MIAMI--(BUSINESS WIRE)--
Ryder System, Inc. (NYSE: R), a leader in commercial fleet
management, dedicated
transportation, and supply
chain solutions, announced that its Board of Directors has
authorized a new share repurchase program to mitigate the dilutive
impact of shares issued under the Company's employee stock plans. The
Company expects to begin purchasing shares under the program during the
second half of 2016. The new program replaces the Company’s previous
anti-dilutive program, which expired in December 2015.
Under the new anti-dilutive program, Ryder management is authorized to
repurchase up to two million shares of common stock in an amount not to
exceed 1.5 million shares issued to employees under the Company’s
employee stock plans from December 1, 2015 through December 9, 2017,
plus 0.5 million shares issued previously to employees that were not
repurchased under the expired 2013 share repurchase program. 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 December 31, 2015, the Company had 53.5 million shares of common
stock outstanding.
Robert Sanchez, Ryder’s Chairman and Chief Executive Officer, said, “At
the beginning of 2015, 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 anticipate resuming share repurchases during
the second half of 2016 to address the dilutive impact of shares issued
under the Company’s employee stock plans.”
About Ryder
Ryder is a FORTUNE 500® commercial fleet management, dedicated
transportation, and supply chain solutions company. Ryder’s stock
(NYSE:R) is a component of the Dow Jones Transportation Average and the
Standard & Poor’s 500 Index. Ryder has been named among FORTUNE’s
World’s Most Admired Companies, and has been recognized for its
industry-leading practices in third-party logistics,
environmentally-friendly fleet and supply chain solutions, and
world-class safety and security programs. The Company 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,
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and YouTube.
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 our plans to resume the program and its
anti-dilutive impact, 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160202005214/en/
Source: Ryder System, Inc.