Management to Review 2008 Outlook, Detail Opportunities for 30% Sales Growth
CHARLOTTE, Mich., Nov. 27 /PRNewswire-FirstCall/ — Specialty vehicle and
chassis maker Spartan Motors, Inc. (Nasdaq: SPAR) said it will hold an analyst
event in New York City where it will discuss its 2008 outlook and also feature
outside industry experts to provide insight into Spartan’s two largest end
markets — RVs and military vehicles.
The event, taking place at the Ritz-Carlton Hotel on Dec. 17, 2007 from
12 p.m. to 2:15 p.m. ET, will also include a display of next generation
vehicles — a MRAP (Mine Resistant Ambush Protected) military vehicle, a
Spartan Furion chassis, a first-of-its-kind Boomer fire truck and the new
multifunctional Newmar motorhome riding on a Spartan mid-engine chassis.
“This company and industry-focused event is an opportunity for the
investment community to literally kick the tires on our products, learn about
two of our largest markets from industry experts and hear about our growth
prospects in all three of our core markets — emergency-rescue, recreational
vehicle and military,” said John Sztykiel, president and CEO of Spartan
Motors. “From an RV perspective, we are on track to ship more motorhome
chassis in 2007 than we shipped in 2006. Later this week we will be at the RV
industry’s largest trade show, RVIA, with a record 40 models featuring a
Spartan Chassis, which is exciting, and our emergency-rescue business
continues to move in the right direction.
“The challenges related to growth in production and backlog in the third
quarter are either behind us or substantially improving. Our consolidated
backlog, which includes last week’s order announcement, is at $356.7 million
as of Nov. 20, 2007. This reduction in consolidated backlog compared with the
end of the third quarter, despite new orders, is an indication of our
improving execution as we turn the backlog into profitable sales.
“We expect these improvements to continue with 2008 as another record
year. While the challenges are significant, Spartan has a history of managing
growth, and we believe we have the opportunity to grow sales by more than 30
percent on a consolidated basis in fiscal 2008. We also have an opportunity
for even higher percentage growth for our specialty chassis for military
customers, based on our current orders and recent increases in production
capacity.”
In addition to a presentation by Spartan management, the event will
include several guest speakers including Dr. Richard Curtin, director of the
Reuters/University of Michigan Surveys of Consumers and a nationally
recognized expert on the RV industry. Curtin also publishes periodic
forecasts on the industry for the Recreational Vehicle Industry Association
(RVIA). The event also will feature presentations by Brigadier General D.
Michael Kelleher, U.S. Army (Ret.), an expert on military vehicles and
logistics, as well as a U.S. Marine who had firsthand experience surviving
improvised explosive devices (IEDs) in Iraq.
To attend this event, institutional investors and analysts should contact
Ryan McGrath at 616-233-0500 or by email at [email protected]. The
event is for professional investors only and has limited capacity. A webcast
of the presentations will be available on theshyftgroup.com.
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. Words and phrases such as “expect” or
“believe,” statements that a particular result or condition is “on track,” or
“improving,” and similar expressions regarding the plans and objectives of the
Company are intended to identify forward-looking statements. 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.
11/27/2007
CONTACT: John Sztykiel, CEOor Jim Knapp, CFO+1-517-543-6400
both of Spartan Motors, Inc.or Ryan McGrath, +1-616-233-0500
[email protected] Jeff Lambert, +1-616-233-0500both of
Lambert, Edwards & Associates, Inc.
Web site: https://theshyftgroup.com
(SPAR)