8-K 1 eightk033104.txt 8-K FIRST QTR 2004 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 15, 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 April 15, 2004 with respect to the Company's financial results for the quarter ended March 31, 2004. Item 12. Results of Operations and Financial Condition. On April 15, 2004, Heartland Express, Inc. announced its financial results for the quarter ended March 31, 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: April 16, 2004 BY: /s/ John P. Cosaert ----------------------- JOHN P. COSAERT Vice-President Finance and Treasurer Exhibit No. 99.1 Thursday, April 15, 2004, For Immediate Release Press Release Heartland Express, Inc. Reports Revenues and Earnings for the First Quarter of 2004. CORALVILLE, IOWA - April 15, 2004 - Heartland Express, Inc. (Nasdaq: HTLD) announced today financial results for the first quarter ended March 31, 2004. Gross revenues for the quarter increased 12.6% to $106.8 million from $94.8 million in the first quarter of 2003. Net income increased 18.7% to $13.1 million from $11.0 million in the 2003 period. Basic earnings per share were $0.26 compared to $0.22 for the first quarter of 2003. For the quarter, Heartland Express, Inc. posted an operating ratio (operating expenses as a percentage of gross revenues) of 81.5% and a 12.3% net margin. These operating results were achieved in spite of surging fuel prices. In addition, the Company increased driver pay during the first quarter by $0.03 per mile (incrementally over the three month period) in response to the continued tightness in the market for qualified drivers. Also, our operations and safety personnel expended efforts towards the management of federally mandated changes to driver hours of service regulations. These efforts were primarily aimed at the education of our customer and driver base to continue the level of service for which we are known. The Company ended the first quarter with cash, cash equivalents, and investments of $221.8 million, a $19.4 million increase from the $202.4 million reported on December 31, 2003. During the quarter the Company generated $25.6 million net cash from operations, a 23.3% increase over the first quarter of 2003. The Company's balance sheet continues to be debt-free. The Company expects to open its newly acquired (December, 2003) Carlisle, Pennsylvania facility in the second quarter. This location is much larger than the current leased facility and will provide a solid base of operations in the Northeast. 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 April 2, 2004 to shareholders of record at the close of business on March 22, 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 March 31, 2004 2003 ------------- ------------- OPERATING REVENUE ........................ $ 106,836,912 $ 94,839,735 ------------- ------------- OPERATING EXPENSES: Salaries, wages, benefits .............. $ 39,766,096 $ 32,312,307 Rent and purchased transportation ......................... 10,518,625 13,953,071 Operations and maintenance ............. 20,945,552 19,310,180 Taxes and licenses ..................... 2,290,282 1,873,406 Insurance and claims ................... 2,496,641 2,370,993 Communications and utilities ........... 962,183 893,845 Depreciation ........................... 6,613,704 5,367,543 Other operating expenses ............... 3,504,034 2,554,772 (Gain)/loss on disposal of fixed assets ........................ (36,251) (3,661) ------------- ------------- $ 87,060,866 $ 78,632,456 ------------- ------------- Operating income .................. $ 19,776,046 $ 16,207,279 Interest income ........................ 567,516 538,617 ------------- ------------- Income before income taxes ............. $ 20,343,562 $ 16,745,896 Federal and state income taxes ......... 7,221,965 5,693,604 ------------- ------------- Net income ............................. $ 13,121,597 $ 11,052,292 ============= ============= Basic earnings per share ............... $ 0.26 $ 0.22 ============= ============= 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, 2004 2003 ------------- ------------- (unaudited) CURRENT ASSETS Cash and short term investments ....... $ 221,750,905 $ 202,431,155 Trade receivables ..................... 39,129,263 36,836,728 Prepaid tires ......................... 1,741,230 2,529,580 Deferred income taxes ................. 22,903,000 21,308,000 Other current assets .................. 3,122,647 673,101 ------------- ------------- Total current assets ..... $ 288,647,045 $ 263,778,564 ------------- ------------- PROPERTY AND EQUIPMENT ..................... $ 233,320,053 $ 232,650,992 Less accumulated depreciation ......... 63,411,691 56,951,186 ------------- ------------- $ 169,908,362 $ 175,699,806 ------------- ------------- OTHER ASSETS ......................... $ 8,851,467 $ 8,928,186 ------------- ------------- $ 467,406,874 $ 448,406,556 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable & accrued liabilities ........................... $ 10,269,009 $ 15,684,826 Accrued expenses ...................... 57,754,413 53,724,940 Income taxes payable .................. 16,083,833 7,720,875 ------------- ------------- Total current liabilities ..... $ 84,107,255 $ 77,130,641 ------------- ------------- DEFERRED INCOME TAXES ...................... $ 39,567,000 $ 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 ..................... 335,831,893 323,710,296 ------------- ------------- $ 344,842,198 $ 332,720,601 Less unearned compensation ............ (1,109,579) (1,204,686) ------------- ------------- $ 343,732,619 $ 331,515,915 ------------- ------------- $ 467,406,874 $ 448,406,556 ============= =============
END OF REPORT