UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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 reported):
April 19, 2007
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 9.01. Financial Statements and Exhibits
Exhibit 99.1 - Heartland Express, Inc. press release dated April 19, 2007
with respect to the Company's financial results for the quarter ended March 31,
2007
Item 2.02. Results of Operations and Financial Condition.
On April 19, 2007, Heartland Express, Inc. announced its financial results
for the quarter ended March 31, 2007. The press release is attached as Exhibit
99.1 to this Form 8-K and is incorporated herein by reference.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on behalf by the undersigned
thereunto duly authorized.
HEARTLAND EXPRESS, INC.
Date: April 19, 2007 BY:/s/John P. Cosaert
---------------------
JOHN P. COSAERT
Vice-President
Finance and Treasurer
Exhibit No. 99.1
Thursday, April 19, 2007, For Immediate Release
Press Release
Heartland Express, Inc. Reports Revenues and Earnings for the First Quarter of
2007.
CORALVILLE, IOWA - April 19, 2007 - Heartland Express, Inc. (Nasdaq: HTLD)
announced today financial results for the quarter ended March 31, 2007.
Operating revenues for the quarter increased 6.2% to $143.4 million from $135.0
million in the first quarter of 2006. Net income increased 14.3% to $22.6
million from $19.7 million in the 2006 period. Earnings per share were $0.23
compared to $0.20 for the first quarter of 2006, a 15.0% increase.
For the quarter, Heartland Express, Inc. posted an operating ratio (operating
expenses as a percentage of operating revenues) of 78.2% and a 15.7% net margin.
The Company ended the first quarter with cash, cash equivalents, and short-term
investments of $365.1 million, a $33.8 million increase from the $331.3 million
reported on December 31, 2006. The first quarter net cash flow from operations
of $34.1 million was 23.8% of our operating revenues. The Company's balance
sheet continues to be debt-free with total assets of $700.7 million.
The Company adopted Financial Accounting Standards Board (FASB) Interpretation
No. 48 "Accounting for Uncertainty in Income Taxes (an interpretation of FASB
No. 109)" (FIN 48) effective January 1, 2007. The cumulative effect of adopting
FIN 48 of $4.7 million has been recognized as a charge against retained
earnings.
The average age of the Company's tractor fleet was 1.5 years at March 31, 2007,
with the entire fleet comprised of 2005 or newer model year Internationals. The
average age of the Company's trailer fleet was 3.3 years at March 31, 2007. The
Company also began the upgrade of its trailer fleet in the first quarter with
the purchase of 2008 Wabash trailers. The Company took delivery of 35 new
tractors and 100 new trailers during the quarter.
During the quarter, Heartland Express declared a regular quarterly cash
dividend. The quarterly dividend of approximately $2.0 million at the rate of
$0.02 per share was paid on April 2, 2007 to shareholders of record at the close
of business on March 22, 2007. The Company has now paid cash dividends of $22.3
million over the past fifteen consecutive quarters.
This press release may contain statements that might be considered as
forward-looking statements or predictions of future operations. Such statements
are based on management's belief or 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.
Mike Gerdin, President
John Cosaert, Chief Financial Officer
319-545-2728
HEARTLAND EXPRESS, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Three months ended
March 31,
2007 2006
------------ ------------
OPERATING REVENUE ........................... $143,429,027 $134,999,299
------------ ------------
OPERATING EXPENSES:
Salaries, wages, benefits ................. $ 48,013,729 $ 46,370,582
Rent and purchased transportation ......... 5,221,764 6,199,672
Operations and maintenance ................ 3,204,050 2,946,733
Fuel....................................... 36,813,297 32,961,018
Taxes and licenses ........................ 2,280,358 2,067,167
Insurance and claims ...................... 5,589,831 4,086,849
Communications and utilities .............. 855,918 952,339
Depreciation .............................. 11,703,756 10,177,659
Other operating expenses .................. 4,125,123 4,197,629
Gain on disposal of property and equipment (5,666,241) (3,059,237)
------------ ------------
$112,141,585 $106,900,411
------------ ------------
Operating income ..................... $ 31,287,442 $ 28,098,888
Interest income ........................... 3,316,063 2,505,947
------------ ------------
Income before income taxes ................ $ 34,603,505 $ 30,604,835
Federal and state income taxes ............ 12,050,204 10,864,684
------------ ------------
Net income ................................ $ 22,553,301 $ 19,740,151
============ ============
Earnings per share ........................ $ 0.23 $ 0.20
============ ============
Weighted average shares outstanding ....... 98,251,889 98,428,589
============ ============
Dividends declared per share .............. $ 0.20 $ 0.015
============ ============
HEARTLAND EXPRESS, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, December 31,
ASSETS 2007 2006
------------ ------------
(unaudited)
CURRENT ASSETS
Cash and cash equivalents .................... $ 11,417,039 $ 8,458,882
Short-term investments ....................... 353,689,572 322,829,306
Trade receivables ............................ 45,504,423 43,499,482
Prepaid tires ................................ 4,582,010 5,075,566
Other prepaid expenses ....................... 6,811,936 1,635,077
Deferred income taxes ........................ 28,614,000 29,177,000
------------ ------------
Total current assets .................... $450,618,980 $410,675,313
------------ ------------
PROPERTY AND EQUIPMENT .......................... $344,732,728 $344,323,852
Less accumulated depreciation ................ 104,987,360 96,293,111
------------ ------------
$239,745,368 $248,030,741
------------ ------------
OTHER ASSETS .................................... $ 10,343,595 $ 10,363,658
------------ ------------
$700,707,943 $669,069,712
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable & accrued liabilities ....... $ 15,887,364 $ 15,075,647
Compensation & benefits ...................... 14,128,288 15,028,378
Income taxes payable ......................... 8,836,953 21,418,610
Insurance accruals ........................... 57,107,383 56,651,853
Other accruals ............................... 8,076,648 8,248,415
------------ ------------
Total current liabilities ............... $104,036,636 $116,422,903
------------ ------------
LONG-TERM LIABILITIES
Income taxes payable ......................... $ 35,779,158 $ --
Deferred income taxes ........................ 49,881,000 57,623,000
------------ ------------
$ 85,660,158 $ 57,623,000
------------ ------------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Capital stock: common, $.01 par value;
authorized 395,000,000 shares; issued and
outstanding 98,251,889 ....................... $ 982,519 982,519
Additional paid-in capital ................... 438,701 376,029
Retained earnings ............................ 509,589,929 493,665,261
------------ ------------
$511,011,149 $495,023,809
------------ ------------
$700,707,943 $669,069,712
============ ============
END OF REPORT