8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): May 18, 2004

RYDER SYSTEM, INC.

(Exact name of registrant as specified in its charter)

Florida	1-4364	59-0739250
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)
3600 NW 82nd Avenue Miami, Florida		33166
(Address of Principal Executive Offices)		(Zip Code)

(305) 500-3726

(Registrant’s telephone number, including area code)

Item 5. Other Events and Required FD Disclosure

     On May 18, 2004, Ryder System, Inc. (the “Company”) announced that it had closed a new five-year $870 million global revolving credit facility. A copy of the press release is attached hereto as Exhibit 99.1.

Item 7. Financial Statements and Exhibits

     (c) Exhibits

99.1	Press Release dated May 18, 2004 announcing the closing of the Company’s new global revolving credit facility.
99.2	Press Release dated May 20, 2004 announcing the sale of the Company’s corporate headquarters facility.

Item 9. Regulation FD Disclosure

     On May 20, 2004, the Company announced that it had sold its corporate headquarters facility in Miami, Florida for $39 million in cash. The Company will lease the property back from the purchaser until Ryder’s new headquarters facility, also located in Miami, Florida, is completed in 2005. The Company also announced that as a result of the sale of the facility, it expects to realize a one-time gain in the second quarter of 2004 which was not included in the Company’s previously released 2004 earnings forecast. A copy of the press release is attached hereto as Exhibit 99.2.

     The information contained in Item 9 of this Report, including Exhibit 99.2, is being furnished pursuant to General Instruction B.2 to Form 8-K. Such information shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

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SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	RYDER SYSTEM, INC. (Registrant)
Date: May 20, 2004	By:	/s/ Tracy A. Leinbach
		Tracy A. Leinbach
		Executive Vice President and Chief Financial Officer

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EX-99.1

Exhibit 99.1

News Release

FOR IMMEDIATE RELEASE

Contacts:	Media:	Investor Relations:
	David Bruce	Bob Brunn
	(305) 500-4999	(305) 500-4053

RYDER COMPLETES NEW $870 MILLION
GLOBAL REVOLVING CREDIT AGREEMENT

     MIAMI, May 18, 2004 – Ryder System, Inc. (NYSE:R), a global leader in transportation and supply chain management solutions, today announced that it has closed a new five-year $870 million global revolving credit facility to support the Company’s U.S.-based borrowing programs as well as the ongoing liquidity needs of its international operations. The new five-year global revolving credit facility replaces an $860 million credit facility, $300 million of which was subject to renewal annually.

     “The combination of Ryder’s strong balance sheet, successful cost management and process improvement initiatives has enabled us to complete this favorable credit facility,” said Ryder Senior Vice President and Treasurer Dan Susik. “The five-year structure reflects the well-established relationships Ryder has with the banking community and will help ensure that we have the borrowing capacity and liquidity to support the future growth of our business.”

     The agreement includes a total of 13 global banks, including institutions based in the U.S., Belgium, Canada, France, Germany, Japan and the United Kingdom.

About Ryder

     Ryder provides leading-edge transportation, logistics, and supply chain management solutions worldwide. Ryder’s product offerings range from full-service leasing, commercial rental and programmed maintenance of vehicles to integrated

services such as dedicated contract carriage and carrier management. Additionally, Ryder offers comprehensive supply chain solutions, consulting, lead logistics management services and e-Business solutions that support customers’ entire supply chains, from inbound raw materials and parts through distribution and delivery of finished goods. Ryder serves customer needs throughout North America, in Latin America, Europe and Asia.

     The National Safety Council selected Ryder to receive the 2002 Green Cross for Safety Medal – its highest honor – for exemplary commitment to workplace safety and corporate citizenship. For the seventh consecutive year, Ryder was featured in the 2003 Fortune Most Admired Companies survey of corporate reputations. Ryder is ranked 87 in the InformationWeek 500 of leading business users of information technology in 2003. InternetWeek named Ryder as one of the top 100 U.S. companies for effectiveness in using the Internet to achieve tangible business benefits. For the sixth consecutive year, Ryder has been named a top three third-party logistics provider by Inbound Logistics. Ryder ranks 360th on the Fortune 500.

     Ryder’s 2003 revenue was $4.8 billion. Its stock is a component of the Dow Jones Transportation Average and the Standard & Poor’s 500 Index.

     For more information on Ryder System, Inc., visit www.ryder.com.

# # #

Note Regarding Forward Looking Statements: Certain statements and information included in this presentation 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, adverse changes in debt ratings, changes in accounting assumptions, greater than expected expenses associated with the Company’s activities, changes in general economic conditions, availability of equipment, the Company’s ability to create operating synergies in connection with its recent FMS acquisitions and changes in government regulations. The risks included here are not exhaustive. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impacts of such factors on the Company’s business. Accordingly, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

EX-99.2

Exhibit 99.2

News Release

FOR IMMEDIATE RELEASE

For information contact:	David Bruce 305/500-4999	Lisa Brumfield 305/500-3668
	David_Bruce@ryder.com	Lisa_Brumfield@ryder.com

RYDER COMPLETES SALE OF ITS CORPORATE HEADQUARTERS SITE

- Company Will Move to Smaller Nearby Facility in 2005 -

     MIAMI, May 20, 2004 – Ryder System, Inc. (NYSE: R), a global leader in transportation and supply chain management solutions, announced it has closed on the sale of its 400,000 square-foot, five-story corporate headquarters facility located on a 46.5-acre site at 3600 NW 82nd Avenue in Doral, Florida. Shoma Development Corp., a family-owned and operated South Florida community developer has purchased the property for $39 million in cash. The sale closed on May 18, 2004.

     Ryder will lease back the property from Shoma Development until Ryder’s new headquarters office is available in 2005. Ryder will downsize its headquarters to a 250,000 square-foot facility in the Beacon Station business park site, located within a few miles of Ryder’s existing facility. The new headquarters will be leased from Flagler Development Company. Beacon Station is a multi-use business park that, when fully completed, will consist of more than nine million square feet of commercial space including office, industrial and retail amenities.

     Ryder’s decision to sell its current facility and relocate to a smaller headquarters building arose from the Company’s need for a more cost-effective and efficient office space that reflects the business requirements of Ryder today and in the future.

     As a result of the sale of the property, Ryder expects to realize a one-time gain in the second quarter of 2004. This gain, which will be disclosed along with the Company’s financial results for the second quarter, was not included in Ryder’s previously released 2004 earnings forecast. Additionally, the outlook for Ryder’s business operations has not changed from the Company’s previously released forecast.

About Ryder

     Ryder is a Fortune 500 company providing leading-edge transportation, logistics and supply chain management solutions worldwide. Ryder’s stock (NYSE:R) is a component of the Dow Jones Transportation Average and the Standard & Poor’s 500 Index. For more information about Ryder System, Inc., visit www.ryder.com.

# # #

Note Regarding Forward Looking Statements: Certain statements and information included in this presentation 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, adverse changes in debt ratings, changes in accounting assumptions, greater than expected expenses associated with the Company’s activities, changes in general economic conditions, availability of equipment, the Company’s ability to create operating synergies in connection with its recent FMS acquisitions and changes in government regulations. The risks included here are not exhaustive. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impacts of such factors on the Company’s business. Accordingly, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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