Heartland Express Inc. reports revenues increased 25.1% for the fourth quarter ended Dec. 31, 2002, to $92.0 million from $73.5 million in the fourth quarter of 2001.

Net income increased 13.4% to $11.2 million from $9.9 million in the fourth quarter of 2001. Basic earnings per share were $0.22 compared to $0.20 for the fourth quarter of 2001.
For the 12 months, revenue increased 15.7% to $340.7 million from $294.6 million during the same period in 2001. Net income increased 13.7% to $42.8 million from $37.7 million in the 2001 period. Basic earnings per share were $0.86 compared with $0.75 for the 2001 period.
For the quarter, Heartland Express Inc. posted an operating ratio (operating expenses as a percentage of gross revenues) of 82.3% and a 12.1% net margin. The operating ratio for the 12 months ended Dec. 31, 2002 was 81.8% with a 12.6% net margin.
The company ended the fourth quarter with cash, cash equivalents, and investments of $153.9 million, a $7.2 million decrease from the $161.1 million reported on Dec. 31, 2001. Total assets increased to $373.1 million from $314.2 million at Dec. 31, 2001. The company's balance sheet continues to be debt-free.