Landstar System (LSTR) declared a special one-time cash dividend in the amount of $2.00 per share, payable on January 22, 2021, to stockholders of record as of the close of business on January 8, 2021.

As previously reported, as of September 26, 2020, the Company had $258 million in cash and short term investments and $216 million available for borrowings under the Company’s senior credit facility.

“Landstar’s strong balance sheet and free cash flow generation enables us to continue to return value to our stockholders through a special dividend,” said Landstar President and Chief Executive Officer Jim Gattoni. “Since January 1997, after paying this special dividend, the Company will have returned a total of approximately $2.3 billion to its stockholders through dividends and its long-standing stock purchase program. The Company intends to continue to use its available free cash flow to purchase its stock under its stock purchase program."

Landstar System, Inc. is an asset-light provider of integrated transportation management solutions. The company offers services to its customers across multiple transportation modes, with the ability to arrange for individual shipments of freight to enterprise-wide solutions to manage all of a customer’s transportation needs. Landstar provides services principally throughout the United States and to a lesser extent in Canada and Mexico, and between the United States and Canada, Mexico and other countries around the world. Landstar markets its integrated transportation management solutions primarily through independent commission sales agents and exclusively utilizes third party capacity providers to transport customers’ freight. Landstar System, Inc. was incorporated in January 1991 and is headquartered in Jacksonville, Florida. The company has paid a dividend to shareholders every year since 2005.