UNITEDSTATES

SECURITIESAND EXCHANGE COMMISSION

Washington,DC  20549

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**FORM 10-Q**

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(Mark One)

[ X ]                 **QUARTERLY REPORT PURSUANT TO SECTION 13 OR15(d)**

**OF THESECURITIES EXCHANGE ACT OF 1934**

For the quarterly period ended:  July 31, 2003

**OR**

 

[    ]                  **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)**

**OF THESECURITIES EXCHANGE ACT OF 1934**

For the transition period from _________ to___________

 

Commission file number     0-12619

                                                            CollinsIndustries, Inc.                                                       

(Exactname of registrant as specified in its charter)

           Missouri                                                                                                            43-0985160

(State or otherjurisdiction of incorporation)                                                                    (I.R.S.Employer Identification Number)

          15 Compound Drive                   Hutchinson, Kansas                                  67502-4349

 

(Address of principalexecutive offices)                                                                                                                           (ZipCode)

Registrant'stelephone number including area code                                                                      620-663-5551

Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for suchshorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90 days.

 

 

 

                                                                                     Yes  X .              No 

 

Indicateby check mark wither the registrant is an accelerated Filer (as defined underRule 12b-2 of the Act). Yes ___   No x 

 

APPLICABLE ONLY TO CORPORATE ISSUERS:

 

Indicate the numberof shares outstanding of each of theissuer's classes of common stock, as of the latest practicable date.

 

 

 

 

Common Stock, $.10par value                                                        7,249,188                            

                        Class                                                                                     Outstandingat September 3, 2003

**COLLINSINDUSTRIES, INC. AND SUBSIDIARIES**

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**FORM 10-Q**

**July 31, 2003**

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**INDEX**
| PART  I.       | FINANCIAL  INFORMATION                                 | PAGE  NO. |
|----------------|--------------------------------------------------------|-----------|
|           |                                                   |      |
| Item 1.        | Financial  Statements:                                 |      |
|           |                                                   |      |
|                | Consolidated  Condensed Balance Sheets                 |      |
|           | July 31, 2003 and October 31, 2002                     | 2         |
|           |                                                   |      |
|           | Consolidated  Condensed Statements of Income And       |      |
|           | Comprehensive Income for the                           |      |
|           | Three and Nine Months Ended July 31, 2003 and 2002     | 3         |
|           |                                                   |      |
|           | Consolidated  Condensed Statements of Cash Flow        |      |
|           | Nine Months Ended July 31, 2003 and 2002               | 4         |
|           |                                                   |      |
|           | Notes  to Consolidated Condensed Financial Statements  | 5         |
|           |                                                   |      |
| Item 2.        |                                                   |      |
|           |                                                   |      |
|           | Management's  Discussion and Analysis of Financial     |      |
|           | Condition and Results of  Operations                   | 10        |
|           |                                                   |      |
| Item 3.        |                                                   |      |
|           |                                                   |      |
|           | Quantitative  and Qualitative Disclosures About Market |      |
|           | Risk                                                   | 20        |
|           |                                                   |      |
| Item 4.        |                                                   |      |
|           |                                                   |      |
|           | Controls  and Procedures                               | 20        |
|           |                                                   |      |
| PART  II.      | OTHER  INFORMATION                                     |      |
|           |                                                   |      |
| Item 6.        | Exhibits  and Reports on Form 8-K                      | 21        |
|           |                                                   |      |
| SIGNATURES     | 22                                                     |
|           |                                                   |
| CERTIFICATIONS | 23                                                     |

 

 

 

##### PART I - FINANCIAL INFORMATION

 

Item1 -Financial Statements

 

Collins Industries,Inc. and Subsidiaries

CONSOLIDATEDCONDENSED BALANCE SHEETS

(Unaudited)

 
|                                                           | July 31,      |   | October 31,   |
|----------------------------------------------------------------|---------------|--------|---------------|
|                                                           | 2003          |   | 2002          |
| ASSETS                                                         |          |   |          |
| Current Assets:                                                |          |   |          |
| Cash                                                           | $     356,548 |   | $     384,514 |
| Receivables, trade & other                                 | 7,948,044     |   | 8,982,854     |
| Inventories, lower of cost (FIFO) or  market                   | 47,192,027    |   | 35,724,808    |
| Prepaid expenses and other current  assets                     | 1,473,959     |   | 2,883,130     |
| Total current assets                                           | 56,970,578    |   | 47,975,306    |
|                                                           |          |   |          |
| Restricted cash                                                | 1,070,050     |   | 2,748,970     |
|                                                           |          |   |          |
| Property and equipment, at cost                                | 51,716,611    |   | 48,880,673    |
| Less:  accumulated depreciation                                | 31,433,047    |   | 29,653,262    |
| Net property and equipment                                     | 20,283,564    |   | 19,227,411    |
| Other assets                                                   | 6,522,689     |   | 6,650,054     |
| Total assets                                                   | $84,846,881   |   | $76,601,741   |
|                                                           |          |   |          |
| LIABILITIES & SHAREHOLDERS' INVESTMENT                     |          |   |          |
| Current liabilities:                                           |          |   |          |
| Current maturities of long-term debt  & capitalized leases | $  2,137,915  |   | $  2,137,915  |
| Accounts payable                                               | 21,768,123    |   | 19,673,023    |
| Accrued expenses                                               | 7,675,585     |   | 6,743,702     |
| Total current liabilities                                      | 31,581,623    |   | 28,554,640    |
|                                                           |          |   |          |
| Long-term debt and capitalized leases                          | 24,231,656    |   | 19,395,723    |
|                                                           |          |   |          |
| Deferred income tax                                            | 1,115,336     |   | 1,115,336     |
|                                                           |          |   |          |
| Shareholders' investment:                                      |          |   |          |
| Common stock                                                   | 724,669       |   | 711,563       |
| Paid-in capital                                                | 17,567,261    |   | 17,110,446    |
| Deferred compensation                                          | (1,393,969)   |   | (1,267,992)   |
| Accumulated other comprehensive income  (loss), net            | (116,134)     |   | (244,918)     |
| Retained earnings                                              | 11,136,439    |   | 11,226,943    |
| Total shareholders' investment                                 | 27,918,266    |   | 27,536,042    |
| Total liabilities &  shareholders' investment              | $84,846,881   |   | $76,601,741   |
|                                                           |          |   |          |
| (See accompanying notes)                                       |          |   |          |

 

Collins Industries,Inc. and Subsidiaries

CONSOLIDATEDCONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Unaudited)

 
|                                           | Three  Months Ended | Nine  Months Ended |
|------------------------------------------------|---------------------|--------------------|
|                                           | July  31,           | July  31,          |
|                                           | 2003                | 2002               | 2003 | 2002 |
|                                           |                |               |   |   |
| Sales                                          | $  57,581,114       | $55,520,258        | $146,997,072 | $142,669,730 |
| Cost of sales                                  | 51,476,505          | 49,184,982         | 130,842,536 | 127,344,499 |
|                                           |                |               |   |   |
| Gross profit                                   | 6,104,609           | 6,335,276          | 16,154,536 | 15,325,231 |
|                                           |                |               |   |   |
| Selling, general and administrative expenses   | 4,622,304           | 4,344,844          | 13,831,224 | 13,428,136 |
|                                           |                |               |   |   |
| Income from operations                         | 1,482,305           | 1,990,432          | 2,323,312 | 1,897,095 |
|                                           |                |               |   |   |
| Other income (expense):                        |                |               |   |   |
| Interest expense                               | (462,319)           | (380,905)          | (1,418,331) | (1,055,784) |
| Other, net                                     | (6,301)             | (301)              | 126 | (6,071) |
|                                           |                |               |   |   |
|                                           |                |               |   |   |
| Income before provision for income taxes       | 1,013,685           | 1,609,226          | 905,107 | 835,240 |
|                                           |                |               |   |   |
| Provision for income taxes                     | 390,000             | 600,000            | 350,000 | 320,000 |
|                                           |                |               |   |   |
|                                           |                |               |   |   |
| Net income                                     | $      623,685      | $  1,009,226       | $      555,107 | $      515,240 |
|                                           |                |               |   |   |
| Other comprehensive income (loss), net of tax: |                |               |   |   |
| Unrealized gain (loss) on interest  rate       |                |               |   |   |
| swap  agreement                                | 61,188              | (79,222)           | 128,784 | (212,692) |
|                                           |                |               |   |   |
| Comprehensive  income                          | $     684,873       | $     930,004      | $     683,891 | $     302,548 |
|                                           |                |               |   |   |
| Earnings per share:                            |                |               |   |   |
| Basic                                          | $             .09   | $             .15  | $             .08 | $             .08 |
| Diluted                                        | $             .09   | $             .15  | $             .08 | $             .08 |
|                                           |                |               |   |   |
| Dividends per  share                           | $         .03       | $         .03      | $         .09 | $          .09 |
|                                           |                |               |   |   |
| Weighted  average common                       |                |               |   |   |
| and  common equivalent shares                  |                |               |   |   |
| outstanding:                                   |                |               |   |   |
| Basic                                          | 6,647,919           | 6,735,782          | 6,645,948 | 6,663,534 |
| Diluted                                        | 6,890,274           | 6,960,127          | 6,903,291 | 6,815,276 |
|                                           |                |               |   |   |

(See accompanying notes)

Collins Industries,Inc. and Subsidiaries

CONSOLIDATEDCONDENSED STATEMENTS OF CASH FLOW

(Unaudited)

 
|                                                                        | Nine Months Ended |
|-----------------------------------------------------------------------------|-------------------|
|                                                                        | July 31,          |
|                                                                        | 2003              | 2002 |
| Cash flow from operations:                                                  |              |   |
| Cash received from customers                                                | $148,031,882      | $140,959,793 |
| Cash paid to suppliers and employees                                        | (148,668,899)     | (138,788,557) |
| Interest paid                                                               | (1,472,480)       | (1,031,503) |
| Income taxes paid                                                           | (648,540)         | (263,903) |
|                                                                        |              |   |
| Cash  provided by (used in) operations                                      | (2,758,037)       | 875,830 |
|                                                                        |              |   |
| Cash flow  from investing activities:                                       |              |   |
| Capital expenditures                                                        | (2,851,807)       | (1,698,577) |
| Other, net                                                                  | (34,875)          | (31,500) |
|                                                                        |              |   |
| Cash used in investing  activities                                          | (2,886,682)       | (1,730,077) |
|                                                                        |              |   |
| Cash flow  from financing activities:                                       |              |   |
| Borrowings of long-term debt                                                | 6,285,513         | 4,204,942 |
| Principal payments of long-term debt                                        |              |   |
| and capitalized leases                                                      | (1,519,423)       | (1,644,153) |
| Reduction of restricted cash                                                | 1,678,920         | - |
| Purchase of common stock and other  capital transactions                    | (182,646)         | (1,109,443) |
| Payment of dividends                                                        | (645,611)         | (638,911) |
|                                                                        |              |   |
| Cash provided by financing  activities                                      | 5,616,753         | 812,435 |
|                                                                        |              |   |
| Net decrease in cash                                                        | (27,966)          | (41,812) |
|                                                                        |              |   |
| Cash at beginning of period                                                 | 384,514           | 192,615 |
|                                                                        |              |   |
| Cash at end of period                                                       | $     356,548     | $     150,803 |
|                                                                        |              |   |
| Reconciliation of net income to net cash provided by (used  in) operations: |              |   |
|                                                                        |              |   |
| Net income                                                                  | $     555,107     | $     515,240 |
| Depreciation and amortization                                               | 2,554,327         | 2,624,765 |
| Decrease (increase) in receivables                                          | 1,034,810         | (1,709,937) |
| Increase in inventories                                                     | (11,467,219)      | (2,383,580) |
| Decrease in prepaid expenses and other  current assets                      | 1,537,954         | 1,336,772 |
| Increase  in accounts payable and accrued expenses                          | 3,026,983         | 492,570 |
|                                                                        |              |   |
| Cash provided by (used in) operations                                       | $(2,758,037)      | $    875,830 |
|                                                                        |              |   |
| (See accompanying notes)                                                    |              |   |

 

 

**COLLINSINDUSTRIES, INC. AND SUBSIDIARIES**

****

**Notes toConsolidated Condensed Financial Statements**

(Unaudited)

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** **

** **

(1)       General

The preparation of financialstatements in conformity with generally accepted accounting principles requiresmanagement to make estimates and assumptions that affect the reported amountsof assets and liabilities and disclosure of contingent assets and liabilitiesat the date of the financial statements and the reported amounts of revenuesand expenses during the reporting period.Actual results could differ from those estimates.

In the opinion ofmanagement, the accompanying unaudited consolidated condensed financialstatements contain all adjustments (consisting of only normal recurring items)necessary to summarize fairly the Company's financial position at July 31, 2003and the results of operations for the three and nine months ended July 31, 2003and 2002, and the cash flows for the nine months ended July 31, 2003 and 2002.

The Company suggests thatthe unaudited Consolidated Condensed Financial Statements for the three andnine months ended July 31, 2003 be read in conjunction with the Company'sAnnual Report on Form 10-K for the year ended October 31, 2002.

(2)       Goodwill 

In June 2001, the FinancialAccounting Standards Board (FASB) issued Statement of Financial AccountingStandards No. 142, "Goodwill and Other Intangible Assets" (SFAS No.142). SFAS No. 142 was effective for fiscal years beginning after December 15,2001. The Company adopted this new standard on November 1, 2002. Accordingly,goodwill is no longer amortized over future periods, but is assessed for impairmentat least annually.  As a result ofadopting this standard no goodwill impairment charge was required.   

At July 31, 2003 and October31, 2002 the Company's goodwill related to the bus and terminal truck/roadconstruction segments was $3.0 million and $2.0 million, respectively.  Goodwill amortization charged againstearnings for the three months and nine months ended July  31, 2002 was $85,930 and $257,789,respectively.  

 

 

(3)       Inventories

Inventories, which includematerial, labor, and manufacturing overhead, are stated at the lower of cost(FIFO) or market.

Major classes of inventoriesas of July 31, 2003 and October 31, 2002, consisted of the following:
|                           | **July 31, 2003** | **October 31, 2002** |
|--------------------------------|-------------------|----------------------|
|                           |              |                 |
| Chassis                        | $  8,598,734      | $  7,434,486         |
| Raw materials & components | 18,173,286        | 14,122,413           |
| Work-in-process                | 7,292,288         | 6,156,230            |
| Finished goods                 | 13,127,719        | 8,011,679            |
|                           | $47,192,027       | $35,724,808          |

 

(4)       Earnings perShare

Dilutivesecurities, consisting of options to purchase the Company's common stock andrestricted stock awards, included in the calculation of diluted weightedaverage common shares were 242,355 and 224,345 for the three months ended July31, 2003 and 2002, respectively. The effect of dilutive stock options andrestricted stock awards was to increase the weighted average shares outstandingby 257,343 and 151,742 shares for the nine months ended July 31, 2003 and 2002,respectively.

(5)       Contingenciesand Litigation

At July 31, 2003, theCompany had contingencies and pending litigation which arose in the ordinarycourse of business.  Litigation issubject to many uncertainties and the outcome of any individual matter is notpresently determinable.  It ismanagement's opinion that this litigation would not result in liabilities thatwould have a material adverse effect on the Company's consolidated financialstatements.

(6)       SegmentInformation

Collins Industries, Inc.,has three reportable segments: ambulances, buses and terminal trucks/roadconstruction equipment.  The ambulancesegment produces modular and van type ambulances for sale to hospitals,ambulance services, fire departments and other governmental agencies.   The bus segment produces small schoolbuses, commercial buses and shuttle buses for sale to schools, hotel shuttleservices, airports, and other governmental agencies. Terminal truck and roadconstruction equipment products were initially disclosed as separatesegments.  The terminal truck/roadconstruction equipment segment produces off road trucks designed to movetrailers and containers for warehouses, truck terminals, rail yards, railterminals and shipping ports and produces a line of road constructionequipment.
|                                                    | Three Months Ended | Nine Months Ended                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              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| (In Thousands)                                          | July 31,           | July 31,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  

154 |  

360 |
| Other                                                   | (899)              | (861)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | (2,656) | (3,091) |
| Consolidated Total                                      | $  1,014           | $  1,609                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $      905 | $      835 |
|                                                    |               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |
|                                                    | As of              |  
 

July  31,

October  31,

 
 

      2003      

      2002      

 
**Segment assets:**

 

 

 
      Ambulance

$38,677

$32,844

 
      Buses

23,133

21,428

 
      Terminal Trucks / Road 

        Construction Equipment

 

20,111

 

17,956

 
      Other

    2,926

    4,374

 
Consolidated Total

$84,847

$76,602

 
 

 

 

 
 

 

 

 
(7)       Guaranteesand Warranties

In November 2002, the FASBissued FASB Interpretation No. 45 (FIN 45), "Guarantors Accounting andDisclosure Requirements for Guarantees, Including Indirect Guarantees ofIndebtedness of Others".  FIN 45requires a liability to be recognized at the time a company issues a guaranteefor the fair value of the obligations assumed under certain guaranteeagreements. Additional disclosures about guarantee agreements are also requiredin the interim and annual financial statements.   This standard was adopted inthe Company's first quarter of fiscal 2003.

Letters of Credit

This Company has issuedvarious standby letters of credit in the ordinary course of business. Noliability has been reflected in the accompanying balance sheet under past orcurrent accounting pronouncements and no draws on the Company's standby lettersof credit have ever been made.  Thecurrently outstanding standby letters of credit are limited to (i) a letter ofcredit originally issued approximately 14 years ago (renewable annually) asrequired under Kansas law to backup self-insured reserves for workerscompensation insurance, (ii) a declining standby letter of credit requiredunder Texas law to backup certain industrial revenue bonds issued for a plantexpansion in Longview, Texas in 1999 and renewable annually and (iii) otherstandby letters of credit related to periodic bids and other similar purposes.A default in meeting an obligation or condition under the above-referencedstandby letters of credit could require the Company to record a liability.  The letters of credit outstanding at July31, 2003 are summarized as follows:

 

 

Date of

Purpose

Amount

Expiration

 

 

 

Workers compensation - Kansas  self-insurance reserves

$1,373,000

April  1, 2004

Industrial revenue  bond-Longview, Texas [a]                

2,124,117

September  16, 2004

Bids and other

111,768

Various

 

 

 

[a] All assets (originally $3.0 million)acquired from the proceeds of the Longview, Texas industrial revenue bondswould also be available to offset any defaults under these obligations.  The liquidation amount of such assets is notreasonably estimable. 

 

Warranties

The Company's productsgenerally carry explicit product warranties that extend from several months tomore than a year, based on terms that are generally accepted in themarketplace. Certain components included in the Company's end products (such aschassis, engines, axles, transmissions, tires, etc.) may include warrantiesfrom original equipment manufacturers (OEM). These OEM warranties are generallypassed on to the end customer of the Company's products and the customergenerally deals directly with the applicable component manufacturer. TheCompany records provisions for estimated warranty and other related costs atthe time of sale based on historical warranty loss experience and periodicallyadjusts these provisions to reflect actual experience. Certain warranty andother related claims involve matters of dispute that ultimately are resolved bynegotiation, arbitration or litigation. Infrequently, a material warranty issuemay arise which is beyond the scope of the Company's historical experience. TheCompany provides for any such warranty issues as they become known andestimable. It is reasonably possible that from time to time additional warrantyand other related claims could arise from disputes or other matters beyond thescope of the Company's historical experience.The following tables provide the changes in the Company's productwarranties:

For the three months ended July 31, 2003 

 

Accrued warranties at May  1, 2003 

$  1,200,989

 

 

Provisions for warranty charged  against income

458,193

 

 

Payments and adjustments of warranties

   (450,714)

 

 

Accrued warranties at July 31, 2003

$  1,208,468

 

 

 

 

 

 

For the nine months ended July 31, 2003 

 

Accrued warranties at  November 1, 2002 

$  1,076,471

 

 

Provisions for warranty charged  against income

1,198,771

 

 

Payments and adjustments of warranties

 (1,066,774)

 

 

Accrued warranties at July 31, 2003

$  1,208,468

 

 

 

(8)       Stock BasedCompensation

On November 1, 2002 theCompany adopted FASB Statement No. 148 (SFAS 148), "Accounting for Stock-BasedCompensation - Transition and Disclosure."At July 31, 2003 the Company has two stock-based employee compensationplans, which are more fully described in Note 5 of the "Notes to ConsolidatedFinancial Statements" in the Company's 2002 Form 10-K.  The Company accounts for these plans underthe recognition and measurement principles of APB Opinion No. 25, "Accountingfor Stock Issued to Employees" and related interpretations.  No stock-based compensation cost is reflectedin net income, as all options granted under those plans had an exercise priceequal to the market value of the underlying common stock on the date ofgrant.  No stock options have beengranted  since 1999 and therefore, noproforma net income disclosures are required. 

Item 2 - Management's Discussionand Analysis of Financial Condition and Results of Operations

 

*GENERAL*

 

Collins Industries, Inc. hasthree reportable segments: ambulances, buses and terminal trucks/roadconstruction equipment.  The ambulancesegment produces modular and van type ambulances for sale to hospitals,ambulance services, fire departments and other governmental agencies.  The bus segment produces small school buses,commercial buses and shuttle buses for sale to schools, hotel shuttle services,airports, and other governmental agencies. The terminal trucks/roadconstruction equipment segment produces off-road trucks designed to movetrailers and containers for warehouses, truck terminals, rail yards, railterminals and shipping ports and produces a line of road constructionequipment.

The accounting policies ofthe segments are the same as those described in the critical accountingpolicies disclosed in this report and summary of significant accountingpolicies of the "Notes to Consolidated Financial Statements" in the Company's2002 Form 10-K.  The Company evaluatesits performance based on profit or loss from operations before income taxes notincluding nonrecurring gains and losses.For the three months and nine months ended July 31, 2003 and 2002 nononrecurring gains or losses were incurred and therefore are not reflected inthis analysis.  The Company accounts forintersegment sales and transfers as if the sales or transfers were to thirdparties, with all intercompany sales eliminated in consolidation.  

The Company's reportablesegments are strategic business units that offer different products andservices.  They are managed separatelybecause each business requires different technology and marketing strategies.  

See "Note 6 to theConsolidated Condensed Financial Statements" for quantitative segmentinformation. 

*RESULTS OF OPERATIONS*

 

Sales

Salesfor the three months ended July 31, 2003, increased 4% compared to the sameperiod in fiscal 2002.  This increasewas principally due to 8% and 17% increases in unit volume sales of bus andterminal trucks/road construction equipment products, respectively.  The sales increase in bus productsprincipally resulted from production processing delays experienced in thesecond fiscal quarter of 2003 that were completed, shipped and recognized asrevenue in the third fiscal quarter of 2003.The sales increase in terminal trucks/road construction equipmentproducts primarily resulted from additional export sales of terminal trucks.  Theseincreases were  partially offsetby a 34% decrease in unit volume sales of ambulance products. The unit volumedecrease in ambulance products principally related to a large non-recurringexport sale of ambulances realized in the third fiscal quarter of 2002.  Compared to 2002, the average selling priceof terminal trucks/road construction equipment and bus products for the threemonths ended July 31, 2003 increased by 3% and 2%, respectively.  Compared to the same period in fiscal 2002,the average unit selling prices of ambulance products for the three monthsended July 31, 2003 increased 38%.  Thisincrease was principally a result of the impact of customer-furnished chassisfor a large non-recurring export sale of ambulances recognized in the thirdfiscal quarter of 2002 and other changes in product mix.

 

Salesfor the nine months ended July 31, 2003 increased 3% compared to the sameperiod in fiscal 2002.  This increasewas principally due to a 12% increase in unit volume sales of terminaltrucks/road construction equipment products principally attributable toadditional export sales of terminal trucks.This increase was  partiallyoffset by 13% and 2% decreases in unit volume sales of ambulance and bus products,respectively. The unit volume decrease of ambulance products was principallyattributable to a non-recurring export sale of ambulances in 2002.  Compared to the same period in fiscal 2002,the average unit selling prices of ambulance, and bus products increased by 18%and 2%, respectively.  Compared to thesame period in fiscal 2002, the average selling price of terminal trucks/roadconstruction equipment products decreased by 2%. The increase in the averageunit selling price of ambulance products was principally a result of the impactof customer-furnished chassis for a large non-recurring export sale ofambulances in 2002. 

 

TheCompany's consolidated sales backlog at July 31, 2003 was $52.7 millioncompared to $42.2 million at October 31, 2002 and $58.0 million at July 31,2002.

 

Cost of Sales

Costof sales for the three months ended July 31, 2003 was 89% of sales compared to89% for the same period in fiscal 2002.The overall dollar increase in cost of sales for the three  months ended July 31, 2003 was principallyattributable to a change in product mix resulting in a greater percentage ofambulance revenue from lower margin products.This change in product mix principally resulted from the impact ofcustomer-furnished chassis for a large non-recurring export sale in 2002.  The overall dollar increase in cost of salesfor the three  months ended July 31,2003 was partially offset by the impact of higher chassis rebates and lowermanufacturing costs associated with bus products.  Additionally, amortization of goodwill was discontinued effectiveNovember 1, 2002 as a result the Company's adoption of FASB No. 142 asdescribed in Note 2 to the Consolidated Financial Statements. 

 

Costof sales for the nine months ended July 31, 2003 was 89% of sales compared to89% for the same period in fiscal 2002.The overall dollar increase in cost of sales was principally due to thesame reasons discussed in the immediately preceding paragraph.

 

Selling, General andAdministrative Expense

Selling,general and administrative expenses as a percent of sales was 8% for each ofthe three month periods ended July 31, 2003 and 2002.  The overall dollar increase in selling general and administrativeexpenses for the three months ended July 31, 2003 was principally attributableto increases in selling and marketing costs for ambulance products and increasedgeneral and administrative cost in all segments. 

 

Selling,general and administrative expense, as a percent of sales, was 10% for each ofthe nine month periods ended July 31, 2003 and 2002.  The overall dollar increase in selling and marketing expense in2003 was principally associated with higher selling costs of ambulance productsand was partially offset by lower corporate costs. 

 

Other Income (Expense)

Otherincome (expense) increases for the three months and nine months ended July 31,2003 were principally a result of the interest costs on increased borrowings.These borrowings were attributable to higher inventories and receivables andincreased borrowings under existing Industrial Revenue Bonds related toequipment acquired for automation of certain ambulance operations. 

 

Net Income (Loss)

TheCompany's net income for the three months ended July 31, 2003 was $.6 million($.09 per share-diluted) compared to $1.0 million ($.15 per share-diluted) forthe same period in fiscal 2002.  Thedecrease in the Company's net income was principally attributable to lowerprofit contributions from ambulance products, higher selling, general andadministrative expenses and higher interest expense.  This decrease was partially offset by the Company's discontinuingthe amortization of goodwill effective November 1, 2002.

 

TheCompany's net income for the nine months ended July 31, 2003 was $.6 million($.08 per share-diluted) compared to $.5 million ($.08 per share - diluted) forthe comparable period in fiscal 2002. Net income as a percent of sales for thenine months ended July 31, 2003 was decreased principally as a result of theimpact of a large, non-recurring export sale of ambulances in fiscal 2002 aswell as  increased interest costs andselling general, and administrative expenses as discussed above.  This decrease was partially offset by theCompany's discontinuing the amortization of goodwill effective November 1,2002.

 

*LIQUIDITY AND CAPITALRESOURCES:*

 

TheCompany used existing credit lines, internally generated funds and supplierfinancing to fund its operations and capital expenditures for the nine monthsended July 31, 2003.

 

Cashused in operations was $2.8 million for the nine months ended July 31, 2003,compared to cash provided by operations of $.9 million for the same period infiscal 2002.  Cash used in operationswas principally due to the Company's increases in inventories of $11.5million.  Inventories increased due toadvanced purchases of chassis and certain production components to capitalizeon vendor discounts and incentives.These uses were partially offset by an increase in accounts payable andaccrued expenses of $3.0 million associated with increases in inventories anddeferred revenues. 

 

Cashused in investing activities was $2.9 million for the nine  months ended July 31, 2003 compared to $1.7million for the same period in fiscal 2002.The increase was principally due to higher capital expenditures for thenine months ended July 31, 2003 associated with certain equipment acquired forthe automation of certain ambulance operations.  These capital expenditures were principally financed from theproceeds of Industrial Revenue Bonds issued in fiscal 2002.

 

Cashflow provided by financing activities was $5.6 million for the nine monthsended July 31, 2003, compared to $.8 million for the same period in fiscal2002. This change principally resulted from increased borrowings to financeworking capital needs principally inventories and to pay cash dividends.  This change was partially offset by thereduction in the restricted cash funds of $1.7 million derived from theproceeds of Industrial Revenue Bonds issued in fiscal 2002.  

 

TheCompany uses derivative financial instruments to reduce exposure to itsvariable-rate debt. On July 24, 2001 and on July 5, 2002, the Company enteredinto interest rate swap agreements to limit the effect of increases in theinterest rates on $10.0 million of its floating revolver debt. The agreementsprovide two $5 million swaps.  One ofthese swaps matured in January 2003 and the other matured in July 2003.  On July 5, 2002, the Company entered into anadditional $6.8 million declining balance interest rate swap agreement to limitthe effect of increases in the interest rates on its floating rate term debt throughMay 2005.  The effect of theseagreements is to convert underlying variable-rate debt based on LIBOR to fixedrate debt with an interest rate between 4.42% and 4.65% plus a margin of 175basis points.  These agreements reducethe Company's risk with respect to variable-rate debt.  At July 31, 2003 the fair value of this debtwas $5.6 million, net of the fair value of the swap of $0.2 million(loss).  This debt is reflected as aliability within long-term debt and capitalized leases.

 

TheCompany believes that its cash flows from operations, its credit facility andunused funds restricted for future capital expenditures will be sufficient tosatisfy its future working capital, capital expenditure requirements andanticipated dividends. The total amount of unused revolving credit available tothe Company was $8.2 million at July 31, 2003.

 

Itis customary practice for companies in the specialty vehicle industry to enterinto repurchase agreements with financing institutions to provide floor planfinancing for dealers.  In the event ofa dealer default, these agreements generally require the repurchase of productsat the original invoice price net of certain adjustments.  The risk of loss under the agreements islimited to the risk that market prices for these products may decline betweenthe time of delivery to the dealer and time of repurchase and resale by theCompany.  The risk is spread overnumerous dealers and the Company has not incurred significant losses underthese agreements.  In the opinion of management,any future losses under these agreements should not have a material adverseeffect on the Company's financial position or results of operations.  The Company's repurchase obligation underthese agreements is limited to vehicles which are in new condition and as towhich the dealer still holds title.  TheCompany's contingent obligation  undersuch agreements was approximately $ 4.1 million at July 31, 2003.

 

*CRITICAL ACCOUNTINGPRINCIPLES AND ESTIMATES*

 

The Company's consolidatedfinancial statements are prepared in conformity with accounting principlesgenerally accepted in the United States. The preparation of these financialstatements requires the use of estimates, judgments, and assumptions thataffect the reported amounts of assets and liabilities at the date of thefinancial statements and the reported amounts of revenues and expenses duringthe periods presented. We believe that of our critical accounting policies, thefollowing may involve a higher degree of judgments, estimates, and complexity: 

Inventories

The Company values itsinventories at the lower of cost or market. The Company has chosen thefirst-in, first-out (FIFO) cost method for valuing its inventories. The effectof the FIFO method is to value ending inventories on the balance sheet at theirapproximate current or most recent cost.The market values for finished goods inventories are determined based onrecent selling prices. 

Impairment of Long-Lived Assets 

In June 2002, the FinancialAccounting Standards Board (FASB) issued Statement of Financial AccountingStandards No. 142, "Goodwill and Other Intangible Assets" (SFAS No.142). SFAS No. 142 was effective for fiscal years beginning after December 15,2002. Goodwill is no longer amortized over future periods, but will be assessedfor impairment at least annually using a fair value test. The Company adoptedthis new standard on November 1, 2002.

As of November 1, 2002, theCompany tested for impairment of the bus and terminal truck/road constructionbusiness segments using the discounted cash flow approach and determined thatthe fair values for each of these segments exceeded the related carryingvalues. On an on-going basis, and absent any impairment indicators, the Companywill annually conduct similar tests and record any impairment loss. Managementbelieves that the estimates of future cash flows and fair values arereasonable; however, changes in estimates of such cash flows and fair valuecould affect the evaluations. 

Insurance Reserves 

Generally, the Company isself-insured for workers' compensation for certain subsidiaries and for allgroup medical insurance. Under these plans, liabilities are recognized forclaims incurred (including claims incurred but not reported) and changes in thereserves. At the time a workers' compensation claim is filed, a liability isestimated to settle the claim. The liability for workers' compensation claimsis determined based on management's estimates of the nature and severity of theclaims and based on analyses by third party administrators and by various statestatutes and reserve requirements. Since the liability is an estimate, theultimate liability may be more or less than reported.  If previously established accruals are required to be adjusted,such amounts are included in cost of sales. Group medical reserves are fundedthrough a trust and are estimated using historical claims' experience. 

Due to the nature of theCompany's products, the Company is subject to product liability claims in thenormal course of business. To the extent permitted under applicable law, theCompany maintains insurance to reduce or eliminate risk to the Company. Thisinsurance coverage includes self-insured retentions that vary each year. 

TheCompany maintains excess liability insurance with outside insurance carriers tominimize its risks related to catastrophic claims in excess of all self-insuredpositions. Any material change in the aforementioned factors could have anadverse impact on our operating results.

Warranties

The Company's products generally carry explicit productwarranties that extend from several months to more than a year, based on termsthat are generally accepted in the marketplace. Certain components included inthe Company's end products (such as chassis, engines, axles, transmissions,tires, etc.) may include warranties from original equipment manufacturers(OEM). These OEM warranties are generally passed on to the end customer of theCompany's products and the customer generally deals directly with theapplicable component manufacturer. The Company records provisions for estimatedwarranty and other related costs at the time of sale based on historicalwarranty loss experience and periodically adjusts these provisions to reflectactual experience. Certain warranty and other related claims involve matters ofdispute that ultimately are resolved by negotiation, arbitration or litigation.Infrequently, a material warranty issue may arise which is beyond the scope ofthe Company's historical experience. The Company provides for any such warrantyissues as they become known and estimable. It is reasonably possible that fromtime to time additional warranty and other related claims could arise fromdisputes or other matters beyond the scope of the Company's historicalexperience.

 

Revenue Recognition 

The Company records vehiclesales and passes title to the customer, at the earlier of completion of thevehicle and receipt of full payment or shipment or delivery to the customer asspecified by the customer purchase order.Customer deposits for partial payment of vehicles are deferred andtreated as current liabilities until the vehicle is completed and recognized asrevenue.

*NEW ACCOUNTINGPRONOUNCEMENTS*

* *

On November 1, 2002 theCompany adopted FASB Statement No. 148 (SFAS 148), "Accounting for Stock-BasedCompensation - Transition and Disclosure."At July 31, 2003 the Company has two stock-based employee compensationplans, which are more fully described in Note 5 of the "Notes to ConsolidatedFinancial Statements" in the Company's 2002 Form 10-K.  The Company accounts for these plans underthe recognition and measurement principles of APB Opinion No. 25, "Accountingfor Stock Issued to Employees" and related interpretations.  No stock -based compensation cost isreflected in net income, as all options granted under those plans had anexercise price equal to the market value of the underlying common stock on thedate of grant.  No stock options havebeen granted  since 1999 and therefore,no proforma net income disclosures are required. 

In November 2002, the FASBissued FASB Interpretation No. 45 (FIN 45), "Guarantors Accounting andDisclosure Requirements for Guarantees, Including Indirect Guarantees ofIndebtedness of Others".  FIN 45requires a liability to be recognized at the time a company issues a guaranteefor the fair value of the obligations assumed under certain guaranteeagreements. Additional disclosures about guarantee agreements are also requiredin the interim and annual financial statements.   This standard became effective in the Company's first quarter offiscal 2003, requiring the following disclosures for letters of credit andwarranties.

*Letters of Credit*

This Company has issuedvarious standby letters of credit in the ordinary course of business. Noliability has been reflected in the accompanying balance sheet under past orcurrent accounting pronouncements and no draws on the Company's standby lettersof credit have ever been made.  Thecurrently outstanding standby letters of credit are limited to (i) a letter ofcredit originally issued approximately 14 years ago (renewable annually) asrequired under Kansas law to backup self-insured reserves for workerscompensation insurance, (ii) a declining standby letter of credit requiredunder Texas law to backup certain industrial revenue bonds issued for a plantexpansion in Longview, Texas in 1999 and renewable annually and (iii) otherstandby letters of credit related to periodic bids and other similar purposes.A default in meeting an obligation or condition under the above-referencedstandby letters of credit could require the Company to record a liability.  The letters of credit outstanding at July31, 2003 are summarized as follows:

 

 

Date of

Purpose

Amount

Expiration

 

 

 

Workers compensation - Kansas  self-insurance reserves

$1,373,000

April  1, 2004

Industrial revenue  bond-Longview, Texas [a]                

2,124,117

September  16, 2004

Bids and other

111,768

Various

 

[a] All assets (originally $3.0 million)acquired from the proceeds of the Longview, Texas industrial revenue bondswould also be available to offset any defaults under these obligations.  The liquidation amount of such assets is notreasonably estimable. 

 

*Warranties*

The Company's productsgenerally carry explicit product warranties that extend from several months tomore than a year, based on terms that are generally accepted in themarketplace. Certain components included in the Company's end products (such aschassis, engines, axles, transmissions, tires, etc.) may include manufacturers'warranties. These manufacturers' warranties are generally passed on to the endcustomer of the Company's products and the customer generally deals directlywith the applicable component manufacturer. The Company records provisions forestimated warranty and other related costs at the time of sale based onhistorical warranty loss experience and periodically adjusts these provisionsto reflect actual experience. Certain warranty and other related claims involvematters of dispute that ultimately are resolved by negotiation, arbitration orlitigation. Infrequently, a material warranty issue may arise which is beyondthe scope of the Company's historical experience. The Company provides for anysuch warranty issues as they become known and estimable. It is reasonablypossible that from time to time additional warranty and other related claimscould arise from disputes or other matters beyond the scope of the Company'shistorical experience.  The followingtable provides the changes in the Company's product warranties:

 

For the three months ended July 31, 2003 

 

Accrued warranties at May  1, 2003 

$  1,200,989

 

 

Provisions for warranty charged  against income

458,193

 

 

Payments and adjustments of warranties

   (450,714)

 

 

Accrued warranties at July 31, 2003

$  1,208,468

 

 

 

 

 

 

For the nine months ended July 31, 2003 

 

Accrued warranties at  November 1, 2002 

$  1,076,471

 

 

Provisions for warranty charged  against income

1,198,771

 

 

Payments and adjustments of warranties

 (1,066,774)

 

 

Accrued warranties at July 31, 2003

$  1,208,468

 

InJanuary 2003, the Financial Accounting Standards Board (FASB) issuedInterpretation No. 46, Consolidation of Variable Interest Entities  (FIN 46) which requires the consolidation ofvariable interest entities, as defined. FIN 46 is applicable to variableinterest entities created after January 31, 2003. Variable interest entitiescreated prior to February 1, 2003, must be consolidated effective July 1, 2003.Disclosures are required currently if the Company expects to consolidate anyvariable interest entities. The Company does not have any variable interestentities; therefore FIN 46 will not have a material effect on its consolidatedresults of operations or financial position. 

 

InApril 2003, the FASB issued Statement of Financial Accounting Standards (SFAS)No. 149,  Amendment of Statement 133 onDerivative Instruments and Hedging Activities      ( SFAS 149 ). SFAS 149 amends and clarifies accounting forderivative instruments, including certain derivative instruments embedded inother contracts, and for hedging activities under SFAS No. 133,  Accounting for Derivative Instruments andHedging Activities  ( SFAS 133 ). SFAS149 is generally effective for contracts entered into or modified after June30, 2003 and for hedging relationships designated after June 30, 2003. TheCompany does not have any material derivative instruments; therefore SFAS 149will not have a material impact on its consolidated results of operations, cashflows or financial condition. 

 

In May 2003, the FASBissued SFAS No.150,  Accounting forCertain Financial Instruments with Characteristics of both Liabilities andEquity  ( SFAS 150 ). SFAS 150establishes standards for how an issuer classifies and measures three classesof freestanding financial instruments with characteristics of both liabilitiesand equity. It requires that an issuer classify a financial instrument that iswithin its scope as a liability (or an asset in some circumstances). SFAS 150was effective for financial instruments entered into or modified after May 31,2003, and otherwise is effective at the beginning of the first interim periodbeginning after June 15, 2003. The Company has not entered into any financialinstruments within the scope of SFAS 150 since May 31, 2003, nor does itcurrently hold any financial instruments within its scope.

* *

*CAUTIONARY STATEMENTSREGARDING RISKS AND UNCERTAINTIES THAT MAY AFFECT FUTURE RESULTS*

* *

This report and otherwritten reports and oral statements made from time to time by the Company maycontain so-called "forward-looking statements" about the business, financialcondition and prospects of the Company, all of which are subject to risks anduncertainties.  One can identify theseforward-looking statements by their use of words such as "expects", "plans","will", "estimates", "forecasts", "projects", and other words of similarmeaning.  One can also identify them bythe fact that they do not relate strictly to historical or current facts.  One should understand that it is notpossible to predict or identify all factors, which involve risks anduncertainties.  Consequently, the readershould not consider any such list or listing to be a complete statement of allpotential risks or uncertainties.  

The forward-looking statements are made pursuant tothe safe harbor provisions of the Private Securities Litigation Reform Act of1995.  The Company believes theassumptions underlying these forward-looking statements are reasonable;however, any of the assumptions could be inaccurate, and therefore, actualresults may differ materially from those projected in the forward-lookingstatements due to certain risks and uncertainties, including, but not limitedto, changes in funds budgeted by Federal, state and local governments, changesin product demand, the availability of key raw materials, components andchassis, various inventory risks due to changes in market conditions, changesin competition, substantial dependence on third parties for product quality,interest rate fluctuations, adequate direct labor pools, development of new products,changes in tax and other governmental rules and regulations applicable to theCompany, reliability and timely fulfillment of orders and  other risks as  indicated in the Company's filings with the Securities andExchange Commission.  The Company undertakesno obligation to publicly release any revisions to any forward-lookingstatements contained herein to reflect events or circumstances occurring afterthe date released or to reflect the occurrence of unanticipated events.

 

The Company does not assumethe obligation to update any forward-looking statement.  One should carefully evaluate suchstatements in light of factors described in the Company's filings with theSecurities and Exchange Commission, especially on Forms 10-K, 10-Q and 8-K (ifany).

**Item 3 -Quantitative and Qualitative Disclosures About Market Risk**

 

There has been no materialchange in this disclosure.  

**Item 4.  CONTROLS AND PROCEDURES**

**a)***Evaluation of disclosure controls and procedures.*Our chief executive officer and ourchief financial officer, after evaluating the effectiveness of our "disclosurecontrols and procedures" (as defined in the Securities Exchange Act of 1934Rules 13(a)-14(c) and 15-d-14(c)) as of the end of the period covered by this10-Q, have concluded that, our disclosure controls and procedures were adequateand designed to ensure that the information required to be disclosed in thereports filed or submitted by us under the Securities Exchange Act of 1934 isrecorded, processed, summarized and reported within the required time periods.

**b)***Changes in internal controls.*There were no significant changes in our internal controls or in otherfactors that could significantly affect our internal controls subsequent to thedate of their evaluation.

PART II - OTHER INFORMATION

 

Item 1 - 

Legal Proceedings

 

Not applicable

 

 

Item  2 - 

Changes  in Securities

 

Not  applicable

 

 

Item  3 - 

Defaults  on Senior Securities

 

Not  applicable

 

 

Item  4 -

Submission  of Matters to a Vote of Security-Holders

 

 

 

Not  applicable

 

 

Item  5 - 

Other  Information

Not  applicable

 

 

Item  6 - 
Exhibits and Reports on Form 8-K
 

 

(a)    

Exhibits

 

(31.1)   Certifications-CEO

(31.2)   Certifications-CFO

(32.1)   Certification of Periodic Report-CEO

(32.2)   Certification of Periodic Report-CFO

 

 

(b)    

Reports  on Form 8-K
 
On May 20, 2003, the Company filed a form 8-K furnishing its  press 

release  dated May 20, 2003, which announced its financial results

for its  second fiscal quarter ended April 30, 2003.    

SIGNATURES

 

Pursuant to the requirementsof the Securities Exchange Act of 1934, the Registrant has duly caused thisreport to be signed on its behalf by the undersigned, thereunto dulyauthorized.

 

 

COLLINS INDUSTRIES, INC.

Dated:
September 3,  2003
 

 

 

 

 

By

 

 

 

/s/ Larry  W.  Sayre

 

 

Larry  W. Sayre, Vice President of Finance and Chief Financial Officer

 

 

(Signing  on behalf of the registrant and as principal accounting officer) |