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============================================================================== SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): August 18, 1998 SPARTAN MOTORS, INC. (Exact Name of Registrant as Specified in Charter) MICHIGAN 0-13611 38-2078923 (State or Other Jurisdic- (Commission (IRS Employer tion of Incorporation) File Number) Identification No.) 1000 REYNOLDS ROAD CHARLOTTE, MICHIGAN 48813 (Address of principal executive offices) (Zip Code) (517) 543-6400 (Registrant's telephone number, including area code) NOT APPLICABLE (Former name or former address, if changed since last report) ============================================================================== Item 5. OTHER EVENTS. On August 18, 1998, Carpenter Industries, Inc. announced that its shareholders tentatively agreed to a plan designed to restart production and allow Carpenter to continue to service its customers and dealers. Spartan Motors, Inc. (the "Company") has a one-third equity interest in Carpenter. A copy of the Carpenter press release is attached as Exhibit 99(b) to this Current Report. As reported in the Company's Form 10-Q filed with the Securities and Exchange Commission on August 14, 1998, the Company made equity investments in Carpenter in the first and second quarters of 1998 of $1,250,000 and $1,521,000. These amounts were written off to record the Company's share of Carpenter's net loss for the respective quarters. Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION, AND EXHIBITS. (c) The following documents are filed as exhibits to this report on Form 8-K: 99(a) Memorandum to Interested Investors and Media dated August 19, 1998. 99(b) Press Release dated August 18, 1998. [REMAINDER OF PAGE LEFT BLANK INTENTIONALLY] -2- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: August 25, 1998 SPARTAN MOTORS, INC. By /s/Richard J. Schalter Richard J. Schalter Secretary, Treasurer and Chief Financial Officer -3- EXHIBIT INDEX EXHIBIT NUMBER DOCUMENT 99(a) Memorandum to Interested Investors and Media dated August 19, 1998. 99(b) Press Release dated August 18, 1998.
EXHIBIT 99(a) [SPARTAN MOTORS LOGO] [SPARTAN LOGO] M E M O R A N D U M TO: Interested Investors and Media FROM: Spartan Motors, Inc. (NASDAQ:SPAR) DATE: August 19, 1998 RE: Spartan Motors' Affiliate Carpenter Industries, Inc. We wanted to inform shareholders of the current status of Spartan Motors' one-third-owned equity affiliate Carpenter Industries, Inc. As the attached release discusses, Carpenter's shareholders including Spartan Motors have agreed to pursue a plan that could help get Carpenter back on track. We, as shareholders, are asking for Carpenter's vendors and dealers to participate in this initiative and are hopeful the result will be resumed production and an improved financial condition at Carpenter. Though we remain optimistic, we also must be realistic. If Carpenter's vendors and dealers do not agree to participate in the restructuring plan satisfactory to Spartan, then Spartan will be forced to consider a termination of our participation in Carpenter Industries. If you have any follow-up quesstions, please call John Gaedert, Director of Corporate Communications at Spartan Motors, or Rich Schalter, CFO/Secretary Treasurer as Spartan Motors, Inc. at 517/543/6400 or Jeff Lambert at Seyferth & Associates, Inc. at 800/435/9539. We will continue to keep you informed of the status of Carpenter Industries. SPARTAN MOTORS, INC.-P.O. BOX 440-1000 REYNOLDS RD-CHARLOTTE, MI 48813-USA (517) 543-6400 - FAX (517) 543-7727
EXHIBIT 99(b) FOR IMMEDIATE RELEASE CONTACT: STEPHEN PLOPPER STEPHEN PLOPPER & ASSOCIATES (317) 822-0800 CARPENTER INDUSTRIES ANNOUNCES RESTRUCTURING PLAN RICHMOND, Indiana August 18, 1998 School bus and step van manufacturer Carpenter Industries, Inc. today announced that its shareholders have tentatively agreed to a plan, which would restart production and allow Carpenter to continue to service customers and dealers. "Carpenter's ownership has decided that for the Company to move forward, there must be dramatic changes in how the Company operates. In particular, Carpenter needs the support and involvement of its vendors and dealers to ensure the shareholders can implement their plan," said Carpenter Industries spokesman, Stephen Plopper, Counsel to the Company. Carpenter reported it would be talking with customers, parts vendors, and network of school bus dealers in the next few days to discuss the plan and the timeline for resuming operations. Carpenter's owners have conditioned their recapitalization of the Company on the success of negotations with its dealers and vendors. "We do not want to minimize our challenges," Plopper said. "All parties with a vested interest in Carpenter must make sacrifices to ensure Carpenter remains operational. However, we believe that with the help of our dealers and vendors, we could restart production as early as August 31, 1998. The shareholders are committeed to seeing Carpenter Industries succeed." Carpenter Industries, Inc. is a leading manufacturer of school buses and step vans. Based in Richmond, Indiana, Carpenter sells its products through a network of approximately 40 dealers. ###