| Schedule of assets and profit/loss of the segments |
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Three Months Ended |
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Three Months Ended |
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Nine Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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September 30, |
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September 30, |
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2020 |
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2019 |
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2020 |
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2019 |
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Net sales |
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Work Truck Attachments |
$ |
76,903 |
|
$ |
75,632 |
|
$ |
169,853 |
|
$ |
213,693 |
|
Work Truck Solutions |
|
56,858 |
|
|
66,237 |
|
|
152,141 |
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|
197,719 |
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|
$ |
133,761 |
|
$ |
141,869 |
|
$ |
321,994 |
|
$ |
411,412 |
|
Adjusted EBITDA |
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Work Truck Attachments |
$ |
20,155 |
|
$ |
18,673 |
|
$ |
38,527 |
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$ |
59,423 |
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Work Truck Solutions |
|
2,917 |
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|
6,393 |
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|
3,162 |
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|
18,772 |
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|
$ |
23,072 |
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$ |
25,066 |
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$ |
41,689 |
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$ |
78,195 |
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Depreciation and amortization expense |
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Work Truck Attachments |
$ |
2,683 |
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$ |
2,524 |
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$ |
7,994 |
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$ |
7,579 |
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Work Truck Solutions |
|
2,224 |
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|
2,204 |
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|
6,710 |
|
|
6,756 |
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|
$ |
4,907 |
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$ |
4,728 |
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$ |
14,704 |
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$ |
14,335 |
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Assets |
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Work Truck Attachments |
$ |
396,793 |
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$ |
406,746 |
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Work Truck Solutions |
|
214,471 |
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|
360,163 |
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$ |
611,264 |
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$ |
766,909 |
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Capital Expenditures |
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Work Truck Attachments |
$ |
4,850 |
|
$ |
1,955 |
|
$ |
9,105 |
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$ |
6,209 |
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Work Truck Solutions |
|
375 |
|
|
404 |
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|
1,110 |
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|
1,478 |
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|
$ |
5,225 |
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$ |
2,359 |
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$ |
10,215 |
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$ |
7,687 |
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| Schedule of Reconciliation of Operating Profit (Loss) |
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Adjusted EBITDA |
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Work Truck Attachments |
$ |
20,155 |
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$ |
18,673 |
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$ |
38,527 |
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$ |
59,423 |
Work Truck Solutions |
|
2,917 |
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|
6,393 |
|
|
3,162 |
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|
18,772 |
Total Adjusted EBITDA |
$ |
23,072 |
|
$ |
25,066 |
|
$ |
41,689 |
|
$ |
78,195 |
Less items to reconcile Adjusted EBITDA to Income (Loss) before taxes: |
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Interest expense - net |
|
5,007 |
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|
4,271 |
|
|
15,709 |
|
|
12,610 |
Depreciation expense |
|
2,170 |
|
|
1,991 |
|
|
6,490 |
|
|
6,118 |
Amortization |
|
2,737 |
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|
2,737 |
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|
8,214 |
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|
8,217 |
Purchase accounting (1) |
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- |
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- |
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(2,017) |
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|
(217) |
Stock based compensation |
|
199 |
|
|
525 |
|
|
2,768 |
|
|
3,061 |
Impairment charges |
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- |
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|
- |
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|
127,872 |
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|
- |
Debt modification expense |
|
237 |
|
|
- |
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|
3,429 |
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|
- |
COVID-19 (2) |
|
157 |
|
|
- |
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|
1,322 |
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|
- |
Other charges (3) |
|
101 |
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|
- |
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|
101 |
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(149) |
Income (loss) before taxes |
$ |
12,464 |
|
$ |
15,542 |
|
$ |
(122,199) |
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$ |
48,555 |
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(1) |
Reflects $2,000 reversal of earn-out compensation acquired in conjunction with the acquisition of Dejana in the periods presented. Reflects $17 and $217 reversal of earn-out compensation in conjunction with the acquisition of Henderson in the nine months ended September 30, 2020 and 2019, respectively.
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(2) |
Reflects incremental costs incurred related to the COVID-19 pandemic for the periods presented. |
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(3) |
Reflects unrelated legal and consulting fees for the periods presented. |
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