Landstar System Inc., Jacksonville, Fla., has reported third quarter net income of $11.8 million, or $.76 per diluted share.

The third quarter included $3.2 million of costs to defend and settle the Gulf Bridge lawsuit. These costs reduced net income in the 2003 period by $2 million. Excluding the costs related to this litigation, net income was $13.9 million. Net income in the 2002 third quarter was $13.9 million.
Revenue was a record $406.8 million for the 13-week period, compared with $385.7 million for the same period last year.
Landstar's carrier group of companies generated $307.8 million of revenue in the 2003 third quarter compared with $298.9 million in the 2002 third quarter.
Net income for the nine-month period ended Sept. 27, 2003 was $35.6 million. The 2003 thirty-nine-week period included $4.2 million of costs to defend and settle the Gulf Bridge lawsuit. These reduced net income by $2.7 million. Excluding the costs related to this litigation, net income was $38.2 million, compared to $34.7 million in the 2002 nine-month period.
Revenue was $1,163 million in the 2003 thirty-nine-week period, compared to $1,113 million in the 2002 period.
Landstar also announced that its Board of Directors has declared a two-for-one stock split to be effected in the form of a 100% stock dividend.
Stockholders will receive one additional share for every share held on the record date for the stock-split, which is November 3, 2003.
"I am pleased with Landstar's 2003 third quarter performance," said Landstar Chairman and CEO, Jeff Crowe. "Revenue in the 2003 third quarter was the highest third quarter revenue amount in Landstar history. Overall, revenue increased 5.5% over the 2002 third quarter.
"Based upon the current operating environment, I currently believe Landstar will earn between $.85 to $.95 per diluted share for the fourth quarter."