Heartland Express Inc., Coralville, Iowa, said gross revenues for the quarter increased 10.4% to $113.5 million from $102.8 million in the second quarter of 2003.

Net income increased 24.2% to $15.7 million from $12.6 million in the 2003 period. Basic earnings per share were $0.31 compared to $0.25 for the second quarter of 2003.
For the six months, revenue increased 11.5% to $220.3 from $197.6 during the same period in 2003. Net income increased 21.7% to $28.8 million from $23.7 million in the 2003 period. For the quarter, Heartland Express, Inc. posted an operating ratio (operating expenses as a percentage of gross revenues) of 79.3% and a 13.8% net margin. The company ended the six months ended June 30, 2004 with an operating ratio of 80.4% and a 13.1% net margin.
Last month, the company began the replacement of its entire tractor fleet. The current fleet will be replaced with the International 9400i. Currently the company has taken delivery of 315 new Internationals. The delivery of new trucks and the trade-in of the current fleet are scheduled to be completed by December 31, 2006. In addition, the company purchased 400 new Wabash trailers during the second quarter of 2004.