CHARLOTTE, Mich., April 24 /PRNewswire-FirstCall/ — Spartan Motors, Inc.
(Nasdaq: SPAR) today announced its board of directors declared total regular
cash dividends of $0.10 per share of common stock for 2008.
The Charlotte, Mich.-based manufacturer of custom chassis and
emergency-rescue vehicles reported the first dividend payment of $0.05 per
share is payable on June 16, 2008 to shareholders of record at the close of
business on May 16, 2008. The second payment of $0.05 is payable on Dec. 17,
2008 to shareholders of record at the close of business on Nov. 17, 2008.
Spartan also reported its board of directors expects to make a determination
regarding a special dividend at a meeting in February 2009.
“We continue to believe dividends are an important means to return value
to Spartan shareholders,” said John Sztykiel, president and chief executive
officer of Spartan Motors. “Though we look at ourselves as a growth and value
investment, dividend compensation to shareholders is a key part of the Spartan
stakeholder model. Over the last five years, our total dividends have
increased 86 percent.”
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 $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. Forward looking statements are
identifiable by words such as “believe,” “expect,” and “sustain.” 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. All
dividends are considered and declared by the board of directors in their
discretion. 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- 04/24/2008
/CONTACT: Jim Knapp, CFO of Spartan Motors, Inc., +1-517-543-6400; or
Ryan McGrath 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
KN-KK
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