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 15, 2004
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 April 15, 2004
with respect to the Company's financial results for the quarter ended March 31,
2004.
Item 12. Results of Operations and Financial Condition.
On April 15, 2004, Heartland Express, Inc. announced its financial results
for the quarter ended March 31, 2004. 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: April 16, 2004 BY: /s/ John P. Cosaert
-----------------------
JOHN P. COSAERT
Vice-President
Finance and Treasurer
Exhibit No. 99.1
Thursday, April 15, 2004, For Immediate Release
Press Release
Heartland Express, Inc. Reports Revenues and Earnings for the First Quarter of
2004.
CORALVILLE, IOWA - April 15, 2004 - Heartland Express, Inc. (Nasdaq: HTLD)
announced today financial results for the first quarter ended March 31, 2004.
Gross revenues for the quarter increased 12.6% to $106.8 million from $94.8
million in the first quarter of 2003. Net income increased 18.7% to $13.1
million from $11.0 million in the 2003 period. Basic earnings per share were
$0.26 compared to $0.22 for the first quarter of 2003.
For the quarter, Heartland Express, Inc. posted an operating ratio (operating
expenses as a percentage of gross revenues) of 81.5% and a 12.3% net margin.
These operating results were achieved in spite of surging fuel prices. In
addition, the Company increased driver pay during the first quarter by $0.03 per
mile (incrementally over the three month period) in response to the continued
tightness in the market for qualified drivers. Also, our operations and safety
personnel expended efforts towards the management of federally mandated changes
to driver hours of service regulations. These efforts were primarily aimed at
the education of our customer and driver base to continue the level of service
for which we are known.
The Company ended the first quarter with cash, cash equivalents, and investments
of $221.8 million, a $19.4 million increase from the $202.4 million reported on
December 31, 2003. During the quarter the Company generated $25.6 million net
cash from operations, a 23.3% increase over the first quarter of 2003. The
Company's balance sheet continues to be debt-free. The Company expects to open
its newly acquired (December, 2003) Carlisle, Pennsylvania facility in the
second quarter. This location is much larger than the current leased facility
and will provide a solid base of operations in the Northeast.
During the quarter, Heartland Express declared a regular quarterly cash
dividend. The quarterly dividend of $1,000,000 at the rate of $0.02 per share
was paid on April 2, 2004 to shareholders of record at the close of business on
March 22, 2004.
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,
2004 2003
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OPERATING REVENUE ........................ $ 106,836,912 $ 94,839,735
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OPERATING EXPENSES:
Salaries, wages, benefits .............. $ 39,766,096 $ 32,312,307
Rent and purchased
transportation ......................... 10,518,625 13,953,071
Operations and maintenance ............. 20,945,552 19,310,180
Taxes and licenses ..................... 2,290,282 1,873,406
Insurance and claims ................... 2,496,641 2,370,993
Communications and utilities ........... 962,183 893,845
Depreciation ........................... 6,613,704 5,367,543
Other operating expenses ............... 3,504,034 2,554,772
(Gain)/loss on disposal
of fixed assets ........................ (36,251) (3,661)
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$ 87,060,866 $ 78,632,456
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Operating income .................. $ 19,776,046 $ 16,207,279
Interest income ........................ 567,516 538,617
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Income before income taxes ............. $ 20,343,562 $ 16,745,896
Federal and state income taxes ......... 7,221,965 5,693,604
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Net income ............................. $ 13,121,597 $ 11,052,292
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Basic earnings per share ............... $ 0.26 $ 0.22
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Basic weighted average shares
outstanding ............................ 50,000,000 50,000,000
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HEARTLAND EXPRESS, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
March 31, December 31,
2004 2003
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(unaudited)
CURRENT ASSETS
Cash and short term investments ....... $ 221,750,905 $ 202,431,155
Trade receivables ..................... 39,129,263 36,836,728
Prepaid tires ......................... 1,741,230 2,529,580
Deferred income taxes ................. 22,903,000 21,308,000
Other current assets .................. 3,122,647 673,101
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Total current assets ..... $ 288,647,045 $ 263,778,564
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PROPERTY AND EQUIPMENT ..................... $ 233,320,053 $ 232,650,992
Less accumulated depreciation ......... 63,411,691 56,951,186
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$ 169,908,362 $ 175,699,806
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OTHER ASSETS ......................... $ 8,851,467 $ 8,928,186
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$ 467,406,874 $ 448,406,556
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable & accrued
liabilities ........................... $ 10,269,009 $ 15,684,826
Accrued expenses ...................... 57,754,413 53,724,940
Income taxes payable .................. 16,083,833 7,720,875
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Total current liabilities ..... $ 84,107,255 $ 77,130,641
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DEFERRED INCOME TAXES ...................... $ 39,567,000 $ 39,760,000
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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 ............ 8,510,305 8,510,305
Retained earnings ..................... 335,831,893 323,710,296
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$ 344,842,198 $ 332,720,601
Less unearned compensation ............ (1,109,579) (1,204,686)
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$ 343,732,619 $ 331,515,915
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$ 467,406,874 $ 448,406,556
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END OF REPORT