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Landstar Announces Payment Of Dividend And Two New Board Members

Stocks in this article: LSTR

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 realā€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.

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