Ryder System R, a leader in transportation and supply chain
management solutions, announced today that its Board of Directors has
authorized a new share repurchase program to mitigate the dilutive impact of
shares issued under the Company's various employee stock, stock option and
employee stock purchase plans. The Company expects to begin purchasing shares
under the program in early 2014.
Under the new anti-dilutive program, Ryder management is authorized to
repurchase shares of common stock in an amount not to exceed the number of
shares issued to employees under the Company's various employee stock, stock
option and employee stock purchase plans from December 1, 2013 through
December 31, 2015. The program limits aggregate share repurchases to no more
than two million shares of Ryder common stock. Share repurchases will be made
periodically in open-market transactions using the Company's working capital,
and are subject to market conditions, legal requirements and other factors. In
addition, management has been granted the authority to establish a trading
plan under Rule 10b5-1 of the Securities Exchange Act of 1934 as part of the
repurchase program. As of November 30, 2013, the Company had 53.1 million
shares of common stock outstanding.
Robert Sanchez, Ryder's Chairman and Chief Executive Officer, said, “At the
beginning of 2013, we temporarily ceased repurchasing shares under our
anti-dilutive repurchase program to manage our leverage and allow us to
maintain near-term balance sheet flexibility. Based on our current and
expected leverage, we believe it is appropriate to resume repurchasing shares
to address the dilution impact of shares issued under employee compensation
plans.”
About Ryder
Ryder is a FORTUNE 500® commercial transportation, logistics and supply chain
management solutions company. Ryder's stock R is a component of the Dow
Jones Transportation Average and the Standard & Poor's 500 Index. Inbound
Logistics magazine has recognized Ryder as a top third party logistics
provider and green supply chain partner. Ryder has also been ranked three
years in a row as one of the top 250 U.S. companies in the Newsweek Green
Rankings. In addition, Security Magazine has named Ryder one of the top
companies for security practices in the transportation, logistics, supply
chain, and warehousing sector. Ryder is a proud member of the American Red
Cross Disaster Responder Program, supporting national and local disaster
preparedness and response efforts. For more information, visit www.ryder.com
and follow us on Facebook, YouTube, and Twitter.
Note Regarding Forward-Looking Statements: Certain statements and information
included in this news release are "forward-looking statements" within the
meaning of the Federal Private Securities Litigation Reform Act of 1995. These
forward-looking statements, including those relating to the anti-dilutive
impact of the program, are based on our current plans and expectations and are
subject to risks, uncertainties and assumptions. Accordingly, these
forward-looking statements should be evaluated with consideration given to the
many risks and uncertainties that could cause actual results and events to
differ materially from those in the forward-looking statements including those
risks set forth in our periodic filings with the Securities and Exchange
Commission. New risks emerge from time to time. It is not possible for
management to predict all such risk factors or to assess the impact of such
risks on our business. Accordingly, we undertake no obligation to publicly
update or revise any forward-looking statements, whether as a result of new
information, future events, or otherwise.
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