CHARLOTTE, Mich., July 24 /PRNewswire-FirstCall/ — Spartan Motors, Inc.
(Nasdaq: SPAR) today announced it received authorization from its board of
directors to repurchase up to one million shares, or approximately 3 percent
of its outstanding common stock.
The Charlotte, Mich.-based manufacturer of custom chassis and specialty
vehicles reported its board of directors approved a new program allowing the
company to buy back common stock in open-market transactions over the next 12
months. Spartan Motors reported 32.6 million shares of common stock
outstanding as of June 30, 2008.
A year ago, Spartan’s board authorized a repurchase program for one
million shares. Under this program, which has expired, the company
repurchased 300,000 shares of common stock on the open market at an average
price of $9.23 per share.
“The board believes our current valuation does not fully reflect our
long-term potential to grow sales, profits and return on invested capital, or
our demonstrated success in transforming markets through customization and
innovation,” said David R. Wilson, chairman of Spartan Motors. “As we work
toward record results in 2008, we will evaluate all options in driving
shareholder value in the right direction for Spartan.”
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 1,500 at facilities in Michigan, Pennsylvania, South Carolina,
and South Dakota. Spartan reported sales of $681.9 million in 2007 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.
07/24/2008
CONTACT: John Sztykiel, CEO, or Jim Knapp, CFO, Spartan Motors, Inc.
+1-517-543-6400Jeff Lambert or Ryan McGrath, Lambert, Edwards & Associates
Inc. +1-616-233-0500, [email protected], for Spartan Motors, Inc.
/Web site: https://theshyftgroup.com
(SPAR)