CHARLOTTE, Mich., Nov. 2 /PRNewswire-FirstCall/ — Spartan Motors, Inc.
(Nasdaq: SPAR) today announced that its Board of Directors approved a 3-for-2
stock split. The stock split will be issued on Dec. 15, 2006 to shareholders
of record on Nov. 15, 2006. Shareholders will receive one additional share of
common stock for every two shares held.
Spartan reported its previously announced regular and special dividend
will be paid to shareholders based on the total outstanding shares prior to
the split.
“Thanks to the loyalty of our customers and the strength of our brands, we
have achieved sales, earnings and backlog growth, which our investors have
rewarded with an appreciation of our stock price,” said John Sztykiel,
president and CEO of Spartan Motors. “We recently reported the best nine-month
period in company history, driven by the growing strength of our brands and
the consistency of execution at an operational level. Over the last three
quarters, our EPS has averaged approximately $0.34 per share. Our average
quarterly EPS in 2005 was approximately $0.16 per share. We are moving in the
right direction.”
As of Sept. 30, 2006, Spartan had 13.8 million shares outstanding. Upon
completion of the split, the number will increase to 20.6 shares outstanding.
The Company’s transfer agent will mail the additional shares to shareholders.
Spartan has had two other 3-for-2 stock splits in the past, in 1991 and 1993.
Last week, Spartan reported a 50.7 percent increase in net earnings and a
21.9 percent increase in net sales for its third quarter ended Sept. 30, 2006,
as compared to the same quarter of last year. Spartan attributed its best-ever
third quarter results to record-level fire truck chassis sales, increased
military vehicle chassis sales and improved performance at Spartan’s EVTeam
operating group.
About Spartan Motors
Spartan Motors, Inc. (https://theshyftgroup.com ) designs, engineers
and manufactures custom chassis and vehicles for the recreational vehicle,
fire truck, ambulance, emergency-rescue and specialty vehicle markets. The
Company’s brand names — Spartan(TM), Crimson Fire(TM), Crimson Fire
Aerials(TM), and Road Rescue(TM) — are known for quality, value, service and
being the first to market with innovative products. The Company employs
approximately 900 at facilities in Michigan, Pennsylvania, South Carolina, and
South Dakota. Spartan reported sales of $343.0 million in 2005 and is focused
on becoming the premier manufacturer of specialty vehicles and chassis in
North America.
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 Motors, Inc.
CONTACT: John Sztykiel, CEO, or Jim Knapp, CFO, of Spartan Motors, Inc.,
+1-517-543-6400; or Ryan McGrath, [email protected] , or Jeff
Lambert, of Lambert, Edwards & Associates, Inc., +1-616-233-0500
Web site: https://theshyftgroup.com