Heartland Express, Coralville, Iowa, announced financial results for the third quarter ended Sept. 30.
Revenue increased 23.3% to $91.1 million from $73.9 million in the third quarter of 2001. Net income increased 20.2% to $11.1 million from $9.2 million in the 2001 period. Basic earnings per share were $0.22 compared to $0.18 for the third quarter of 2001.
For the nine months, revenue increased 12.5% to $248.8 from $221.1 during the same period in 2001. Net income increased 13.8% to $31.6 million from $27.8 million in the 2001 period. Basic earnings per share were $0.63 compared with $0.56 for the 2001 period.
For the quarter, Heartland Express Inc. posted an operating ratio of 82.3% and a 12.2% net margin. The company reported an operating ratio of 82.5% and a net margin of 12.5% in the third quarter of 2001. The operating ratio for the nine months ended Sept. 30, 2002 was 81.6% with a 12.7% net margin.
The company ended the third quarter with cash, cash equivalents, and investments of $156.3 million, a $4.8 million decrease from the $161.1 million reported on Dec. 31, 2001. The company's balance sheet continues to be debt-free.
On Feb. 19, Heartland effected a 57.68826% stock dividend. This was the seventh stock dividend declared by Heartland Express Inc. during the past 11 years. The most recent stock dividend increased the total number of shares outstanding to 50 million. All share and per share data for all prior periods have been adjusted to reflect the Feb. 19 stock dividend.
On June 1, 2002, Heartland Express acquired the business and certain trucking assets of Great Coastal Express Inc., a truckload carrier based near Richmond, Va. Great Coastal is being operated as a division of Heartland Express. The Great Coastal division is based in Chester, Va. with terminal locations in Roanoke, Virginia, Baltimore, Maryland, and Charlotte, N.C. The purchase of Great Coastal increases Heartland's presence in the northeast operating region.