SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For quarter ended June 30, 2000 Commission File No. 0-15087
HEARTLAND EXPRESS, INC.
(Exact Name of Registrant as Specified in Its Charter)
Nevada 93-0926999
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification Number)
2777 Heartland Drive, Coralville, Iowa 52241
(Address of Principal Executive Office) (Zip Code)
Registrant's telephone number, including area code (319) 545-2728
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the Registrant
was required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days.
Yes [X] No [ ]
At June 30, 2000, there were 25,366,582 shares of the Company's $.01 par value
common stock outstanding.
PART I
FINANCIAL INFORMATION
Page
Number
Item 1. Financial statements
Consolidated balance sheets
June 30, 2000 (unaudited) and
December 31, 1999 2 - 3
Consolidated statements of income
(unaudited)for the three and six month
periods ended June 30, 2000 and 1999 4
Consolidated statements of cash flows
(unaudited) for the six months ended
June 30, 2000 and 1999 5
Notes to financial statements 6
Item 2. Management's discussion and analysis of
financial condition and results of
operations 7 - 12
PART II
OTHER INFORMATION
Item 1. Legal proceedings 13
Item 2. Changes in securities 13
Item 3. Defaults upon senior securities 13
Item 4. Submission of matters to a vote of 13
security holders
Item 5. Other information 13
Item 6. Exhibits and reports of Form 8-K 13 - 15
1
HEARTLAND EXPRESS, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS June 30, December 31,
2000 1999
------------- -------------
(Unaudited)
CURRENT ASSETS
Cash and cash equivalents ................... $ 120,307,412 $ 126,211,056
Trade receivables, less allowance:
2000 and 1999 $402,812 ...................... 25,201,330 23,478,708
Prepaid tires ............................... 2,718,742 1,655,018
Investments ................................. 3,353,412 500,000
Deferred income taxes ....................... 16,267,000 15,979,000
Other current assets ........................ 2,033,472 359,472
------------- -------------
Total current assets ................... $ 169,881,368 $ 168,183,254
------------- -------------
PROPERTY AND EQUIPMENT
Land and land improvements .................. $ 3,237,875 $ 3,701,400
Buildings ................................... 8,532,621 9,740,487
Furniture and fixtures ...................... 2,604,400 2,611,166
Shop and service equipment .................. 1,509,251 1,563,485
Revenue equipment ........................... 125,213,110 121,822,991
------------- -------------
$ 141,097,257 $ 139,439,529
Less accumulated depreciation & amortization 62,844,177 66,533,949
------------- -------------
Property and equipment, net ................. $ 78,253,080 $ 72,905,580
------------- -------------
OTHER ASSETS ................................ $ 5,202,884 $ 5,404,707
------------- -------------
$ 253,337,332 $ 246,493,541
============= =============
The accompanying notes are an integral part of these consolidated financial
statements.
2
HEARTLAND EXPRESS, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY
June 30, December 31,
2000 1999
------------ ------------
(Unaudited)
CURRENT LIABILITIES
Accounts payable & accrued liabilities ........ $ 10,102,931 $ 10,595,662
Compensation & benefits ....................... 5,317,885 4,225,023
Income taxes payable .......................... 5,997,959 4,974,341
Insurance accruals ............................ 35,240,714 34,285,500
Other ......................................... 2,441,955 2,427,464
------------ ------------
Total current liabilities .................. $ 59,101,444 $ 56,507,990
------------ ------------
DEFERRED INCOME TAXES ............................ $ 15,387,000 $ 15,146,000
------------ ------------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred, $.01 par value; authorized
5,000,000 share; none issured .............. $ -- $ --
Common, $.01 par value; authorized
395,000,000 shares; issued and outstanding
25,366,582 in 2000 and
26,460,251 in 1999 ......................... 253,666 264,603
Additional paid in capital .................... 6,608,170 6,608,170
Retained earnings ............................. 171,987,052 167,966,778
------------ ------------
$178,848,888 $174,839,551
------------ ------------
$253,337,332 $246,493,541
============ ============
The accompanying notes are an integral part of these consolidated financial
statements.
3
HEARTLAND EXPRESS, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Three months ended Six months ended
June 30, June 30,
2000 1999 2000 1999
OPERATING REVENUE .......................... $ 69,261,481 $ 66,094,335 $ 136,451,267 $ 129,191,440
------------- ------------- ------------- -------------
OPERATING EXPENSES:
Salaries, wages, benefits ............... $ 18,404,429 $ 14,718,890 $ 34,983,128 $ 28,833,872
Rent and purchased transportation ....... 19,593,290 23,697,084 40,233,405 46,462,729
Operations and maintenance .............. 9,985,590 7,028,891 19,610,288 13,614,398
Taxes and licenses ...................... 1,455,225 1,494,517 2,760,555 2,865,576
Insurance and claims .................... 1,522,292 1,456,670 3,498,733 3,229,921
Communications and utilities ............ 690,204 655,421 1,394,418 1,307,329
Depreciation ............................ 3,892,272 4,056,077 7,759,490 8,124,155
Other operating expenses ................ 1,597,620 1,503,783 3,055,058 3,111,884
(Gain) on sale of fixed assets .......... (200) -- (1,493,678) --
------------- ------------- ------------- -------------
$ 57,140,722 $ 54,611,333 $ 111,801,397 $ 107,549,864
------------- ------------- ------------- -------------
Operating income ............ $ 12,120,759 $ 11,483,002 $ 24,649,870 $ 21,641,576
Interest income ......................... 1,329,119 1,519,293 2,652,004 2,998,321
------------- ------------- ------------- -------------
Income before income taxes .............. $ 13,449,878 $ 13,002,295 $ 27,301,874 $ 24,639,897
Federal and state income taxes .......... 4,572,958 4,485,791 9,282,637 8,559,068
------------- ------------- ------------- -------------
Net income .............................. $ 8,876,920 8,516,504 $ 18,019,237 $ 16,080,829
============= ============= ============= =============
Earnings per common share:
Basic earnings per share ............ $ 0.35 $ 0.28 $ 0.70 $ 0.54
============= ============= ============= =============
Basic weighted average shares outstanding 25,366,582 30,000,000 25,715,114 30,000,000
============= ============= ============= =============
The accompanying notes are an integral part of these financial statements.
4
HEARTLAND EXPRESS, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six months ended
June 30,
2000 1999
------------- -------------
OPERATING ACTIVITIES
Net Income ................................ $ 18,019,237 $ 16,080,829
Adjustments to reconcile to net cash
provided by operating activities:
Depreciation and amortization .......... 8,303,408 8,672,379
Deferred income taxes .................. (47,000) (137,000)
Gain on sale of fixed assets ........... (1,493,678) --
Changes in certain working capital items:
Trade receivables ................... (1,722,622) (2,159,505)
Other current assets ................ (1,674,000) (1,898,648)
Prepaid expenses .................... (811,724) (285,082)
Accounts payable and accrued expenses 2,306,947 1,047,139
Accrued income tax .................. 1,023,618 785,580
------------- -------------
Net cash provided by operating activities $ 23,904,186 $ 22,105,692
------------- -------------
INVESTING ACTIVITIES
Proceeds from sale of prop. and equipment . $ 2,121,720 $ --
Capital additions ......................... (14,879,003) (5,518,897)
Net sales of municipal bonds .............. (2,853,412) --
Other ..................................... (187,235) 31,468
------------- -------------
Net cash used in investing activities ..... $ (15,797,930) $ (5,487,429)
------------- -------------
FINANCING ACTIVITIES
Repurchase of common stock ................ $ (14,009,900) $ --
------------- -------------
Net cash used in financing activities .. $ (14,009,900) $ --
------------- -------------
Net increase (decrease) in cash and
cash equivalents .................... $ (5,903,644) $ 16,618,263
CASH AND CASH EQUIVALENTS
Beginning of period ....................... 126,211,056 143,434,594
------------- -------------
End of period ............................. $ 120,307,412 $ 160,052,857
============= =============
SUPPLEMENTAL DISCLOSURES OF
CASH FLOW INFORMATION
Cash paid during the period for:
Income taxes .......................... $ 8,306,019 $ 7,910,488
Noncash investing activities:
Book value of revenue equipment traded $ 4,976,191 $ 1,894,303
The accompanying notes are an integral part of these consolidated financial
statements.
5
HEARTLAND EXPRESS, INC.
AND SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
Note 1. Basis of Presentation
The consolidated financial statements include the accounts of Heartland
Express, Inc., a Nevada holding company, and its wholly-owned subsidiaries (the
Company). All significant intercompany balances and transactions have been
eliminated in consolidation.
The financial statements have been prepared, without audit, in accordance
with generally accepted accounting principles, pursuant to the rules and
regulations of the Securities and Exchange Commission. In the opinion of
management, the accompanying financial statements include all adjustments which
are necessary for a fair presentation of the results for the interim periods
presented, such adjustments being of a normal recurring nature. Certain
information and footnote disclosures have been condensed or omitted pursuant to
such rules and regulations. The December 31, 1999 Consolidated Balance Sheet was
derived from the audited balance sheet of the Company for the year then ended.
It is suggested that these consolidated financial statements and notes thereto
be read in conjunction with the consolidated financial statements and notes
thereto included in the Company's Form 10-K for the year ended December 31,
1999. Results of operations in interim periods are not necessarily indicative of
results to be expected for a full year.
Note 2. Income Taxes
Income tax expense varies from the amount computed by applying the federal
corporate income tax rate of 35% to income before income taxes primarily due to
state income taxes, net of federal income tax effect, plus the effect of
interest earned exempt from federal taxes. Effective income tax expense
approximates 34% in the three and six month periods ended June 30, 2000.
Effective income tax expense approximated 34.5% for the three months ended June
30, 1999 and 34.7% for the six months ended June 30, 1999.
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
The following is a discussion of the results of operations of the three and
six months periods ended June 30, 2000 compared with the same periods in 1999,
and the changes in financial condition through the second quarter of 2000.
6
Results of Operations:
Three Months Ended June 30, 2000 and 1999
Operating revenue increased $3.2 million (4.8%), to $69.3 million in the
second quarter of 2000 from $66.1 million in the second quarter of 1999. The
revenue increase was primarily attributable to increased freight rates, and fuel
surcharges resulting from high diesel prices.
Salaries, wages, and benefits increased $3.7 million (25.0%), to $18.4
million in the second quarter of 2000 from $14.7 million in the second quarter
of 1999. As a percentage of revenue, salaries, wages and benefits increased to
26.6% in 2000 from 22.2% in 1999. These increases were a result of increased
reliance on employee drivers and a corresponding decrease in miles driven by
independent contractors. In addition, the Company increased employee driver pay
in June, 1999 and March, 2000. The increase in employee driver miles was
attributable to internal growth in the company tractor fleet. During the second
quarter of 2000, employee drivers accounted for 59% and independent contractors
41% of the total fleet miles, compared with 49% and 51%, respectively, in the
second quarter of 1999. The Company also experienced an increase in the
frequency and severity of workers' compensation and health insurance claims in
comparison to the 1999 period.
Rent and purchased transportation decreased $4.1 million (17.3%), to $19.6
million in the second quarter of 2000 from $23.7 million in the second quarter
of 1999. As a percentage of revenue, rent and purchased transportation decreased
to 28.3% in the second quarter of 2000 from 35.9% in the second quarter of 1999.
This reflects the Company's decreased reliance upon independent contractors. In
addition, an increased industry demand for independent contractors has negated
the Company's previous competitive advantage.
Operations and maintenance increased $3.0 million (42.1%) to $10.0 million
in the second quarter of 2000 from $7.0 million in the second quarter of 1999.
As a percentage of revenue, operations and maintenance increased to 14.4% during
the second quarter of 2000 from 10.6% in the second quarter of 1999. This
increase is attributable to an increase in fuel prices and increased reliance on
the Company owned fleet. The fuel cost per gallon steadily increased after the
first quarter of 1999 with heavy increases experienced in the fourth quarter of
1999 and the first six months of 2000.
Taxes and licenses decreased $0.1 million (4.5%), to $1.4 million in the
second quarter of 2000 from $1.5 million in the second quarter of 1999. As a
percentage of revenue, taxes and licenses decreased to 2.1% in the second
quarter of 2000 from 2.3% in the second quarter of 1999. These decreases
resulted from increased fleet utilization and efficient management of these
costs.
7
Insurance and claims increased $0.1 million (4.5%), to $1.5 million in the
second quarter of 2000 from $1.4 million in the second quarter of 1999. As a
percentage of revenue, insurance and claims remained constant at 2.2% for both
compared periods. Insurance and claims expense will vary as a percentage of
operating revenue from period to period based on the frequency and severity of
claims incurred in a given period as well as changes in claims development
trends.
Communications and utilities increased $0.1 million (5.3%), to $0.7 million
in the 2000 period from $0.6 million in the 1999 period. As a percentage of
revenue, communications and utilities remained constant at 1.0% in both 2000 and
1999, compared periods.
Depreciation decreased $0.1 million (4.0%) to $3.9 million during the
second quarter of 2000 from $4.0 million in the second quarter of 1999. As a
percentage of revenue, depreciation decreased to 5.6% of revenue during the
second quarter of 2000 from 6.1% during the second quarter of 1999. The decrease
resulted primarily from the increase in the number of trailers in the Company's
fleet becoming fully depreciated, and from the change in estimated salvage value
on the Company's revenue equipment.
Other operating expenses increased $0.1 million (6.2%) to $1.6 million
during the second quarter of 2000 from $1.5 million during the second quarter
1999. As a percentage of revenue, other operating expenses remained constant at
2.3% for both compared periods. Other operating expenses consists primarily of
pallet cost, driver recruiting expense, and administrative costs.
Interest income decreased $0.2 (12.5%) to $1.3 million in the second
quarter of 2000 from $1.5 million in the second quarter of 1999. Interest income
earned is primarily exempt from federal taxes and therefore earned at a lower
rate. The decrease is attributable to the repurchase of 4.6 million shares of
the Company's common stock for $59.1 million in the fourth quarter of 1999 and
first quarter of 2000.
The Company's effective tax rate was 34.0% for the three month period ended
June 30, 2000 and 34.5% in the 1999 period.
As a result of the foregoing, the Company's operating ratio (operating
expenses as a percentage of operating revenue) was 82.5% during the second
quarter of 2000 compared with 82.6% during the second quarter of 1999. Net
income increased $0.4 million (4.2%), to $8.9 million during the second quarter
of 2000 from $8.5 million during the second quarter of 1999.
8
Six Months Ended June 30, 2000 and 1999
Operating revenue increased $7.3 million (5.6%), to $136.5 million in the
six months ended June 30, 2000 from $129.2 million in the 1999 period. The
revenue increase was primarily attributable to increased freight rates, and fuel
surcharges resulting from high diesel prices.
Salaries, wages, and benefits increased $6.1 million (21.3%), to $35.0
million in the six months ended June 30, 2000 from $28.9 million in the 1999
period. As a percentage of revenue, salaries, wages and benefits increased to
25.6% in 2000 from 22.3% in 1999. These increases were a result of increased
reliance on employee drivers and a corresponding decrease in miles driven by
independent contractors. In addition, the Company increased employee driver pay
in June, 1999 and March, 2000. The increase in employee driver miles was
attributable to internal growth in the company tractor fleet. During the first
six months of 2000, employee drivers accounted for 57% and independent
contractors 43% of the total fleet miles, compared with 49% and 51%,
respectively, in the compared 1999 period. The Company also experienced an
increase in the frequency and severity of workers' compensation and health
insurance claims in comparison to the compared 1999 period.
Rent and purchased transportation decreased $6.2 million (13.4%), to $40.2
million in the first six months of 2000 from $46.4 million in the 1999 period.
As a percentage of revenue, rent and purchased transportation decreased to 29.5%
in the 2000 period from 36.0% in the compared 1999 period. This reflects the
Company's decreased reliance upon independent contractors. In addition, an
increased industry demand for independent contractors has negated the Company's
previous competitive advantage. Additionally, the high cost of fuel experienced
since the first quarter of 1999 has resulted in independent contractors leaving
the industry.
Operations and maintenance increased $6.0 million (44.0%) to $19.6 million
in the six months ended June 30, 2000 from $13.6 million in the 1999 period. As
a percentage of revenue, operations and maintenance increased to 14.4% in the
2000 period from 10.5% during the 1999 period. This increase is attributable to
an increase in fuel prices and increased reliance on the Company owned fleet.
The fuel cost per gallon steadily increased after the first quarter of 1999 with
heavy increases experienced in the fourth quarter of 1999 and in 2000.
Taxes and licenses decreased $0.1 million (3.7%), to $2.8 million in the
first six months of 2000 from $2.9 million in the compared 1999 period. As a
percentage of revenue, taxes and licenses decreased to 2.0% in the 2000 period
from 2.2% in the 1999 period. These decreases resulted from increased fleet
utilization and efficient management of these costs.
9
Insurance and claims increased $0.3 million (8.3%), to $3.5 million in the
first six months of 2000 from $3.2 million in the compared 1999 period. As a
percentage of revenue, insurance and claims increased to 2.6% in the 2000 period
from 2.5% in the 1999 period. Insurance and claims expense will vary as a
percentage of operating revenue from period to period based on the frequency and
severity of claims incurred in a given period as well as changes in claims
development trends.
Communications and utilities increased $0.1 million (6.7%), to $1.4 million
in the 2000 period from $1.3 million in 1999 period. As a percentage of revenue,
communications and utilities remained constant at 1.0% in both 2000 and 1999
periods.
Depreciation decreased $0.4 million (4.5%) to $7.7 million during the first
six months of 2000 from $8.1 million in the compared 1999 period. As a
percentage of revenue, depreciation decreased to 5.7% of revenue during the 2000
period from 6.3% during the 1999 period. The decrease resulted from the increase
in the number of trailers in the Company's fleet becoming fully depreciated, and
from the change in estimated salvage value on the Company's revenue equipment.
Other operating expenses decreased $0.1 million (1.8%) to $3.0 million
during the first six months 2000 from $3.1 million during the compared 1999
period. As a percentage of revenue, other operating expenses decreased to 2.2%
in the 2000 period from 2.4% in the 1999 period. Other operating expenses
consists primarily of pallet cost, driver recruiting expense, goodwill, and
administrative costs.
Interest income decreased $0.3 (11.6%) to $2.7 million in the first six
months of 2000 from $3.0 million in the compared 1999 period. Interest income
earned is primarily exempt from federal taxes and therefore earned at a lower
rate. The decrease is attributable to the repurchase of 4.6 million shares of
the Company's common stock for $59.1 million in the fourth quarter of 1999 and
first quarter of 2000, and a $9.3 million increase in capital expenditures.
The Company's effective tax rate is 34.0% for the six months ended June 30,
2000 and 34.7% for the compared period.
As a result of the foregoing, the Company's operating ratio (operating
expenses as a percentage of operating revenue) was 81.9% during the first six
months of 2000 compared with 83.2% during the first six months of 1999. Net
income increased $1.9 million (12.1%), to $18.0 million during the first six
months of 2000 from $16.1 million during the compared 1999 period. The Company's
operating ratio and net income for the first six months of 2000 were positively
impacted by a $1.5 million gain recognized on the sale of two properties.
10
Liquidity and Capital Resources
The growth of the Company's business has required significant investments
in new revenue equipment. Historically the Company has been debt-free, financing
revenue equipment through cash flow from operations. The Company also obtains
tractor capacity by utilizing independent contractors, who provide a tractor and
bear all associated operating and financing expenses. The Company's primary
source of liquidity at June 30, 2000, were funds provided by cash flow from
operating activities. The Company believes its sources of liquidity are adequate
to meet its current and projected needs.
The Company expects to finance future growth in its company-owned fleet
through cash flow from operations and cash equivalents currently on hand. Based
on the Company's strong financial position (current ratio of 2.9 and no debt),
management foresees no barrier to obtaining outside financing, if necessary, to
continue with its growth plans.
During the six months ended June 30, 2000, the Company generated net cash
flow from operations of $23.9 million. Net cash used in investing and financing
activities included $14.9 million for capital expenditures, primarily revenue
equipment, and $14.0 million for the repurchase of 1,093,669 shares of the
Company's outstanding common stock.
Working capital at June 30, 2000 was $110.8 million, including $123.7
million in cash, cash equivalents, and investments. These investments generated
$2.7 million in interest income (primarily tax-exempt) during the six months
ended June 30, 2000. The Company's policy is to purchase only investment
quality, highly liquid investments.
11
Forward Looking Information
Except for the historical information contained herein, the discussion in
this quarterly report contains forward-looking statements that involve risk,
assumptions, and uncertainties that are difficult to predict. Words such as
"believe," "may," "could," "expects," "likely," variations of these words, and
similar expressions, are intended to identify such forward-looking statements.
The Company's actual results could differ materially from those discussed
herein. Forward-looking information is subject to certain risks and
uncertainties that could cause actual results to differ materially from those
projected. Without limitation, these risks and uncertainties include economic
factors such as recessions, downturns in customers' business cycles, surplus
inventories, inflation, fuel price increases, and higher interest rates; the
resale value of the Company's used revenue equipment; the availability and
compensation of qualified drivers; competition from trucking, rail, and
intermodal competitors; and the ability to identify acceptable acquisition
targets and negotiate, finance, and consummate acquisitions and integrate
acquired companies. Readers should review and consider the various disclosures
made by the Company in its press releases, stockholder reports, and public
filings, as well as the factors explained in greater detail in the Company's
annual report on Form 10-K.
12
PART II
OTHER INFORMATION
Item 1. Legal Proceedings
Not applicable
Item 2. Changes in securities
Not applicable
Item 3. Defaults upon senior securities
Not applicable
Item 4. Submission of matters to a vote of security holders
Not applicable
Item 5. Other information
Not applicable
Item 6. Exhibits and reports on Form 8-K
None filed during the second quarter of 2000.
Page of Method of
Exhibit No. Document Filing
3.1 Articles of Incorporation Incorporated by
Reference to the
Company's registration
statement on Form S-1,
Registration No. 33-
8165, effective
November 5, 1986.
3.2 Bylaws Incorporated by
Reference to the
Company's registration
statement on form S-1,
Registration No. 33-
8165, effective
November 5, 1986.
13
3.3 Certificate of Amendment Incorporated by
To Articles of Incorporation Reference to the
Company's form
10-QA, for the
quarter ended June
30, 1997, dated
March 26, 1998.
4.1 Articles of Incorporation Incorporated by
Reference to the
Company's registration
statement on form S-1,
Registration No. 33-
8165, effective
November 5, 1986.
4.3 Certificate of Amendment Incorporated by
to Articles of Incorporation Reference to the
Company's form
10-QA, for the
quarter ended June
30, 1997, dated
March 26, 1998.
9.1 Voting Trust Agreement dated Incorporated by
June 6, 1997 among the Gerdin Reference to the
Educational Trusts and Larry Company's Form 10-K
Crouse voting trustee. For the year ended
December 31, 1997.
Commission file no.
0-15087.
10.1 Business Property Lease Incorporated by
between Russell A. Gerdin Reference to the
as Lessor and the Company Company's Form 10-K
as Lessee, regarding the for the year ended
Company's headquarters at December 31, 1996.
2777 Heartland Drive, Commission file no.
Coralville, Iowa 52241 0-15087, dated
March 27, 1997.
14
10.2 Form of Independent Incorporated by
Contractor Operating Reference to the
Agreement between the Company's Form 10-K
Company and its for the year ended
independent contractor December 31, 1993.
providers of tractors Commission file no.
0-15087.
10.3 Description of Key Incorporated by
Management Deferred Reference to the
Incentive Compensation Company's Form 10-K
Arrangement for the year ended
December 31, 1993.
Commission file no.
0-15087.
21 Subsidiaries of the Incorporated by
Registrant Reference to the
Company's Form 10-K
for the year ended
December 31, 1997.
Commission file no.
0-15087.
27 Financial Data Schedule Filed herewith.
15
SIGNATURES
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.
BY: /s/ John P. Cosaert
JOHN P. COSAERT
Vice-President
Finance and Treasurer
16