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Ryder Board of Directors Authorizes Program to Repurchase Two Million Shares |
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Ryder System, Inc. (NYSE: R), a global leader in transportation and supply chain management solutions, announced 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.
Source: Press Release
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