| 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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Six Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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June 30, |
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June 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 |
$ |
73,830 |
|
$ |
112,244 |
|
$ |
92,950 |
|
$ |
138,061 |
|
Work Truck Solutions |
|
46,213 |
|
|
64,112 |
|
|
95,283 |
|
|
131,482 |
|
|
$ |
120,043 |
|
$ |
176,356 |
|
$ |
188,233 |
|
$ |
269,543 |
|
Adjusted EBITDA |
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|
|
|
|
|
|
|
|
|
|
|
Work Truck Attachments |
$ |
20,448 |
|
$ |
38,466 |
|
$ |
18,372 |
|
$ |
40,750 |
|
Work Truck Solutions |
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(116) |
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|
5,644 |
|
|
245 |
|
|
12,379 |
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|
$ |
20,332 |
|
$ |
44,110 |
|
$ |
18,617 |
|
$ |
53,129 |
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Depreciation and amortization expense |
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Work Truck Attachments |
$ |
2,652 |
|
$ |
2,522 |
|
$ |
5,311 |
|
$ |
5,055 |
|
Work Truck Solutions |
|
2,251 |
|
|
2,277 |
|
|
4,486 |
|
|
4,552 |
|
|
$ |
4,903 |
|
$ |
4,799 |
|
$ |
9,797 |
|
$ |
9,607 |
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Assets |
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Work Truck Attachments |
$ |
373,378 |
|
$ |
374,687 |
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|
|
|
|
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Work Truck Solutions |
|
211,509 |
|
|
349,189 |
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|
|
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$ |
584,887 |
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$ |
723,876 |
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Capital Expenditures |
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|
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|
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Work Truck Attachments |
$ |
2,397 |
|
$ |
3,643 |
|
$ |
4,255 |
|
$ |
4,254 |
|
Work Truck Solutions |
|
339 |
|
|
997 |
|
|
735 |
|
|
1,074 |
|
|
$ |
2,736 |
|
$ |
4,640 |
|
$ |
4,990 |
|
$ |
5,328 |
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| Schedule of Reconciliation of Operating Profit (Loss) |
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Adjusted EBITDA |
|
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|
|
|
|
|
|
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Work Truck Attachments |
$ |
20,448 |
|
$ |
38,466 |
|
$ |
18,372 |
|
$ |
40,750 |
Work Truck Solutions |
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(116) |
|
|
5,644 |
|
|
245 |
|
|
12,379 |
Total Adjusted EBITDA |
$ |
20,332 |
|
$ |
44,110 |
|
$ |
18,617 |
|
$ |
53,129 |
Less items to reconcile Adjusted EBITDA to Income (Loss) before taxes: |
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|
|
|
|
|
|
|
|
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Interest expense - net |
|
5,662 |
|
|
4,189 |
|
|
10,702 |
|
|
8,339 |
Depreciation expense |
|
2,164 |
|
|
2,060 |
|
|
4,320 |
|
|
4,127 |
Amortization |
|
2,739 |
|
|
2,739 |
|
|
5,477 |
|
|
5,480 |
Purchase accounting (1) |
|
(2,000) |
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|
- |
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|
(2,017) |
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|
(217) |
Stock based compensation |
|
1,201 |
|
|
1,482 |
|
|
2,569 |
|
|
2,536 |
Impairment charges |
|
127,872 |
|
|
- |
|
|
127,872 |
|
|
- |
Debt modification expense |
|
3,192 |
|
|
- |
|
|
3,192 |
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|
- |
COVID-19 (2) |
|
848 |
|
|
- |
|
|
1,165 |
|
|
- |
Other charges (3) |
|
(31) |
|
|
(133) |
|
|
- |
|
|
(149) |
Income (loss) before taxes |
$ |
(121,315) |
|
$ |
33,773 |
|
$ |
(134,663) |
|
$ |
33,013 |
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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 six months ended June 30, 2020 and 2019, respectively. |
(2) - Reflects incremental costs incurred related to the COVID-19 pandemic for the periods presented. |
(3) - Reflects one time, unrelated legal and consulting fees for the periods presented. |
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