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): September 20, 2010
SPARTAN MOTORS, INC.
(Exact Name of Registrant as Specified in its Charter)
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Michigan (State or Other Jurisdiction of Incorporation) |
0-13611 (Commission File No.) |
38-2078923 (IRS Employer Identification No.) |
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1000 Reynolds Road, Charlotte, Michigan (Address of Principal Executive Offices) |
48813 (Zip Code) |
517-543-6400
(Registrant's Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if changed Since Last Report)
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:
£ Written communications pursuant to Rule 425 under the Section Act (17 CFR 230.425)
£ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a‑12)
£ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
£ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events
On September 20, 2010, Spartan Motors, Inc. issued a press release announcing the sale of substantially all of the assets of its subsidiary, Road Rescue, Inc., as described therein. A copy of the press release is attached to this Current Report as Exhibit 99.1.
The information in this Item 8.01 and the attached Exhibit 99.1 shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
99.1 Press release issued September 20, 2010
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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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Dated: September 20, 2010 |
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SPARTAN MOTORS, INC.
/s/ Joseph M. Nowicki By: Joseph M. Nowicki Its: Chief Financial Officer |
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Exhibit 99.1
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SPARTAN MOTORS, INC. |
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| 1000 REYNOLDS RD. - CHARLOTTE, MI 48813 - USA | ||
| TELEPHONE 517.543.6400 - FACSIMILE 517.543.5403 | ||
| WEB PAGE – WWW.SPARTANMOTORS.COM |
FOR IMMEDIATE RELEASE
Spartan Motors Sells Road Rescue Assets to
a Subsidiary of Allied Specialty Vehicles for $8 Million
CHARLOTTE, Mich., Sept. 20, 2010 – Spartan Motors, Inc. (NASDAQ: SPAR) today announced the sale of the assets of its Road Rescue ambulance business for $8 million. The purchaser, a subsidiary of Allied Specialty Vehicles, Inc., received substantially all of Road Rescue’s assets, including the trade names and intellectual property associated with the business. The transaction was effective today, Sept. 20, 2010.
John Sztykiel, President and CEO of Spartan Motors, said: “With this sale, we are delivering on the commitments we made when we announced our exit from the Road Rescue business. After weeks of hard work and negotiations, we are pleased to come to an agreement to sell the assets of Road Rescue to a company dedicated to the ambulance business. We can now look forward to what the future holds for Spartan Motors as we focus on Emergency Response and leverage the strengths of our two great brands, Crimson Fire and Spartan Chassis.”
Spartan Motors expects to record the sale in the third quarter with no material impact on its financials, pending final inventory and purchase price adjustments for working capital.
About Spartan Motors
Spartan Motors, Inc. (www.spartanmotors.com) designs, engineers and manufactures specialty chassis, specialty vehicles and truck bodies and aftermarket parts for the outdoor recreation/RV, emergency-response, defense, government services, and delivery and service markets. The Company’s brand names – Spartan™, Crimson Fire™, Crimson Fire Aerials™ and Utilimaster® – are known for quality, value, service and being the first to market with innovative products. The Company employs approximately 1,400 at facilities in Michigan, Pennsylvania, South Dakota, Indiana and Texas. Spartan reported sales of $430 million in 2009 and is focused on becoming a global leader in the manufacture of specialty vehicles and chassis.
This release contains forward-looking statements, including, without limitation, statements concerning our expectations regarding the sale of the Road Rescue business, our future plans and objectives, and the performance of our products. Forward looking statements are identifiable by words such as “believe,” “anticipate,” “will,” “sustain,” "expect," and “continue.” These forward-looking statements involve certain risks and uncertainties that ultimately may not prove to be accurate. For example, post-closing disputes could arise with the purchaser of the business and we may encounter unforeseen difficulties and challenges in pursuing our business objectives. In addition, technical and other complications may arise that could prevent the timely implementation of our plans or that may impact the expected outcome of those plans. As a result, actual results and future events coul d differ materially from those anticipated in such statements. 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 http://www.sec.gov). 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: | |
| Joseph Nowicki, CFO | Jeff Tryka, CFA |
| Spartan Motors, Inc. | Lambert, Edwards & Associates |
| (517) 543-6400 | (616) 233-0500 jtryka@lambert-edwards.com |
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