8-K 1 eightk11502.txt SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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 report): January 14, 2002 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 5. Other Events. See attached press release dated January 14, 2002, regarding fourth quarter earnings and earnings for the fiscal year ended December 31, 2001. (Exhibit 99) Exhibit Index 99 Press release dated January 14, 2002, regarding fourth quarter earnings and earnings for the fiscal year ended December 31, 2001. SIGNATURES 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. January 15, 2002 BY:/s/ Thomas E. Hill ------------------- Thomas E. Hill Vice-President and Controller Exhibit 99.1 Monday, January 14, 2002, to be released at 6:00 a.m. (Central time) Press Release Heartland Express, Inc. Reports Revenues and Earnings for the Fourth Quarter of 2001. CORALVILLE, IOWA - January 14, 2002 - Heartland Express, Inc. (Nasdaq: HTLD) announced today financial results for the fourth quarter ended December 31, 2001. For the fourth quarter revenue increased 4.6% to $73.5 million from $70.3 million in the fourth quarter of 2000. Net income increased 24.8% to $9.9 million from $7.9 million in the 2000 period. Basic earnings per share were $0.31 compared to $0.25 for the fourth quarter of 2000. For the twelve months, revenue increased 7.2% to $294.6 from $274.8 during the same period in 2000. Net income increased 9.8% to $37.7 million from $34.3 million in the 2000 period. Basic earnings per share were $1.19 compared with $1.07 for the 2000 period. Net income and earnings per share for the 2000 period were positively impacted by a $1.5 million gain from the sale of real estate. Heartland Express reported an industry-leading operating ratio (operating expenses as a percentage of gross revenues) of 80.9% for the quarter and 82.1% for the twelve months ending December 31, 2001. In addition, the Company reported return on sales of 13.4% for the quarter and 12.8% for the year. The Company ended the year with no debt and $161 million in cash and short-term investments as compared to $128 million on December 31, 2000. With no debt, a new fleet (the average age of company tractors 19 months) and it's strong cash position, the Company continues to be well positioned to meet the challenges and opportunities of the new year. This press release may contain statements that might be considered forward-looking statements of predictions of future operations. Such statements are based on management's belief of interpretation of information currently available. These statements and assumptions involve certain risks and uncertainties. Actual events may differ from these expectations as specified from time to time in filings with the Securities and Exchange Commission. Contact: Heartland Express, Inc. John Cosaert 319-545-2728 HEARTLAND EXPRESS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME
Three months ended Twelve months ended December 31, December 31, 2001 2000 2001 2000 OPERATING REVENUE ........................$ 73,524,647 $ 70,268,854 $ 294,617,263 $ 274,827,551 ------------ ------------ ------------- ------------- OPERATING EXPENSES: Salaries, wages, benefits .............$ 22,455,088 $ 20,141,017 $ 87,643,187 $ 73,846,541 Rent and purchased transportation ..... 15,247,419 16,944,371 65,911,825 75,190,893 Operations and maintenance ............ 11,188,612 12,474,957 47,903,499 42,650,757 Taxes and licenses..................... 1,699,386 1,675,787 6,188,628 5,952,448 Insurance and claims................... 2,235,994 1,616,184 7,618,919 6,706,247 Communications and utilities........... 581,886 783,122 2,902,496 2,952,394 Depreciation........................... 4,276,931 4,381,842 17,000,927 16,284,550 Other operating expenses .............. 1,778,110 1,764,902 6,814,399 6,505,174 (Gain)/loss on sale of fixed assets ... (2,471) 5,326 14,442 (1,511,587) ------------ ------------ ------------- ------------- $ 59,460,955 $ 59,787,508 $ 241,998,322 $ 228,577,417 ------------ ------------ ------------- ------------- Operating income ...................$ 14,063,692 $ 10,481,346 $ 52,618,941 $ 46,250,134 Interest income ....................... 865,780 1,480,613 4,434,914 5,725,551 ------------ ------------ ------------- ------------- Income before income taxes ............$ 14,929,472 $ 11,961,959 $ 57,053,855 $ 51,975,685 Federal and state income taxes......... 5,076,023 4,067,067 19,398,239 17,671,725 ------------ ------------ ------------- ------------- Net income ............................$ 9,853,449 $ 7,894,892 $ 37,655,616 $ 34,303,960 ============ ============ ============= ============= Earnings per common share: Basic earnings per share ..........$ 0.31 $ 0.25 $ 1.19 $ 1.07 ============ ============ ============= ============= Basic weighted average shares outstanding ........................... 31,708,131 31,708,131 31,708,131 31,924,788 ============ ============ ============= =============
HEARTLAND EXPRESS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS ASSETS December 31, December 31, 2001 2000 ------------- -------------- CURRENT ASSETS Cash and short term investments ........... $ 161,076,122 $ 128,027,076 Trade receivables.......................... 25,700,435 24,954,681 Prepaid tires ............................. 4,077,276 3,780,644 Deferred income taxes...................... 17,358,000 16,846,000 Other current assets....................... 144,890 328,273 ------------- ------------- Total current assets .................. $ 208,356,723 $ 173,936,674 ------------- ------------- PROPERTY AND EQUIPMENT ........................ $ 149,592,138 $ 145,407,075 Less accumulated depreciation.............. 47,473,283 56,329,103 ------------- ------------- $ 102,118,855 $ 89,077,972 ------------- ------------- OTHER ASSETS .................................. $ 3,762,832 $ 5,040,358 ------------- ------------- $ 314,238,410 $ 268,055,004 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable & accrued liabilities .... $ 7,073,957 $ 6,712,053 Accrued expenses .......................... 46,685,828 44,099,458 Income taxes payable ...................... 6,693,398 4,618,882 ------------- ------------- Total current liabilities ............. $ 60,453,183 $ 55,430,393 ------------- ------------- DEFERRED INCOME TAXES ......................... $ 20,996,000 $ 17,491,000 ------------- ------------- COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY Capital stock: Common, $.01 par value; authorized 395,000,000 shares; issued and outstanding 31,708,131 and 25,366,582, respectively .............................. $ 317,081 $ 253,666 Additional paid-in capital ................ 6,608,170 6,608,170 Retained earnings ......................... 225,863,976 188,271,775 ------------- ------------- $ 232,789,227 $ 195,133,611 ------------- ------------- $ 314,238,410 $ 268,055,004 ============= ============= End of Filing