8-K 1 eightk71803.txt 2ND QUARTER 2003 - 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): 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 ------------- ------------- ------------- ------------- 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 ------------- ------------- ------------- ------------- $ 84,146,492 $ 68,376,720 $ 162,778,948 $ 127,953,651 ------------- ------------- ------------- ------------- 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 ------------- ------------- ------------- ------------- 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 ------------- ------------- ------------- ------------- 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 ------------- ------------- (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 ------------- ------------- Total current assets ..................... $ 231,302,743 $ 213,386,010 ------------- ------------- PROPERTY AND EQUIPMENT ....................... $ 223,223,601 $ 191,116,893 Less accumulated depreciation ............ 48,896,595 39,715,307 ------------- ------------- $ 174,327,006 $ 151,401,586 ------------- ------------- OTHER ASSETS ............................. $ 8,621,190 $ 8,320,593 ------------- ------------- $ 414,250,939 $ 373,108,189 ============= ============= 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 ------------- ------------- Total current liabilities ................ $ 79,633,184 $ 67,089,450 ------------- ------------- DEFERRED INCOME TAXES ........................ $ 34,800,000 $ 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 ....................... 292,177,427 268,488,971 ------------- ------------- $ 301,281,189 $ 277,592,733 Less unearned compensation .............. (1,463,434) (1,662,994) ------------- ------------- $ 299,817,755 $ 275,929,739 ------------- ------------- $ 414,250,939 $ 373,108,189 ============= =============
END OF FILING