Spartan Motors Announces Special Cash Dividend

 

  

CHARLOTTE, Michigan, May 6, 2002 - Spartan Motors, Inc. today
announced its board of directors has approved a special cash dividend of
$0.10 per share on the Company's common stock.  The special dividend for
2002 is 43 percent higher than last year's special cash dividend of $0.07
per share.

 

The Charlotte, Mich.-based manufacturer of custom RV and fire truck chassis
and emergency vehicles said the special dividend is payable on June 28, 2002
to shareholders of record at the close of business on May 28, 2002.  Spartan
Motors has paid a special cash dividend in each of the past 14 years.

 

"Spartan Motors' efforts to improve operations, focus on its core markets
and create innovative new products have resulted in six consecutive quarters
of profitability and strong results," said George Sztykiel, co-founder,
chairman and chief executive officer of Spartan Motors.  "The board believes
an increase in the dividend rate reflects our confidence in the future of
Spartan Motors-over both the near-term and the long-term."

 

Spartan's board also announced it will hold its annual meeting of
shareholders on Tuesday, June 11 at 5:30 p.m. at the Company's corporate
headquarters in Charlotte.  

 

Spartan Motors, Inc. (www.spartanmotors.com) is a leading developer and
manufacturer of custom chassis for motorhomes, fire trucks, ambulances and
other specialty vehicles.  The Company also owns three fire and rescue
vehicle manufacturers, Luverne Fire Apparatus and Quality Manufacturing, and
ambulance maker Road Rescue, Inc.