CHARLOTTE, Mich., April 28 /PRNewswire-FirstCall/ — Spartan Motors, Inc.
(Nasdaq: SPAR) today announced a 60 percent increase in its regular cash
dividends, reflecting the Company’s strong financial position and desire to
bring value to its shareholders. Spartan’s board of directors declared bi-
annual cash dividends of $0.08 per share, or $0.16 per share for the year.
The Charlotte, Mich.-based manufacturer of custom motorhome chassis, fire
truck chassis and emergency-rescue vehicles said the first $0.08 per share
dividend is payable on June 14, 2004 to shareholders of record at the close of
business on May 14, 2004.
Spartan said the second dividend payment of $0.08 per share will be paid
in the fourth quarter of 2004 and its board intends to announce the record and
pay dates for the second payment following its October board meeting. Special
dividends for 2004 will also be considered at that meeting. In 2003,
Spartan’s board of directors instituted bi-annual regular cash dividends.
This marks the 16th consecutive year Spartan Motors has paid dividends to its
shareholders.
“Last year we initiated bi-annual dividends to supplement Spartan’s
tradition of paying special cash dividends and to enhance the value of Spartan
shares,” said John Sztykiel, chief executive officer of Spartan Motors. “This
year we have significantly increased the regular cash dividends. In addition,
the board remains committed to considering special dividends on an annual
basis as part of its desire to provide shareholders with a maximum rate of
return on their investment.”
About Spartan Motors
Spartan Motors, Inc. (theshyftgroup.com ) designs, engineers and
manufactures custom chassis and vehicles for the recreational vehicle, fire
truck, ambulance and emergency-rescue markets. The company’s brand names —
Spartan(TM), Crimson Fire(TM), Crimson Fire Aerials(TM) and Road Rescue(TM) —
are known in their market niches for quality, value, service and being the
first to market with innovative products. Spartan Motors employs
approximately 700 at facilities in Michigan, Alabama, Pennsylvania, South
Carolina, and South Dakota and is publicly traded on The NASDAQ Stock Market
under the ticker symbol SPAR.
SOURCE Spartan Motors, Inc.