Landstar Announces Payment Of Dividend And Two New Board Members
JACKSONVILLE, Fla., Dec. 6, 2012
JACKSONVILLE, Fla., Dec.6, 2012 /PRNewswire/ --Landstar System, Inc.
(NASDAQ: LSTR), a non-asset based provider of integrated supply chain
solutions delivering safe, specialized transportation and logistics services,
announced that its Board of Directors has declared a dividend of $0.50 per
share to holders of its common stock. Landstar stated that this dividend is
intended to accelerate payment to December 2012 of its anticipated quarterly
dividend payments that otherwise may have been paid during the 2013 and 2014
calendar years. Accordingly, the Company does not expect to announce
quarterly dividends with its quarterly earnings results for the fourth quarter
of fiscal 2012, the four quarters of fiscal 2013, or the first, second or
third quarters of fiscal 2014. The Company intends to reevaluate its dividend
policy in the fourth quarter of 2014.
This dividend will be paid on or about December 27, 2012 to stockholders of
record as of the close of business on December 17, 2012.
The Company also announced the election of two new members of its Board of
Directors, Homaira Akbari and Larry Thoele, effective January 1, 2013. Ms.
Akbari, 51, most recently served as the President and Chief Executive Officer
of Skybitz, Inc., a leading provider of remote asset tracking and security
solutions specializing in real‐time decision-making tools for companies with
unpowered assets such as tractor-trailers, intermodal containers and rail
cars, from October 2007 through 2012. Ms. Akbari has also held executive
positions at a number of large corporations, including Microsoft, Thales and
Liberty Media. Mr. Thoele, 62, served as a partner with KPMG LLP, an
international accounting firm, from 1982 until his retirement from the firm in
2009. Mr. Thoele's roles with KPMG included partner in charge of KPMG's North
Florida Audit Practice and Lead Partner in the firm's private equity practice.
"Landstar is very excited to announce the addition of these two new Directors
to our Board," said Landstar Chairman, President and Chief Executive Officer
Henry Gerkens. "In particular, Homaira's strong technology and industry
background and Larry's financial expertise will be very valuable as Landstar
moves forward. I look forward to working with each of them."
Continued Gerkens, "With respect to the dividend, we believe our stockholders
are best served by paying this dividend now given the anticipated increase in
the federal tax rate on dividends expected as of January 1st. Landstar
believes its financial strength enables us to pay this dividend while
maintaining the Company's strong balance sheet. The Company intends to
continue to use its available free cash flow to purchase its stock under its
stock purchase program and to continue to invest in the future growth of its
business. As of December 5, 2012, the Company is authorized to purchase up to
an additional 2,017,151 shares of its common stock under this program."
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, expectations and
intentions. Terms such as "anticipates," "believes," "estimates,"
"intention," "plans," "predicts," "may," "should," "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: an increase in the frequency or severity of
accidents or workers' compensation claims; unfavorable development of existing
claims; dependence on independent sales agents; dependence on third-party
capacity providers; disruptions or failures in our computer systems; a
downturn in domestic or international economic growth or growth in the
transportation sector; substantial industry competition; and other
operational, financial or legal risks or uncertainties detailed in Landstar's
Form 10K for the 2011 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 Landstar undertakes no obligation to publicly
update or revise any forward-looking statements.
Landstar System, Inc. is a non-asset based provider of integrated supply chain
solutions. Landstar delivers safe, specialized transportation and logistics
services to a broad range of customers worldwide utilizing a network of
agents, third-party capacity owners and employees. All Landstar
transportation services companies are certified to ISO 9001:2008 quality
management system standards and RC14001:2008 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.
SOURCE Landstar System, Inc.
Contact: Jim Gattoni, Landstar System, Inc., +1-904-398-9400, www.landstar.com
Press spacebar to pause and continue. Press esc to stop.