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Diesel-pusher motorhome chassis and emergency/rescue vehicle manufacturer Spartan Motors Inc. is confident enough about the future of its two core markets that the Charlotte, Mich., firm will begin paying a regular cash dividend next year.
Additionally, Spartan, a Nasdaq-traded firm, today (Oct. 8) declared a 6 cents-per-share cash dividend payable Nov. 25 to shareholders of record as the close of business on Oct. 25.
In June, Spartan also paid a special dividend of 10 cents a share, but beginning in 2003, the company will begin paying a regular dividend twice a year.
Spartan’s regular cash dividend will be paid during the second quarter of 2003 and the payout rates and record/issue dates for the regular dividend will be revealed early next year, the company announced.
“Spartan’s performance over the last two years has enabled us to eliminate long-term debt, improve operations and quality and put the company in a strong position for continued growth,” CEO John Sztykiel said. “The (Spartan) board’s decision to increase distributions to shareholders reflects its confidence in the future as well as the continued commitment to provide substantive value to shareholders.
“We remain optimistic about the balance of 2002 and continue to focus on generating income and building long-term value,” Sztykiel continued. “We are confident our core markets will grow over the next decade given the demographic trends (impacting the motorhome business) and municipal needs in emergency/rescue.”
Spartan intends to “outpace growth in these markets and build our market share by sharpening our focus on customer service and stepping up our development of custom vehicles in order to become the most desired brand and the lowest total cost producer in our market niches,” Sztykiel added.