CHARLOTTE, Mich., June 4 /PRNewswire-FirstCall/ — Spartan Motors, Inc.
(Nasdaq: SPAR) today announced that its Board of Directors approved a 3-for-2
stock split. The stock split will be issued on June 28, 2007 to shareholders
of record on June 14, 2007. Shareholders will receive one additional share of
common stock for every two shares held.
“This stock split represents the Board’s confidence in Spartan’s strategy
for growth over the next three to five years,” said David R. Wilson, chairman
of Spartan Motors.
As of March 31, 2007, Spartan had approximately 21.5 million shares
outstanding. Upon completion of the stock split, the number will increase to
approximately 32.3 million shares outstanding. Spartan’s previously announced
regular dividend will be paid to shareholders on June 15, 2007 based on the
total outstanding shares prior to the stock split.
“The market has rewarded our record results for 2006 and for the first
quarter of 2007 with an appreciation in stock price, which is something we are
thankful for,” said John Sztykiel, president and CEO of Spartan Motors.
“However, we remain focused on being deliberate, effective and efficient in
our operations, while also remaining agile to capitalize on the evolving
trends in transportation markets worldwide.”
The Company’s transfer agent will mail the additional shares to
shareholders. Spartan has had three other 3-for-2 stock splits in 2006, 1993
and 1991.
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 1,100 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.
SOURCE Spartan Motors, Inc.
CONTACT: John Sztykiel, CEO, or Jim Knapp, CFO of Spartan Motors, Inc.,
+1-517-543-6400; or Jeff Lambert or Ryan McGrath,
[email protected], of Lambert, Edwards & Associates, Inc.,
+1-616-233-0500
Web site: https://theshyftgroup.com