Landstar Announces Increase to Stock Purchase Program and Special Dividend
December 05 2023 - 8:15AM
Landstar System, Inc. (NASDAQ-LSTR), a technology-enabled,
asset-light provider of integrated transportation management
solutions delivering safe, specialized transportation logistics
services, announced that on December 4, 2023, 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 319,332 shares of Landstar
System common stock in addition to the remaining capacity under the
existing authorization to purchase 2,680,668 shares.
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 19, 2024, to stockholders of record
as of the close of business on January 3, 2024.
“Landstar’s strong balance sheet and free cash
flow generation enable us to continue to return value to our
stockholders,” said Landstar President and Chief Executive Officer
Jim Gattoni. “The Company purchased a total of 319,332 shares of
its common stock at an aggregate cost of approximately $53.9
million during the first 11 months of its 2023 fiscal year. The
Company also returned $117.1 million to stockholders in the form of
cash dividends paid on shares of its common stock during the 2023
fiscal year. As previously reported, as of September 30, 2023, the
Company had $497 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., a Fortune 500 company, is a 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 Russian conflict
with Ukraine on the operations of certain independent
commission sales agents, including the Company’s largest such agent
by revenue in the 2022 fiscal year; 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. trade relationships; substantial industry
competition; disruptions or failures in the Company’s computer
systems; cyber and other information security incidents; dependence
on key vendors; potential changes in taxes; status of independent
contractors; regulatory and legislative changes; regulations
focused on diesel emissions and other air quality matters;
intellectual property; and other operational, financial or legal
risks or uncertainties detailed in Landstar’s Form 10-K for the
2022 fiscal year, described in Item 1A Risk Factors, Landstar’s
Form 10-Q for the 2023 first fiscal quarter and Form 10-Q for the
2023 third fiscal quarter, in each case as 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 Todd
Landstar System, Inc.
www.landstar.com
904-398-9400
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