The Company ended the quarter with cash, cash equivalents, and short-term and long-term investments totaling $219.0 million, a $9.2 million increase from the $209.8 million reported at December 31, 2010. Long-term and short-term investments include illiquid auction rate securities held since February 2008. The Company ended the quarter with $76.4 million, at par, in illiquid auction rate securities, which was down from $91.8 million at December 31, 2010. Since February 2008, the Company has received $122.1 million in calls, all at par. Net cash flows from operations continue to be strong at 18.7% of operating revenues. The Company's balance sheet continues to be debt-free with total assets of $535.3 million. The Company ended the past four quarters with a return on total assets of 11.8% and an 18.7% return on equity.
Heartland Express declared a dividend of $0.02 per share during the quarter. This dividend was paid on April 4, 2011 to shareholders of record at the close of business on March 24, 2011. The Company has now paid cumulative cash dividends of $339.3 million over the past thirty consecutive quarters.
Heartland Express has built a solid reputation for dependable customer service. Our award winning on-time service is the foundation of our organization. Customer recognition makes all of the effort worthwhile. So far this year the Company has received four customer service awards. These awards include the Cost Plus World Market 2010 Premier Carrier Partner Award, the 2010 Kellogg Komplete Carrier of the Year, the Lowe's 2010 Gold Carrier Award, and the Walmart Transportation 2010 General Merchandise Platinum Carrier of the Year Award for the second consecutive year.
This press release may contain statements that might be considered as forward-looking statements or predictions of future operations. Such statements are based on management's belief or interpretation of information currently available. These statements and assumptions involve certain risks and uncertainties. Actual events may differ from these expectations as specified from time to time in filings with the Securities and Exchange Commission.
|HEARTLAND EXPRESS, INC.|
|CONSOLIDATED STATEMENTS OF INCOME|
|(Unaudited, in thousands, except per share amounts)|
|Three Months Ended March 31,|
|Salaries, wages, and benefits||$||42,201||$||40,538|
|Rent and purchased transportation||1,937||2,394|
|Operations and maintenance||5,097||3,430|
|Operating taxes and licenses||2,307||1,823|
|Insurance and claims||2,494||2,951|
|Communications and utilities||644||902|
|Other operating expenses||3,482||2,992|
|Gain on disposal of property and equipment||(3,868||)||(507||)|
|Income before income taxes||22,110||16,234|
|Federal and state income taxes||7,231||4,347|
|Earnings per share||$||0.16||$||0.13|
|Weighted average shares outstanding||90,689||90,689|
|Dividends declared per share||$||0.02||$||0.02|
|HEARTLAND EXPRESS, INC|
|CONDENSED CONSOLIDATED BALANCE SHEETS|
|(in thousands, except per share amounts)|
|March 31,||December 31,|
|Cash and cash equivalents||$||145,732||$||121,120|
|Trade receivables, net||46,610||41,619|
|Other current assets||4,742||1,725|
|Income tax receivable||—||2,052|
|Deferred income taxes, net||13,816||12,400|
|Total current assets||222,846||193,786|
|PROPERTY AND EQUIPMENT||395,891||386,188|
|Less accumulated depreciation||168,059||165,736|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Accounts payable and accrued liabilities||$||17,562||$||10,972|
|Compensation and benefits||17,884||14,823|
|Income taxes payable||2,908||—|
|Total current liabilities||61,951||48,900|
|Income taxes payable||25,498||27,313|
|Deferred income taxes, net||45,874||40,917|
|Insurance accruals less current portion||54,767||54,718|
|Total long-term liabilities||126,139||122,948|
|COMMITMENTS AND CONTINGENCIES|
|Capital stock, common, $.01 par value; authorized 395,000 shares; issued and outstanding 90,689 in 2011 and 2010||907||907|
|Additional paid-in capital||439||439|
|Accumulated other comprehensive loss||(3,081||)||(3,081||)|
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