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 September 30, 1999 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) 645-2728
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 September 30, 1999, there were 30,000,000 shares of the Company's $.01 par
value common stock outstanding.
<PAGE>
PART I
FINANCIAL INFORMATION
Page
Number
Item 1. Financial statements
Consolidated balance sheet
September 30, 1999 (unaudited) and
December 31, 1998 2-3
Consolidated statements of income
(unaudited) for the three and nine month
periods ended September 30, 1999 and 1998 4
Consolidated statements of cash flows
(unaudited) for the nine months ended
September 30, 1999 and 1998 5
Notes to financial statements 6
Item 2. Management's discussion and analysis of
financial condition and results of
operations 7-10
PART II
OTHER INFORMATION
Item 1. Legal proceedings 11
Item 2. Changes in securities 11
Item 3. Defaults upon senior securities 11
Item 4. Submission of matters to a vote of 11
security holders
Item 5. Other information 11
Item 6. Exhibits and reports on Form 8-K 11-12
1
<PAGE>
HEARTLAND EXPRESS, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
ASSETS SEPTEMBER 30, DECEMBER 31,
1999 1998
------------- ------------
(Unaudited)
<S> <C> <C>
CURRENT ASSETS
Cash and cash equivalents ..................... $163,255,190 $143,434,594
Trade receivables, less allowance:
1999 and 1998 $402,812 ........................ 23,345,706 21,391,206
Prepaid tires ................................. 1,380,414 1,039,405
Investments ................................... 2,120,523 --
Deferred income taxes ......................... 15,155,000 16,082,000
Other current assets .......................... 1,482,552 306,142
------------ ------------
Total current assets ....................... $206,739,385 $182,253,347
------------ ------------
PROPERTY AND EQUIPMENT
Land and land improvements .................... $ 3,701,400 $ 3,830,779
Buildings ..................................... 9,173,428 9,214,397
Furniture and fixtures ........................ 2,611,166 2,535,343
Shop and service equipment .................... 1,272,549 1,444,764
Revenue equipment ............................. 118,065,665 112,162,731
------------ ------------
$134,824,208 $129,188,014
Less accumulated depreciation & amortization .. 64,849,663 60,618,544
------------ ------------
Property and equipment, net ................... $ 69,974,545 $ 68,569,470
------------ ------------
OTHER ASSETS .................................. $ 5,685,136 $ 6,005,191
------------ ------------
$282,399,066 $256,828,008
============ ============
</TABLE>
2
<PAGE>
HEARTLAND EXPRESS, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
LIABILITIES AND STOCKHOLDERS' EQUITY
September 30, December 31,
1999 1998
------------- -------------
(Unaudited)
<S> <C> <C>
CURRENT LIABILITIES
Accounts payable & accrued liabilities ..... $ 9,575,452 $ 7,615,143
Compensation & benefits .................... 5,612,938 4,431,905
Income taxes payable ....................... 3,636,169 3,578,501
Insurance accruals .......................... 34,410,090 35,503,314
Other ....................................... 2,699,144 3,135,232
------------ -------------
Total current liabilities .................. $ 55,933,793 $ 54,264,095
------------ -------------
DEFERRED INCOME TAXES ......................... 14,939,000 15,716,000
------------ -------------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Capital stock:
Preferred, $.01 par value; authorized
5,000,000 share; none issured ............. $ -- $ --
Common, $.01 par value; authorized
395,000,000 shares; issured and outstanding
30,000,000 shares ......................... 300,000 300,000
Additional paid in capital .................. 6,608,170 6,608,170
Retained earnings ........................... 204,618,103 179,939,743
------------ -------------
$211,526,273 $186,847,913
------------ -------------
$282,399,066 $256,828,008
============ =============
</TABLE>
3
<PAGE>
HEARTLAND EXPRESS, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
Three months ended Nine months ended
September 30, September 30,
1999 1998 1999 1998
<S> <C> <C> <C> <C>
OPERATING REVENUE .......................... $ 65,350,697 $ 65,015,412 $ 194,542,137 $ 201,078,225
------------- ------------- ------------- -------------
OPERATING EXPENSES:
Salaries, wages, benefits ............... $ 15,640,809 $ 12,386,792 $ 44,474,681 $ 39,354,435
Rent and purchased transportation ....... 22,257,019 24,963,644 68,719,748 77,194,808
Operations and maintenance .............. 7,867,562 6,205,900 21,481,960 19,801,564
Taxes and licenses ...................... 1,604,825 1,531,871 4,470,401 4,592,104
Insurance and claims .................... 1,395,942 1,762,395 4,625,863 5,794,102
Communications and utilities ............ 659,183 623,147 1,966,512 2,057,689
Depreciation ............................ 3,913,127 4,504,616 12,037,282 13,748,242
Other operating expenses ................ 1,364,868 1,362,005 4,476,752 4,262,602
(Gain) on sale of fixed assets .......... (934,812) -- (934,812) (332,255)
------------- ------------- ------------- -------------
$ 53,768,523 $ 53,340,370 $ 161,318,387 $ 166,473,291
------------- ------------- ------------- -------------
Operating income ............... $ 11,582,174 $ 11,675,042 $ 33,223,750 $ 34,604,934
Interest income ......................... 1,543,826 1,297,856 4,542,147 3,480,990
Interest expense ........................ -- -- -- --
------------- ------------- ------------- -------------
Income before income taxes .............. $ 13,126,000 $ 12,972,898 $ 37,765,897 $ 38,085,924
Federal and state income taxes .......... 4,528,469 4,542,309 13,087,537 13,331,891
------------- ------------- ------------- -------------
Net income .............................. $ 8,597,531 8,430,589 $ 24,678,360 $ 24,754,033
============= ============= ============= =============
Earnings per common share:
Basic earnings per share ............ $ 0.29 $ 0.28 $ 0.82 $ 0.83
============= ============= ============= =============
Basic weighted average shares outstanding 30,000,000 30,000,000 30,000,000 30,000,000
============= ============= ============= =============
</TABLE>
4
<PAGE>
HEARTLAND EXPRESS, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Nine months ended
September 30,
1999 1998
------------- -------------
<S> <C> <C>
OPERATING ACTIVITIES
Net Income ......................................... $ 24,678,360 $ 24,754,033
Adjustments to reconcile to net cash
provided by operating activities:
Depreciation and amortization .................... 12,859,618 14,594,332
Deferred income taxes ............................ (1,148,000) (2,001,000)
Gain on sale of fixed assets ..................... (913,618) (332,255)
Changes in certain working capital items:
Trade receivables .............................. (1,954,500) 285,962
Other current assets ........................... (1,176,410) (1,778,755)
Prepaid expenses ............................... (577,317) 198,569
Accounts payable and accrued expenses .......... 1,985,218 3,727,948
Accrued income tax ............................. 1,355,668 931,494
------------- -------------
Net cash provided by operating activities ......... $ 35,109,019 $ 40,380,328
------------- -------------
INVESTING ACTIVITIES
Proceeds from sale of prop. and equipment .......... $ 1,586,007 $ 473,200
Capital additions .................................. (14,490,375) (5,506,006)
Net purchases of municipal bonds ................... (2,120,523) 8,857,263
Other .............................................. (263,532) (321,131)
------------- -------------
Net cash (used in) provided by investment activities $ (15,288,423) $ 3,503,326
------------- -------------
Net increase in cash and cash equivalents ........ $ 19,820,596 $ 43,883,654
CASH AND CASH EQUIVALENTS
Beginning of year .................................. 143,434,594 76,240,422
------------- -------------
End of quarter ..................................... $ 163,255,190 $ 120,124,076
============= =============
SUPPLEMENTAL DISCLOSURES OF
CASH FLOW INFORMATION
Cash paid during the period for:
Income taxes ................................... $ 12,879,869 $ 14,401,397
Noncash investing activities:
Book value of revenue equipment traded ......... $ 3,607,676 $ 6,897,781
See accompanying notes to consolidated financial statements.
</TABLE>
5
<PAGE>
HEARTLAND EXPRESS, INC.
AND SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
Note 1. Basis of Presentation
The accompanying unaudited consolidated financial statements have been prepared
in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Article 10 of
Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments (consisting
of normal recurring and certain nonrecurring accruals) considered necessary for
a fair presentation have been included. Operating results for the nine month
period ended September 30, 1999 are not necessarily indicative of the results
that may be expected for the year ended December 31, 1999. For further
information, refer to the consolidated financial statements and footnotes
thereto included in the Heartland Express, Inc. and Subsidiaries ("Heartland" or
the "Company") annual report on Form 10-K for the year ended December 31, 1998.
Note 2. Income Taxes
Income taxes for the three and nine month periods ended September 30, 1999 are
based on the Company's estimated effective tax rates. The rates for the three
and nine month periods ended September 30, 1999 were 34.5% and 34.7%,
respectively. The rate for both the three and nine month periods ended September
30, 1998 was 35%.
Note 3. Subsequent Event
The Company repurchased 3,539,749 shares of its outstanding common stock on
October 27, 1999 from an institutional shareholder. The shares were repurchased
at the market price of $12.75 per share, a total cost of $45.1 million.
6
<PAGE>
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 nine
month periods ended September 30, 1999 compared with the same periods in 1998,
and the changes in financial condition through the third quarter of 1999.
Results of Operations:
Three Months Ended September 30, 1999 and 1998
Operating revenue increased $0.3 million (0.5%), to $65.3 million in the third
quarter of 1999 from $65.0 million in the third quarter of 1998. The revenue
increase was attributable primarily to an increase in employee driver capacity.
Salaries, wages, and benefits increased $3.2 million (26.3%), to $15.6 million
in the third quarter of 1999 from $12.4 million in the third quarter of 1998. As
a percentage of revenue, salaries, wages and benefits increased to 23.9% in 1999
from 19.1% in 1998. This increase is attributable to an increase in employee
driver pay effective June 1, 1999 and increased employee driver capacity.
During the third quarter of 1999, employee drivers accounted for 52% and
independent contractors 48% of the total fleet miles, compared with 44% and 56%,
respectively, in the third quarter of 1998. Rent and purchased transportation
decreased $2.7 million (10.8%), to $22.3 million in the third quarter of 1999
from $25.0 million in the third quarter of 1998. As a percentage of revenue,
rent and purchased transportation decreased to 34.1% in the third quarter of
1999 from 38.4% in the third quarter of 1998. This reflected the Company's
decreased reliance upon independent contractors and a decrease in capacity.
Operations and maintenance increased $1.7 million (26.8%) to $7.9 million in the
third quarter of 1999 from $6.2 million in the third quarter of 1998. As a
percentage of revenue, operations and maintenance increased to 12.0% in 1999
from 9.5% 1998. This increase is attributable to the aforementioned increase in
capacity of employee drivers operating the Company's tractor fleet. Operations
and maintenance costs were also impacted by an increase in fuel prices compared
to those experienced in the third quarter of 1998.
Taxes and licenses increased $0.1 million (4.8%), to $1.6 million in the third
quarter of 1999 from $1.5 million in the third quarter of 1998. As a percentage
of revenue, taxes and licenses increased to 2.5% in 1999 from 2.4% in 1998. The
cost increase was primarily attributable to the increase in fleet capacity.
Insurance and claims decreased $0.4 million (20.8%), to $1.4 million in the
third quarter of 1999 from $1.8 million in the third quarter of 1998. As a
percentage of revenue, insurance and claims decreased to 2.1% in the third
quarter of 1999 from 2.7% in the third quarter of 1998. 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. The decrease in the third quarter 1999
expense reflects the lesser severity of claims incurred.
Depreciation decreased $0.6 million (13.1%) to $3.9 million during the third
quarter of 1999 from $4.5 million in the third quarter of 1998. As a percentage
of revenue, depreciation decreased to 6.0% of revenue during the third quarter
of 1999 from 6.9% during the third quarter of 1998. The decrease primarily
resulted from a decrease in trailer depreciation due to units becoming fully
depreciated..
Other operating expenses remained the same during the third quarter of 1999
compared to the third quarter of 1998. As a percentage of revenue, other
operating expenses remained constant at 2.1% for both compared periods. Other
operating expenses consists primarily of pallet cost, driver recruiting expense,
and administrative costs.
7
<PAGE>
Interest income increased $0.2 (19.0%) to $1.5 million in the third quarter of
1999 from $1.3 million in the third quarter of 1998. This increase is primarily
attributable to the increase in cash, cash equivalents, and investments.
The Company's effective tax rate was 34.5% for the three month periods ended
September 30, 1999 compared to 35.0% for the quarter ended September 30, 1998.
This decrease is primarily attributable to the increase in tax-exempt interest
earned.
As a result of the foregoing, the Company's operating ratio (operating expenses
as a percentage of operating revenue) was 82.3% during the third quarter of 1999
compared with 82.0% during the third quarter of 1998. Net income increased $0.2
million (2.0%), to $8.6 million during the three months ended September 30, 1999
from $8.4 million in the 1998 period. In addition, the net income for the 1999
period included a gain of $0.9 million from the sale of three properties.
Nine Months Ended September 30, 1999 and 1998
Operating revenue decreased $6.5 million (3.3%), to $194.5 million in the nine
months ended September 30, 1999 from $201.0 million in the compared 1998 period.
The revenue decrease was attributable primarily to an industry-wide shortage of
independent contractors.
Salaries, wages, and benefits increased $5.1 million (13.0%), to $44.5 million
in the nine months ended September 30, 1999 from $39.4 million in the compared
1998 period. As a percentage of revenue, salaries, wages and benefits increased
to 22.9% in 1999 from 19.6% in 1998. The increases were a result of an increase
in the percentage of employee drivers operating the Company's tractor fleet and
a corresponding decrease in the percentage of the fleet being provided by
independent contractors. In addition, the Company has increased the employee
driver pay approximately 5.7% to enhance the recruitment and retention of
qualified drivers. During the nine months ended September 30, 1999, employee
drivers and independent contractors each accounted for 50% of the total fleet
miles, compared with 45% and 55%, respectively, in the 1998 period. Rent and
purchased transportation decreased $8.5 million (11.0%), to $68.7 million in the
nine months ended September 30, 1999 from $77.2 million in the compared 1998
period. As a percentage of revenue, rent and purchased transportation decreased
to 35.3% in the nine months ended September 30, 1999 from 38.4% in the compared
1998 period. This reflects the Company's decreased reliance upon independent
contractors.
Operations and maintenance increased $1.7 million (8.5%) to $21.5 million in the
nine months ended September 30, 1999 from $19.8 million in the compared 1998
period. As a percentage of revenue, operations and maintenance increased to
11.0% of revenue in the nine months ended September 30, 1999 from 9.8% during
the compared 1998 period. The cost increase was effected by an increase in fuel
prices and increased reliance upon the company-owned fleet.
Taxes and licenses decreased $0.1 million (2.7%), to $4.5 million in the nine
months ended September 30, 1999 from $4.6 million in the compared 1998 period.
As a percentage of revenue, taxes and licenses was 2.3% for both periods. The
cost increase was primarily attributable to the increase in fleet size
Insurance and claims decreased $1.2 million (20.2%), to $4.6 million in the nine
months ended September 30, 1999 from $5.8 million in the compared 1998 period.
As a percentage of revenue, insurance and claims decreased to 2.4% in the nine
months ended September 30, 1999 from 2.9% in the compared 1998 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. The decrease in the first nine
months of 1999 expense reflects the lessor severity of claims incurred and a
decrease in frequency.
8
<PAGE>
Depreciation decreased $1.7 million (12.4%) to $12.0 million during the nine
months ended September 30, 1999 from $13.7 million in the compared 1998 period.
As a percentage of revenue, depreciation decreased to 6.2% of revenue during the
nine months ended September 30, 1999 from 6.8% during the compared 1998 period.
The decrease was primarily attributable to older trailers in the Company's fleet
that have become fully depreciated.
Other operating expenses increased $0.2 million (5.0%) to $4.5 million during
the nine months ended September 30, 1999 from $4.3 million during the compared
1998 period. As a percentage of revenue, other operating expenses increased to
2.3% in the nine months ended September 30, 1999 from 2.1% in the compared 1998
period. Other operating expenses consists primarily of pallet cost, driver
recruiting expense, and administrative costs.
Interest income increased $1.0 (30.5%) to $4.5 million in the nine months ended
September 30, 1999 from $3.5 million in the compared 1998 period. This increase
is primarily attributable to the increase in cash, cash equivalents, and
investments.
The Company's effective tax rate was 34.7% for the first nine months ended
September 30, 1999 and 35.0% for the nine months ended September 30, 1998.
As a result of the foregoing, the Company's operating ratio (operating expenses
as a percentage of operating revenue) was 82.9% during the nine months ended
September 30, 1999 compared with 82.8% during the compared 1998 period. Net
income decreased $0.1 million (0.3%), to $24.7 million during the nine months
ended September 30, 1999 from $24.8 million during the compared 1998 period. In
addition, the net income for the 1999 period includes gains of $0.9 million from
the sale of three properties.
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 expects to finance further 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 3.7 and no debt),
management foresees no barrier to obtaining outside financing, if necessary, to
continue with its growth plans.
During the nine months ended September 30, 1999, the Company generated net cash
flow from operations of $35.1 million. Net cash provided by and used in
investing and financing activities included $14.5 million for capital
expenditures, primarily revenue equipment.
Working capital at September 30, 1999 was $150.8 million, including $165.4
million in cash, cash equivalents, and investments. These investments generated
$4.5 million in interest income (primarily tax-exempt) during the nine months
ended September 30, 1999. The Company's policy is to purchase only investment
quality, highly liquid investments.
The Company repurchased 3,539,749 shares of its outstanding common stock on
October 27, 1999 from an institutional shareholder. The shares were repurchased
at the market price of $12.75 per share, a total cost of $45.1 million.
Forward Looking Information
9
<PAGE>
Statements by the Company in reports to its stockholders and public filings, as
well as oral public statements by Company representatives may contain certain
forward looking information that is subject of certain risks and uncertainties
that could cause actual results to differ materially from those projected.
Without limitation, these risks and uncertainties include economic recessions or
downturns in customer's business cycles, excessive increase in capacity within
truckload markets, decreased demand for transportation services offered by the
Company, rapid inflation and fuel price increases, increases in interest rates,
and the availability and compensation of qualified drivers and owner operators.
Readers should review and consider the various disclosures made by the Company
in its reports to stockholders and periodic reports on Form 10-K and 10Q.
Year 2000 Issue
The Company has completed a comprehensive inventory and assessment of its risk
associated with the year 2000 problem. The position of the Company is to ensure
successful operation of business processes without interruption before, during,
and after December 31, 1999. A formal year 2000 team was established in 1998 to
identify exposures, develop a compliance plan, correct problems, test results
and monitor progress on a monthly basis, and develop a contingency plan in the
event of any system failures. All internal systems (both information technology,
"IT" and non-IT) have been assessed for risk, including operational software,
operational platforms, desktop systems, telephony equipment, data
communications, systems assurance, and facility management systems. Critical
business processes have been assessed for risk, such as customer service, voice
telecommunications, order entry, transportation capacity planning, logistical
balance planning, drive load assignment, driver satellite communications, rating
and invoicing, payment remittance, financial transactions, and electronic data
interchange (EDI) communications for load tendering, shipment status, and
freight invoicing. The Company's operational platform and enterprises software
were upgraded by simulating the transition to the Year 2000. Future estimated
compliance costs are not expected to be material to the Company's consolidated
financial position, results of operations, or cash flows.
As a part of the Company's comprehensive review, it is continuing to verify the
Year 2000 readiness of third parties (vendors and customers) with whom the
Company has material relationships. These relationships include providers of
such services as telecommunications, natural gas and electricity, diesel fuel,
satellite communications and financial transactions. Formal communications have
been made with significant customers and suppliers. These customers and
suppliers indicate that they expect to achieve compliance and do not expect any
business interruptions. In addition, engine manufacturers have confirmed the
year 2000 readiness of our company-owned tractor fleet.
At present the Company is not able to determine with certainty the effect on the
Company's result of operations, liquidity, and financial condition in the event
the Company's material suppliers and customers are not Year 2000 compliant.
There can be no assurance that the Company will properly identify all Year 2000
issues or that certain external customers or suppliers will not experience
disruption of IT functions or actual services provided. The Company will
continue to monitor the progress of its material suppliers and customers.
Contingency plans are being developed to address Year 2000 issues that may arise
in the event of system failures or loss of material suppliers or customers.
10
<PAGE>
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 third quarter of 1999.
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.
3.3 Certificate of Amendment To Incorporated by Reference
Articles of Incorporation 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.
11
<PAGE>
4.2 Bylaws 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 to Incorporated by Reference
Articles of Incorporation 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 Reference
June 6, 1997 among the Gerdin to the Company's
Educational Trusts and Larry Form 10-K for the year
Crouse voting trustee. ended December 31, 1997.
Commission file no.
0-15087.
10.1 Business Property Lease Incorporated by Reference
between Russell A. Gerdin to the Company's Form
as Lessor and the Company 10-K for the year ended
as Lessee, regarding the December 31, 1996.
Company's headquarters at Commission file no.
2777 Heartland Drive 0-15087, dated
Coralville, Iowa 52241 March 27, 1997.
10.2 Form of Independent Contractor Incorporated by Reference
Operating Agreement between the to the Company's Form
Company and its independent 10-K for the year ended
contractor providers of tractors December 31, 1993.
Commission file no.
0-15087.
10.3 Description of Key Management Incorporated by Reference
Deferred Incentive Compensation to the Company's Form
Arrangement 10-K for the year ended
December 31, 1993.
Commission file no.
0-15087.
21 Subsidiaries of the Registrant Incorporated by 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.
12
<PAGE>
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
13
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
(Replace this text with the legend)
</LEGEND>
<CIK> 0000799233
<NAME> HEARTLAND EXPRESS, INC.
<MULTIPLIER> 1
<CURRENCY> 0
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> SEP-30-1999
<EXCHANGE-RATE> 1
<CASH> 163,255,190
<SECURITIES> 0
<RECEIVABLES> 23,345,706
<ALLOWANCES> 402,812
<INVENTORY> 0
<CURRENT-ASSETS> 206,739,385
<PP&E> 134,824,208
<DEPRECIATION> 64,849,663
<TOTAL-ASSETS> 282,399,066
<CURRENT-LIABILITIES> 55,933,793
<BONDS> 0
0
0
<COMMON> 300,000
<OTHER-SE> 211,526,273
<TOTAL-LIABILITY-AND-EQUITY> 282,399,066
<SALES> 194,542,137
<TOTAL-REVENUES> 194,542,137
<CGS> 0
<TOTAL-COSTS> 161,318,387
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 37,765,897
<INCOME-TAX> 13,087,537
<INCOME-CONTINUING> 24,678,360
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 24,678,360
<EPS-BASIC> 0.82
<EPS-DILUTED> 0.82
</TABLE>
