Spartan Motors Announces Special Dividend, Reauthorizes Regular Dividend for 2009
February 19 2009 - 7:30AM
PR Newswire (US)
CHARLOTTE, Mich., Feb. 19 /PRNewswire-FirstCall/ -- Spartan Motors,
Inc. (NASDAQ:SPAR) today announced its board of directors declared
total cash dividends of $0.13 for 2009, including the regular cash
dividend of $0.10 per share of common stock and a special dividend
of $0.03 per share of common stock. The Charlotte, Mich.-based
manufacturer of custom chassis and emergency-rescue vehicles
reported the first regular dividend payment of $0.05 per share is
payable on May 15, 2009 to shareholders of record at the close of
business on April 15, 2009. The second regular dividend payment of
$0.05 per share is payable on Dec. 16, 2009 to shareholders of
record at the close of business on Nov. 16, 2009. The special
dividend payment of $0.03 per share is payable on May 15, 2009 to
shareholders of record at the close of business on April 15, 2009.
Spartan has been paying bi-annual regular cash dividends since
2003. Spartan issued $0.10 per share in total dividends for 2008.
"Our special dividend is in recognition of our total financial
performance for the year ended 2008," said John Sztykiel, president
and chief executive officer of Spartan Motors. "In addition, the
special dividend and reauthorization of the regular dividend is an
indication of the board's confidence in our strategic direction
moving into the future, as well as our financial strength and solid
balance sheet. We see both our regular and special dividends as an
important form of sharing profits with our investors and as a
distinguishing characteristic compared to other companies our
size." About Spartan Motors Spartan Motors, Inc.
(http://www.spartanmotors.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 1,200 at facilities in
Michigan, Pennsylvania, South Carolina and South Dakota. Spartan
reported sales of $844.4 million in 2008 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. DATASOURCE: Spartan Motors,
Inc. CONTACT: Jim Knapp, CFO, Spartan Motors, Inc.,
+1-517-543-6400, or Ryan McGrath, Lambert, Edwards &
Associates, Inc., +1-616-233-0500, , for Spartan Motors, Inc. Web
site: http://www.spartanmotors.com/
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