PR: Landstar announces special dividend

PRESS RELEASE 

JACKSONVILLE, Fla., Dec. 09, 2020 (GLOBE NEWSWIRE) — 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.”