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Heartland Express, Inc. Reports Revenues And Earnings For The First Quarter Of 2011

Stocks in this article: HTLD

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.


(Unaudited, in thousands, except per share amounts)

Three Months Ended March 31,
2011 2010
OPERATING REVENUE $ 127,692   $ 115,617  
Salaries, wages, and benefits $ 42,201 $ 40,538
Rent and purchased transportation 1,937 2,394
Fuel 39,147 29,540
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
Depreciation 12,378 15,723
Other operating expenses 3,482 2,992
Gain on disposal of property and equipment (3,868 ) (507 )
105,819   99,786  
Operating income 21,873 15,831
Interest income 237   403  
Income before income taxes 22,110 16,234
Federal and state income taxes 7,231 4,347
Net income $ 14,879   $ 11,887  
Earnings per share $ 0.16   $ 0.13  
Weighted average shares outstanding 90,689   90,689  
Dividends declared per share $ 0.02   $ 0.02  

(in thousands, except per share amounts)

March 31, December 31,
ASSETS 2011 2010
Cash and cash equivalents $ 145,732 $ 121,120
Short-term investments 8,300
Trade receivables, net 46,610 41,619
Prepaid tires 11,946 6,570
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  
Less accumulated depreciation 168,059   165,736  
227,832   220,452  
OTHER ASSETS 11,395   11,403  
$ 535,342   $ 506,035  
Accounts payable and accrued liabilities $ 17,562 $ 10,972
Compensation and benefits 17,884 14,823
Insurance accruals 16,363 16,341
Income taxes payable 2,908
Other accruals 7,234   6,764  
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  
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
Retained earnings 348,987 335,922
Accumulated other comprehensive loss (3,081 ) (3,081 )
347,252   334,187  
$ 535,342   $ 506,035  

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