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):
October 21, 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
Exhibit 99.1 - Heartland Express, Inc. press release dated October 21, 2003
with respect to the Company's financial results for the quarter ended September
30, 2003.
Item 12. Results of Operations and Financial Condition.
On October 21, 2003, Heartland Express, Inc. announced its financial
results for the quarter ended September 30, 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 behalf by the undersigned
thereunto duly authorized.
HEARTLAND EXPRESS, INC.
Date: October 22, 2003 BY: /s/ John P. Cosaert
-----------------------
JOHN P. COSAERT
Vice-President
Finance and Treasurer
Exhibit No. 99.1
Tuesday, October 21, 2003, For Immediate Release
Press Release
Heartland Express, Inc. Reports Revenues and Earnings for the Third Quarter of
2003.
CORALVILLE, IOWA - October 21, 2003 - Heartland Express, Inc. (Nasdaq: HTLD)
announced today financial results for the third quarter ended September 30,
2003. Gross revenues for the quarter increased 14.6% to $104.5 million from
$91.1 million in the third quarter of 2002. Net income increased 30.9% to $14.5
million from $11.1 million in the 2002 period. This is our tenth consecutive
quarter of reporting year-over-year growth of revenues and net income. Basic
earnings per share were $0.29 compared to $0.22 for the third quarter of 2002.
For the nine months, revenue increased 21.4% to $302.1 from $248.8 during the
same period in 2002. Net income increased 20.7% to $38.2 million from $31.6
million in the 2002 period. Basic earnings per share were $0.76 compared with
$0.63 for the 2002 period.
For the quarter, Heartland Express, Inc. posted an operating ratio (operating
expenses as a percentage of gross revenues) of 79.4% and a 13.9% net margin. The
Company ended the nine months ended September 30, 2003 with an operating ratio
of 81.3% and a 12.6% net margin.
The Company ended the third quarter with cash, cash equivalents, and investments
of $186.5 million, a $32.6 million increase from the $153.9 million reported on
December 31, 2002. The Company's balance sheet continues to be debt-free.
During the quarter, Heartland Express declared its first ever cash dividend. The
quarterly dividend rate is $0.02 per share with the first dividend paid on
October 2, 2003.
This past week Heartland Express was named to the Forbes magazine list of the
"200 Best Small Companies in America." The Company has achieved this ranking
twelve times in the past seventeen years.
This press release may contain statements that might be considered as
forward-looking statements or predictions of future operations. Such statements
are based on management's belief or interpretation of information currently
available. These statements and assumptions involve certain risks and
uncertainties. Actual events may differ from these expectations as specified
from time to time in filings with the Securities and Exchange Commission.
Contact: Heartland Express, Inc.
John Cosaert
319-545-2728
HEARTLAND EXPRESS, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Three months ended Nine months ended
September 30, September 30,
2003 2002 2003 2002
OPERATING REVENUE ...............................$ 104,460,615 $ 91,123,367 $ 302,100,139 $ 248,753,449
------------- ------------- ------------- -------------
OPERATING EXPENSES:
Salaries, wages, benefits ....................$ 34,949,275 $ 29,341,346 $ 102,452,186 $ 78,931,009
Rent and purchased transportation ............ 12,090,171 17,170,890 39,194,285 48,834,154
Operations and maintenance ................... 19,094,695 14,921,425 56,546,521 40,000,709
Taxes and licenses............................ 2,265,221 1,953,378 6,263,920 5,249,886
Insurance and claims ......................... 3,384,300 2,526,170 9,919,671 7,263,313
Communications and utilities ................. 946,331 911,176 2,763,214 2,240,502
Depreciation ................................. 7,139,016 5,666,127 19,433,000 14,027,837
Other operating expenses ..................... 3,080,052 2,460,928 9,185,983 6,251,675
(Gain) loss on disposal of
fixed assets ............................... 23,802 42,457 (6,969) 148,463
------------- ------------- ------------- -------------
$ 82,972,863 $ 74,993,897 $ 245,751,811 $ 202,947,548
------------- ------------- ------------- -------------
Operating income ........................ $ 21,487,752 $ 16,129,470 $ 56,348,328 $ 45,805,901
Interest income ............................. 470,972 648,359 1,501,993 2,128,631
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Income before income taxes .................. $ 21,958,724 $ 16,777,829 $ 57,850,321 $ 47,934,532
Federal and state income taxes .............. 7,465,967 5,704,463 19,669,108 16,297,741
------------- ------------- ------------- -------------
Net income .................................. $ 14,492,757 $ 11,073,366 $ 38,181,213 $ 31,636,791
============= ============= ============= =============
Earnings per common share:
Basic earnings per share ................ $ 0.29 $ 0.22 $ 0.76 $ 0.63
============= ============= ============= =============
Basic weighted average shares
outstanding ................................. 50,000,000 50,000,000 50,000,000 50,000,000
============= ============= ============= =============
HEARTLAND EXPRESS, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
September 30, December 31,
2003 2002
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(unaudited)
CURRENT ASSETS
Cash and short term investments ............ $ 186,497,073 $ 153,861,422
Trade receivables .......................... 37,599,129 33,012,394
Prepaid tires .............................. 2,890,810 4,757,850
Deferred income taxes ...................... 23,760,000 21,134,000
Other current assets ....................... 2,805,209 620,344
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Total current assets .................... $ 253,552,221 $ 213,386,010
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PROPERTY AND EQUIPMENT ....................... $ 227,886,599 $ 191,116,893
Less accumulated depreciation .............. 55,923,089 39,715,307
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$ 171,963,510 $ 151,401,586
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OTHER ASSETS ............................... $ 8,929,116 $ 8,320,593
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$ 434,444,847 $ 373,108,189
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable & accrued liabilities ..... $ 11,729,106 $ 8,632,810
Accrued expenses ........................... 59,987,318 52,386,322
Income taxes payable........................ 11,977,132 6,070,318
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Total current liabilities ............... $ 83,693,556 $ 67,089,450
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DEFERRED INCOME TAXES ........................ $ 36,341,000 $ 30,089,000
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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 .......................... 306,670,184 268,488,971
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$ 315,773,946 $ 277,592,733
Less unearned compensation ................. (1,363,655) (1,662,994)
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$ 314,410,291 $ 275,929,739
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$ 434,444,847 $ 373,108,189
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END OF REPORT