Landstar gets go-ahead to buy back more stock

The board of directors of Jacksonville FL-based Landstar System Inc, a non-asset-based transportation provider, has authorized the company to purchase as much as another 1,000,000 shares of its common stock.

Landstar currently has 15,931,000 shares of common stock outstanding. This new share purchase authorization, together with the 285,270 shares remaining to be purchased under a previous authorization, brings the total number of common stock authorized for repurchase to 1,285,270.

Since 1997, the firm has purchased more than 11 million shares of its common stock at an aggregate cost of about $244 million.

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