Newspaper article The Florida Times Union

Morning Briefs

Newspaper article The Florida Times Union

Morning Briefs

Article excerpt

LANDSTAR MAY SEE $160M IN KATRINA DOLLARS

Landstar System Inc. said Thursday in a filing with the Securities and Exchange Commission that it expects to recognize between $125 million and $160 million in revenue from emergency services related to Hurricane Katrina. Landstar has a contract with the U.S. Federal Aviation Administration to provide trucking support for disaster relief efforts.

The revenue will be recognized in the third and fourth quarters of this year and into 2006. The Jacksonville-based trucking company had already recognized about $22 million in revenue this year for disaster relief efforts not attributed to Katrina.

Mark Basch/The Times-Union

RAYONIER SPLITS STOCKS AND INCREASES DIVIDEND

Jacksonville-based Rayonier Inc. said its board of directors has approved a stock split in which shareholders will get three shares of Rayonier stock for every two they currently own. The additional shares will be distributed Oct. 17 to stockholders of record on Oct. 3.

"The stock split recognizes the appreciation in value of Rayonier's common shares since our last split in June 2003 and should further improve liquidity and trading volume," said Chairman and CEO Lee Nutter.

Rayonier also said its board approved 13.7 percent increase in its quarterly dividend to 47 cents a share, on a post-split basis. That dividend will be paid in December.

Mark Basch/The Times-Union

DELTA AIMS TO SLASH COSTS BY $1 BILLION ANNUALLY

Delta Air Lines Inc., the third-largest U.S. carrier, intends to cut $1 billion in annual costs by 2008 as part of its plan to reorganize under bankruptcy protection.

The cuts, which will come in addition to $5 billion in cost reductions already planned, will be made by lowering labor and retiree expenses, getting rid of less-efficient planes, outsourcing work to other companies, and cutting general administrative costs, the Atlanta-based company said in court papers filed in New York Wednesday. …

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