Spartan Motors to Pay Regular Dividend, Declares Special Dividend

FOR IMMEDIATE RELEASE


 

Spartan Motors to Pay Regular Dividend, Declares Special Dividend

 

CHARLOTTE, Michigan, October 25, 2007 - Spartan Motors, Inc.
today announced its board of directors declared a special dividend
of $0.03 per share of common stock.  

 

As announced in May 2007, Spartan will also pay its second regular cash
dividend of $0.05 per share, for total dividend payments of $0.13 per
share in 2007.  All financial information in this release includes
adjustments for the Company's 3-for-2 stock splits in June 2007 and Dec.
2006.

 

Spartan reported that the regular and special cash dividends are payable
on Dec. 14, 2007 to shareholders of record at the close of business on
Nov. 14, 2007.  Spartan has been paying bi-annual regular cash dividends
since 2003 and special dividends since 1989.  Spartan issued $0.12 per
share in total dividends for 2006.  

 

"Adjusted for the recent stock splits, our total cash dividends will
increase 8.3 percent compared with last year," said John Sztykiel, chief
executive officer of Spartan Motors.  "This is the fifth year of
Spartan's increasing dividends year-over-year, and a reflection of the
Board's confidence in our long-term strategic plan to become the premier
manufacturer of specialty vehicles and chassis in North America." 

About Spartan Motors

Spartan Motors, Inc. (www.spartanmotors.com
<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 - SpartanPTMP, Crimson FirePTMP, Crimson Fire
AerialsTM, and Road RescuePTMP - are known for quality, value, service
and being the first to market with innovative products.  The Company
employs approximately 1,300 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 TUhttp://www.sec.govUT
<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. 

 

###

 

CONTACT:  

Jim Knapp, CFO
Ryan McGrath or Jeff Lambert

Spartan Motors, Inc.
Lambert, Edwards & Associates, Inc. 

(517) 543-6400
(616) 233-0500 / rmcgrath@lambert-edwards.com