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):
April 17, 2003
HEARTLAND EXPRESS, INC.
(Exact name of registrant as specified in its charter)
Commission File Number - 0-15087
NEVADA 93-0926999
(State of other Jurisdiction (IRS Employer ID No.)
of Incorporation)
2777 HEARTLAND DRIVE, CORALVILLE, IOWA 52241
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number (including area code): 319-545-2728
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit 99.1 - Heartland Express, Inc. press release dated April 17, 2003
with respect to the Company's financial results for the quarter ended March 31,
2003.
Item 9. Regulation FD Disclosure (Item 12, Results of Operations and Financial
Condition)
The following information is being furnished under Item 12 of Form 8-K
"Results of Operations and Financial Condition" and is included under this Item
9 in accordance with SEC Release No. 33-8216 (March 27, 2003).
On April 17, 2003, Heartland Express, Inc. announced its financial results
for the quarter ended March 31, 2003. The press release is attached as Exhibit
99.1 to this Form 8-K and is incorporated herein by reference.
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 thereunto duly authorized.
HEARTLAND EXPRESS, INC.
Date: April 17, 2003 BY: /s/ John P. Cosaert
-----------------------
JOHN P. COSAERT
Vice-President
Finance and Treasurer
Exhibit No. 99.1
Thursday, April 17, 2003, For Immediate Release
Press Release
Heartland Express, Inc. Reports Revenues and Earnings for the First Quarter of
2003.
CORALVILLE, IOWA - April 17, 2003 - Heartland Express, Inc. (Nasdaq: HTLD)
announced today financial results for the first quarter ended March 31, 2003.
Gross revenues for the quarter increased 29.4% to $94.8 million from $73.3
million in the first quarter of 2002. Net income increased 15.9% to $11.0
million from $9.5 million in the 2002 period. Basic earnings per share were
$0.22 compared to $0.19 for the first quarter of 2002. Gross revenues for the
first quarter of 2003 were increased by fuel surcharge revenues.
For the quarter, Heartland Express, Inc. posted an operating ratio (operating
expenses as a percentage of gross revenues) of 82.9% and an 11.7% net margin.
These operating results were achieved in spite of record high fuel prices,
adverse weather conditions in the East, and an uncertain economy.
The Company ended the first quarter with cash, cash equivalents, and investments
of $150.7 million, a $3.2 million decrease from the $153.9 million reported on
December 31, 2002. The Company's balance sheet continues to be debt-free.
During the quarter the Company acquired facilities in Columbus, Ohio and Olive
Branch, Mississippi. The acquisition of these facilities resulted from the
growth of our regional operations. The Columbus facility replaces our former
terminal location and positions us for continued growth in the East Central
region of the United States. The purchase of the Olive Branch location is a
result of our expansion into the Memphis, Tennessee and Southern United States
regional market.
The Company renegotiated its personal injury, property damage, and workers'
compensation insurance policies effective April 1, 2003. The Company's
self-insurance exposure increased to $2.0 million from $500,000 for each
occurrence involving personal injury or property damage. The Company's
self-insurance for workers' compensation continues to be a maximum of $500,000
per occurrence.
This press release may contain statements that might be considered as
forward-looking statements or predictions of future operations. Such statements
are based on management's belief or interpretation of information currently
available. These statements and assumptions involve certain risks and
uncertainties. Actual events may differ from these expectations as specified
from time to time in filings with the Securities and Exchange Commission.
Contact: Heartland Express, Inc.
John Cosaert
319-545-2728
HEARTLAND EXPRESS, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Three months ended
March 31,
2003 2002
------------ ------------
OPERATING REVENUE .............................. $ 94,839,735 $ 73,270,242
------------ ------------
OPERATING EXPENSES:
Salaries, wages, benefits .................... $ 32,312,307 $ 23,274,625
Rent and purchased transportation ............ 13,953,071 14,924,660
Operations and maintenance ................... 19,310,180 11,427,919
Taxes and licenses ........................... 1,873,406 1,607,108
Insurance and claims ......................... 2,370,993 1,842,075
Communications and utilities ................. 893,845 669,994
Depreciation ................................. 5,367,543 3,900,129
Other operating expenses ..................... 2,554,772 1,923,805
(Gain)/loss on disposal of fixed assets ...... (3,661) 6,616
------------ ------------
$ 78,632,456 $ 59,576,931
------------ ------------
Operating income ........................ $ 16,207,279 $ 13,693,311
Interest income .............................. 538,617 758,109
------------ ------------
Income before income taxes ................... $ 16,745,896 $ 14,451,420
Federal and state income taxes ............... 5,693,604 4,913,483
------------ ------------
Net income ................................... $ 11,052,292 $ 9,537,937
============ ============
Basic earnings per share ..................... $ 0.22 $ 0.19
============ ============
Basic weighted average shares
Outstanding .................................. 50,000,000 50,000,000
============ ============
HEARTLAND EXPRESS, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
March 31, December 31,
2003 2002
------------- -------------
(unaudited)
CURRENT ASSETS
Cash and short term investments ............ $ 150,702,250 $ 153,861,422
Trade receivables .......................... 36,747,277 33,012,394
Prepaid tires .............................. 4,369,630 4,757,850
Deferred income taxes ...................... 23,096,000 21,134,000
Other current assets ....................... 5,316,104 620,344
------------- -------------
Total current assets .................... $ 220,231,261 $ 213,386,010
------------- -------------
PROPERTY AND EQUIPMENT ....................... $ 215,764,221 $ 191,116,893
Less accumulated depreciation .............. 44,111,066 39,715,307
------------- -------------
$ 171,653,155 $ 151,401,586
------------- -------------
OTHER ASSETS ............................ $ 8,244,731 $ 8,320,593
------------- -------------
$ 400,129,147 $ 373,108,189
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable & accrued liabilities .... $ 11,399,482 $ 8,632,810
Accrued expenses .......................... 54,146,869 52,386,322
Income taxes payable....................... 14,423,985 6,070,318
------------- -------------
Total current liabilities ............... $ 79,970,336 $ 67,089,450
------------- -------------
DEFERRED INCOME TAXES ........................ $ 33,077,000 $ 30,089,000
------------- -------------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Capital stock: Common, $.01 par value;
authorized 395,000,000 shares; issued and
outstanding 50,000,000 .................... $ 500,000 $ 500,000
Additional paid-in capital................. 8,603,762 8,603,762
Retained earnings ......................... 279,541,263 268,488,971
------------- -------------
$ 288,645,025 $ 277,592,733
Less unearned compensation ................ (1,563,214) (1,662,994)
------------- -------------
$ 287,081,811 $ 275,929,739
------------- -------------
$ 400,129,147 $ 373,108,189
============= =============
END OF REPORT