Heartland Express Revenues Up 19% for Year
Heartland Express Inc., Coralville, Iowa, said fourth quarter revenue increased 12.0% to $103.0 million from $92.0 million in the fourth quarter of 2002
Heartland Express Inc., Coralville, Iowa, said fourth quarter revenue increased 12.0% to $103.0 million from $92.0 million in the fourth quarter of 2002.
Net income was $19.0 million and basic earnings per share were $0.38. The results reflect an adjustment pertaining to self-insurance accruals. The impact of the reserve adjustment was an increase in net income of $5.4 million or $.11 per share.
Heartland Express Inc. posted an operating ratio (operating expenses as a percentage of gross revenues) of 72.1%. The reserve adjustment reduced the operating ratio from 80.1%.
For the 12 months, revenue increased 18.9% to $405.1 million from $340.7 million during the same period in 2002. Net income for the 12 months was $57.2 million and basic earnings per share were $1.14.
During the fourth quarter Heartland Express engaged consulting actuaries to assist in determining the liability for self-insurance reserves. As a result of the actuarial studies management decreased the amount accrued for accident liability claims and increased the amount accrued for workers' compensation claims. This $5.4 million reserve adjustment, net of taxes, increased fourth quarter earnings by $0.11 per share.
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