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NEWS RELEASE
Collins Industries, Inc. Contact: Kent Tyler
15 Compound Drive Vice President of Marketing
Hutchinson, Kansas 67502-4349 620-663-5551
For Immediate Release
August 3, 2005
Collins Industries, Inc. Announces Filing of Form 10-K and Declaration of
Quarterly Dividend
Hutchinson, Kan. - Collins Industries, Inc. (Pink Sheets: "COLL.PK"), today
announced it has filed with the Securities and Exchange Commission its Form 10-K
for the fiscal year ended October 31, 2004. This filing reflects the results of
an audit committee investigation of practices and procedures used to record
self-insured workers' compensation accruals in two states. The filing revises
previously reported 2004 operating results and restates Collins financial
statements for fiscal years 2003, 2002 and years prior to 2002. Today Collins
also filed Forms 10-Q for the first two fiscal quarters of 2005.
Donald Lynn Collins, President and CEO said, "We appreciate the efforts of our
Directors and our new CFO, Cletus Glasener, to thoroughly investigate this
matter." He further stated, "We are pleased to return our focus to the future
and to bringing quality specialty vehicles to our market place."
The Company also announced that it's Board of Directors has declared a quarterly
cash dividend of $.04 per share for holders of record on September 8, 2005,
payable September 15, 2005. The ex-dividend date will be September 2, 2005. The
Company has paid a quarterly cash dividend for the past 34 consecutive quarters,
exclusive of special dividends paid in 1998, 2000 and 2001.
The Board of Directors has indicated it would not immediately take steps to
re-list Collins' common stock on the NASDAQ National Market System. The common
stock of the Company will continue to trade on the Pink Sheets under the symbol
"COLL.PK." The Board of Directors is reviewing the current and future benefits
and burdens of the Company's status as reporting company under the Exchange Act
of 1934, including the alternatives for the trading of its common stock.
Collins Industries, Inc. is a leading manufacturer of ambulances (including
medical attack vehicles, rescue vehicles and fire emergency vehicles), North
America's largest producer of Type "A" small school buses, the nation's second
largest manufacturer of terminal trucks and a leader in the road construction
and industrial sweeper markets. Since 1971, the Company has grown to
approximately 1,000 employees in six plants comprising over one million combined
square feet of manufacturing space. The Company sells its products throughout
the United States and abroad.
This press release contains historical and forward-looking information. The
forward-looking statements are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. The Company believes the
assumptions underlying these forward-looking statements are reasonable; however,
any of the assumptions could be inaccurate, and therefore, actual results may
differ materially
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from those projected in the forward-looking statements due to certain risks and
uncertainties, including, but not limited to, the availability of key raw
materials, components and chassis, changes in funds budgeted by Federal, state
and local governments, changes in competition, various inventory risks due to
changes in market conditions, changes in product demand, substantial dependence
on third parties for product quality, interest rate fluctuations, adequate
direct labor pools, development of new products, changes in tax and other
governmental rules and regulations applicable to the Company, reliability and
timely fulfillment of orders and other risks as indicated in the Company's
filings with the Securities and Exchange Commission. The Company undertakes no
obligation to publicly release any revisions to any forward-looking statements
contained herein to reflect events or circumstances occurring after the date
released or to reflect the occurrence of unanticipated events.
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