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Today Ryder System, Inc.y that revenue from continuing operations increased 7 percent to $1.26 billion for the three months ended September 30, 1999, up from $1.18 billion in the comparable period last year. Revenue also increased 7 percent to $3.63 billion in the first nine months of 1999, up from $3.40 billion in 1998.

The Company's previously announced sale of Ryder Public Transportation Services (RPTS) generated an after-tax gain of $335.4 million, or $4.83 a diluted share. RPTS, which included contractual school bus services, was sold to FirstGroup plc for $940 million in cash, yielding approximately $670 million in after-tax net proceeds. "Ryder has a stronger balance sheet as a result of the RPTS sale and net proceeds are being used to reduce Company debt and repurchase shares of Ryder stock," stated Ryder Chairman and Chief Executive Officer, M. Anthony Burns. As a result of the sale, 1999 and 1998 results have been restated to reflect RPTS as a discontinued operation.

Earnings from continuing operations in the third quarter were $35.1 million, or $0.51 a diluted share, compared with $40.5 million, or $0.55 a diluted share in the same period of 1998. Excluding unusual items, earnings from continuing operations in the third quarter of 1999 totaled $38.1 million, or $0.55 a diluted share, compared with $47.2 million, or $0.64 a diluted share in 1998.


To see the press release click the blue "news" link after the company name at the top of this page.

Stay Foolish and prosper,

Spirit
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