- KPMG to Continue as Company's Auditor for 2005 -
MIAMI, Sept. 26 /PRNewswire-FirstCall/ -- Ryder System, Inc. (NYSE: R)
announced today that it has appointed PricewaterhouseCoopers LLP (PwC) to
serve as the Company's independent auditor effective for the fiscal year
beginning January 1, 2006. PwC replaces KPMG LLP (KPMG) which will be
retained to complete the fiscal year 2005 audit.
In early 2005, the Company's Audit Committee decided, in accordance with
good corporate governance practices, to undertake a thorough assessment of
each of the four major accounting firms prior to selecting an auditor for
2006. After conducting an extensive evaluation process, the Audit Committee
selected PwC based on the firm's audit approach, reputation, transportation
expertise and competitive pricing. The change was not the result of any
disagreement between the Company and KPMG on any matter of accounting
principles or practices, financial statement disclosure, or auditing scope or
procedure.
"The Audit Committee is pleased with the results of the evaluation process
and the selection of PwC as the Company's auditor for 2006. Ryder has had a
long and very satisfying audit relationship with KPMG and we want to thank
them for their service to the Company over the years," stated Gene Renna, the
Chair of Ryder's Audit Committee.
Tracy Leinbach, Ryder's Chief Financial Officer, said, "I look forward to
working with PwC in the upcoming months as they transition into their new
position." Ms. Leinbach, who previously announced her intent to retire from
the Company during the first quarter of 2006 to pursue personal endeavors,
will continue as CFO through the close of the 2005 fiscal year and is
committed to overseeing the transition process as PwC prepares to assume
auditor responsibilities.
About Ryder
Ryder is a Fortune 500 company providing leading-edge transportation,
logistics and supply chain management solutions worldwide. Ryder's stock
(NYSE: R) is a component of the Dow Jones Transportation Average and the
Standard & Poor's 500 Index. For more information about Ryder System, Inc.,
visit http://www.ryder.com .
Note Regarding Forward-Looking Statements: Certain statements and
information included in this presentation 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 segment,
the possibility that changes in customers' business environments 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, increased competition from vehicle manufacturers and large service
providers, higher borrowing costs and possible decreases in available funding
sources caused by adverse changes in debt ratings, changes in accounting
assumptions, adequacy of accounting accruals, changes in general economic
conditions, availability of heavy- and medium-duty vehicles, increases in fuel
prices, availability of qualified drivers, the Company's ability to create
operating synergies in connection with its acquisitions, our ability to manage
our cost structure and changes in government regulations, including
regulations regarding vehicle emissions, drivers' hours of service and
security regulations issued by the Department of Homeland Security. 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 the Company's business. Accordingly, the Company
undertakes 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
Investor Relations, Bob Brunn, +1-305-500-4053, both of Ryder
Systems
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