December 7, 2000 Jacksonville, FL - Landstar System, Inc. (NASDAQ: LSTR) announced today that it has been authorized by its Board of Directors to purchase up to an additional 500,000 shares of its common stock from time to time in the open market and in privately-negotiated transactions. Landstar currently has 8,480,533 shares of common stock outstanding.
Since 1997, the Company has repurchased 4,679,000 shares of its common stock at an average cost of $36.71 per share. In September of this year, the Company completed its previously authorized 1 million share buyback program.
In announcing the additional purchase authorization, Landstar's Chairman, President and Chief Executive Officer, Jeff Crowe said, "The Board of Directors authorized this new stock purchase program because it continues to believe the stock price is under valued and it advances the Company's long-term objective of maximizing shareholder value."
Landstar System, Inc. is headquartered in Jacksonville, Florida. The Landstar carrier group, comprised of Landstar Gemini, Inc., Landstar Inway, Inc., Landstar Ligon, Inc., and Landstar Ranger, Inc., delivers excellence in complete over-the-road transportation services. The Landstar multimodal group, comprised of Landstar Express America, Inc. and Landstar Logistics, Inc., delivers excellence in expedited, contract logistics and intermodal transportation services. All Landstar operating companies are certified to ISO 9002 quality management system standards. Landstar System, Inc.'s common stock trades on the NASDAQ Stock Market® under the symbol LSTR.