LSTR: Landstar Buries Good News
On Friday afternoon, Small Cap Watch List (Track at Marketocracy) and Mid Cap Watch List (Track at Marketocracy) member Landstar (LSTR - Annual Report) issued good news in an 8K filing:
On June 8, 2007, the Federal Aviation Administration (the “FAA”) exercised its option to extend the term of its existing contract with Landstar Express America, Inc. (”LEA”), a subsidiary of Landstar System, Inc., pursuant to which LEA provides transportation services for the FAA (the “FAA Contract”), through December 31, 2007, and LEA and the FAA entered into an amendment to the FAA Contract to that effect.
Friday afternoon filings are typically used when companies issue filings they’d rather investors didn’t look at. Yet Landstar’s FAA contract to provide emergency support services (typically after hurricanes) has been a major contributor to the company’s performance in some years. Losing the contract would have been viewed as disappointing.
I guess sometimes things get filed on Friday afternoon because that’s when they happened.
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