CHARLOTTE, Mich., July 26 /PRNewswire-FirstCall/ — Spartan Motors, Inc.
(Nasdaq: SPAR) today announced it has received authorization from its board of
directors to repurchase up to 1 million shares, or approximately 3 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 to allow the Company to purchase common stock in
open-market transactions over the next 12 months. Spartan Motors reported
32.95 million shares of common stock outstanding as of June 30, 2007.
“This move underscores the board’s confidence in the underlying value of
Spartan Motors and our significant long-term earnings potential,” said John
Sztykiel, president and CEO of Spartan Motors. “We believe our stock is
undervalued based on our record second quarter results and backlog, coupled
with our momentum in our specialty and military business, and we view this buy
back as a great investment in driving shareholder value.”
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 1,300 at facilities in Michigan, Pennsylvania, South Carolina,
and South Dakota. Spartan reported sales of $445 million in 2006 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, +1-517-543-6400, both of
Spartan Motors, Inc.; or Jeff Lambert or Ryan McGrath, +1-616-233-0500,
[email protected], both of Lambert, Edwards & Associates, Inc.
Web site: https://theshyftgroup.com