Heartland Express Announces Closing of Acquisition of Great Coastal Express

    CORALVILLE, Iowa--June 3, 2002--Heartland Express, Inc. announced today that it has completed the acquisition of the business and certain trucking assets of Great Coastal Express, Inc., a mid-Atlantic regional truckload carrier. Great Coastal began operating as a division of Heartland Express effective June 1, 2002.
    Great Coastal had gross revenues of approximately $70.0 million in 2001 and currently operates approximately 500 company tractors, 125 owner-operators, and 1,650 trailers. The Great Coastal division will continue to operate out of its current Chester, Virginia headquarters with additional terminal locations in Roanoke, Virginia, Charlotte, North Carolina, and Baltimore, Maryland.
    Chairman and CEO Russell Gerdin stated, "We are very excited about this acquisition, as Great Coastal is a reputable business that has been around for more than 50 years. I have met many of their drivers, shop employees, and operations personnel during the past two weeks and am impressed by their knowledge of trucking and dedication to customer service. Their operating region will increase our presence in the eastern half of the United States. We will use our financial resources to begin updating their tractor and trailer fleet immediately."
    Heartland Express, Inc. is a short to medium haul, dry van truckload carrier serving primarily the eastern half of the United States. Heartland ended the first quarter of 2002 with cash, cash equivalents, and investments of $171.4 million and a debt-free balance sheet.
    For further information contact: John P. Cosaert, Executive Vice President of Finance (319) 545-2728.

    This press release and statements made by the Company in its stockholder reports and public filings, as well as oral public statements by Company representatives, may contain certain forward-looking information, usually identified by words such as "anticipates," "believes," "estimates," "projects," "expects," or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in forward-looking statements. With respect to the acquisition, the risks and uncertainties include, but are not limited to, the risk that integration of the acquired operation will not proceed as planned; the risk that Heartland will lose key components of the acquired operation, including customers, drivers, other employees, and owner-operators, none of whom are bound to remain with the acquired operation; the risk that Heartland will not be able to improve the profitability of the acquired operation and operate it near the level of Heartland's profitability; the risk of unknown liabilities related to the acquired operation; and the risk that integrating and managing the acquired operation will distract management from other operations. With respect to general business operations, the following factors, among others, could cause actual results to differ materially from those in forward-looking statements: economic recessions or downturns in customers' business cycles; excessive increases in capacity within truckload markets; surplus inventories; decreased demand for transportation services offered by the Company; increases or rapid fluctuations in inflation, interest rates, fuel prices, and fuel hedging; the availability and costs of attracting and retaining qualified drivers and owner-operators; increases in insurance premiums and deductible amounts relating to accident, cargo, workers' compensation, health, and other claims; the resale value of used equipment; seasonal factors such as harsh weather conditions that increase operating costs; and the ability to negotiate, consummate, and integrate acquisitions. Readers should review and consider the various disclosures made by the Company in this press release, stockholder reports, and in its Forms 10-K, 10-Q, and other public filings. The Company disclaims any such obligation to update or alter its forward-looking statements whether as a result of new information, future events, or otherwise.