UNITED STATES
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): March 10, 2005
SPARTAN MOTORS, INC.
(Exact name of registrant as
specified in its charter)
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Michigan |
0-13611 |
38-2078923 |
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1165 Reynolds Road |
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Registrant's telephone number,
including area code: (517) 543-6400
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 7.01 |
Regulation FD Disclosure |
On March 10, 2005, Spartan Motors, Inc. issued the press releases attached as Exhibits 99.1 and 99.2 to this Form 8-K, which are here incorporated by reference. This Report and the Exhibits are furnished to, and not filed with, the Commission.
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Item 9.01 |
Financial Statements and Exhibits. |
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(c) |
Exhibits: |
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99.1 |
Spartan Motors, Inc. Press Release dated March 10, 2005, regarding RV chassis production. This Exhibit is furnished to, and not filed with, the Commission. |
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99.2 |
Spartan Motors, Inc. Press Release dated March 10, 2005, regarding fire truck orders. This Exhibit is furnished to, and not filed with, the Commission. |
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.
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SPARTAN MOTORS, INC. |
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Dated: March 10, 2005 |
By /s/ James W. Knapp |
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James W. Knapp |
EXHIBIT INDEX
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Exhibit Number |
Document |
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99.1 |
Spartan Motors, Inc. Press Release dated March 10, 2005, regarding RV chassis production. This Exhibit is furnished to, and not filed with, the Commission. |
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99.2 |
Spartan Motors, Inc. Press Release dated March 10, 2005, regarding fire truck orders. This Exhibit is furnished to, and not filed with, the Commission. |
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
Spartan Motors Expects Decrease In Fleetwood RV Chassis Production
CHARLOTTE, Michigan, March 10, 2005 - Spartan Chassis, a subsidiary of Spartan Motors, Inc. (NASDAQ: SPAR), today announced that Fleetwood RV is not renewing Spartan's agreement to supply entry-level chassis for its 2006 model year products, which will result in the loss of certain Fleetwood business beginning in the third quarter of 2005.
As previously reported, Spartan was awarded the chassis business for Fleetwood's Providence, Excursion and Revolution 2005 models, which began production in August 2004. This business represented approximately 10.7 percent of Spartan's consolidated net sales in 2004. While this business will conclude, Spartan said it will continue to supply chassis for Fleetwood's highline motorhomes.
"While our products and service excellence continue to lead the industry, we could not meet the price demands for these entry-level chassis, and as a result, a portion of our RV chassis business with Fleetwood will end," said Richard Schalter, president of Spartan Chassis. "We are taking immediate steps to realign our cost structure to ensure we minimize the impact to our earnings when these Fleetwood models conclude. At the same time, we remain confident that we can achieve our target of better than 20 percent return on invested capital at Spartan Chassis in 2005."
About Spartan Motors
Spartan Motors, Inc. (www.spartanmotors.com) designs, engineers and manufactures custom chassis and vehicles for the recreational vehicle, fire truck, ambulance and emergency-rescue markets. The Company's brand names - SpartanTM, Crimson FireTM, Crimson Fire AerialsTM, and Road RescueTM - are known in their market niches for quality, value, service and being the first to market with innovative products. The Company employs approximately 900 at facilities in Michigan, Alabama, Pennsylvania, South Carolina, and South Dakota. Spartan Motors is publicly traded on The Nasdaq Stock Market under the ticker symbol SPAR.
The statements contained in this news release include certain predictions and projections that may be considered "forward-looking statements" under the securities laws. These forward-looking statements are identifiable by words or phrases indicating that the Company or management "expects," "believes" or is "confident" that a particular result "may" or "should" occur, that a particular item "bodes well," that the Company "looks forward" to a particular result, or similar statements. These statements involve many risks and uncertainties that could cause actual results to differ materially, including but not limited to economic, competitive, governmental and technological factors affecting the Company's operations, markets, products, services and prices. Accounting estimates are inherently forward-looking. Additional information about these and other factors that may adversely affect these forward-looking statem ents are contained in the Company's reports and filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements to reflect developments or information obtained after the date of this news release.
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CONTACT: |
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John Sztykiel, CEO, or Jim Knapp, CFO |
Jeff Lambert, Ryan McGrath |
EXHIBIT 99.2
FOR IMMEDIATE RELEASE
Spartan Chassis Posts Record Fire Truck Orders in February
Demand Driven by Outstanding Dealer and OEM Efforts
CHARLOTTE, Michigan, March 10, 2005 - Spartan Chassis, a subsidiary of Spartan Motors, Inc. (NASDAQ: SPAR), today announced it secured 100 orders in the month of February 2005 for its custom fire truck chassis. Based in Charlotte, Mich., Spartan Chassis is a leading developer and manufacturer of custom chassis for recreational vehicles and fire trucks.
Spartan Chassis said its record orders in February reflect the Company's ability to significantly grow market share over the last two years, thanks in large part to solid dealer and OEM support.
February's order activity spanned several OEMs and fire departments across the nation and included an order for 17 chassis placed by the State of Michigan and funded by the U.S. Department of Homeland Security. The completion of the units was contracted through Spencer Manufacturing, a South Haven, Mich.-based custom fire truck manufacturer.
The majority of the February orders will be delivered during the third and fourth quarters of 2005, positively impacting sales. The chassis orders included a broad range of Spartan products including its Gladiator and new Gladiator Evolution trucks.
"As an organization, Spartan Chassis has always been about innovation, customer service and quality," said Rich Schalter, president of Spartan Chassis. "This record month is a direct result of the effort put forth by our OEMs and our dealers, and validates the Spartan Chassis focus on strategic partnerships."
During the past two years OEMs have focused on implementing new technology to enhance both safety and performance. Spartan Chassis has supported that effort with innovations such as independent front suspension, full-color electronic display multiplex systems and the Seat Belt Sensor System™, which decreases firefighter deaths due to seat belt negligence. The Company has also encouraged dealers to provide customers with a single point of contact to more efficiently address service needs and offer support before, during and after orders have been placed.
"From the beginning, our focus has been on offering flexible designs to meet customer requirements," continued Schalter. "We design our products to the specific needs of each OEM and, in turn, each fire department, not the needs of the broader market. This approach allows us to remain customer-centric and provide comprehensive service and support."
"We are pleased about the momentum we're seeing in orders and bid activity and expect it to continue as we approach the FDIC Show in April, where we intend to showcase additional product features and technology."
About Spartan Chassis
Spartan Chassis, Inc. (www.spartanchassis.com) operates under Spartan Motors, Inc. and is a leading developer and manufacturer of custom chassis for recreational vehicles and fire trucks. The company has a reputation for high quality, value, service and being the first to market with innovative products. Spartan Motors is publicly traded in the NASDAQ Stock Market under the ticker symbol SPAR.
- more -
About Spartan Motors, Inc.
Spartan Motors, Inc. (www.spartanmotors.com) designs, engineers and manufactures custom chassis and vehicles for the recreational vehicle, fire truck, ambulance and emergency-rescue markets. The Company's brand names - SpartanTM, Crimson FireTM, Crimson Fire AerialsTM, and Road RescueTM - are known in their market niches for quality, value, service and being the first to market with innovative products. The Company employs approximately 900 at facilities in Michigan, Alabama, Pennsylvania, South Carolina, and South Dakota. Spartan Motors is publicly traded on The Nasdaq Stock Market under the ticker symbol SPAR.
The statements contained in this news release include certain predictions and projections that may be considered "forward-looking statements" under the securities laws. These forward-looking statements are identifiable by words or phrases indicating that the Company or management "expects," "believes" or is "confident" that a particular result "may" or "should" occur, that a particular item "bodes well," that the Company "looks forward" to a particular result, or similar statements. These statements involve many risks and uncertainties that could cause actual results to differ materially, including but not limited to economic, competitive, governmental and technological factors affecting the Company's operations, markets, products, services and prices. Accounting estimates are inherently forward-looking. Additional information about these and other factors that may adversely affect these forward-looking statem ents are contained in the Company's reports and filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements to reflect developments or information obtained after the date of this news release.
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CONTACT: |
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Jeff Lambert, Eric Lubbers |
Elena M. Younger, Marketing and Public Relations |