8-K 1 eightk41703.txt 8-K 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 17, 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 April 17, 2003 with respect to the Company's financial results for the quarter ended March 31, 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 April 17, 2003, Heartland Express, Inc. announced its financial results for the quarter ended March 31, 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 its behalf by the undersigned thereunto duly authorized. HEARTLAND EXPRESS, INC. Date: April 17, 2003 BY: /s/ John P. Cosaert ----------------------- JOHN P. COSAERT Vice-President Finance and Treasurer Exhibit No. 99.1 Thursday, April 17, 2003, For Immediate Release Press Release Heartland Express, Inc. Reports Revenues and Earnings for the First Quarter of 2003. CORALVILLE, IOWA - April 17, 2003 - Heartland Express, Inc. (Nasdaq: HTLD) announced today financial results for the first quarter ended March 31, 2003. Gross revenues for the quarter increased 29.4% to $94.8 million from $73.3 million in the first quarter of 2002. Net income increased 15.9% to $11.0 million from $9.5 million in the 2002 period. Basic earnings per share were $0.22 compared to $0.19 for the first quarter of 2002. Gross revenues for the first quarter of 2003 were increased by fuel surcharge revenues. For the quarter, Heartland Express, Inc. posted an operating ratio (operating expenses as a percentage of gross revenues) of 82.9% and an 11.7% net margin. These operating results were achieved in spite of record high fuel prices, adverse weather conditions in the East, and an uncertain economy. The Company ended the first quarter with cash, cash equivalents, and investments of $150.7 million, a $3.2 million decrease from the $153.9 million reported on December 31, 2002. The Company's balance sheet continues to be debt-free. During the quarter the Company acquired facilities in Columbus, Ohio and Olive Branch, Mississippi. The acquisition of these facilities resulted from the growth of our regional operations. The Columbus facility replaces our former terminal location and positions us for continued growth in the East Central region of the United States. The purchase of the Olive Branch location is a result of our expansion into the Memphis, Tennessee and Southern United States regional market. The Company renegotiated its personal injury, property damage, and workers' compensation insurance policies effective April 1, 2003. The Company's self-insurance exposure increased to $2.0 million from $500,000 for each occurrence involving personal injury or property damage. The Company's self-insurance for workers' compensation continues to be a maximum of $500,000 per occurrence. 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, 2003 2002 ------------ ------------ OPERATING REVENUE .............................. $ 94,839,735 $ 73,270,242 ------------ ------------ OPERATING EXPENSES: Salaries, wages, benefits .................... $ 32,312,307 $ 23,274,625 Rent and purchased transportation ............ 13,953,071 14,924,660 Operations and maintenance ................... 19,310,180 11,427,919 Taxes and licenses ........................... 1,873,406 1,607,108 Insurance and claims ......................... 2,370,993 1,842,075 Communications and utilities ................. 893,845 669,994 Depreciation ................................. 5,367,543 3,900,129 Other operating expenses ..................... 2,554,772 1,923,805 (Gain)/loss on disposal of fixed assets ...... (3,661) 6,616 ------------ ------------ $ 78,632,456 $ 59,576,931 ------------ ------------ Operating income ........................ $ 16,207,279 $ 13,693,311 Interest income .............................. 538,617 758,109 ------------ ------------ Income before income taxes ................... $ 16,745,896 $ 14,451,420 Federal and state income taxes ............... 5,693,604 4,913,483 ------------ ------------ Net income ................................... $ 11,052,292 $ 9,537,937 ============ ============ Basic earnings per share ..................... $ 0.22 $ 0.19 ============ ============ Basic weighted average shares Outstanding .................................. 50,000,000 50,000,000 ============ ============
HEARTLAND EXPRESS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS March 31, December 31, 2003 2002 ------------- ------------- (unaudited) CURRENT ASSETS Cash and short term investments ............ $ 150,702,250 $ 153,861,422 Trade receivables .......................... 36,747,277 33,012,394 Prepaid tires .............................. 4,369,630 4,757,850 Deferred income taxes ...................... 23,096,000 21,134,000 Other current assets ....................... 5,316,104 620,344 ------------- ------------- Total current assets .................... $ 220,231,261 $ 213,386,010 ------------- ------------- PROPERTY AND EQUIPMENT ....................... $ 215,764,221 $ 191,116,893 Less accumulated depreciation .............. 44,111,066 39,715,307 ------------- ------------- $ 171,653,155 $ 151,401,586 ------------- ------------- OTHER ASSETS ............................ $ 8,244,731 $ 8,320,593 ------------- ------------- $ 400,129,147 $ 373,108,189 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable & accrued liabilities .... $ 11,399,482 $ 8,632,810 Accrued expenses .......................... 54,146,869 52,386,322 Income taxes payable....................... 14,423,985 6,070,318 ------------- ------------- Total current liabilities ............... $ 79,970,336 $ 67,089,450 ------------- ------------- DEFERRED INCOME TAXES ........................ $ 33,077,000 $ 30,089,000 ------------- ------------- 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................. 8,603,762 8,603,762 Retained earnings ......................... 279,541,263 268,488,971 ------------- ------------- $ 288,645,025 $ 277,592,733 Less unearned compensation ................ (1,563,214) (1,662,994) ------------- ------------- $ 287,081,811 $ 275,929,739 ------------- ------------- $ 400,129,147 $ 373,108,189 ============= =============
END OF REPORT