Drivers

Heartland Express Net Income Up 14.3% for Quarter

April 19, 2007

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Heartland Express Inc., with headquarters in Coralville, Iowa, said operating revenues for the quarter increased 6.2 percent to $143.4 million from $135 million in the first quarter of 2006.

Net income increased 14.3 percent 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 posted an operating ratio (operating expenses as a percentage of operating revenues) of 78.2 percent and a 15.7 percent 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 Dec. 31, 2006. The first quarter net cash flow from operations of $34.1 million was 23.8 percent of our operating revenues. The company's balance sheet continues to be debt-free with total assets of $700.7 million.
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.

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