CHARLOTTE, Mich., Oct. 25 /PRNewswire-FirstCall/ — Spartan Motors, Inc.
(Nasdaq: SPAR) today announced its board of directors declared a special
dividend of $0.03 per share of common stock.
As announced in May 2007, Spartan will also pay its second regular cash
dividend of $0.05 per share, for total dividend payments of $0.13 per share in
2007. All financial information in this release includes adjustments for the
Company’s 3-for-2 stock splits in June 2007 and Dec. 2006.
Spartan reported that the regular and special cash dividends are payable
on Dec. 14, 2007 to shareholders of record at the close of business on Nov.
14, 2007. Spartan has been paying bi-annual regular cash dividends since 2003
and special dividends since 1989. Spartan issued $0.12 per share in total
dividends for 2006.
“Adjusted for the recent stock splits, our total cash dividends will
increase 8.3 percent compared with last year,” said John Sztykiel, chief
executive officer of Spartan Motors. “This is the fifth year of Spartan’s
increasing dividends year-over-year, and a reflection of the Board’s
confidence in our long-term strategic plan to become the premier manufacturer
of specialty vehicles and chassis in North America.”
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.
10/25/2007
CONTACT: Jim Knapp, CFO, Spartan Motors, Inc.+1-517-543-6400or Ryan
McGrath or Jeff Lambert, both of Lambert, Edwards & Associates, Inc.
+1-616-233-0500, [email protected]
Web site: https://theshyftgroup.com
(SPAR)
CO: Spartan Motors, Inc.
ST: Michigan
IN: AUT
SU: DIV