8-K 1 eightk102203.txt 3RD QUARTER 2003 FINANCIALS 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): October 21, 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 Exhibit 99.1 - Heartland Express, Inc. press release dated October 21, 2003 with respect to the Company's financial results for the quarter ended September 30, 2003. Item 12. Results of Operations and Financial Condition. On October 21, 2003, Heartland Express, Inc. announced its financial results for the quarter ended September 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: October 22, 2003 BY: /s/ John P. Cosaert ----------------------- JOHN P. COSAERT Vice-President Finance and Treasurer Exhibit No. 99.1 Tuesday, October 21, 2003, For Immediate Release Press Release Heartland Express, Inc. Reports Revenues and Earnings for the Third Quarter of 2003. CORALVILLE, IOWA - October 21, 2003 - Heartland Express, Inc. (Nasdaq: HTLD) announced today financial results for the third quarter ended September 30, 2003. Gross revenues for the quarter increased 14.6% to $104.5 million from $91.1 million in the third quarter of 2002. Net income increased 30.9% to $14.5 million from $11.1 million in the 2002 period. This is our tenth consecutive quarter of reporting year-over-year growth of revenues and net income. Basic earnings per share were $0.29 compared to $0.22 for the third quarter of 2002. For the nine months, revenue increased 21.4% to $302.1 from $248.8 during the same period in 2002. Net income increased 20.7% to $38.2 million from $31.6 million in the 2002 period. Basic earnings per share were $0.76 compared with $0.63 for the 2002 period. For the quarter, Heartland Express, Inc. posted an operating ratio (operating expenses as a percentage of gross revenues) of 79.4% and a 13.9% net margin. The Company ended the nine months ended September 30, 2003 with an operating ratio of 81.3% and a 12.6% net margin. The Company ended the third quarter with cash, cash equivalents, and investments of $186.5 million, a $32.6 million increase from the $153.9 million reported on December 31, 2002. The Company's balance sheet continues to be debt-free. During the quarter, Heartland Express declared its first ever cash dividend. The quarterly dividend rate is $0.02 per share with the first dividend paid on October 2, 2003. This past week Heartland Express was named to the Forbes magazine list of the "200 Best Small Companies in America." The Company has achieved this ranking twelve times in the past seventeen years. This press release may contain statements that might be considered as forward-looking statements or predictions of future operations. Such statements are based on management's belief or interpretation of information currently available. These statements and assumptions involve certain risks and uncertainties. Actual events may differ from these expectations as specified from time to time in filings with the Securities and Exchange Commission. Contact: Heartland Express, Inc. John Cosaert 319-545-2728 HEARTLAND EXPRESS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three months ended Nine months ended September 30, September 30, 2003 2002 2003 2002 OPERATING REVENUE ...............................$ 104,460,615 $ 91,123,367 $ 302,100,139 $ 248,753,449 ------------- ------------- ------------- ------------- OPERATING EXPENSES: Salaries, wages, benefits ....................$ 34,949,275 $ 29,341,346 $ 102,452,186 $ 78,931,009 Rent and purchased transportation ............ 12,090,171 17,170,890 39,194,285 48,834,154 Operations and maintenance ................... 19,094,695 14,921,425 56,546,521 40,000,709 Taxes and licenses............................ 2,265,221 1,953,378 6,263,920 5,249,886 Insurance and claims ......................... 3,384,300 2,526,170 9,919,671 7,263,313 Communications and utilities ................. 946,331 911,176 2,763,214 2,240,502 Depreciation ................................. 7,139,016 5,666,127 19,433,000 14,027,837 Other operating expenses ..................... 3,080,052 2,460,928 9,185,983 6,251,675 (Gain) loss on disposal of fixed assets ............................... 23,802 42,457 (6,969) 148,463 ------------- ------------- ------------- ------------- $ 82,972,863 $ 74,993,897 $ 245,751,811 $ 202,947,548 ------------- ------------- ------------- ------------- Operating income ........................ $ 21,487,752 $ 16,129,470 $ 56,348,328 $ 45,805,901 Interest income ............................. 470,972 648,359 1,501,993 2,128,631 ------------- ------------- ------------- ------------- Income before income taxes .................. $ 21,958,724 $ 16,777,829 $ 57,850,321 $ 47,934,532 Federal and state income taxes .............. 7,465,967 5,704,463 19,669,108 16,297,741 ------------- ------------- ------------- ------------- Net income .................................. $ 14,492,757 $ 11,073,366 $ 38,181,213 $ 31,636,791 ============= ============= ============= ============= Earnings per common share: Basic earnings per share ................ $ 0.29 $ 0.22 $ 0.76 $ 0.63 ============= ============= ============= ============= 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 September 30, December 31, 2003 2002 ------------- ------------- (unaudited) CURRENT ASSETS Cash and short term investments ............ $ 186,497,073 $ 153,861,422 Trade receivables .......................... 37,599,129 33,012,394 Prepaid tires .............................. 2,890,810 4,757,850 Deferred income taxes ...................... 23,760,000 21,134,000 Other current assets ....................... 2,805,209 620,344 ------------- ------------- Total current assets .................... $ 253,552,221 $ 213,386,010 ------------- ------------- PROPERTY AND EQUIPMENT ....................... $ 227,886,599 $ 191,116,893 Less accumulated depreciation .............. 55,923,089 39,715,307 ------------- ------------- $ 171,963,510 $ 151,401,586 ------------- ------------- OTHER ASSETS ............................... $ 8,929,116 $ 8,320,593 ------------- ------------- $ 434,444,847 $ 373,108,189 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable & accrued liabilities ..... $ 11,729,106 $ 8,632,810 Accrued expenses ........................... 59,987,318 52,386,322 Income taxes payable........................ 11,977,132 6,070,318 ------------- ------------- Total current liabilities ............... $ 83,693,556 $ 67,089,450 ------------- ------------- DEFERRED INCOME TAXES ........................ $ 36,341,000 $ 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 .......................... 306,670,184 268,488,971 ------------- ------------- $ 315,773,946 $ 277,592,733 Less unearned compensation ................. (1,363,655) (1,662,994) ------------- ------------- $ 314,410,291 $ 275,929,739 ------------- ------------- $ 434,444,847 $ 373,108,189 ============= =============
END OF REPORT