CHARLOTTE, Mich., April 28 /PRNewswire-FirstCall/ — Spartan Motors, Inc.
(Nasdaq: SPAR) today announced it has received authorization from its board of
directors to repurchase up to 500,000 shares, or approximately 4 percent of
its outstanding common stock.
The Charlotte, Mich.-based manufacturer of custom motorhome chassis, fire
truck chassis and emergency-rescue vehicles reported its board of directors
approved the buyback at a meeting yesterday. Spartan Motors said the buyback
authorization allows the Company to purchase common stock in open-market
transactions over the next 12 months. Spartan Motors reported 12,460,489
shares of common stock outstanding as of April 1, 2005.
“This decision reflects the board’s confidence in the underlying value of
Spartan Motors,” said John Sztykiel, president and CEO of Spartan Motors.
“We believe our increased backlog and operational improvements, as seen in our
first quarter 2005 results, indicate a higher value for Spartan than currently
reflected in our share price.”
About Spartan Motors
Spartan Motors, Inc. (https://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(TM), Crimson Fire(TM), Crimson Fire Aerials(TM), and Road
Rescue(TM) — are known in their market niches for quality, value, service and
being the first to market with innovative products. The Company employs
approximately 900 at facilities in Michigan, Alabama, Pennsylvania, South
Carolina, and South Dakota. Spartan Motors 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 “looks forward” to a particular
result, or similar statements. 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. Accounting estimates are inherently forward-looking. 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.
CONTACT: John Sztykiel, CEO, or Jim Knapp, CFO, of Spartan Motors, Inc.,
+1-517-543-6400; Jeff Lambert or Ryan McGrath of Lambert, Edwards &
Associates, Inc., +1-616-233-0500, [email protected] , for Spartan
Motors, Inc.