Spartan Motors Authorizes Stock Repurchase Program
24 Julio 2008 - 6:55AM
PR Newswire (US)
CHARLOTTE, Mich., July 24 /PRNewswire-FirstCall/ -- Spartan Motors,
Inc. (NASDAQ:SPAR) today announced it received authorization from
its board of directors to repurchase up to one million shares, or
approximately 3 percent of its outstanding common stock. The
Charlotte, Mich.-based manufacturer of custom chassis and specialty
vehicles reported its board of directors approved a new program
allowing the company to buy back common stock in open-market
transactions over the next 12 months. Spartan Motors reported 32.6
million shares of common stock outstanding as of June 30, 2008. A
year ago, Spartan's board authorized a repurchase program for one
million shares. Under this program, which has expired, the company
repurchased 300,000 shares of common stock on the open market at an
average price of $9.23 per share. "The board believes our current
valuation does not fully reflect our long-term potential to grow
sales, profits and return on invested capital, or our demonstrated
success in transforming markets through customization and
innovation," said David R. Wilson, chairman of Spartan Motors. "As
we work toward record results in 2008, we will evaluate all options
in driving shareholder value in the right direction for Spartan."
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 1,500 at facilities in
Michigan, Pennsylvania, South Carolina, and South Dakota. Spartan
reported sales of $681.9 million in 2007 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. DATASOURCE:
Spartan Motors, Inc. CONTACT: John Sztykiel, CEO, or Jim Knapp,
CFO, Spartan Motors, Inc., +1-517-543-6400; Jeff Lambert 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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