Landstar Announces Special Dividend
December 09 2020 - 4:05PM
Landstar System, Inc. (NASDAQ-LSTR), a worldwide, asset-light
provider of integrated transportation management solutions
delivering safe, specialized transportation logistics services,
announced that on December 8, 2020, its Board of Directors declared
a special one-time cash dividend in the amount of $2.00 per share,
payable on January 22, 2021, to stockholders of record as of the
close of business on January 8, 2021.
As previously reported, as of September 26,
2020, the Company had $258 million in cash and short term
investments and $216 million available for borrowings under the
Company’s senior credit facility.
“Landstar’s strong balance sheet and free cash
flow generation enables us to continue to return value to our
stockholders through a special dividend,” said Landstar President
and Chief Executive Officer Jim Gattoni. “Since January 1997, after
paying this special dividend, the Company will have returned a
total of approximately $2.3 billion to its stockholders through
dividends and its long-standing stock purchase program. The Company
intends to continue to use its available free cash flow to purchase
its stock under its stock purchase program."
About Landstar: Landstar System,
Inc. is a worldwide, asset-light provider of integrated
transportation management solutions delivering safe, specialized
transportation services to a broad range of customers utilizing a
network of agents, third-party capacity providers and employees.
Landstar transportation services companies are certified to ISO
9001:2015 quality management system standards and RC14001:2015
environmental, health, safety and security management system
standards. Landstar System, Inc. is headquartered in Jacksonville,
Florida. Its common stock trades on The NASDAQ Stock Market® under
the symbol LSTR.
The following is a “safe harbor”
statement under the Private Securities Litigation Reform Act of
1995: Statements contained in this press release that are
not based on historical facts are “forward-looking statements”.
This press release contains forward-looking statements, such as
statements which relate to Landstar’s business objectives, plans,
strategies and expectations. Terms such as “anticipates,”
“believes,” “estimates,” “intention,” “expects,” “plans,”
“predicts,” “may,” “should,” “could,” “will,” the negative thereof
and similar expressions are intended to identify forward-looking
statements. Such statements are by nature subject to uncertainties
and risks, including but not limited to: the impact of the
coronavirus (COVID-19) pandemic; an increase in the frequency or
severity of accidents or other claims; unfavorable development of
existing accident claims; dependence on third party insurance
companies; dependence on independent commission sales agents;
dependence on third party capacity providers; decreased demand for
transportation services; U.S. foreign trade relationships;
substantial industry competition; disruptions or failures in the
Company’s computer systems; cyber and other information security
incidents; dependence on key vendors; changes in fuel taxes; status
of independent contractors; regulatory and legislative changes;
regulations focused on diesel emissions and other air quality
matters; catastrophic loss of a Company facility; intellectual
property; unclaimed property; and other operational, financial or
legal risks or uncertainties detailed in Landstar’s Form 10K for
the 2019 fiscal year, described in Item 1A Risk Factors, and in
other SEC filings from time to time. These risks and uncertainties
could cause actual results or events to differ materially from
historical results or those anticipated. Investors should not place
undue reliance on such forward-looking statements, and the Company
undertakes no obligation to publicly update or revise any
forward-looking statements.
Contact:
Jim Gattoni
Landstar System, Inc.
www.landstar.com
904-398-9400
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