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SHYFTGROUP ™ The Shyft Group Reports Record Third Quarter Results November 4 , 2021 Achieves EPS of $ 0.58 and adjusted EPS of $ 0.63 , on sales of $ 273 million Raises Full Year Guidance NOVI , Mich . , Nov. 4 , 2021 / PRNewswire / -- The Shyft Group , Inc. ( NASDAQ : SHYF ) ( " Shyft " or the " Company " ) , the North American leader in specialty vehicle manufacturing , assembly and upfit for the commercial , retail and service specialty vehicle markets , today reported operating results for the third quarter , ending September 30 , 2021 . Third Quarter 2021 Highlights from Continuing Operations¹ For the third quarter of 2021 compared to the third quarter of 2020 : • Sales of $ 272.6 million , an increase of $ 69.1 million , or 34.0 % , from $ 203.5 million , reflecting increased sales in all product categories . • Gross profit margin of 20.6 % of sales compared to 24.9 % of sales , reflecting unfavorable product mix and higher material and labor costs . • Income from continuing operations of $ 21.0 million , or $ 0.58 per share , compared to $ 19.4 million , or $ 0.54 per share . 41280 Bridge St Novi , MI 48375 P : 517.543.6400 THESHYFTGROUP.COM • Adjusted EBITDA of $ 33.7 million , or 12.4 % of sales , an increase of $ 1.1 million , or 3.5 % , from $ 32.6 million , or 16.0 % of sales . ● Adjusted net income of $ 22.9 million , or $ 0.63 per share , an increase of $ 0.8 million , or 3.2 % , from $ 22.1 million , or $ 0.62 per share . • Generated $ 39.1 million of cash provided from operating activities , an increase of $ 6.4 million , or 19.5 % from $ 32.7 million . • Consolidated backlog at September 30 , 2021 , was a record $ 852.6 million , up $ 572.0 million , or 203.8 % , compared to $ 280.6 million at September 30 , 2020 . • Opened Shyft Innovations Research and Development Center , a 40,000 square - foot facility , focused on driving advancements in both mobility and alternative propulsion , including an all - electric chassis platform currently under development . 1 The Company divested its Emergency Response ( ER ) business effective February 1 , 2020. Accordingly , the financial results of ER have been classified as discontinued operations for all periods presented . Unless otherwise noted , financial results presented are based on continuing operations . " Our record financial performance in the third quarter marked a continuation of what we have been achieving since the beginning of the year , " said Daryl Adams , President and Chief Executive Officer . " Our team's resourcefulness and relentless focus on execution and the customer , despite industry - wide supply chain challenges , enabled our growth momentum to continue , while also positioning us for a remarkable year . " Fleet Vehicles and Services ( FVS ) FVS segment sales totaled $ 198.5 million , an increase of 36.7 % from $ 145.2 million , reflecting strong sales across all product categories . Adjusted EBITDA increased $ 3.6 million to $ 36.8 million , or 18.5 % of sales , from $ 33.2 million , or 22.9 % of sales , a year ago . The increase was primarily due to higher volume , while year - over - year margins were impacted by product mix and higher material and labor costs . The segment backlog at September 30 , 2021 , totaled a record $ 758.5 million , up 231.4 % , compared to $ 228.9 million at September 30 , 2020. On a sequential basis , backlog increased $ 97.6 million , or 14.8 % from $ 660.9 million in the second quarter of 2021. This increase reflects strong demand for delivery vehicles , including the recently announced 1 of 8