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TMCNet:  Landstar Declares Dividend

[December 11, 2012]

Landstar Declares Dividend

Dec 12, 2012 (Close-Up Media via COMTEX) -- Landstar System, 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.


According to a release, Landstar said that this dividend is intended to accelerate payment to 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, to stockholders of record as of the close of business on December 17.

The Company also announced the election of two new members of its Board of Directors, Homaira Akbari and Larry Thoele, effective January 1, 2013. Akbari, 51, most recently served as the President and Chief Executive Officer of Skybitz, Inc., a 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. Akbari has also held executive positions at a number of large corporations, including Microsoft, Thales and Liberty Media. Thoele, 62, served as a partner with KPMG LLP, an international accounting firm, from 1982 until his retirement from the firm in 2009. 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, the Company is authorized to purchase up to an additional 2,017,151 shares of its common stock under this program." Landstar System is a non-asset based provider of integrated supply chain solutions.

((Comments on this story may be sent to newsdesk@closeupmedia.com))

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