CHARLOTTE, Mich., Dec. 17, 2018 /PRNewswire/ -- Spartan Motors,
Inc. (NASDAQ: SPAR) ("Spartan" or the "Company"), a global
leader in specialty chassis and vehicle design, manufacturing and
assembly, today announced that the Company has entered into a
10b5-1 trading plan that authorizes share repurchases to begin
Friday, December 21, subject to the
terms and limits of the plan. Repurchases made under the plan are
subject to the Securities and Exchange
Commission's regulations, as well as certain price, market,
volume, and timing constraints specified in the plan. Since
repurchases under the plan are subject to certain constraints,
there is no guarantee as to the exact number of shares that will be
repurchased under the plan. This plan has been established
pursuant to the previously-announced authorization by the Company's
Board of Directors for the Company to repurchase up to 1.0 million
shares.
"This buyback reflects our ongoing commitment to deploy capital
in a manner that provides the best return for our stockholders,"
said Daryl Adams, President and
Chief Executive Officer. "We remain confident in our ability to
maintain a healthy balance sheet and generate the strong annual
cash flows needed to execute our capital allocation strategy in
pursuit of strategic growth initiatives, while also delivering
substantial value for our shareholders through regular semi-annual
dividends and additional discretionary share repurchases."
About Spartan
Motors
Spartan Motors, Inc. is a leading designer, engineer, manufacturer,
and marketer of a broad range of specialty vehicles, specialty
chassis, vehicle bodies, and parts for the fleet and delivery,
recreational vehicle (RV), emergency response, defense forces, and
contract assembly (light/medium duty truck) markets. The Company's
brand names — Spartan Motors, Spartan Specialty Vehicles, Spartan
Emergency Response, Spartan Parts and Accessories, Smeal, and its
family of brands, including Ladder Tower™ and UST®; and
Utilimaster®, a Spartan Motors Company — are known for quality,
durability, performance, customer service, and first-to-market
innovation. The Company employs approximately 2,300 associates, and
operates facilities in Florida,
Michigan, Indiana, Pennsylvania, Missouri, Nebraska, South
Carolina, South Dakota;
Saltillo, Mexico; and Lima, Peru. Spartan reported sales of
$707 million in 2017. Visit Spartan
Motors at www.spartanmotors.com.
This release contains several forward-looking statements that
are not historical facts, including statements concerning our
business, strategic position, financial projections, financial
strength, future plans, objectives, and the performance of our
products and operations. These statements can be identified
by words such as "believe," "expect," "intend," "potential,"
"future," "may," "will," "should," and similar expressions
regarding future expectations. These forward-looking
statements involve various known and unknown risks, uncertainties,
and assumptions that are difficult to predict with regard to
timing, extent, and likelihood. Therefore, actual performance
and results may materially differ from what may be expressed or
forecasted in such forward-looking statements. Factors that could
contribute to these differences include operational and other
complications that may arise affecting the implementation of our
plans and business objectives; continued pressures caused by
economic conditions and the pace and extent of the economic
recovery; challenges that may arise in connection with the
integration of new businesses or assets we acquire or the
disposition of assets; restructuring of our operations, and/or our
expansion into new geographic markets; issues unique to government
contracting, such as competitive bidding processes, qualification
requirements, and delays or changes in funding; disruptions within
our dealer network; changes in our relationships with major
customers, suppliers, or other business partners, including Isuzu;
changes in the demand or supply of products within our markets or
raw materials needed to manufacture those products; and changes in
laws and regulations affecting our business. Other factors
that could affect outcomes are set forth in our Annual Report on
Form 10-K and other filings we make with the Securities and
Exchange Commission (SEC), which are available at www.sec.gov or
our website. All forward-looking statements in this release
are qualified by this paragraph. Investors should not place
undue reliance on forward-looking statements as a prediction of
actual results. We undertake no obligation to publicly update
or revise any forward-looking statements in this release, whether
as a result of new information, future events, or
otherwise.
CONTACT:
Investors:
Juris Pagrabs
Group Treasurer & Director of Investor Relations
Spartan Motors, Inc.
(517) 997-3862
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SOURCE Spartan Motors, Inc.