CHARLOTTE, Mich., Jan. 8 /PRNewswire-FirstCall/ — Investors in Spartan
Motors, Inc. (Nasdaq: SPAR) saw their shares increase 124.6 percent in 2006,
making Spartan the year’s second largest gainer in stock price among Michigan-
based companies listed on the major exchanges.
The gain in stock price was based on the closing price of the last trading
days of 2005 and 2006, adjusted for the 3-for-2 split of Spartan’s stock in
Dec. 2006.
“Coming off the best nine-month period in company history, we are looking
forward to reporting our fourth quarter results and beginning the new year on
the right footing,” said John Sztykiel, president and CEO of Spartan Motors.
“We are pleased that our share price has reflected our strong results and look
forward to 2007.”
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. Spartan also paid out a total of $0.27 per share in
dividends for 2006, up from the total dividend payments of $0.26 paid in 2005.
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 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.
-0- 01/08/2007
/CONTACT: John Sztykiel, CEO, or Jim Knapp, CFO, both of Spartan Motors,
Inc., +1-517-543-6400; or Ryan McGrath, [email protected], or Jeff
Lambert, both of Lambert, Edwards & Associates, Inc., +1-616-233-0500, for
Spartan Motors, Inc./
/Web site: https://theshyftgroup.com /
(SPAR)
CO: Spartan Motors, Inc.
ST: Michigan
IN: AUT
SU: AWD
AR-HB
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