Wednesday, July 17, For Immediate Release
Press Release
Heartland Express, Inc. Reports Revenues and
Earnings for the Second Quarter of 2002.
CORALVILLE, IOWA –
July 17, 2002 – Heartland Express, Inc. (Nasdaq: HTLD) announced today financial results for the second quarter
ended June 30, 2002. For the second
quarter revenue increased 12.1% to $84.4 million from $75.3 million in the
second quarter of 2001. Net income increased
14.2% to $11.0 million from $9.7 million in the 2001 period. Basic earnings per share were $0.22 compared
to $0.19 for the second quarter of 2001.
For the six months, revenue increased 7.1% to
$157.6 from $147.2 during the same period in 2001. Net income increased 10.6% to $20.6 million from $18.6 million in
the 2001 period. Basic earnings per
share were $0.41 compared with $0.37 for the 2001 period.
For the quarter,
Heartland Express, Inc. posted an industry-leading operating ratio (operating
expenses as a percentage of gross revenues) of 81.1% and a 13.1% net
margin. The Company reported an
operating ratio of 82.1% and a net margin of 12.8% in the second quarter of
2001.
The Company ended the
second quarter with cash, cash equivalents, and investments of $150.6 million,
a $10.5 million decrease over the $161.1 million reported on December 31,
2001. The Company’s balance sheet
continues to be debt-free.
On February 19, 2002,
Heartland effected a 57.68826% stock dividend.
This was the seventh stock dividend declared by Heartland Express, Inc.
during the past eleven years. The most
recent stock dividend increased the total number of shares outstanding to 50.0
million. All share and per share data
for all prior periods have been adjusted to reflect the February 19, 2002 stock
dividend.
On June 1, 2002,
Heartland Express acquired the business and certain trucking assets of Great
Coastal Express, Inc., a truckload carrier based near Richmond, Virginia. Great Coastal is being operated as a
division of Heartland Express. The
Great Coastal division is based in Chester, Virginia with terminal locations in
Roanoke, Virginia, Baltimore, Maryland, and Charlotte, North Carolina. The purchase of Great Coastal increases
Heartland’s presence in the northeast operating region. The second quarter financial results
includes one month of the Great Coastal operation.
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
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HEARTLAND
EXPRESS, INC. |
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AND
SUBSIDIARIES |
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CONSOLIDATED
STATEMENTS OF INCOME |
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(UNAUDITED) |
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Three
months ended |
Six
months ended |
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June
30, |
June
30, |
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2002 |
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2001 |
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2002 |
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2001 |
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OPERATING REVENUE |
$ 84,359,840
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$
75,251,349 |
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$ 157,630,082 |
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$147,174,696 |
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OPERATING EXPENSES: |
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Salaries, wages, benefits |
$
26,315,038 |
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$
21,967,432 |
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$
49,589,663 |
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$
43,218,764 |
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Rent and purchased transportation |
16,738,604 |
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17,310,323 |
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31,663,264 |
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34,189,492 |
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Operations and maintenance |
13,651,365 |
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12,247,943 |
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25,079,284 |
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24,309,478 |
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Taxes and licenses |
1,689,400 |
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1,517,960 |
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3,296,508 |
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2,903,115 |
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Insurance and claims |
2,983,966 |
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1,984,443 |
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4,842,636 |
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3,725,396 |
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Communications and utilities |
659,332 |
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789,470 |
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1,329,326 |
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1,621,654 |
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Depreciation |
4,461,581 |
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4,261,061 |
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8,361,710 |
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8,444,640 |
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Other operating expenses |
1,866,942 |
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1,716,914 |
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3,790,747 |
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3,251,080 |
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(Gain) loss
on disposal of fixed assets |
10,492 |
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0 |
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513 |
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(104,763) |
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$ 68,376,720 |
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$
61,795,546 |
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$ 127,953,651 |
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$ 121,558,856 |
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Operating income |
$ 15,983,120 |
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$
13,455,803 |
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$
29,676,431 |
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$
25,615,840 |
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Interest income |
722,163 |
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1,177,855 |
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1,480,272 |
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2,546,662 |
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Income before income taxes |
$
16,705,283 |
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$
14,633,658 |
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$
31,156,703 |
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$
28,162,502 |
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Federal and state income taxes |
5,679,795 |
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4,975,445 |
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10,593,278 |
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9,575,251 |
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Net income |
$
11,025,488 |
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$
9,658,213 |
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$
20,563,425 |
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$
18,587,251 |
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