CHARLOTTE, Mich., Oct. 28 /PRNewswire-FirstCall/ — Spartan Motors, Inc.
(Nasdaq: SPAR) today announced its board of directors raised its regular cash
dividends to $0.11 per share and declared a special dividend of $0.03 per
share, for total dividend payments of $0.22 for 2004.
The Charlotte, Mich.-based manufacturer of custom motorhome chassis, fire
truck chassis and emergency-rescue vehicles said the regular cash dividend and
special cash dividend are both payable on December 15, 2004 to shareholders of
record at the close of business on November 15, 2004.
Earlier in the year, Spartan raised its regular cash dividend to bi-annual
payments of $0.08, or $0.16 per year. After further review at its October
meeting, Spartan’s board increased the bi-annual payments to $0.11 per share,
or $0.22 per share annually.
For 2004, a $0.03 per share special dividend was declared to increase
Spartan’s total divided payout to the same amount as the new bi-annual regular
payment. Spartan has been paying bi-annual regular cash dividends since 2003
and special dividends for 16 years. Spartan dividends have tripled over the
last four years growing from $0.07 per share in 2001 to the current $0.22 per
share annually.
“We have again increased our cash dividends to continuously improve our
shareholders’ return on investment,” said John Sztykiel, chief executive
officer of Spartan Motors. “This dividend increase reflects our optimism in
the future of Spartan Motors, our strong balance sheet and our desire to share
profits with our shareholders.”
About Spartan Motors
Spartan Motors, Inc. (https://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. The Company employs
approximately 900 at facilities in Michigan, Alabama, Pennsylvania, South
Carolina, and South Dakota. Spartan Motors is publicly traded on The Nasdaq
Stock Market under the ticker symbol SPAR.
The statements contained in this news release include certain predictions
and projections that may be considered “forward-looking statements” under the
securities laws. These forward-looking statements are identifiable by words
or phrases indicating that the Company or management “expects,” “believes” or
is “confident” that a particular result “may” or “should” occur, that a
particular item “bodes well,” that the Company “looks forward” to a particular
result, or similar statements. These statements involve many risks and
uncertainties that could cause actual results to differ materially, including
but not limited to economic, competitive, governmental and technological
factors affecting the Company’s operations, markets, products, services and
prices. Accounting estimates are inherently forward-looking. Additional
information about these and other factors that may adversely affect these
forward-looking statements are contained in the Company’s reports and filings
with the Securities and Exchange Commission. The Company undertakes no
obligation to update or revise any forward-looking statements to reflect
developments or information obtained after the date of this news release.
SOURCE: Spartan Motors, Inc.
CONTACT: John Sztykiel, CEO, or Jim Knapp, CFO of Spartan Motors, Inc.,
+1-517-543-6400;
Jeff Lambert or Tim Hanson, [email protected] , of
Lambert, Edwards & Associates, Inc., +1-616-233-0500, for Spartan Motors,
Inc.
Web site: https://theshyftgroup.com