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| Spartan Motors Authorizes Stock Repurchase |
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CHARLOTTE, Mich., PRNewswire-FirstCall/ -- Spartan Motors, Inc. today announced it has received authorization from its board of directors to repurchase up to 1 million shares, or approximately 3 percent of its outstanding common stock.
The Charlotte, Mich.-based manufacturer of custom motorhome chassis, fire truck chassis and emergency-rescue vehicles reported its board of directors approved the buyback to allow the Company to purchase common stock in open-market transactions over the next 12 months. Spartan Motors reported 32.95 million shares of common stock outstanding as of June 30, 2007.
"This move underscores the board's confidence in the underlying value of Spartan Motors and our significant long-term earnings potential," said John Sztykiel, president and CEO of Spartan Motors. "We believe our stock is undervalued based on our record second quarter results and backlog, coupled with our momentum in our specialty and military business, and we view this buy back as a great investment in driving shareholder value."
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Source : http://www.automotive.com
(7/26/2007)
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