Heartland Express Inc., Coralville, Iowa, said gross revenues for the quarter increased 14.6% to $104.5 million from $91.1 million in the third quarter of 2002.

Net income increased 30.9% to $14.5 million from $11.1 million in the 2002 period. This is the firm’s 10th consecutive quarter of reporting year-over-year growth of revenues and net income.
For the nine months, revenue increased 21.4% to $302.1 from $248.8 million during the same period in 2002. Net income increased 20.7% to $38.2 million from $31.6 million in the 2002 period.
For the quarter, Heartland Express, Inc. posted an operating ratio (operating expenses as a percentage of gross revenues) of 79.4% and a 13.9% net margin. The company ended the nine months ended Sept. 30, 2003 with an operating ratio of 81.3% and a 12.6% net margin.
The company ended the third quarter with cash, cash equivalents, and investments of $186.5 million, a $32.6 million increase from the $153.9 million reported on Dec. 31, 2002. The company's balance sheet continues to be debt-free.
This past week Heartland Express was named to the Forbes magazine list of the "200 Best Small Companies in America." The company has achieved this ranking 12 times in the past 17 years.