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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)
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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.
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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.
Dated: August 25, 1998 SPARTAN MOTORS, INC.
By /s/Richard J. Schalter
Richard J. Schalter
Secretary, Treasurer and Chief
Financial Officer
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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.
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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
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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.
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