Heartland Express Revenues Up 29.4%
Heartland Express Inc. said revenues for the first quarter ended March 31, 2003 increased 29.4% to $94.8 million from $73.3 million in the first quarter of 2002.
Heartland Express Inc. said revenues for the first quarter ended March 31, 2003 increased 29.4% to $94.8 million from $73.3 million in the first quarter of 2002.
Net income increased 15.9% to $11.0 million from $9.5 million in the 2002 period.
Basic earnings per share were $0.22 compared to $0.19 for the first quarter of 2002. Gross revenues for the first quarter of 2003 were increased by fuel surcharge revenues.
For the quarter, Heartland Express Inc. posted an operating ratio (operating expenses as a percentage of gross revenues) of 82.9% and an 11.7% net margin.
These operating results were achieved in spite of record high fuel prices, adverse weather conditions in the East and an uncertain economy.
The company ended the first quarter with cash, cash equivalents, and investments of $150.7 million, a $3.2 million decrease from the $153.9 million reported on Dec. 31, 2002. The company's balance sheet continues to be debt-free.
During the quarter the company acquired facilities in Columbus, Ohio and Olive market.
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