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):
July 22, 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 July 22, 2004
with respect to the Company's financial results for the quarter ended June 30,
2004.
Item 12. Results of Operations and Financial Condition.
On July 22, 2004, Heartland Express, Inc. announced its financial results
for the quarter ended June 30, 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: July 22, 2004 BY: /s/ John P. Cosaert
-----------------------
JOHN P. COSAERT
Vice-President
Finance and Treasurer
Exhibit No. 99.1
Thursday, July 22, 2004, For Immediate Release
Press Release
Heartland Express, Inc. Reports Revenues and Earnings for the Second Quarter of
2004.
CORALVILLE, IOWA - July 22, 2004 - Heartland Express, Inc. (Nasdaq: HTLD)
announced today financial results for the second quarter ended June 30, 2004.
Gross revenues for the quarter increased 10.4% to $113.5 million from $102.8
million in the second quarter of 2003. Net income increased 24.2% to $15.7
million from $12.6 million in the 2003 period. Basic earnings per share were
$0.31 compared to $0.25 for the second quarter of 2003.
For the six months, revenue increased 11.5% to $220.3 from $197.6 during the
same period in 2003. Net income increased 21.7% to $28.8 million from $23.7
million in the 2003 period. Basic earnings per share were $0.58 compared with
$0.47 for the 2003 period.
For the quarter, Heartland Express, Inc. posted an operating ratio (operating
expenses as a percentage of gross revenues) of 79.3% and a 13.8% net margin. The
Company ended the six months ended June 30, 2004 with an operating ratio of
80.4% and a 13.1% net margin.
The Company ended the second quarter with cash, cash equivalents, and
investments of $229.1 million, a $26.7 million increase from the $202.4 million
reported on December 31, 2003. The Company's balance sheet continues to be
debt-free. The Company opened its newly acquired (December, 2003) Carlisle,
Pennsylvania facility in June, 2004. This location is much larger than the
previously leased facility and will provide a solid base of operations in the
Northeast.
In June, 2004 the Company began the replacement of their entire tractor fleet.
The current fleet will be replaced with the International 9400i. Currently the
Company has taken delivery of 315 new Internationals. The delivery of new trucks
and the trade-in of the current fleet are scheduled to be completed by December
31, 2006. In addition, the Company purchased 400 new Wabash trailers during the
second quarter of 2004.
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 July 2, 2004 to shareholders of record at the close of business on
June 21, 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 Six months ended
June 30, June 30,
2004 2003 2004 2003
OPERATING REVENUE ................... $ 113,511,541 $ 102,799,789 $ 220,348,453 $ 197,639,524
------------- ------------- ------------- -------------
OPERATING EXPENSES:
Salaries, wages, benefits ........ $ 39,091,825 $ 35,190,604 $ 78,857,921 $ 67,502,911
Rent and purchased transportation 9,522,915 13,151,043 20,041,540 27,104,114
Operations and maintenance ....... 22,710,926 18,141,646 43,656,478 37,451,826
Taxes and licenses ............... 2,204,958 2,125,293 4,495,240 3,998,699
Insurance and claims ............. 5,395,577 4,164,378 7,892,218 6,535,371
Communications and utilities ..... 980,349 923,038 1,942,532 1,816,883
Depreciation ..................... 6,757,757 6,926,441 13,371,461 12,293,984
Other operating expenses ......... 3,411,410 3,551,159 6,915,444 6,105,931
(Gain) on disposal of fixed assets (65,638) (27,110) (101,889) (30,771)
------------- ------------- ------------- -------------
$ 90,010,079 $ 84,146,492 $ 177,070,945 $ 162,778,948
------------- ------------- ------------- -------------
Operating income ...... $ 23,501,462 $ 18,653,297 $ 43,277,508 $ 34,860,576
Interest income .................. 651,871 492,404 1,219,387 1,031,021
------------- ------------- ------------- -------------
Income before income taxes ....... $ 24,153,333 $ 19,145,701 $ 44,496,895 $ 35,891,597
Federal and state income taxes ... 8,453,664 6,509,537 15,675,629 12,203,141
------------- ------------- ------------- -------------
Net income ....................... $ 15,699,669 $ 12,636,164 $ 28,821,266 $ 23,688,456
============= ============= ============= =============
Earnings per common share:
Basic earnings per share ..... $ 0.31 $ 0.25 $ 0.58 $ 0.47
============= ============= ============= =============
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,
2004 2003
------------- -------------
(unaudited)
CURRENT ASSETS
Cash and short term investments ......... $ 229,089,575 $ 202,431,155
Trade receivables ....................... 38,065,754 36,836,728
Prepaid tires ........................... 2,113,480 2,529,580
Deferred income taxes ................... 24,467,000 21,308,000
Other current assets .................... 3,611,629 673,101
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Total current assets........ $ 297,347,438 $ 263,778,564
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PROPERTY AND EQUIPMENT ....................... $ 241,470,443 $ 232,650,992
Less accumulated depreciation ........... 65,500,979 56,951,186
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$ 175,969,464 $ 175,699,806
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OTHER ASSETS ........................... $ 8,796,373 $ 8,928,186
------------- -------------
$ 482,113,275 $ 448,406,556
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable & accrued liabilities .. $ 13,612,430 $ 15,684,826
Accrued expenses ........................ 61,597,080 53,724,940
Income taxes payable .................... 8,514,370 7,720,875
------------- -------------
Total current liabilities ....... $ 83,723,880 $ 77,130,641
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DEFERRED INCOME TAXES ........................ $ 39,862,000 $ 39,760,000
------------- -------------
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................ 8,510,305 8,510,305
Retained earnings ........................ 350,531,562 323,710,296
------------- -------------
$ 359,541,867 $ 332,720,601
Less unearned compensation ............... (1,014,472) (1,204,686)
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$ 358,527,395 $ 331,515,915
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$ 482,113,275 $ 448,406,556
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End of Report