May 15, 2003 Jacksonville, FL - Landstar System, Inc., a safety-first non-asset-based provider of transportation capacity, announced today that it has been authorized by its Board of Directors to purchase up to an additional 1,000,000 shares of its common stock from time to time in the open market and in privately negotiated transactions. This new share purchase authorization together with the 285,270 shares remaining to be purchased under a previous authorization brings the total number of common stock authorized to be repurchased to 1,285,270. Landstar currently has 15,931,000 shares of common stock outstanding.
Since 1997, the Company has purchased over 11 million shares of its common stock, adjusted to reflect the August 2002 two-for-one stock split, at an aggregate cost of approximately $244 million.
Landstar System, Inc. is a non-asset-based provider of transportation capacity delivering safe, specialized transportation services to a broad range of customers throughout North America. The company identifies and fulfills shippers' needs through the coordination of individual businesses comprised of independent sales agents, business capacity owners, and other transportation capacity providers. The term, business capacity owner, refers to Landstar's independent contractors who operate a small business and provide the equipment necessary to haul freight.
Landstar's carrier group is comprised of Landstar Gemini, Inc., Landstar Inway, Inc., Landstar Ligon, Inc. and Landstar Ranger, Inc. and delivers excellence in complete over-the-road transportation services. Landstar's multimodal group is comprised of Landstar Express America, Inc. and Landstar Logistics, Inc., provides expedited, contract logistics and intermodal transportation services. All Landstar operating companies are certified to ISO 9001: 2000 quality management system standards. Landstar System, Inc.'s common stock trades on The NASDAQ Stock Market® under the symbol LSTR.