Heartland Express Expands Operating Facilities
Heartland Express Inc., an irregular route truckload carrier of general commodities, has purchased or plans to purchase regional operating terminals in or near Columbus, Ohio; Carlisle, Pa.; Chester Va.; and Memphis, Tenn.
Heartland Express Inc., an irregular route truckload carrier of general
commodities, has purchased or plans to purchase 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 Heartland'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."
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.
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