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Peach County Georgia | 425 James E. Khoury Drive | Unit B | Fort Valley, Georgia 31030 | (478) 825-3826 | peachcountydevelopment@ymail.com

Blue Bird Delivers Strong Fiscal 2016 Financial Performance

December 15, 2016
Business WireDecember 13, 2016

FORT VALLEY, Ga.--()--Blue Bird Corporation (“Blue Bird”) (Nasdaq: BLBD), the leading independent designer and manufacturer of school buses, announced today its fiscal 2016 fourth quarter and full-year results.

 

Highlights

  • Achieved guidance for full-year net sales, Adjusted EBITDA and Adjusted Free Cash Flow
  • Generated net sales of $932.0 million, $12.9 million higher than last year. Net sales of $286.4 million for the fourth quarter
  • Overall unit sales for the year were up 2% to 10,616, with propane-powered bus sales up 33% to 2,240 units. Unit sales for the fourth quarter totaled 3,308, with propane unit sales of 693
  • Full-year Adjusted EBITDA of $72.2 million, up $2.3 million compared with last year. Fourth quarter Adjusted EBITDA of $24.3 million
  • Generated strong Adjusted Free Cash Flow for the year of $33.3 million. Adjusted Free Cash Flow in the fourth quarter of $2.6 million
  • Voluntarily prepaid $25 million of debt for the second consecutive year as a result of strong cash position
  • On December 12, 2016, the Company successfully refinanced its $160 million term loan and $75 million revolving line of credit. The new credit facility, led by Bank of Montreal as Administrative Agent and an Issuing Bank, reduces the Company’s effective interest rate paid by approximately 4 pts.
  • Full-year gross margins up 80 basis points to 13.9%. Fourth quarter gross margins of 13.5%
  • Full-year income from continuing operations of $7.2 million, down $7.8 million compared with the same period last year. Fourth quarter income from continuing operations of $11.1 million. Income from continuing operations was impacted by non-recurring items associated with the change of control
  • Well positioned for continued growth in fiscal 2017 with net sales guidance of $980 million -1.0 billion, Adjusted EBITDA guidance of $72-76 million and Adjusted Free Cash Flow guidance of $38-42 million

For the full article, click here.


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Call: (478) 825-3826 or peachcountydevelopment@ymail.com425 James E. Khoury DriveUnit BFort Valley, Georgia 31030