Key Developments For Spartan Motors Inc
Spartan Motors Inc (SPAR.O) (Nasdaq)
Spartan Motors, Inc. Announces Agreement To Acquire Utilimaster Corporation From John Hancock Life Insurance Company, Unit Of Manulife Financial Corporation
Spartan Motors, Inc. announced it has reached an agreement to acquire Utilimaster Corporation from John Hancock Life Insurance Company, a unit of Manulife Financial Corporation, in an all-cash transaction valued at approximately $45 million. Utilimaster is a dominant manufacturer of specialty vehicles made to customer specifications in the delivery and service market, including walk-in vans and hi-cube vans, as well as truck bodies. Under the terms of the purchase agreement, Spartan will pay $50 million in cash, less a net working capital adjustment. In addition, Spartan has agreed to pay contingent earn-out payments of up to $7 million based primarily on the Utilimaster operation exceeding revenue milestones. The acquisition will be financed with a combination of cash and debt with an expected closing date for the transaction of November 30, 2009.
Spartan Motors, Inc.'s Spartan Motors Chassis, Inc. Announces Ambulance Chassis Orders From Braun Industries
Spartan Motors Chassis, Inc., a subsidiary of Spartan Motors, Inc. announced several new orders from OEM Braun Industries for its FurionRT ambulance cab and chassis. The FurionRT cab-and-chassis is designed for maximum maneuverability and reliable performance with unrivaled power and payload for the Type I-Additional Duty ambulance market.
Spartan Motors, Inc.'s Spartan Motors Chassis, Inc. Secures Additional Contract From Fleetwood RV to Supply Custom Diesel Chassis
Spartan Motors Chassis, Inc., a subsidiary of Spartan Motors, Inc., announced Fleetwood RV, Inc., will begin offering its 2010 Fleetwood RV brand Class A motorhomes on Spartan's custom diesel chassis. The contract calls for the Charlotte, Mich.-based chassis manufacturer of recreational vehicles, fire trucks, defense and specialty vehicles to design, engineer and assemble chassis for integration with Fleetwood RV's coaches. Delivery of the custom chassis to Fleetwood RV is scheduled to begin in October 2009. In addition to this new Fleetwood RV brand opportunity, Spartan also supplies all the diesel chassis for Fleetwood RV's American Coach brand.
Spartan Motors, Inc. Reaffirms FY 2009 Outlook
Spartan Spartan Motors, Inc. announced that it continues to expect its consolidated fiscal 2009 results to be less than 2008 because of market and macro-economic conditions, as well as a year-over-year reduction in RV chassis and specialty vehicle sales for large-scale defense contracts. The Company reported EPS of $1.49, net profit of $48.71 million, EBIT of $74.71 million on revenues of $844.44 million in fiscal 2008. According to Reuters Estimates, analysts are expecting the Company to report EPS of $0.63, net profit of $20.57 million, EBIT of $32.32 million on revenues of $460.51 million for fiscal 2009.
Spartan Motors, Inc. Names Joseph M. Nowicki As CFO
Spartan Motors, Inc. announced that it has named Joseph M. Nowicki, C.P.A., as Chief Financial Officer (CFO). Nowicki succeeds James Knapp, who previously announced his retirement.
