UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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):
July 16, 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 July 16, 2003
with respect to the Company's financial results for the quarter ended June 30,
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 July 16, 2003, Heartland Express, Inc. announced its financial results
for the quarter ended June 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: July 16, 2003 BY: /s/ John P. Cosaert
-----------------------
JOHN P. COSAERT
Vice-President
Finance and Treasurer
Exhibit No. 99.1
Wednesday, July 16, 2003, For Immediate Release
Press Release
Heartland Express, Inc. Reports Revenues and Earnings for the Second Quarter of
2003.
CORALVILLE, IOWA - July 16, 2003 - Heartland Express, Inc. (Nasdaq: HTLD)
announced today financial results for the second quarter ended June 30, 2003.
Gross revenues for the quarter increased 21.9% to $102.8 million from $84.4
million in the second quarter of 2002. Net income increased 14.6% to $12.6
million from $11.0 million in the 2002 period. Basic earnings per share were
$0.25 compared to $0.22 for the second quarter of 2002. Gross revenues for the
second quarter of 2003 were increased by fuel surcharge revenues.
For the six months, revenue increased 25.4% to $197.6 from $157.6 during the
same period in 2002. Net income increased 15.2% to $23.7 million from $20.6
million in the 2002 period. Basic earnings per share were $0.47 compared with
$0.41 for the 2002 period.
For the quarter, Heartland Express, Inc. posted an operating ratio (operating
expenses as a percentage of gross revenues) of 81.9% and a 12.3% net margin. The
Company ended the six months ended June 30, 2003 with an operating ratio of
82.4% and a 12.0% net margin.
The Company ended the second quarter with cash, cash equivalents, and
investments of $163.5 million, a $9.6 million increase from the $153.9 million
reported on December 31, 2002. The Company's balance sheet continues to be
debt-free.
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 Six months ended
June 30, June 30,
2003 2002 2003 2002
OPERATING REVENUE ........................... $ 102,799,789 $ 84,359,840 $ 197,639,524 $ 157,630,082
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OPERATING EXPENSES:
Salaries, wages, benefits ................ $ 35,190,604 $ 26,315,038 $ 67,502,911 $ 49,589,663
Rent and purchased transportation ........ 13,151,043 16,738,604 27,104,114 31,663,264
Operations and maintenance ............... 18,141,646 13,651,365 37,451,826 25,079,284
Taxes and licenses ....................... 2,125,293 1,689,400 3,998,699 3,296,508
Insurance and claims ..................... 4,164,378 2,895,068 6,535,371 4,737,143
Communications and utilities ............. 923,038 659,332 1,816,883 1,329,326
Depreciation ............................. 6,926,441 4,461,581 12,293,984 8,361,710
Other operating expenses ................. 3,551,159 1,866,942 6,105,931 3,790,747
(Gain) loss on disposal of fixed assets .. (27,110) 99,390 (30,771) 106,006
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$ 84,146,492 $ 68,376,720 $ 162,778,948 $ 127,953,651
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Operating income ..................... $ 18,653,297 $ 15,983,120 $ 34,860,576 $ 29,676,431
Interest income .......................... 492,404 722,163 1,031,021 1,480,272
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Income before income taxes ............... $ 19,145,701 $ 16,705,283 $ 35,891,597 $ 31,156,703
Federal and state income taxes 6,509,537 5,679,795 12,203,141 10,593,278
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Net income ............................... $ 12,636,164 $ 11,025,488 $ 23,688,456 $ 20,563,425
============= ============= ============= =============
Earnings per common share:
Basic earnings per share ............. $ 0.25 $ 0.22 $ 0.47 $ 0.41
============= ============= ============= =============
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
June 30, December 31,
2003 2002
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(unaudited)
CURRENT ASSETS
Cash and short term investments ............ $ 163,465,665 $ 153,861,422
Trade receivables .......................... 37,477,718 33,012,394
Prepaid tires .............................. 3,820,940 4,757,850
Deferred income taxes ...................... 23,028,000 21,134,000
Other current assets ....................... 3,510,420 620,344
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Total current assets ..................... $ 231,302,743 $ 213,386,010
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PROPERTY AND EQUIPMENT ....................... $ 223,223,601 $ 191,116,893
Less accumulated depreciation ............ 48,896,595 39,715,307
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$ 174,327,006 $ 151,401,586
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OTHER ASSETS ............................. $ 8,621,190 $ 8,320,593
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$ 414,250,939 $ 373,108,189
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable & accrued liabilities ..... $ 9,759,451 $ 8,632,810
Accrued expenses ........................... 57,409,527 52,386,322
Income taxes payable........................ 12,464,206 6,070,318
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Total current liabilities ................ $ 79,633,184 $ 67,089,450
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DEFERRED INCOME TAXES ........................ $ 34,800,000 $ 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 ....................... 292,177,427 268,488,971
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$ 301,281,189 $ 277,592,733
Less unearned compensation .............. (1,463,434) (1,662,994)
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$ 299,817,755 $ 275,929,739
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$ 414,250,939 $ 373,108,189
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END OF FILING