Blue Bird Corp: Amendment to Bylaws to update director nomination procedural requirements in light of Rule 14a-19 (effective 2023-02-02).
“On February 2, 2023, the Board of Directors of Blue Bird Corporation (the “Company”) approved an amendment to the Company’s Bylaws (as so amended, the “Bylaws”) to update certain procedural requirements relating to director nominations by stockholders in light of the adoption and effectiveness of Rule 14a-19 promulgated under the Securities Exchange Act of 1934, as amended (“Rule 14a-19”), which generally requires the use of universal proxy cards in director election contests.”
Earnings Releases
Blue Bird Corp reported the three months ended October 1, 2022 results: revenue $ 257.7, net income $ (23.1), EPS $ (0.72). Guidance reaffirmed.
“except Unit Sales and EPS data) Three Months Ended October 1, 2022 B/(W) 2021 Fiscal Year Ended October 1, 2022 B/(W) 2021 Unit Sales 2,016 105 6,822 143 GAAP Measures: Revenue $ 257.7 $ 65.5 $ 800.6 $ 116.6 Net Loss $ (23.1) $ (20.7) $ (45.8) $ (45.5) Diluted Loss per Share $ (0.72) $ (0.63) $ (1.48) $ (1.46) Non-GAAP Measures 1 : Adjusted EBITDA $ (16.4) $”
Earnings Releases
Blue Bird Corp reported the fiscal year ended October 1, 2022 results: revenue $ 800.6, net income $ (45.8), EPS $ (1.48). Guidance reaffirmed.
“Highlights (in millions except Unit Sales and EPS data) Three Months Ended October 1, 2022 B/(W) 2021 Fiscal Year Ended October 1, 2022 B/(W) 2021 Unit Sales 2,016 105 6,822 143 GAAP Measures: Revenue $ 257.7 $ 65.5 $ 800.6 $ 116.6 Net Loss $ (23.1) $ (20.7) $ (45.8) $ (45.5) Diluted Loss per Share $ (0.72) $ (0.63) $ (1.48) $ (1.46) Non-GAAP Measures 1 : Adjusted EBITDA $ (16.4) $ (24.0) $ (14.7) $ (48.8) Adjusted Net Loss $ (21.4) $ (23.4) $ (36.0) $ (44.6) Adjusted Diluted Loss per Share $ (0.66) $ (0.73) $ (1.15) $ (1.46) 1 Reconciliation to relevant GAAP metrics shown below “During a challenging 2022, the Blue Bird team developed and began execution of a rigorous plan to improve operations, reduce fixed costs, and recover economics through pricing.”
Debt Financings
Blue Bird Corp amended credit facility of $90.0 million with Bank of Montreal, as Administrative Agent, and certain other financial institutions at SOFR plus 5.75% maturing December 31, 2024.
“under the Amended Credit Agreement from September 13, 2023 to December 31, 2024. The total revolving facility commitment under the Amended Credit Agreement is amended to $90.0 million. Of this total, only $80.0 million is available for the Borrower to draw, with the remaining $10.0 million subject to written approval from Required Lenders (as defined in the”
Paul Yousif departed as Senior Vice President, General Counsel, and Corporate Treasurer at Blue Bird Corp.
“On February 23, 2022, Mr. Paul Yousif, Senior Vice President and General Counsel, and Corporate Treasurer, tendered his resignation to the Company, to be effective March 31, 2022.”
Adam Gray was appointed as Director at Blue Bird Corp.
“Mr. Adam Gray, an affiliate of the Subscribers and Coliseum Capital Management, LLC (“Coliseum”), was appointed as a Class II member of the Board on December 15, 2021.”
Matthew Stevenson was elected as Class II Director at Blue Bird Corp.
“The Board also elected Mr. Stevenson as a director of the Company”
Philip Horlock resigned as Chief Executive Officer at Blue Bird Corp.
“the current CEO, Philip Horlock, will resign from the office of CEO on October 31, 2021”
Matthew Stevenson was appointed as Chief Executive Officer at Blue Bird Corp.
“approved the appointment of Matthew Stevenson as Chief Executive Officer ("CEO") of the Company, in addition to his current office of President, to be effective on November 1, 2021”
Trey Jenkins departed as Chief Operating Officer at Blue Bird Corp.
“On September 29, 2021, the Board of Directors of Blue Bird Corporation (the “Company”), approved the separation from employment with the Company of Mr. Trey Jenkins, Chief Operating Officer, effective October 1, 2021.”
Phillip Tighe resigned as Chief Financial Officer at Blue Bird Corp.
“As a result of the foregoing appointment, the recently appointed interim Chief Financial Officer ("CFO"), Phillip Tighe, will resign from the office of CFO on October 1, 2021.”
Razvan Radulescu was appointed as Chief Financial Officer at Blue Bird Corp.
“On August 30, 2021, the Board of Directors ("Board") of Blue Bird Corporation (the "Company"), following an executive search and interviews, approved the appointment of Razvan Radulescu as the Chief Financial Officer ("CFO") of the Company, including as the principal financial and principal accounting officer, to be effective on October 1, 2021, as more fully described in Item 5.02(c) below.”
Facts are extracted by an LLM and gated to those whose source quote is present verbatim in the filing text. Coverage is best-effort while backfill and monitoring mature; this is not yet a full-market index. See methodology.