Total 2003 payout of $0.20 per share is highest payout in company history
CHARLOTTE, Mich., Oct. 22 /PRNewswire-FirstCall/ — Spartan Motors, Inc.
(Nasdaq: SPAR) today announced its board of directors declared the record and
pay dates for its $0.05 per share regular cash dividend. The Company also
announced it would pay a special dividend of $0.10 per share for 2003.
The Charlotte, Mich.-based manufacturer of custom motorhome chassis, fire
truck chassis and emergency-rescue vehicles, said both dividends are payable
on December 15, 2003 to shareholders of record at the close of business on
November 14, 2003. The combined dividends represent a 25 percent increase
over the amount paid out in 2002.
This marks the first year the Company has issued a regular cash dividend
to its shareholders, but it is the 15th consecutive year that Spartan has
issued special cash dividends. The total dividend payout of $0.20 per share
in 2003 surpasses the Company’s largest annual dividend payout, which was
$0.16 per share in 2002. Over the past two years, Spartan’s dividend payouts
have nearly tripled, increasing 186 percent over the $0.07 per share paid out
in 2001.
“The implementation of a regular cash dividend, paid twice a year, and the
decision to grant an increased special dividend, reflects the board’s
confidence in the near- and long-term future of Spartan’s operations and the
markets we serve,” Chairman David Wilson said. “The board is committed to
considering special dividends on an annual basis as part of its desire to
provide shareholders with a fair rate of return on their investment.”
About Spartan Motors
Spartan Motors, Inc. (theshyftgroup.com ) designs, engineers and
manufactures custom chassis and vehicles for the recreational vehicle, fire
truck, ambulance and emergency-rescue markets. The company’s brand names —
Spartan(R), Crimson Fire(R) and Road Rescue(R) — are known in their market
niches for quality, value, service and being the first to market with
innovative products. Spartan Motors employs approximately 700 at facilities
in Michigan, South Dakota, Alabama, Minnesota and South Carolina and is
publicly traded on The NASDAQ Stock Market under the ticker symbol SPAR.
The statements contained in this news release include certain predictions
and projections that may be considered “forward-looking statements” under the
securities laws. These forward-looking statements are identifiable by words
or phrases indicating that the Company or management “expects,” “believes” or
is “confident” that a particular result “may” or “should” occur, that a
particular item “bodes well,” that the Company is “on track” toward a
particular result, or similar statements. Accounting estimates are inherently
forward-looking. These statements involve many risks and uncertainties that
could cause actual results to differ materially, including but not limited to
economic, competitive, governmental and technological factors affecting the
Company’s operations, markets, products, services and prices. Additional
information about these and other factors that may adversely affect these
forward-looking statements are contained in the Company’s reports and filings
with the Securities and Exchange Commission. The Company undertakes no
obligation to update or revise any forward-looking statements to reflect
developments or information obtained after the date of this news release.
SOURCE Spartan Motors, Inc.