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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Blue Bird Corporation | NASDAQ:BLBD | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.01 | 2.94% | 35.31 | 34.00 | 37.27 | 35.46 | 34.215 | 34.82 | 320,568 | 05:00:09 |
[
X]
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
[ ]
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
46-3891989
|
(
State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
Large accelerated filer
|
o
|
|
|
Accelerated filer
|
|
x
|
Non-accelerated filer
|
o
|
(Do not check if a smaller reporting company)
|
|
Smaller reporting company
|
|
o
|
|
|
|
|
Emerging growth company
|
|
x
|
|
|
•
|
the future financial performance of the Company;
|
•
|
changes in the market for Blue Bird products; and
|
•
|
expansion plans and opportunities.
|
(in thousands of dollars, except for share data)
|
March 30, 2019
|
|
September 29, 2018
|
||||
Assets
|
|
|
|
||||
Current assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
25,600
|
|
|
$
|
60,260
|
|
Accounts receivable, net
|
8,272
|
|
|
24,067
|
|
||
Inventories
|
125,940
|
|
|
57,333
|
|
||
Other current assets
|
11,624
|
|
|
8,183
|
|
||
Total current assets
|
$
|
171,436
|
|
|
$
|
149,843
|
|
Property, plant and equipment, net
|
92,485
|
|
|
66,054
|
|
||
Goodwill
|
18,825
|
|
|
18,825
|
|
||
Intangible assets, net
|
56,279
|
|
|
55,472
|
|
||
Equity investment in affiliate
|
11,439
|
|
|
11,123
|
|
||
Deferred tax assets
|
4,494
|
|
|
4,437
|
|
||
Other assets
|
412
|
|
|
1,676
|
|
||
Total assets
|
$
|
355,370
|
|
|
$
|
307,430
|
|
Liabilities and Stockholders' Deficit
|
|
|
|
||||
Current liabilities
|
|
|
|
||||
Accounts payable
|
$
|
112,886
|
|
|
$
|
95,780
|
|
Warranty
|
8,608
|
|
|
9,142
|
|
||
Accrued expenses
|
28,549
|
|
|
21,935
|
|
||
Deferred warranty income
|
8,169
|
|
|
8,159
|
|
||
Other current liabilities
|
6,023
|
|
|
3,941
|
|
||
Current portion of long-term debt
|
9,900
|
|
|
9,900
|
|
||
Total current liabilities
|
$
|
174,135
|
|
|
$
|
148,857
|
|
Long-term liabilities
|
|
|
|
||||
Revolving credit facility
|
$
|
20,000
|
|
|
$
|
—
|
|
Long-term debt
|
177,729
|
|
|
132,239
|
|
||
Warranty
|
12,912
|
|
|
13,504
|
|
||
Deferred warranty income
|
14,732
|
|
|
15,032
|
|
||
Other liabilities
|
13,225
|
|
|
5,121
|
|
||
Pension
|
20,227
|
|
|
21,013
|
|
||
Total long-term liabilities
|
$
|
258,825
|
|
|
$
|
186,909
|
|
Guarantees, commitments and contingencies (Note 6)
|
|
|
|
||||
Stockholders' deficit
|
|
|
|
||||
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, 0 and 93,000 issued with liquidation preference of $0 and $9,300 at March 30, 2019 and September 29, 2018, respectively
|
$
|
—
|
|
|
$
|
9,300
|
|
Common stock, $0.0001 par value, 100,000,000 shares authorized, 26,440,663 and 27,259,262 shares outstanding at March 30, 2019 and September 29, 2018, respectively
|
3
|
|
|
3
|
|
||
Additional paid-in capital
|
81,889
|
|
|
70,023
|
|
||
Accumulated deficit
|
(71,842
|
)
|
|
(69,235
|
)
|
||
Accumulated other comprehensive loss
|
(37,379
|
)
|
|
(38,427
|
)
|
||
Treasury stock, at cost, 1,782,568 and 0 shares at March 30, 2019 and September 29, 2018, respectively
|
(50,261
|
)
|
|
—
|
|
||
Total stockholders' deficit
|
$
|
(77,590
|
)
|
|
$
|
(28,336
|
)
|
Total liabilities and stockholders' deficit
|
$
|
355,370
|
|
|
$
|
307,430
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(in thousands of dollars except for share data)
|
March 30, 2019
|
|
March 31, 2018
|
|
March 30, 2019
|
|
March 31, 2018
|
||||||||
Net sales
|
$
|
211,642
|
|
|
$
|
216,628
|
|
|
$
|
366,568
|
|
|
$
|
379,177
|
|
Cost of goods sold
|
185,688
|
|
|
194,960
|
|
|
321,504
|
|
|
336,861
|
|
||||
Gross profit
|
$
|
25,954
|
|
|
$
|
21,668
|
|
|
$
|
45,064
|
|
|
$
|
42,316
|
|
Operating expenses
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses
|
22,928
|
|
|
18,280
|
|
|
40,201
|
|
|
43,737
|
|
||||
Operating profit (loss)
|
$
|
3,026
|
|
|
$
|
3,388
|
|
|
$
|
4,863
|
|
|
$
|
(1,421
|
)
|
Interest expense
|
(3,998
|
)
|
|
(1,826
|
)
|
|
(6,872
|
)
|
|
(3,278
|
)
|
||||
Interest income
|
—
|
|
|
2
|
|
|
9
|
|
|
17
|
|
||||
Other (expense) income, net
|
(275
|
)
|
|
559
|
|
|
(624
|
)
|
|
268
|
|
||||
(Loss) income before income taxes
|
$
|
(1,247
|
)
|
|
$
|
2,123
|
|
|
$
|
(2,624
|
)
|
|
$
|
(4,414
|
)
|
Income tax benefit (expense)
|
179
|
|
|
(471
|
)
|
|
415
|
|
|
(1,823
|
)
|
||||
Equity in net income of non-consolidated affiliate
|
395
|
|
|
184
|
|
|
316
|
|
|
234
|
|
||||
Net (loss) income
|
$
|
(673
|
)
|
|
$
|
1,836
|
|
|
$
|
(1,893
|
)
|
|
$
|
(6,003
|
)
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share:
|
|
|
|
|
|
|
|
||||||||
Net (loss) income (from above)
|
$
|
(673
|
)
|
|
$
|
1,836
|
|
|
$
|
(1,893
|
)
|
|
$
|
(6,003
|
)
|
Less: preferred stock dividends
|
—
|
|
|
763
|
|
|
—
|
|
|
1,533
|
|
||||
Net (loss) income available to common stockholders
|
$
|
(673
|
)
|
|
$
|
1,073
|
|
|
$
|
(1,893
|
)
|
|
$
|
(7,536
|
)
|
|
|
|
|
|
|
|
|
||||||||
Basic weighted average shares outstanding
|
26,595,280
|
|
|
23,899,772
|
|
|
26,449,072
|
|
|
23,911,909
|
|
||||
Diluted weighted average shares outstanding
|
26,595,280
|
|
|
25,127,082
|
|
|
26,449,072
|
|
|
23,911,909
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic (loss) earnings per share
|
$
|
(0.03
|
)
|
|
$
|
0.04
|
|
|
$
|
(0.07
|
)
|
|
$
|
(0.32
|
)
|
Diluted (loss) earnings per share
|
$
|
(0.03
|
)
|
|
$
|
0.04
|
|
|
$
|
(0.07
|
)
|
|
$
|
(0.32
|
)
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(in thousands of dollars)
|
March 30, 2019
|
|
March 31, 2018
|
|
March 30, 2019
|
|
March 31, 2018
|
||||||||
Net (loss) income
|
$
|
(673
|
)
|
|
$
|
1,836
|
|
|
$
|
(1,893
|
)
|
|
$
|
(6,003
|
)
|
Other comprehensive income, net of tax
|
|
|
|
|
|
|
|
||||||||
Net change in defined benefit pension plan
|
524
|
|
|
669
|
|
|
1,048
|
|
|
1,232
|
|
||||
Total other comprehensive income
|
$
|
524
|
|
|
$
|
669
|
|
|
$
|
1,048
|
|
|
$
|
1,232
|
|
Comprehensive (loss) income
|
$
|
(149
|
)
|
|
$
|
2,505
|
|
|
$
|
(845
|
)
|
|
$
|
(4,771
|
)
|
|
Six Months Ended
|
||||||
(in thousands of dollars)
|
March 30, 2019
|
|
March 31, 2018
|
||||
Cash flows from operating activities
|
|
|
|
||||
Net loss
|
$
|
(1,893
|
)
|
|
$
|
(6,003
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
||||
Depreciation and amortization
|
4,844
|
|
|
4,173
|
|
||
Non-cash interest expense
|
2,451
|
|
|
384
|
|
||
Share-based compensation
|
2,045
|
|
|
1,510
|
|
||
Equity in net income of affiliate
|
(316
|
)
|
|
(234
|
)
|
||
Loss on disposal of fixed assets
|
27
|
|
|
78
|
|
||
Deferred taxes
|
83
|
|
|
1,098
|
|
||
Amortization of deferred actuarial pension losses
|
1,379
|
|
|
1,760
|
|
||
Foreign currency hedges
|
109
|
|
|
(1,036
|
)
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
15,795
|
|
|
(2,042
|
)
|
||
Inventories
|
(68,607
|
)
|
|
(29,232
|
)
|
||
Other assets
|
(3,992
|
)
|
|
(335
|
)
|
||
Accounts payable
|
16,378
|
|
|
9,151
|
|
||
Accrued expenses, pension and other liabilities
|
4,925
|
|
|
(12,329
|
)
|
||
Total adjustments
|
$
|
(24,879
|
)
|
|
$
|
(27,054
|
)
|
Total cash used in operating activities
|
$
|
(26,772
|
)
|
|
$
|
(33,057
|
)
|
Cash flows from investing activities
|
|
|
|
||||
Cash paid for fixed and acquired intangible assets
|
$
|
(22,706
|
)
|
|
$
|
(7,021
|
)
|
Total cash used in investing activities
|
$
|
(22,706
|
)
|
|
$
|
(7,021
|
)
|
Cash flows from financing activities
|
|
|
|
||||
Borrowings under the revolving credit facility
|
$
|
20,000
|
|
|
$
|
—
|
|
Borrowings under the senior term loan
|
50,000
|
|
|
—
|
|
||
Repayments under the senior term loan
|
(4,950
|
)
|
|
(4,000
|
)
|
||
Cash paid for capital leases
|
—
|
|
|
(77
|
)
|
||
Payment of dividends on preferred stock
|
—
|
|
|
(1,533
|
)
|
||
Cash paid for employee taxes on vested restricted shares and stock option exercises
|
(602
|
)
|
|
(571
|
)
|
||
Proceeds from exercises of warrants
|
740
|
|
|
9,504
|
|
||
Common stock repurchases under share repurchase programs
|
—
|
|
|
(15,512
|
)
|
||
Tender offer repurchase of common stock and preferred stock
|
(50,370
|
)
|
|
—
|
|
||
Total cash provided by (used in) financing activities
|
$
|
14,818
|
|
|
$
|
(12,189
|
)
|
Change in cash and cash equivalents
|
(34,660
|
)
|
|
(52,267
|
)
|
||
Cash and cash equivalents, beginning of period
|
60,260
|
|
|
62,616
|
|
||
Cash and cash equivalents, end of period
|
$
|
25,600
|
|
|
$
|
10,349
|
|
|
|
|
|
||||
Supplemental disclosures of cash flow information
|
|
|
|
||||
Cash paid during the period for:
|
|
|
|
||||
Interest paid, net of interest received
|
$
|
5,055
|
|
|
$
|
2,948
|
|
Income tax paid, net of tax refunds
|
2,325
|
|
|
3,596
|
|
||
Non-cash investing and financing activities:
|
|
|
|
||||
Changes in accounts payable for capital additions to property, plant and equipment and other current assets for capitalized intangible assets
|
$
|
1,728
|
|
|
$
|
(357
|
)
|
Cashless exercise of stock options
|
42
|
|
|
897
|
|
||
Cash receivable for warrant exercises
|
555
|
|
|
—
|
|
||
Right-of-use assets obtained in exchange for operating lease obligations
|
8,040
|
|
|
—
|
|
||
Conversion of preferred stock into common stock
|
9,264
|
|
|
—
|
|
|
Common Stock
|
|
Convertible Preferred Stock
|
|
|
|
|
|
Treasury Stock
|
|
|
|||||||||||||||||||||||||
(in thousands of dollars, except for share data)
|
Shares
|
|
Par Value
|
|
Additional Paid-In-Capital
|
|
Shares
|
|
Amount
|
|
Accumulated Other Comprehensive Loss
|
|
Accumulated Deficit
|
|
Shares
|
|
Amount
|
|
Total Stockholders' Deficit
|
|||||||||||||||||
Balance, September 29, 2018
|
27,259,262
|
|
|
$
|
3
|
|
|
$
|
70,023
|
|
|
93,000
|
|
|
$
|
9,300
|
|
|
$
|
(38,427
|
)
|
|
$
|
(69,235
|
)
|
|
—
|
|
|
$
|
—
|
|
|
$
|
(28,336
|
)
|
Adoption of new revenue recognition standard (ASC 606) adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(714
|
)
|
|
—
|
|
|
—
|
|
|
(714
|
)
|
|||||||
Warrant exercises
|
112,635
|
|
|
—
|
|
|
1,295
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,295
|
|
|||||||
Restricted stock activity
|
51,195
|
|
|
—
|
|
|
(596
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(596
|
)
|
|||||||
Stock option activity
|
524
|
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|||||||
Share-based compensation expense
|
—
|
|
|
—
|
|
|
1,982
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,982
|
|
|||||||
Tender offer share repurchases
|
(1,782,568
|
)
|
|
—
|
|
|
(73
|
)
|
|
(364
|
)
|
|
(36
|
)
|
|
—
|
|
|
—
|
|
|
1,782,568
|
|
|
(50,261
|
)
|
|
(50,370
|
)
|
|||||||
Preferred stock conversion
|
799,615
|
|
|
—
|
|
|
9,264
|
|
|
(92,636
|
)
|
|
(9,264
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,893
|
)
|
|
—
|
|
|
—
|
|
|
(1,893
|
)
|
|||||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,048
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,048
|
|
|||||||
Balance, March 30, 2019
|
26,440,663
|
|
|
$
|
3
|
|
|
$
|
81,889
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
(37,379
|
)
|
|
$
|
(71,842
|
)
|
|
1,782,568
|
|
|
$
|
(50,261
|
)
|
|
$
|
(77,590
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance, September 30, 2017
|
23,739,344
|
|
|
$
|
2
|
|
|
$
|
45,418
|
|
|
400,000
|
|
|
$
|
40,000
|
|
|
$
|
(43,875
|
)
|
|
$
|
(100,055
|
)
|
|
—
|
|
|
$
|
—
|
|
|
$
|
(58,510
|
)
|
Warrant exercises
|
826,414
|
|
|
—
|
|
|
9,504
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,504
|
|
|||||||
Restricted stock activity
|
33,963
|
|
|
—
|
|
|
(370
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(370
|
)
|
|||||||
Stock option activity
|
18,680
|
|
|
—
|
|
|
(201
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(201
|
)
|
|||||||
Preferred stock dividends
|
—
|
|
|
—
|
|
|
(1,533
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,533
|
)
|
|||||||
Share-based compensation expense
|
—
|
|
|
—
|
|
|
1,440
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,440
|
|
|||||||
Share repurchase program
|
(706,213
|
)
|
|
—
|
|
|
(15,511
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,511
|
)
|
|||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,003
|
)
|
|
—
|
|
|
—
|
|
|
(6,003
|
)
|
|||||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,232
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,232
|
|
|||||||
Balance, March 31, 2018
|
23,912,188
|
|
|
$
|
2
|
|
|
$
|
38,747
|
|
|
400,000
|
|
|
$
|
40,000
|
|
|
$
|
(42,643
|
)
|
|
$
|
(106,058
|
)
|
|
—
|
|
|
$
|
—
|
|
|
$
|
(69,952
|
)
|
1.
|
Identification of the contract(s) with a customer;
|
2.
|
Identification of the performance obligation(s) in the contract;
|
3.
|
Determination of the transaction price;
|
4.
|
Allocation of the transaction price to the performance obligations in the contract; and
|
5.
|
Recognition of revenue when, or as, we satisfy performance obligations.
|
|
March 31, 2018
|
||||||||||||||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||||
(in thousands of dollars)
|
As Previously Reported
|
|
New Standard Adjustment
|
|
As Restated
|
|
As Previously Reported
|
|
New Standard Adjustment
|
|
As Restated
|
||||||||||||
Selling, general and administrative expenses
|
$
|
18,741
|
|
|
$
|
(461
|
)
|
|
$
|
18,280
|
|
|
$
|
44,659
|
|
|
$
|
(922
|
)
|
|
$
|
43,737
|
|
Operating profit (loss)
|
2,927
|
|
|
461
|
|
|
3,388
|
|
|
(2,343
|
)
|
|
922
|
|
|
(1,421
|
)
|
||||||
Other (expense) income, net
|
1,020
|
|
|
(461
|
)
|
|
559
|
|
|
1,190
|
|
|
(922
|
)
|
|
268
|
|
||||||
Net (loss) income
|
1,836
|
|
|
—
|
|
|
1,836
|
|
|
(6,003
|
)
|
|
—
|
|
|
(6,003
|
)
|
(in thousands of dollars)
|
March 30, 2019
|
|
September 29, 2018
|
||||
Raw materials
|
$
|
88,963
|
|
|
$
|
42,439
|
|
Work in process
|
32,707
|
|
|
13,141
|
|
||
Finished goods
|
4,270
|
|
|
1,753
|
|
||
Total inventories
|
$
|
125,940
|
|
|
$
|
57,333
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(in thousands of dollars)
|
March 30, 2019
|
|
March 31, 2018
|
|
March 30, 2019
|
|
March 31, 2018
|
||||||||
Balance at beginning of period
|
$
|
21,858
|
|
|
$
|
19,788
|
|
|
$
|
22,646
|
|
|
$
|
20,910
|
|
Add current period accruals
|
2,256
|
|
|
2,406
|
|
|
3,846
|
|
|
4,365
|
|
||||
Current period reductions of accrual
|
(2,594
|
)
|
|
(2,911
|
)
|
|
(4,972
|
)
|
|
(5,992
|
)
|
||||
Balance at end of period
|
$
|
21,520
|
|
|
$
|
19,283
|
|
|
$
|
21,520
|
|
|
$
|
19,283
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(in thousands of dollars)
|
March 30, 2019
|
|
March 31, 2018
|
|
March 30, 2019
|
|
March 31, 2018
|
||||||||
Balance at beginning of period
|
$
|
22,532
|
|
|
$
|
19,208
|
|
|
$
|
23,191
|
|
|
$
|
19,295
|
|
Add current period deferred income
|
2,440
|
|
|
2,763
|
|
|
3,806
|
|
|
4,826
|
|
||||
Current period recognition of income
|
(2,071
|
)
|
|
(1,510
|
)
|
|
(4,096
|
)
|
|
(3,660
|
)
|
||||
Balance at end of period
|
$
|
22,901
|
|
|
$
|
20,461
|
|
|
$
|
22,901
|
|
|
$
|
20,461
|
|
(in thousands of dollars)
|
March 30, 2019
|
|
September 29, 2018
|
||||
Current portion
|
$
|
2,828
|
|
|
$
|
3,332
|
|
Long-term portion
|
1,897
|
|
|
1,901
|
|
||
Total accrued self-insurance
|
$
|
4,725
|
|
|
$
|
5,233
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(in thousands of dollars)
|
March 30, 2019
|
|
March 31, 2018
|
|
March 30, 2019
|
|
March 31, 2018
|
||||||||
Interest cost
|
$
|
1,511
|
|
|
$
|
1,357
|
|
|
$
|
3,023
|
|
|
$
|
2,714
|
|
Expected return on plan assets
|
(1,904
|
)
|
|
(1,776
|
)
|
|
(3,809
|
)
|
|
(3,552
|
)
|
||||
Amortization of prior loss
|
690
|
|
|
880
|
|
|
1,379
|
|
|
1,760
|
|
||||
Net periodic benefit cost
|
$
|
297
|
|
|
$
|
461
|
|
|
$
|
593
|
|
|
$
|
922
|
|
Amortization of prior loss, recognized in other comprehensive income
|
690
|
|
|
880
|
|
|
1,379
|
|
|
1,760
|
|
||||
Total recognized in net periodic pension benefit cost and other comprehensive income
|
$
|
(393
|
)
|
|
$
|
(419
|
)
|
|
$
|
(786
|
)
|
|
$
|
(838
|
)
|
(in thousands of dollars)
|
March 30, 2019
|
|
September 29, 2018
|
||||
2023 and 2021 term loans, net of deferred financing costs of $3,571 and $4,011, respectively
|
$
|
187,629
|
|
|
$
|
142,139
|
|
Less: current portion of long-term debt
|
9,900
|
|
|
9,900
|
|
||
Long-term debt, net of current portion
|
$
|
177,729
|
|
|
$
|
132,239
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(in thousands of dollars)
|
March 30, 2019
|
|
March 31, 2018
|
|
March 30, 2019
|
|
March 31, 2018
|
||||||||
Bus (1)
|
$
|
195,065
|
|
|
$
|
201,774
|
|
|
$
|
334,275
|
|
|
$
|
349,872
|
|
Parts (1)
|
16,577
|
|
|
14,854
|
|
|
32,293
|
|
|
29,305
|
|
||||
Segment net sales
|
$
|
211,642
|
|
|
$
|
216,628
|
|
|
$
|
366,568
|
|
|
$
|
379,177
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(in thousands of dollars)
|
March 30, 2019
|
|
March 31, 2018
|
|
March 30, 2019
|
|
March 31, 2018
|
||||||||
Bus
|
$
|
20,142
|
|
|
$
|
16,343
|
|
|
$
|
33,657
|
|
|
$
|
31,720
|
|
Parts
|
5,812
|
|
|
5,325
|
|
|
11,407
|
|
|
10,596
|
|
||||
Segment gross profit
|
$
|
25,954
|
|
|
$
|
21,668
|
|
|
$
|
45,064
|
|
|
$
|
42,316
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(in thousands of dollars)
|
March 30, 2019
|
|
March 31, 2018
|
|
March 30, 2019
|
|
March 31, 2018
|
||||||||
Segment gross profit
|
$
|
25,954
|
|
|
$
|
21,668
|
|
|
$
|
45,064
|
|
|
$
|
42,316
|
|
Adjustments:
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses
|
(22,928
|
)
|
|
(18,280
|
)
|
|
(40,201
|
)
|
|
(43,737
|
)
|
||||
Interest expense
|
(3,998
|
)
|
|
(1,826
|
)
|
|
(6,872
|
)
|
|
(3,278
|
)
|
||||
Interest income
|
—
|
|
|
2
|
|
|
9
|
|
|
17
|
|
||||
Other (expense) income, net
|
(275
|
)
|
|
559
|
|
|
(624
|
)
|
|
268
|
|
||||
(Loss) income before income taxes
|
$
|
(1,247
|
)
|
|
$
|
2,123
|
|
|
$
|
(2,624
|
)
|
|
$
|
(4,414
|
)
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(in thousands of dollars)
|
March 30, 2019
|
|
March 31, 2018
|
|
March 30, 2019
|
|
March 31, 2018
|
||||||||
United States
|
$
|
191,684
|
|
|
$
|
198,414
|
|
|
$
|
343,169
|
|
|
$
|
353,062
|
|
Canada
|
18,784
|
|
|
17,609
|
|
|
21,860
|
|
|
22,459
|
|
||||
Rest of world
|
1,174
|
|
|
605
|
|
|
1,539
|
|
|
3,656
|
|
||||
Total net sales
|
$
|
211,642
|
|
|
$
|
216,628
|
|
|
$
|
366,568
|
|
|
$
|
379,177
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(in thousands of dollars)
|
March 30, 2019
|
|
March 31, 2018
|
|
March 30, 2019
|
|
March 31, 2018
|
||||||||
Diesel buses
|
$
|
110,487
|
|
|
$
|
132,914
|
|
|
$
|
200,307
|
|
|
$
|
235,998
|
|
Alternative fuel buses (1)
|
75,320
|
|
|
64,790
|
|
|
118,401
|
|
|
104,878
|
|
||||
Other (2)
|
9,773
|
|
|
4,555
|
|
|
16,575
|
|
|
9,984
|
|
||||
Parts
|
16,062
|
|
|
14,369
|
|
|
31,285
|
|
|
28,317
|
|
||||
Net sales
|
$
|
211,642
|
|
|
$
|
216,628
|
|
|
$
|
366,568
|
|
|
$
|
379,177
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(in thousands except for share data)
|
March 30, 2019
|
|
March 31, 2018
|
|
March 30, 2019
|
|
March 31, 2018
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net (loss) income
|
$
|
(673
|
)
|
|
$
|
1,836
|
|
|
$
|
(1,893
|
)
|
|
$
|
(6,003
|
)
|
Less: convertible preferred stock dividends
|
—
|
|
|
763
|
|
|
—
|
|
|
1,533
|
|
||||
Net (loss) income available to common stockholders
|
$
|
(673
|
)
|
|
$
|
1,073
|
|
|
$
|
(1,893
|
)
|
|
$
|
(7,536
|
)
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share (1):
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding
|
26,595,280
|
|
|
23,899,772
|
|
|
26,449,072
|
|
|
23,911,909
|
|
||||
Basic (loss) earnings per share
|
$
|
(0.03
|
)
|
|
$
|
0.04
|
|
|
$
|
(0.07
|
)
|
|
$
|
(0.32
|
)
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share (2):
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding
|
26,595,280
|
|
|
23,899,772
|
|
|
26,449,072
|
|
|
23,911,909
|
|
||||
Weighted average dilutive securities, restricted stock
|
—
|
|
|
14,797
|
|
|
—
|
|
|
—
|
|
||||
Weighted average dilutive securities, warrants
|
—
|
|
|
939,107
|
|
|
—
|
|
|
—
|
|
||||
Weighted average dilutive securities, stock options
|
—
|
|
|
273,406
|
|
|
—
|
|
|
—
|
|
||||
Weighted average shares and dilutive potential common shares
|
26,595,280
|
|
|
25,127,082
|
|
|
26,449,072
|
|
|
23,911,909
|
|
||||
Diluted (loss) earnings per share
|
$
|
(0.03
|
)
|
|
$
|
0.04
|
|
|
$
|
(0.07
|
)
|
|
$
|
(0.32
|
)
|
|
|
|
Six Months Ended
|
|||||
|
|
March 30, 2019
|
|||||
Restricted Stock Activity
|
|
Number of Shares
|
|
Weighted-Average Grant Date Fair Value
|
|||
Balance, beginning of period
|
|
118,074
|
|
|
$
|
18.59
|
|
Granted
|
|
157,888
|
|
|
16.99
|
|
|
Vested
|
|
(82,430
|
)
|
|
18.24
|
|
|
Forfeited/canceled
|
|
(27,060
|
)
|
|
18.10
|
|
|
Balance, end of period
|
|
166,472
|
|
|
17.33
|
|
|
|
Six Months Ended
|
|||||
|
|
March 30, 2019
|
|||||
Stock Option Award Activity
|
|
Number of Options
|
|
Weighted Average Exercise Price per Share ($)
|
|||
Outstanding options, beginning of period
|
|
498,427
|
|
|
$
|
13.38
|
|
Granted
|
|
326,249
|
|
|
16.77
|
|
|
Exercised (1)
|
|
(2,683
|
)
|
|
15.50
|
|
|
Forfeited
|
|
(55,619
|
)
|
|
16.57
|
|
|
Outstanding options, end of period (2)
|
|
766,374
|
|
|
14.59
|
|
|
Fully vested and exercisable options, end of period (3)
|
|
440,125
|
|
|
12.97
|
|
|
|
|
Six Months Ended
|
||
|
|
March 30, 2019
|
||
Expected volatility
|
|
31.0
|
%
|
|
Expected dividend yield
|
|
0
|
%
|
|
Risk-free interest rate
|
|
2.75
|
%
|
|
Expected term (in years)
|
|
4.5 - 5.5
|
|
|
Weighted-average grant-date fair value
|
|
$
|
5.58
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(in thousands of dollars)
|
|
Defined Benefit Pension Plan
|
|
Total
|
|
Defined Benefit Pension Plan
|
|
Total
|
||||||||
March 30, 2019
|
|
|
|
|
|
|
|
|
||||||||
Beginning Balance
|
|
$
|
(37,903
|
)
|
|
$
|
(37,903
|
)
|
|
$
|
(38,427
|
)
|
|
$
|
(38,427
|
)
|
Amounts reclassified from other comprehensive loss and included in earnings
|
|
690
|
|
|
690
|
|
|
1,379
|
|
|
1,379
|
|
||||
Total other comprehensive income, before taxes
|
|
690
|
|
|
690
|
|
|
1,379
|
|
|
1,379
|
|
||||
Income tax expense
|
|
(166
|
)
|
|
(166
|
)
|
|
(331
|
)
|
|
(331
|
)
|
||||
Ending Balance March 30, 2019
|
|
$
|
(37,379
|
)
|
|
$
|
(37,379
|
)
|
|
$
|
(37,379
|
)
|
|
$
|
(37,379
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
March 31, 2018
|
|
|
|
|
|
|
|
|
||||||||
Beginning Balance
|
|
$
|
(43,312
|
)
|
|
$
|
(43,312
|
)
|
|
$
|
(43,875
|
)
|
|
$
|
(43,875
|
)
|
Amounts reclassified from other comprehensive loss and included in earnings
|
|
880
|
|
|
880
|
|
|
1,760
|
|
|
1,760
|
|
||||
Total other comprehensive income, before taxes
|
|
880
|
|
|
880
|
|
|
1,760
|
|
|
1,760
|
|
||||
Income tax expense
|
|
(211
|
)
|
|
(211
|
)
|
|
(528
|
)
|
|
(528
|
)
|
||||
Ending Balance March 31, 2018
|
|
$
|
(42,643
|
)
|
|
$
|
(42,643
|
)
|
|
$
|
(42,643
|
)
|
|
$
|
(42,643
|
)
|
1.
|
Identification of the contract(s) with a customer;
|
2.
|
Identification of the performance obligation(s) in the contract;
|
3.
|
Determination of the transaction price;
|
4.
|
Allocation of the transaction price to the performance obligations in the contract; and
|
5.
|
Recognition of revenue when, or as, we satisfy performance obligations.
|
•
|
Property tax revenues
. Property tax revenues are one of the major sources of funding for new school districts, and therefore new school buses. Property tax revenues are a function of land and building prices, relying on assessments of property value by state or county assessors and millage rates voted by the local electorate.
|
•
|
Student enrollment
. Increases or decreases in the number of school bus riders has a direct impact on school district demand.
|
•
|
Revenue mix
. We are able to charge more for certain of our products (
e.g.
, Type C propane-powered school buses, Type D buses, and buses with higher option content) than other products. The mix of products sold in any fiscal period can directly impact our revenues for the period.
|
•
|
Strength of the dealer network
. We rely on our dealers, as well as a small number of major fleet operators, to be the direct point of contact with school districts and their purchasing agents. An effective dealer is capable of expanding revenues within a given school district by matching that district’s needs to our capabilities, offering options that would not otherwise be provided to the district.
|
•
|
Pricing
. Our products are sold to school districts throughout the United States and Canada. Each state and each Canadian province has its own set of regulations that governs the purchase of products, including school buses, by their school districts. We and our dealers must navigate these regulations, purchasing procedures and the districts’ specifications in order to reach mutually acceptable price terms. Pricing may or may not be favorable to us, depending upon a number of factors impacting purchasing decisions.
|
•
|
Buying patterns of major fleets
. Major fleets regularly compete against one another for existing accounts. Fleets are also continuously trying to win the business of school districts that operate their own transportation services. These activities can have either a positive or negative impact on our sales, depending on the brand preference of the fleet that wins the business. Major fleets also periodically review their fleet sizes and replacement patterns due to funding availability as well as the profitability of existing routes. These actions can impact total purchases by fleets in a given year.
|
•
|
Seasonality.
Our sales are subject to seasonal variation based on the school calendar. The peak season has historically been during our third and fourth fiscal quarters. Sales during the third and fourth fiscal quarters are typically greater than the first and second fiscal quarters due to the desire of municipalities to have any new buses that they order available to them at the beginning of the new school year. There are, however, variations in the seasonal demands from year to year depending in large part upon municipal budgets, distinct replacement cycles and student enrollment. This seasonality and annual variations of this seasonality could impact the ability to compare results between fiscal periods.
|
•
|
Cost of goods sold
. The components of our cost of goods sold consist of material costs (principally powertrain components, steel and rubber, as well as aluminum and copper), labor expense and overhead. Our cost of goods sold may vary from period to period in part due to changes in sales volume, efforts by certain suppliers to pass through the economics associated with key commodities, design changes with respect to specific components, design changes with respect to specific bus models, wage increases for plant labor, productivity of plant labor, delays in receiving materials and other logistical problems, and the impact of overhead items such as utilities.
|
•
|
Selling, general and administrative expenses
. Our selling, general and administrative expenses include costs associated with our selling and marketing efforts, engineering, centralized finance, human resources, purchasing and information technology services, as well as other administrative matters and functions. In most instances, other than direct costs associated with sales and marketing programs, the principal component of these costs is salary expense. Changes from period to period are typically driven by the number of our employees, as well as by merit increases provided to experienced personnel.
|
•
|
Interest expense
. Our interest expense relates to costs associated with our debt instruments and reflects both the amount of indebtedness and the interest rate that we are required to pay on our debt.
|
•
|
Income taxes
. We make estimates of the amounts to recognize for income taxes in each tax jurisdiction in which we operate. In addition, provisions are established for withholding taxes related to the transfer of cash between jurisdictions and for uncertain tax positions taken.
|
•
|
Equity in net income of non-consolidated affiliate
. We include in this line item our share of income or loss from our investment in Micro Bird, our unconsolidated 50/50 Canadian joint venture.
|
|
|
Three Months Ended
|
||||||
(in thousands of dollars)
|
|
March 30, 2019
|
|
March 31, 2018
|
||||
Net sales
|
|
$
|
211,642
|
|
|
$
|
216,628
|
|
Cost of goods sold
|
|
185,688
|
|
|
194,960
|
|
||
Gross profit
|
|
$
|
25,954
|
|
|
$
|
21,668
|
|
Operating expenses
|
|
|
|
|
||||
Selling, general and administrative expenses
|
|
22,928
|
|
|
18,280
|
|
||
Operating profit
|
|
$
|
3,026
|
|
|
$
|
3,388
|
|
Interest expense
|
|
(3,998
|
)
|
|
(1,826
|
)
|
||
Interest income
|
|
—
|
|
|
2
|
|
||
Other (expense) income, net
|
|
(275
|
)
|
|
559
|
|
||
(Loss) income before income taxes
|
|
$
|
(1,247
|
)
|
|
$
|
2,123
|
|
Income tax benefit (expense)
|
|
179
|
|
|
(471
|
)
|
||
Equity in net income of non-consolidated affiliate
|
|
395
|
|
|
184
|
|
||
Net (loss) income
|
|
$
|
(673
|
)
|
|
$
|
1,836
|
|
Other financial data:
|
|
|
|
|
||||
Adjusted EBITDA
|
|
$
|
12,202
|
|
|
$
|
10,048
|
|
Adjusted EBITDA margin
|
|
5.8
|
%
|
|
4.6
|
%
|
(in thousands of dollars)
|
|
Three Months Ended
|
||||||
Net Sales by Segment
|
|
March 30, 2019
|
|
March 31, 2018
|
||||
Bus
|
|
$
|
195,065
|
|
|
$
|
201,774
|
|
Parts
|
|
16,577
|
|
|
14,854
|
|
||
Total
|
|
$
|
211,642
|
|
|
$
|
216,628
|
|
|
|
|
|
|
||||
Gross Profit by Segment
|
|
|
|
|
||||
Bus
|
|
$
|
20,142
|
|
|
$
|
16,343
|
|
Parts
|
|
5,812
|
|
|
5,325
|
|
||
Total
|
|
$
|
25,954
|
|
|
$
|
21,668
|
|
|
Three Months Ended
|
||||||
(in thousands of dollars)
|
March 30, 2019
|
|
March 31, 2018
|
||||
Net (loss) income
|
$
|
(673
|
)
|
|
$
|
1,836
|
|
Adjustments:
|
|
|
|
||||
Discontinued operations loss
|
—
|
|
|
6
|
|
||
Interest expense, net (1)
|
4,102
|
|
|
1,824
|
|
||
Income tax (benefit) expense
|
(179
|
)
|
|
471
|
|
||
Depreciation, amortization, and disposals (2)
|
2,833
|
|
|
2,169
|
|
||
Operational transformation initiatives
|
3,270
|
|
|
3,420
|
|
||
Foreign currency hedges
|
—
|
|
|
(1,036
|
)
|
||
Share-based compensation
|
1,193
|
|
|
886
|
|
||
Product redesign initiatives
|
1,652
|
|
|
455
|
|
||
Other
|
4
|
|
|
17
|
|
||
Adjusted EBITDA
|
$
|
12,202
|
|
|
$
|
10,048
|
|
Adjusted EBITDA margin (percentage of net sales)
|
5.8
|
%
|
|
4.6
|
%
|
|
|
|
Six Months Ended
|
||||||
(in thousands of dollars)
|
|
March 30, 2019
|
|
March 31, 2018
|
||||
Net sales
|
|
$
|
366,568
|
|
|
$
|
379,177
|
|
Cost of goods sold
|
|
321,504
|
|
|
336,861
|
|
||
Gross profit
|
|
$
|
45,064
|
|
|
$
|
42,316
|
|
Operating expenses
|
|
|
|
|
||||
Selling, general and administrative expenses
|
|
40,201
|
|
|
43,737
|
|
||
Operating profit (loss)
|
|
$
|
4,863
|
|
|
$
|
(1,421
|
)
|
Interest expense
|
|
(6,872
|
)
|
|
(3,278
|
)
|
||
Interest income
|
|
9
|
|
|
17
|
|
||
Other (expense) income, net
|
|
(624
|
)
|
|
268
|
|
||
Loss before income taxes
|
|
$
|
(2,624
|
)
|
|
$
|
(4,414
|
)
|
Income tax benefit (expense)
|
|
415
|
|
|
(1,823
|
)
|
||
Equity in net income of non-consolidated affiliate
|
|
316
|
|
|
234
|
|
||
Net loss
|
|
$
|
(1,893
|
)
|
|
$
|
(6,003
|
)
|
Other financial data:
|
|
|
|
|
||||
Adjusted EBITDA
|
|
$
|
19,419
|
|
|
$
|
17,117
|
|
Adjusted EBITDA margin
|
|
5.3
|
%
|
|
4.5
|
%
|
(in thousands of dollars)
|
|
Six Months Ended
|
||||||
Net Sales by Segment
|
|
March 30, 2019
|
|
March 31, 2018
|
||||
Bus
|
|
$
|
334,275
|
|
|
$
|
349,872
|
|
Parts
|
|
32,293
|
|
|
29,305
|
|
||
Total
|
|
$
|
366,568
|
|
|
$
|
379,177
|
|
|
|
|
|
|
||||
Gross Profit by Segment
|
|
|
|
|
||||
Bus
|
|
$
|
33,657
|
|
|
$
|
31,720
|
|
Parts
|
|
11,407
|
|
|
10,596
|
|
||
Total
|
|
$
|
45,064
|
|
|
$
|
42,316
|
|
|
Six Months Ended
|
||||||
(in thousands of dollars)
|
March 30, 2019
|
|
March 31, 2018
|
||||
Net loss
|
$
|
(1,893
|
)
|
|
$
|
(6,003
|
)
|
Adjustments:
|
|
|
|
||||
Discontinued operations income
|
—
|
|
|
(81
|
)
|
||
Interest expense, net (1)
|
7,070
|
|
|
3,261
|
|
||
Income tax (benefit) expense
|
(415
|
)
|
|
1,823
|
|
||
Depreciation, amortization, and disposals (2)
|
5,240
|
|
|
4,280
|
|
||
Operational transformation initiatives
|
3,514
|
|
|
10,378
|
|
||
Foreign currency hedges
|
109
|
|
|
(1,036
|
)
|
||
Share-based compensation
|
2,045
|
|
|
1,510
|
|
||
Product redesign initiatives
|
3,802
|
|
|
3,029
|
|
||
Other
|
(53
|
)
|
|
(44
|
)
|
||
Adjusted EBITDA
|
$
|
19,419
|
|
|
$
|
17,117
|
|
Adjusted EBITDA margin (percentage of net sales)
|
5.3
|
%
|
|
4.5
|
%
|
|
Level
|
|
Total Net Leverage Ratio
|
|
ABR Loans
|
|
Eurodollar Loans
|
I
|
|
Less than 2.00x
|
|
0.75%
|
|
1.75%
|
II
|
|
Greater than or equal to 2.00x and less than 2.50x
|
|
1.00%
|
|
2.00%
|
III
|
|
Greater than or equal to 2.50x and less than 3.00x
|
|
1.25%
|
|
2.25%
|
IV
|
|
Greater than or equal to 3.00x and less than 3.25x
|
|
1.50%
|
|
2.50%
|
V
|
|
Greater than or equal to 3.25x and less than 3.50x
|
|
1.75%
|
|
2.75%
|
VI
|
|
Greater than 3.50x
|
|
2.00%
|
|
3.00%
|
•
|
$2,475,000 per quarter beginning on the last day of the Company’s first fiscal quarter of 2019 through the last day of the Company’s third fiscal quarter in 2021;
|
•
|
$3,712,500 per quarter beginning on the last day of the Company’s fourth fiscal quarter in 2021 through the last day of the Company’s third fiscal quarter in 2022;
|
•
|
$4,950,000 per quarter beginning on the last day of the Company’s fourth fiscal quarter in 2022 through the last day of the Company’s second fiscal quarter in 2023, with the remaining principal amount due at maturity.
|
Period
|
|
Maximum Total
Net Leverage Ratio
|
September 13, 2018 through the second quarter of the 2019 fiscal year
|
|
4.00:1.00
|
Second quarter of the 2019 fiscal year through the fourth quarter of the 2021 fiscal year
|
|
3.75:1.00
|
Fourth quarter of the 2021 fiscal year and thereafter
|
|
3.50:1.00
|
|
Six Months Ended
|
||||||
(in thousands of dollars)
|
March 30, 2019
|
|
March 31, 2018
|
||||
Cash and cash equivalents at beginning of period
|
$
|
60,260
|
|
|
$
|
62,616
|
|
Total cash used in operating activities
|
(26,772
|
)
|
|
(33,057
|
)
|
||
Total cash used in investing activities
|
(22,706
|
)
|
|
(7,021
|
)
|
||
Total cash provided by (used in) financing activities
|
14,818
|
|
|
(12,189
|
)
|
||
Change in cash and cash equivalents
|
$
|
(34,660
|
)
|
|
$
|
(52,267
|
)
|
Cash and cash equivalents at end of period
|
$
|
25,600
|
|
|
$
|
10,349
|
|
|
Six Months Ended
|
||||||
(in thousands of dollars)
|
March 30, 2019
|
|
March 31, 2018
|
||||
Net cash used in operating activities
|
$
|
(26,772
|
)
|
|
$
|
(33,057
|
)
|
Cash paid for fixed and acquired intangible assets
|
(22,706
|
)
|
|
(7,021
|
)
|
||
Free cash flow
|
$
|
(49,478
|
)
|
|
$
|
(40,078
|
)
|
3.1
|
3.2
|
3.3
|
31.1*
|
31.2*
|
32.1*
|
101.INS
*^
|
XBRL Instance Document.
|
101.SCH
*^
|
XBRL Taxonomy Extension Schema Document.
|
101.CAL
*^
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
101.DEF
*^
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
101.LAB
*^
|
XBRL Taxonomy Extension Label Linkbase Document.
|
101.PRE
*^
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
*
|
Filed herewith.
|
^
|
In accordance with Regulation S-T, XBRL (Extensible Business Reporting Language) related information in Exhibit No. 101 to this Quarterly Report on Form 10-Q shall be deemed “furnished” and not “filed” for purposes of Section 18 of the Securities
|
|
|
Blue Bird Corporation
|
|
|
|
|
|
|
Dated:
|
May 9, 2019
|
/s/ Philip Horlock
|
|
|
Philip Horlock
|
|
|
Chief Executive Officer
|
|
|
|
Dated:
|
May 9, 2019
|
/s/ Phillip Tighe
|
|
|
Phillip Tighe
|
|
|
Chief Financial Officer
|
1 Year Blue Bird Chart |
1 Month Blue Bird Chart |
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