Landstar plans to buy back more shares

Jacksonville, FL-based carrier Landstar System said it plans to start purchasing up to an additional two million shares of its common stock after a green light from its board of directors

Jacksonville, FL-based carrier Landstar System said it plans to start purchasing up to an additional two million shares of its common stock after a green light from its board of directors.

This move follows Landstar’s recently completed purchase of over 1.2 million shares of its stock during July and early August last year. This brings the total number of shares re-purchased during the 2006 fiscal year to over 2.5 million, said Henry Gerkens, the company’s president & CEO.

Since January 1997, Landstar has purchased more than 55 million shares of its common stock, adjusted to reflect all previous stock splits, at an aggregate cost of approximately $541 million.

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