CHARLOTTE, Mich., May 8 /PRNewswire/ — Spartan Chassis, Inc., a
subsidiary of Spartan Motors, Inc. (Nasdaq: SPAR), has been awarded a
subcontract order from defense contractor BAE Systems worth approximately
$56.4 million to support the production of advanced tactical vehicles under
the Mine Resistant Ambush Protected, or MRAP, program.
The Mich.-based custom chassis manufacturer will supply and integrate key
chassis components for BAE Systems’ RG33 Category I and II vehicles under the
terms of the subcontract. The vehicles are scheduled for completion in the
third and fourth quarters of 2008.
“Spartan Chassis is proud to once again be partnering with BAE Systems as
a major supplier of the MRAP program. We are committed to leveraging our
expertise in the design, material logistics and assembly of these vehicles in
order to meet the aggressive demand of the U.S. military,” said Richard
Schalter, president of Spartan Chassis.
After this order, Spartan Motors, Inc. reported its consolidated backlog
as of Tuesday, May 6, 2008 totaled $345.5 million. Details of the backlog as
of March 31, 2008 and May 6, 2008 are as follows:
(Amounts in thousands)
March 31, May 6,
2008 2008
Motorhome Chassis* $17,465 $18,668
Fire Truck Chassis* 70,720 73,754
Other Product* 166,457 204,183
Total Chassis Backlog 254,642 296,605
EVTeam Product* 49,975 48,856
Total Backlog $304,617 $345,461
*Anticipated time to fill backlog orders; two months or less for motorhome
chassis and 4-10 months for fire truck chassis, other product and EVTeam
product
About Spartan Chassis, Inc.:
Spartan Chassis, Inc., a subsidiary of Spartan Motors, Inc.
(Nasdaq: SPAR), is a leading developer and manufacturer of custom chassis for
recreational vehicles, fire trucks and specialty vehicles. Spartan Motors,
which also manufactures emergency rescue vehicles under the brand names of
Crimson Fire, Crimson Fire Aerials and Road Rescue, reported sales of $681.9
million in 2007 and is focused on becoming the premier manufacturer of
specialty vehicles and chassis in North America.
About BAE Systems:
BAE Systems is the premier global defense and aerospace company delivering
a full range of products and services for air, land and naval forces, as well
as advanced electronics, information technology solutions and customer support
services. With 97,500 employees worldwide, BAE Systems’ sales exceeded $31.4
billion in 2007.
This release contains forward-looking statements, including, without
limitation, statements concerning our business, future plans and objectives
and the performance of our products. These forward-looking statements involve
certain risks and uncertainties that ultimately may not prove to be accurate.
Actual results and future events could differ materially from those
anticipated in such statements. Technical complications may arise that could
prevent the prompt implementation of the plans outlined above. The company
cautions that these forward-looking statements are further qualified by other
factors including, but not limited to, those set forth in the company’s Annual
Report on Form 10-K filing and other filings with the United States Securities
and Exchange Commission (available at http://www.sec.gov). Government
contracts and subcontracts typically involve long payment and purchase cycles,
competitive bidding, qualification requirements, delays or changes in funding,
extensive specification development and changes, price negotiations and
milestone requirements. An announced award of a governmental contract is not
equivalent to a finalized executed contract and does not assure that orders
will be issued and filled. Government agencies also often retain some portion
of fees payable upon completion of a project and collection of contract fees
may be delayed for long periods, which can negatively impact both prime
contractors and subcontractors. The company undertakes no obligation to
publicly update or revise any statements in this release, whether as a result
of new information, future events or otherwise, except as required by law.
SOURCE Spartan Chassis, Inc.
05/08/2008
CONTACT: Karen Hildebrant of Spartan Chassis, Inc., +1-517-543-6400 ext.
3111; or Ryan McGrath or Jeff Lambert, +1-616-233-0500, both of Lambert,
Edwards & Associates, for Spartan Chassis, Inc.