SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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 report): January 14, 2002
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 5. Other Events.
See attached press release dated January 14, 2002, regarding fourth quarter
earnings and earnings for the fiscal year ended December 31, 2001. (Exhibit 99)
Exhibit Index
99 Press release dated January 14, 2002, regarding fourth quarter earnings and
earnings for the fiscal year ended December 31, 2001.
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.
January 15, 2002 BY:/s/ Thomas E. Hill
-------------------
Thomas E. Hill
Vice-President
and Controller
Exhibit 99.1
Monday, January 14, 2002, to be released at 6:00 a.m. (Central time)
Press Release
Heartland Express, Inc. Reports Revenues and Earnings for the Fourth Quarter of
2001.
CORALVILLE, IOWA - January 14, 2002 - Heartland Express, Inc. (Nasdaq: HTLD)
announced today financial results for the fourth quarter ended December 31,
2001. For the fourth quarter revenue increased 4.6% to $73.5 million from $70.3
million in the fourth quarter of 2000. Net income increased 24.8% to $9.9
million from $7.9 million in the 2000 period. Basic earnings per share were
$0.31 compared to $0.25 for the fourth quarter of 2000.
For the twelve months, revenue increased 7.2% to $294.6 from $274.8 during the
same period in 2000. Net income increased 9.8% to $37.7 million from $34.3
million in the 2000 period. Basic earnings per share were $1.19 compared with
$1.07 for the 2000 period. Net income and earnings per share for the 2000 period
were positively impacted by a $1.5 million gain from the sale of real estate.
Heartland Express reported an industry-leading operating ratio (operating
expenses as a percentage of gross revenues) of 80.9% for the quarter and 82.1%
for the twelve months ending December 31, 2001. In addition, the Company
reported return on sales of 13.4% for the quarter and 12.8% for the year. The
Company ended the year with no debt and $161 million in cash and short-term
investments as compared to $128 million on December 31, 2000.
With no debt, a new fleet (the average age of company tractors 19 months) and
it's strong cash position, the Company continues to be well positioned to meet
the challenges and opportunities of the new year.
This press release may contain statements that might be considered
forward-looking statements of predictions of future operations. Such statements
are based on management's belief of interpretation of information currently
available. These statements and assumptions involve certain risks and
uncertainties. Actual events may differ from these expectations as specified
from time to time in filings with the Securities and Exchange Commission.
Contact: Heartland Express, Inc.
John Cosaert
319-545-2728
HEARTLAND EXPRESS, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
Three months ended Twelve months ended
December 31, December 31,
2001 2000 2001 2000
OPERATING REVENUE ........................$ 73,524,647 $ 70,268,854 $ 294,617,263 $ 274,827,551
------------ ------------ ------------- -------------
OPERATING EXPENSES:
Salaries, wages, benefits .............$ 22,455,088 $ 20,141,017 $ 87,643,187 $ 73,846,541
Rent and purchased transportation ..... 15,247,419 16,944,371 65,911,825 75,190,893
Operations and maintenance ............ 11,188,612 12,474,957 47,903,499 42,650,757
Taxes and licenses..................... 1,699,386 1,675,787 6,188,628 5,952,448
Insurance and claims................... 2,235,994 1,616,184 7,618,919 6,706,247
Communications and utilities........... 581,886 783,122 2,902,496 2,952,394
Depreciation........................... 4,276,931 4,381,842 17,000,927 16,284,550
Other operating expenses .............. 1,778,110 1,764,902 6,814,399 6,505,174
(Gain)/loss on sale of fixed assets ... (2,471) 5,326 14,442 (1,511,587)
------------ ------------ ------------- -------------
$ 59,460,955 $ 59,787,508 $ 241,998,322 $ 228,577,417
------------ ------------ ------------- -------------
Operating income ...................$ 14,063,692 $ 10,481,346 $ 52,618,941 $ 46,250,134
Interest income ....................... 865,780 1,480,613 4,434,914 5,725,551
------------ ------------ ------------- -------------
Income before income taxes ............$ 14,929,472 $ 11,961,959 $ 57,053,855 $ 51,975,685
Federal and state income taxes......... 5,076,023 4,067,067 19,398,239 17,671,725
------------ ------------ ------------- -------------
Net income ............................$ 9,853,449 $ 7,894,892 $ 37,655,616 $ 34,303,960
============ ============ ============= =============
Earnings per common share:
Basic earnings per share ..........$ 0.31 $ 0.25 $ 1.19 $ 1.07
============ ============ ============= =============
Basic weighted average shares
outstanding ........................... 31,708,131 31,708,131 31,708,131 31,924,788
============ ============ ============= =============
HEARTLAND EXPRESS, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS December 31, December 31,
2001 2000
------------- --------------
CURRENT ASSETS
Cash and short term investments ........... $ 161,076,122 $ 128,027,076
Trade receivables.......................... 25,700,435 24,954,681
Prepaid tires ............................. 4,077,276 3,780,644
Deferred income taxes...................... 17,358,000 16,846,000
Other current assets....................... 144,890 328,273
------------- -------------
Total current assets .................. $ 208,356,723 $ 173,936,674
------------- -------------
PROPERTY AND EQUIPMENT ........................ $ 149,592,138 $ 145,407,075
Less accumulated depreciation.............. 47,473,283 56,329,103
------------- -------------
$ 102,118,855 $ 89,077,972
------------- -------------
OTHER ASSETS .................................. $ 3,762,832 $ 5,040,358
------------- -------------
$ 314,238,410 $ 268,055,004
============= =============
LIABILITIES AND STOCKHOLDERS'
EQUITY
CURRENT LIABILITIES
Accounts payable & accrued liabilities .... $ 7,073,957 $ 6,712,053
Accrued expenses .......................... 46,685,828 44,099,458
Income taxes payable ...................... 6,693,398 4,618,882
------------- -------------
Total current liabilities ............. $ 60,453,183 $ 55,430,393
------------- -------------
DEFERRED INCOME TAXES ......................... $ 20,996,000 $ 17,491,000
------------- -------------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Capital stock: Common, $.01 par value;
authorized 395,000,000 shares; issued and
outstanding 31,708,131 and 25,366,582,
respectively .............................. $ 317,081 $ 253,666
Additional paid-in capital ................ 6,608,170 6,608,170
Retained earnings ......................... 225,863,976 188,271,775
------------- -------------
$ 232,789,227 $ 195,133,611
------------- -------------
$ 314,238,410 $ 268,055,004
============= =============
End of Filing