CHARLOTTE, Mich., Feb 19, 2009 /PRNewswire-FirstCall via COMTEX/ — Spartan Motors, Inc.
(Nasdaq: SPAR) today announced its board of directors declared total cash
dividends of $0.13 for 2009, including the regular cash dividend of $0.10 per
share of common stock and a special dividend of $0.03 per share of common
stock.
The Charlotte, Mich.-based manufacturer of custom chassis and
emergency-rescue vehicles reported the first regular dividend payment of $0.05
per share is payable on May 15, 2009 to shareholders of record at the close of
business on April 15, 2009. The second regular dividend payment of $0.05 per
share is payable on Dec. 16, 2009 to shareholders of record at the close of
business on Nov. 16, 2009.
The special dividend payment of $0.03 per share is payable on May 15, 2009
to shareholders of record at the close of business on April 15, 2009. Spartan
has been paying bi-annual regular cash dividends since 2003. Spartan issued
$0.10 per share in total dividends for 2008.
“Our special dividend is in recognition of our total financial performance
for the year ended 2008,” said John Sztykiel, president and chief executive
officer of Spartan Motors. “In addition, the special dividend and
reauthorization of the regular dividend is an indication of the board’s
confidence in our strategic direction moving into the future, as well as our
financial strength and solid balance sheet. We see both our regular and
special dividends as an important form of sharing profits with our investors
and as a distinguishing characteristic compared to other companies our size.”
About Spartan Motors
Spartan Motors, Inc. (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 1,200 at facilities in Michigan, Pennsylvania, South Carolina
and South Dakota. Spartan reported sales of $844.4 million in 2008 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. . Forward looking statements are
identifiable by words such as “believe,” “expect,” and “sustain.” 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. All
dividends are considered and declared by the board of directors in their
discretion. 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.