Ryder System, Inc. Provides Goodwill Update and Affirms Second Quarter 2002 Forecast

    MIAMI--June 20, 2002--Ryder System, Inc. , a global leader in transportation management and supply chain solutions, today announced it has completed adoption of Statement of Financial Accounting Standards (FAS) No. 142, "Goodwill and Other Intangible Assets," and will record a non-cash goodwill impairment charge of approximately $19 million associated with the Asian operations of its Supply Chain Solutions business segment. The charge resulted from application of the new impairment methodology prescribed by FAS No. 142 and will have no effect on the Company's operations, second quarter results or forecast. The Company has now completed its review of all existing goodwill totaling $168 million, and as previously stated, no additional impairment charges are required. The charge will be reflected as a cumulative effect of a change in accounting principle effective January 1, 2002.
    The Company emphasized that the goodwill impairment charge associated with its Asian operations is due to the implementation of the new accounting standard. The Company is committed to serving customers' needs throughout North America (including Canada and Mexico) and in key international markets including Asia, Europe and Latin America. Ryder views these as strategic markets in which it plans to continue to develop its human resources, standardize its global processes and deploy leading-edge technologies in support of the global operating needs of its customers.
    The Company also affirmed its earnings forecast for the second quarter ending June 30, 2002 which is anticipated to be in the range of $0.41 to $0.43 per diluted share, as previously discussed in its first quarter earnings press release.
    Further information will be provided during the Company's second quarter earnings conference call scheduled for Wednesday, July 24 at 11:00 a.m. The call may be accessed via the Company's website http://www.ryder.com.

    Note: Certain statements and information included in this release are "forward-looking statements" under the Federal Private Securities Litigation Reform Act of 1995. Accordingly, we advise that these forward-looking statements be evaluated with consideration given to the many uncertainties inherent in our business that could cause actual results and events to differ materially from those in the forward-looking statements. Important factors that could cause such differences include, among others, the competitive pricing environment applicable to the Company's businesses, customer retention levels, changes in customers' business environments, changes in market conditions affecting the sale of used vehicles, greater than expected expenses associated with the Company's activities and changes in general economic conditions.