Heartland Express, Inc. Reports Revenues and
Earnings for the Fourth Quarter of 2001.
Business Editors
CORALVILLE, Iowa--Jan. 14, 2002--Heartland
Express, Inc. 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.
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HEARTLAND EXPRESS, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
Three months ended
December 31,
2001 2000
---- ----
OPERATING REVENUE $ 73,524,647 $ 70,268,854
--------------- ---------------
OPERATING EXPENSES:
Salaries, wages, benefits $ 22,455,088 $ 20,141,017
Rent and purchased
transportation 15,247,419 16,944,371
Operations and maintenance 11,188,612 12,474,957
Taxes and licenses 1,699,386 1,675,787
Insurance and claims 2,235,994 1,616,184
Communications and utilities 581,886 783,122
Depreciation 4,276,931 4,381,842
Other operating expenses 1,778,110 1,764,902
(Gain)/loss on sale of fixed
assets (2,471) 5,326
--------------- ---------------
$ 59,460,955 $ 59,787,508
--------------- ---------------
Operating income $ 14,063,692 $ 10,481,346
Interest income 865,780 1,480,613
--------------- ---------------
Income before income taxes $ 14,929,472 $ 11,961,959
Federal and state income taxes 5,076,023 4,067,067
--------------- ---------------
Net income $ 9,853,449 $ 7,894,892
=============== ===============
Earnings per common share:
Basic earnings per share $ 0.31 $ 0.25
=============== ===============
Basic weighted average shares
outstanding 31,708,131 31,708,131
=============== ===============
Twelve months ended
December 31,
2001 2000
---- ----
OPERATING REVENUE $ 294,617,263 $ 274,827,551
---------------- ----------------
OPERATING EXPENSES:
Salaries, wages, benefits $ 87,643,187 $ 73,846,541
Rent and purchased
transportation 65,911,825 75,190,893
Operations and maintenance 47,903,499 42,650,757
Taxes and licenses 6,188,628 5,952,448
Insurance and claims 7,618,919 6,706,247
Communications and utilities 2,902,496 2,952,394
Depreciation 17,000,927 16,284,550
Other operating expenses 6,814,399 6,505,174
(Gain)/loss on sale of fixed
assets 14,442 (1,511,587)
---------------- ----------------
$ 241,998,322 $ 228,577,417
---------------- ----------------
Operating income $ 52,618,941 $ 46,250,134
Interest income 4,434,914 5,725,551
---------------- ----------------
Income before income taxes $ 57,053,855 $ 51,975,685
Federal and state income taxes 19,398,239 17,671,725
---------------- ----------------
Net income $ 37,655,616 $ 34,303,960
================ ================
Earnings per common share:
Basic earnings per share $ 1.19 $ 1.07
================ ================
Basic weighted average shares
outstanding 31,708,131 31,924,788
================ ================
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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
=============== ===============
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