earnings

    109,288       86,764  

Total The Shyft Group, Inc. shareholders' equity

    200,005       172,265  

Non-controlling interest

    (340 )     (518 )

Total shareholders' equity

    199,665       171,747  

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

  $ 395,119     $ 450,537  

 

 

 

 

 The Shyft Group, Inc. and Subsidiaries

Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)

 

   

Three Months Ended

September 30,

   

Nine Months Ended

September 30,

 
   

2020

   

2019

   

2020

   

2019

 

Sales

  $ 203,473     $ 224,703     $ 504,391     $ 576,582  

Cost of products sold

    152,723       186,674       393,335       496,974  

Gross profit

    50,750       38,029       111,056       79,608  
                                 

Operating expenses:

                               

Research and development

    824       1,103       3,496       3,475  

Selling, general and administrative

    23,525       19,812       69,534       46,815  

Total operating expenses

    24,349       20,915       73,030       50,290  
                                 

Operating income

    26,401       17,114       38,026       29,318  
                                 

Other income (expense):

                               

Interest expense

    (11

)

    (144

)

    (1,202

)

    (831

)

Interest and other income

    238       473       243       947  

Total other income (expense)

    227       329       (959

)

    116  

Income from continuing operations before income taxes

    26,628       17,443       37,067       29,434  
                                 

Income tax expense

    7,253       4,317       7,084       6,929  
                                 

Income from continuing operations

    19,375       13,126       29,983       22,505  
                                 

Loss from discontinued operations, net of income taxes

    (598

)

    (2,711

)

    (4,619

)

    (7,264

)

                                 

Net income

    18,777       10,415       25,364       15,241  
                                 

Less: net income (loss) attributable to non-controlling interest

    41       61       178       (14

)

                                 

Net income attributable to The Shyft Group, Inc.

  $ 18,736     $ 10,354     $ 25,186     $ 15,255  
                                 

Basic earnings (loss) per share

                               

Continuing operations

  $ 0.55     $ 0.37     $ 0.84     $ 0.64  

Discontinued operations

  $ (0.02

)

  $ (0.08

)

  $ (0.13

)

  $ (0.21

)

Basic earnings per share

  $ 0.53     $ 0.29     $ 0.71     $ 0.43  
                                 

Diluted net earnings (loss) per share

                               

Continuing operations

  $ 0.54     $ 0.37     $ 0.83     $ 0.64  

Discontinued operations

  $ (0.02

)

  $ (0.08

)

  $ (0.13

)

  $ (0.21

)

Diluted earnings per share

  $ 0.52     $ 0.29     $ 0.70     $ 0.43  
                                 

Basic weighted average common shares outstanding

    35,559       35,317       35,491       35,311  
                                 

Diluted weighted average common shares outstanding

    35,989       35,463       35,794       35,355  

 

 

 

 

The Shyft Group, Inc. and Subsidiaries

Sales and Other Financial Information by Business Segment

(Unaudited)

 

Three Months Ended September 30, 2020 (in thousands of dollars)

                 
                                 
   

Business Segments

         
   

 

Fleet Vehicles &

Services

   

Specialty

Vehicles

   

Other

   

Consolidated

 

Fleet vehicle sales

  $ 136,382     $ -     $ -     $ 136,382  

Motorhome chassis sales

    -       38,190       -       38,190  

Other specialty chassis and vehicles

    -       17,601       -       17,601  

Aftermarket parts and assemblies

    8,808       2,492       -       11,300  

Total Sales

  $ 145,190     $ 58,283     $ -     $ 203,473  
                                 

Adjusted EBITDA

  $ 33,237     $ 7,183     $ (7,827 )   $ 32,593  

 

 

 

The Shyft Group, Inc. and Subsidiaries

Sales and Other Financial Information by Business Segment

(Unaudited)

 

Three Months Ended September 30, 2019 (in thousands of dollars)

                 
                                 
   

Business Segments

         
   

 

Fleet Vehicles &

Services

   

Specialty

Vehicles

   

Other

   

Consolidated

 

Fleet vehicle sales

  $ 172,530     $ -     $ -     $ 172,530  

Motorhome chassis sales

    -       33,038       -       33,038  

Other specialty chassis and vehicles

    -       9,370       -       9,370  

Aftermarket parts and assemblies

    7,064       2,701       -       9,765  

Total Sales

  $ 179,594     $ 45,109     $ -     $ 224,703  
                                 

Adjusted EBITDA

  $ 24,689     $ 4,079     $ (6,443 )   $ 22,325  

 

 

 

 

Sales and Other Financial Information by Business Segment

(Unaudited)

 

Period End Backlog (amounts in thousands of dollars)

 
   

Sept. 30, 2020

   

Jun. 30, 2020

   

Mar. 31, 2020

   

Dec. 31, 2019

   

Sept. 30, 2019

 

Fleet Vehicles and Services*

  $ 228,870     $ 286,955     $ 302,236     $ 305,876     $ 223,753  

Motorhome Chassis *

    40,387       38,804       30,641       20,097       26,719  

Other Vehicles

    11,036       11,621       11,580       10,062       11,769  

Aftermarket Parts and Accessories

    333       115       198       575       1,459  

Total Specialty Vehicles

    51,756       50,540       42,419       30,734       39,947  
                                         

Total Backlog

  $ 280,626     $ 337,495     $ 344,655     $ 336,610     $ 263,700  

 

 

* Anticipated time to fill backlog orders at September 30, 2020; five - seven months for Fleet Vehicles and Services; approximately three months for Specialty Vehicles.

 

Reconciliation of Non-GAAP Financial Measures

This release contains adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), which is a non-GAAP financial measure. This non-GAAP measure is calculated by excluding items that we believe to be infrequent or not indicative of our continuing operating performance. We define adjusted EBITDA as income from continuing operations before interest, income taxes, depreciation and amortization, as adjusted to eliminate the impact of restructuring charges, acquisition related expenses and adjustments, non-cash stock-based compensation expenses, and other gains and losses not reflective of our ongoing operations. Adjusted EBITDA for all prior periods presented have been recast to conform to the current presentation.

 

We present the non-GAAP measure adjusted EBITDA because we consider it to be an important supplemental measure of our performance. The presentation of adjusted EBITDA enables investors to better understand our operations by removing items that we believe are not representative of our continuing operations and may distort our longer-term operating trends. We believe this measure to be useful to improve the comparability of our results from period to period and with our competitors, as well as to show ongoing results from operations distinct from items that are infrequent or not indicative of our continuing operating performance. We believe that presenting this non-GAAP measure is useful to investors because it permits investors to view performance using the same tools that management uses to budget, make operating and strategic decisions, and evaluate our historical performance. We believe that the presentation of this non-GAAP measure, when considered together with the corresponding GAAP financial measures and the reconciliations to that measure, provides investors with additional understanding of the factors and trends affecting our business than could be obtained in the absence of this disclosure.

 

Our management uses adjusted EBITDA to evaluate the performance of and allocate resources to our segments. Adjusted EBITDA is also used, along with other financial and non-financial measures, for purposes of determining annual incentive compensation for our management team and long-term incentive compensation for certain members of our management team.

 

 

 

 

Financial Summary

(In thousands, except per share data)

(Unaudited)

 

   

Three Months Ended September 30,

 

The Shyft Group, Inc.

 

2020

   

% of sales

   

2019

   

% of sales

 

Income from continuing operations

  $ 19,375       9.5 %   $ 13,126       5.8 %

Net (income) attributable to non-controlling interest

    (41 )             (61 )        

Add (subtract):

                               

Restructuring and other related charges

    303               243          

Acquisition related expenses and adjustments

    650               1,522          

Non-cash stock-based compensation expense

    2,064               1,581          

Accelerated depreciation of property, plant and equipment

    365               -          

Deferred tax assets valuation allowance

    275               201          

Tax effect of adjustments

    (842 )             (752 )        

Adjusted net income

  $ 22,149       10.9 %   $ 15,860       7.1 %
                                 

Income from continuing operations

  $ 19,375       9.5 %   $ 13,126       5.8 %

Net (income) attributable to non-controlling interest

    (41 )             (61 )        

Add (subtract):

                               

Depreciation and amortization

    2,978               1,453          

Taxes on income

    7,253               4,317          

Interest expense

    11               144          

EBITDA

  $ 29,576       14.5 %   $ 18,979       8.4 %
                                 

Add (subtract):

                               

Restructuring and other related charges

    303               243          

Acquisition related expenses and adjustments

    650               1,522          

Non-cash stock-based compensation expense

    2,064               1,581          

Adjusted EBITDA

  $ 32,593       16.0 %   $ 22,325       9.9 %
                                 

Diluted net earnings per share

  $ 0.54             $ 0.37          

Add (subtract):

                               

Restructuring and other related charges

    0.01               0.01          

Acquisition related expenses and adjustments

    0.02               0.05          

Non-cash stock-based compensation expense

    0.05               0.04          

Accelerated depreciation of property, plant and equipment

    0.01               -          

Deferred tax asset valuation allowance

    0.01               -          

Tax effect of adjustments

    (0.02 )             (0.02 )        

Adjusted diluted net earnings per share

  $ 0.62             $ 0.45          

 

 

 

 

 

Financial Summary (Non-GAAP)

Consolidated

(In thousands, except per share data)

(Unaudited)

 

   

Forecast

 
   

Twelve Months Ended December 31, 2020

 

The Shyft Group, Inc.

 

Low

   

Mid

   

High

 

Income from continuing operations

  $ 35,490     $ 36,204     $ 36,917  

Add:

                       

Depreciation and amortization

    13,828       13,828       13,828  

Interest expense

    1,434       1,434       1,434  

Taxes

    9,350       9,636       9,923  

EBITDA

  $ 60,102     $ 61,102     $ 62,102  

Add (subtract):

                       

Non-cash stock-based compensation and other charges

    12,898       12,898       12,898  

Adjusted EBITDA

  $ 73,000     $ 74,000     $ 75,000  
                         

Earnings per share

  $ 0.99     $ 1.01     $ 1.03  

Add:

                       

Non-cash stock-based compensation and other charges

    0.36       0.36       0.36  

Less tax effect of adjustments

    (0.07 )     (0.07 )     (0.07 )

Adjusted earnings per share

  $ 1.28     $ 1.30     $ 1.32  

 

 

 
Image Exhibit

Exhibit 99.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.20.2
Document And Entity Information
Nov. 05, 2020
Document Information [Line Items]  
Entity, Registrant Name THE SHYFT GROUP, INC.
Document, Type 8-K
Document, Period End Date Nov. 05, 2020
Entity, Incorporation, State or Country Code MI
Entity, File Number 001-33582
Entity, Tax Identification Number 38-2078923
Entity, Address, Address Line One 41280 Bridge Street
Entity, Address, City or Town Novi
Entity, Address, State or Province MI
Entity, Address, Postal Zip Code 48375
City Area Code 517
Local Phone Number 543-6400
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock
Trading Symbol SHYF
Security Exchange Name NASDAQ
Entity, Emerging Growth Company false
Amendment Flag false
Entity, Central Index Key 0000743238