Heartland Express Inc. has announced the purchase and planned purchase of regional operating terminals in or near Columbus, Ohio; Carlisle, Pa.; Chester Va.; and Memphis Tenn.
The expansion of regional operating facilities is the result of the growth of the company's regional operations and planned expansion into additional geographical regions.
Russell Gerdin, chairman and CEO of Heartland said, "These purchases, which are expected to exceed $10 million, are part of an overall plan to maintain a regional terminal network that will support present and future market needs. We had outgrown both our Columbus and Carlisle facilities. Recently we purchased and relocated to a much larger terminal to support our Columbus operations and are in the market to purchase an existing facility or site to build suitable facilities in or near Carlisle, Pa. Until that time, we will continue to operate out of our existing Carlisle facilities."
An agreement has been made in principal to purchase the terminal currently being leased by the company in Chester Va. Gerdin said, "Our acquisition of Great Coastal Express in June of 2002 increased our market share in the mid-Atlantic region. We have found this to be a great location to continue to build our regional presence on the Atlantic seaboard."
The company expects to finalize the transaction sometime during the second quarter of 2003.
The company has also purchased and is in the process of purchasing and renovating properties near Memphis, Tenn. "We have been looking at the Memphis area as a prime location for a regional terminal for some time," Gerdin said. "Although times are tough for the industry, we believe that it is a good time to position the company in the Memphis regional market. We have served this market for a number of years with our over-the-road system division, but, our regional presence will provide us more opportunities to build our customer and driver base in the region."
Heartland ended the year of 2002 with revenues of $340.7 million, an operating ratio of 81.8%, debt free, and with $153.9 million cash, cash equivalents and municipal bonds. The company expects to fund the purchases with existing cash or cash equivalents.
Heartland Express, Inc. is an irregular route truckload carrier of general commodities. Professional drivers interested in getting more information about Heartland Express can call recruiting at (800) 441-4953, or visit www.heartlandexpress.com.
The expansion of regional operating facilities is the result of the growth of the company's regional operations and planned expansion into additional geographical regions.
Russell Gerdin, chairman and CEO of Heartland said, "These purchases, which are expected to exceed $10 million, are part of an overall plan to maintain a regional terminal network that will support present and future market needs. We had outgrown both our Columbus and Carlisle facilities. Recently we purchased and relocated to a much larger terminal to support our Columbus operations and are in the market to purchase an existing facility or site to build suitable facilities in or near Carlisle, Pa. Until that time, we will continue to operate out of our existing Carlisle facilities."
An agreement has been made in principal to purchase the terminal currently being leased by the company in Chester Va. Gerdin said, "Our acquisition of Great Coastal Express in June of 2002 increased our market share in the mid-Atlantic region. We have found this to be a great location to continue to build our regional presence on the Atlantic seaboard."
The company expects to finalize the transaction sometime during the second quarter of 2003.
The company has also purchased and is in the process of purchasing and renovating properties near Memphis, Tenn. "We have been looking at the Memphis area as a prime location for a regional terminal for some time," Gerdin said. "Although times are tough for the industry, we believe that it is a good time to position the company in the Memphis regional market. We have served this market for a number of years with our over-the-road system division, but, our regional presence will provide us more opportunities to build our customer and driver base in the region."
Heartland ended the year of 2002 with revenues of $340.7 million, an operating ratio of 81.8%, debt free, and with $153.9 million cash, cash equivalents and municipal bonds. The company expects to fund the purchases with existing cash or cash equivalents.
Heartland Express, Inc. is an irregular route truckload carrier of general commodities. Professional drivers interested in getting more information about Heartland Express can call recruiting at (800) 441-4953, or visit www.heartlandexpress.com.
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