CHARLOTTE, Mich., May 1 /PRNewswire-FirstCall/ -- Spartan Motors, Inc. today announced its board of directors declared regular cash dividends of $0.16 per share of common stock for 2007.
The Charlotte, Mich.-based manufacturer of custom motorhome chassis, fire truck chassis and emergency-rescue vehicles said the regular cash dividend of $0.08 per share is payable on June 15, 2007 to shareholders of record at the close of business on May 15, 2007, and $0.08 is also payable on Dec. 14, 2007 to shareholders of record at the close of business on Nov. 14, 2007.
Spartan also announced its board plans to make a determination regarding a special dividend for 2007 at its meeting in October. Spartan has been paying bi-annual regular cash dividends since 2003 and special dividends for the last 17 years.
"Adjusted for the stock split in Dec. 2006, our 2007 regular cash dividends will increase 8.8 percent over our regular cash dividends in 2006," said John Sztykiel, chief executive officer of Spartan Motors. "We believe our dividends reflect both the Board's confidence in our future top- and bottom-line growth and our company's commitment to share profit with our investors."
About Spartan Motors
Spartan Motors, Inc. (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 1,100 at facilities in Michigan, Pennsylvania, South Carolina, and South Dakota. Spartan reported sales of $445 million in 2006 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. 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. 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.