MIAMI, May 8 /PRNewswire-FirstCall/ -- Ryder System, Inc. (NYSE: R), a
global leader in transportation and supply chain management solutions,
announced today that its Board of Directors has authorized a share
repurchase program to mitigate the dilutive impact of shares issued under
the Company's various employee stock option and employee stock purchase
plans.
Under the two-year 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
option and employee stock purchase plans since March 1, 2006. As of April
30, 2006, this amount was approximately 0.4 million shares. 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 April 30, 2006, the Company had 61.2 million
shares of common stock outstanding.
About Ryder
Ryder provides leading-edge transportation, logistics and supply chain
management solutions worldwide. Ryder's product offerings range from full
service leasing, commercial rental and programmed maintenance of vehicles
to integrated services such as dedicated contract carriage and carrier
management. Additionally, Ryder offers comprehensive supply chain
solutions, consulting, lead logistics management services and e-Business
solutions that support customers' entire supply chains, from inbound raw
materials and parts through distribution and delivery of finished goods.
Ryder serves customer needs throughout North America, Latin America, Europe
and Asia.
The National Safety Council selected Ryder as the first transportation
company to receive the Green Cross for Safety Medal -- its highest honor --
for exemplary commitment to workplace safety and corporate citizenship. For
the eighth consecutive year, Ryder has been named a top five third-party
logistics provider by Inbound Logistics.
Ryder's stock is a component of the Dow Jones Transportation Average
and the Standard & Poor's 500 Index. Ryder ranks 375th on the Fortune 500
and 1,433rd on the Forbes Global 2000.
For more information on Ryder System, Inc., visit http://www.ryder.com.
Note Regarding Forward-Looking Statements: Certain statements and
information included in this press release are "forward-looking statements"
under the Federal Private Securities Litigation Reform Act of 1995.
Accordingly, these forward-looking statements should be evaluated with
consideration given to the many risks and uncertainties inherent in our
business that could cause actual results and events to differ materially
from those in the forward-looking statements. Important factors that could
cause such differences include, among others, our ability to obtain
adequate profit margins for our services, our inability to maintain current
pricing levels due to customer acceptance or competition, customer
retention levels, unexpected volume declines, loss of key customers in the
Supply Chain Solutions (SCS) business segment, our failure to successfully
implement new growth initiatives in our FMS business segment, unexpected
reserves or write-offs due to the deterioration of the credit worthiness or
bankruptcy of certain customers in our SCS business segment, changes in
financial, tax or regulatory requirements or changes in customers' business
environments that will limit their ability to commit to long-term vehicle
leases, changes in market conditions affecting the commercial rental market
or the sale of used vehicles, labor strikes or work stoppages affecting our
or our customers' business operations, adequacy of accounting estimates and
accruals, changes in general economic conditions, sudden changes in fuel
prices, availability of qualified drivers, our ability to manage our cost
structure, changes in government regulations including regulations
regarding vehicle emissions and the risks described in our filings with the
Securities and Exchange Commission. The risks included here are not
exhaustive. New risks emerge from time to time and 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.
SOURCE Ryder System, Inc.
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Related links:
http://www.ryder.com
CONTACT:
Media, David Bruce, +1-305-500-4999, or
Investors, Bob Brunn, +1-305-500-4053, both of Ryder System
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