Landstar Announces Increase to Stock Purchase Program and Special Dividend
December 08 2021 - 4:15PM
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 7, 2021, its Board of Directors
increased the number of shares of its common stock that the Company
is authorized to purchase under its stock purchase program to
3,000,000. The increase to the share purchase program reflects a
new authorization to purchase 1,912,824 shares of Landstar System
common stock in addition to the 1,087,176 shares remaining under
the prior purchase authorization.
The Company also announced that its Board has
declared a special one-time cash dividend in the amount of $2.00
per share, payable on January 21, 2022, to stockholders of record
as of the close of business on January 7, 2022.
“Landstar’s strong balance sheet and free cash
flow generation enables us to continue to return value to our
stockholders through a significant increase to our stock purchase
program coupled with a special dividend.” said Landstar President
and Chief Executive Officer Jim Gattoni. “As previously reported,
as of September 25, 2021, the Company had $267.2 million in cash
and short-term investments. 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, technology-enabled, 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.
Forward Looking Statements
Disclaimer: 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; 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 2020 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: Fred Pensotti
Landstar System, Inc.
www.landstar.com
904-398-9400
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