We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Heartland Express Inc | NASDAQ:HTLD | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.36 | 3.40% | 10.95 | 10.95 | 11.00 | 10.89 | 10.71 | 10.75 | 482,725 | 00:59:45 |
[ ]
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Nevada
|
|
93-0926999
|
(State or Other Jurisdiction
|
|
(I.R.S. Employer
|
of Incorporation or organization)
|
|
Identification No.)
|
|
|
|
901 North Kansas Avenue, North Liberty, Iowa
|
|
52317
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
Yes [X]
|
No [ ]
|
Yes [X]
|
No [ ]
|
Large accelerated filer [X]
|
Accelerated filer [ ]
|
Non-accelerated filer [ ]
|
Smaller reporting company [ ]
|
Yes [ ]
|
No [ X ]
|
|
|
|
|
|
Page
|
PART I - FINANCIAL INFORMATION
|
|
|
|
|
|
|
|
PART II - OTHER INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HEARTLAND EXPRESS, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
(unaudited)
|
||||||||
ASSETS
|
|
September 30,
2016 |
|
December 31,
2015 |
||||
CURRENT ASSETS
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
100,264
|
|
|
$
|
33,232
|
|
Trade receivables, net
|
|
51,704
|
|
|
61,009
|
|
||
Prepaid tires
|
|
8,747
|
|
|
9,584
|
|
||
Other current assets
|
|
9,395
|
|
|
8,316
|
|
||
Income tax receivable
|
|
6,555
|
|
|
7,641
|
|
||
Deferred income taxes, net
|
|
—
|
|
|
16,662
|
|
||
Total current assets
|
|
176,665
|
|
|
136,444
|
|
||
PROPERTY AND EQUIPMENT
|
|
|
|
|
||||
Land and land improvements
|
|
39,258
|
|
|
37,899
|
|
||
Buildings
|
|
48,372
|
|
|
47,837
|
|
||
Leasehold improvements
|
|
1,703
|
|
|
1,703
|
|
||
Furniture and fixtures
|
|
2,096
|
|
|
2,096
|
|
||
Shop and service equipment
|
|
10,918
|
|
|
10,917
|
|
||
Revenue equipment
|
|
577,393
|
|
|
571,281
|
|
||
Construction in progress
|
|
3
|
|
|
213
|
|
||
|
|
679,743
|
|
|
671,946
|
|
||
Less accumulated depreciation
|
|
242,987
|
|
|
197,948
|
|
||
Property and equipment, net
|
|
436,756
|
|
|
473,998
|
|
||
GOODWILL
|
|
100,212
|
|
|
100,212
|
|
||
OTHER INTANGIBLES, NET
|
|
12,570
|
|
|
14,013
|
|
||
DEFERRED INCOME TAXES, NET
|
|
4,156
|
|
|
—
|
|
||
OTHER ASSETS
|
|
11,353
|
|
|
11,363
|
|
||
|
|
$
|
741,712
|
|
|
$
|
736,030
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
||||
CURRENT LIABILITIES
|
|
|
|
|
||||
Accounts payable and accrued liabilities
|
|
$
|
16,755
|
|
|
$
|
7,516
|
|
Compensation and benefits
|
|
23,748
|
|
|
24,636
|
|
||
Insurance accruals
|
|
22,494
|
|
|
21,573
|
|
||
Other accruals
|
|
13,747
|
|
|
12,443
|
|
||
Total current liabilities
|
|
76,744
|
|
|
66,168
|
|
||
LONG-TERM LIABILITIES
|
|
|
|
|
||||
Income taxes payable
|
|
12,668
|
|
|
16,228
|
|
||
Deferred income taxes, net
|
|
93,933
|
|
|
112,118
|
|
||
Insurance accruals less current portion
|
|
60,104
|
|
|
59,435
|
|
||
Other long-term liabilities
|
|
4,000
|
|
|
12,153
|
|
||
Total long-term liabilities
|
|
170,705
|
|
|
199,934
|
|
||
COMMITMENTS AND CONTINGENCIES (Note 14)
|
|
|
|
|
|
|
||
STOCKHOLDERS' EQUITY
|
|
|
|
|
||||
Preferred stock, par value $.01; authorized 5,000 shares; none issued
|
|
—
|
|
|
—
|
|
||
Capital stock, common, $.01 par value; authorized 395,000 shares; issued 90,689 in 2016 and 2015; outstanding 83,287 in 2016 and 84,115 in 2015, respectively
|
|
907
|
|
|
907
|
|
||
Additional paid-in capital
|
|
3,323
|
|
|
4,126
|
|
||
Retained earnings
|
|
614,221
|
|
|
575,948
|
|
||
Treasury stock, at cost; 7,402 shares in 2016 and 6,574 in 2015, respectively
|
|
(124,188
|
)
|
|
(111,053
|
)
|
||
|
|
494,263
|
|
|
469,928
|
|
||
|
|
$
|
741,712
|
|
|
$
|
736,030
|
|
HEARTLAND EXPRESS, INC.
|
||||||||||||||||
AND SUBSIDIARIES
|
||||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
||||||||||||||||
(in thousands, except per share amounts)
|
||||||||||||||||
(unaudited)
|
||||||||||||||||
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
OPERATING REVENUE
|
|
$
|
149,316
|
|
|
$
|
182,533
|
|
|
$
|
472,893
|
|
|
$
|
561,739
|
|
|
|
|
|
|
|
|
|
|
||||||||
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
||||||||
Salaries, wages, and benefits
|
|
58,351
|
|
|
$
|
68,987
|
|
|
$
|
185,342
|
|
|
$
|
210,886
|
|
|
Rent and purchased transportation
|
|
5,472
|
|
|
8,238
|
|
|
18,353
|
|
|
26,775
|
|
||||
Fuel
|
|
22,987
|
|
|
29,414
|
|
|
68,575
|
|
|
97,866
|
|
||||
Operations and maintenance
|
|
6,391
|
|
|
9,213
|
|
|
19,999
|
|
|
25,725
|
|
||||
Operating taxes and licenses
|
|
3,889
|
|
|
4,498
|
|
|
11,722
|
|
|
13,690
|
|
||||
Insurance and claims
|
|
4,536
|
|
|
7,379
|
|
|
17,607
|
|
|
17,491
|
|
||||
Communications and utilities
|
|
1,156
|
|
|
1,699
|
|
|
3,420
|
|
|
4,695
|
|
||||
Depreciation and amortization
|
|
27,271
|
|
|
28,415
|
|
|
78,823
|
|
|
81,266
|
|
||||
Other operating expenses
|
|
824
|
|
|
7,230
|
|
|
11,655
|
|
|
21,734
|
|
||||
Gain on disposal of property and equipment
|
|
(1,474
|
)
|
|
(7,401
|
)
|
|
(7,273
|
)
|
|
(27,250
|
)
|
||||
|
|
129,403
|
|
|
157,672
|
|
|
408,223
|
|
|
472,878
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Operating income
|
|
19,913
|
|
|
24,861
|
|
|
64,670
|
|
|
88,861
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Interest income
|
|
124
|
|
|
64
|
|
|
308
|
|
|
156
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(19
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Income before income taxes
|
|
20,037
|
|
|
24,925
|
|
|
64,978
|
|
|
88,998
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Federal and state income taxes
|
|
7,510
|
|
|
9,812
|
|
|
21,706
|
|
|
32,957
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
$
|
12,527
|
|
|
$
|
15,113
|
|
|
$
|
43,272
|
|
|
$
|
56,041
|
|
Other comprehensive income, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Comprehensive income
|
|
$
|
12,527
|
|
|
$
|
15,113
|
|
|
$
|
43,272
|
|
|
$
|
56,041
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income per share
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
0.15
|
|
|
$
|
0.17
|
|
|
$
|
0.52
|
|
|
$
|
0.64
|
|
Diluted
|
|
$
|
0.15
|
|
|
$
|
0.17
|
|
|
$
|
0.52
|
|
|
$
|
0.64
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
83,286
|
|
|
87,387
|
|
|
83,301
|
|
|
87,663
|
|
||||
Diluted
|
|
83,342
|
|
|
87,492
|
|
|
83,373
|
|
|
87,806
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Dividends declared per share
|
|
$
|
0.02
|
|
|
$
|
0.02
|
|
|
$
|
0.06
|
|
|
$
|
0.06
|
|
HEARTLAND EXPRESS, INC
|
||||||||||||||||||||
AND
SUBSIDIARIES
|
||||||||||||||||||||
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
|
||||||||||||||||||||
(in thousands, except per share amounts)
|
||||||||||||||||||||
(unaudited)
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Capital
|
|
Additional
|
|
|
|
|
|
|
||||||||||
|
|
Stock,
|
|
Paid-In
|
|
Retained
|
|
Treasury
|
|
|
||||||||||
|
|
Common
|
|
Capital
|
|
Earnings
|
|
Stock
|
|
Total
|
||||||||||
Balance, December 31, 2015
|
|
$
|
907
|
|
|
$
|
4,126
|
|
|
$
|
575,948
|
|
|
$
|
(111,053
|
)
|
|
$
|
469,928
|
|
Net income
|
|
—
|
|
|
—
|
|
|
43,272
|
|
|
—
|
|
|
43,272
|
|
|||||
Dividends on common stock, $0.06 per share
|
|
—
|
|
|
—
|
|
|
(4,999
|
)
|
|
—
|
|
|
(4,999
|
)
|
|||||
Repurchases of common stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,678
|
)
|
|
(14,678
|
)
|
|||||
Stock-based compensation, net of tax
|
|
—
|
|
|
(803
|
)
|
|
—
|
|
|
1,543
|
|
|
740
|
|
|||||
Balance, September 30, 2016
|
|
$
|
907
|
|
|
$
|
3,323
|
|
|
$
|
614,221
|
|
|
$
|
(124,188
|
)
|
|
$
|
494,263
|
|
HEARTLAND EXPRESS, INC.
|
||||||||
AND SUBSIDIARIES
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
(in thousands)
|
||||||||
(unaudited)
|
||||||||
|
|
Nine Months Ended September 30,
|
||||||
|
|
2016
|
|
2015
|
||||
OPERATING ACTIVITIES
|
|
|
|
|
||||
Net income
|
|
$
|
43,272
|
|
|
$
|
56,041
|
|
Adjustments to reconcile net income to net cash provided
by operating activities:
|
|
|
|
|
|
|
||
Depreciation and amortization
|
|
78,823
|
|
|
82,053
|
|
||
Deferred income taxes
|
|
(5,679
|
)
|
|
(4,569
|
)
|
||
Amortization of stock-based compensation, net of tax
|
|
740
|
|
|
1,042
|
|
||
Gain on disposal of property and equipment
|
|
(7,273
|
)
|
|
(27,250
|
)
|
||
Changes in certain working capital items:
|
|
|
|
|
||||
Trade receivables
|
|
9,305
|
|
|
12,515
|
|
||
Prepaid expenses and other current assets
|
|
2,191
|
|
|
3,337
|
|
||
Accounts payable, accrued liabilities, and accrued expenses
|
|
1,291
|
|
|
7,001
|
|
||
Accrued income taxes
|
|
(2,474
|
)
|
|
12,777
|
|
||
Net cash provided by operating activities
|
|
120,196
|
|
|
142,947
|
|
||
INVESTING ACTIVITIES
|
|
|
|
|
|
|
||
Proceeds from sale of property and equipment
|
|
37,306
|
|
|
89,073
|
|
||
Purchases of property and equipment, net of trades
|
|
(69,979
|
)
|
|
(111,688
|
)
|
||
Change in designated funds for equipment purchases
|
|
(824
|
)
|
|
(12,488
|
)
|
||
Change in other assets
|
|
10
|
|
|
1,495
|
|
||
Net cash used in investing activities
|
|
(33,487
|
)
|
|
(33,608
|
)
|
||
FINANCING ACTIVITIES
|
|
|
|
|
|
|
||
Payment of cash dividends
|
|
(4,999
|
)
|
|
(5,254
|
)
|
||
Payment of contingent consideration related to acquisition
|
|
—
|
|
|
(1,765
|
)
|
||
Repayments on line of credit
|
|
—
|
|
|
(24,600
|
)
|
||
Repurchases of common stock
|
|
(14,678
|
)
|
|
(30,858
|
)
|
||
Net cash used in financing activities
|
|
(19,677
|
)
|
|
(62,477
|
)
|
||
Net increase in cash and cash equivalents
|
|
67,032
|
|
|
46,862
|
|
||
CASH AND CASH EQUIVALENTS
|
|
|
|
|
|
|
||
Beginning of period
|
|
33,232
|
|
|
17,303
|
|
||
End of period
|
|
$
|
100,264
|
|
|
$
|
64,165
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
|
|
|
|
|
|
||
Interest paid
|
|
$
|
—
|
|
|
$
|
40
|
|
Cash paid during the period for income taxes, net of refunds
|
|
$
|
29,779
|
|
|
$
|
24,562
|
|
Noncash investing and financing activities:
|
|
|
|
|
|
|
||
Purchased property and equipment in accounts payable
|
|
$
|
2,527
|
|
|
$
|
10,956
|
|
Sold property and equipment in other current assets
|
|
$
|
1,803
|
|
|
$
|
12,488
|
|
Treasury stock acquired in accounts payable
|
|
$
|
—
|
|
|
4,911
|
|
|
Amortization period (years)
|
|
Gross Amount
|
|
Accumulated Amortization
|
|
Net intangible assets
|
||||||
|
|
|
(in thousands)
|
||||||||||
Customer relationships
|
20
|
|
$
|
7,600
|
|
|
$
|
1,092
|
|
|
$
|
6,508
|
|
Tradename
|
6
|
|
7,400
|
|
|
3,544
|
|
|
3,856
|
|
|||
Covenants not to compete
|
10
|
|
3,100
|
|
|
894
|
|
|
2,206
|
|
|||
Real estate options
|
2.2
|
|
942
|
|
|
942
|
|
|
—
|
|
|||
|
|
|
$
|
19,042
|
|
|
$
|
6,472
|
|
|
$
|
12,570
|
|
|
Three months ended September 30, 2016
|
|||||||||
|
Net Income (numerator)
|
|
Shares (denominator)
|
|
Per Share Amount
|
|||||
Basic EPS
|
$
|
12,527
|
|
|
83,286
|
|
|
$
|
0.15
|
|
Effect of restricted stock
|
—
|
|
|
56
|
|
|
|
|||
Diluted EPS
|
$
|
12,527
|
|
|
83,342
|
|
|
$
|
0.15
|
|
|
Three months ended September 30, 2015
|
|||||||||
|
Net Income (numerator)
|
|
Shares (denominator)
|
|
Per Share Amount
|
|||||
Basic EPS
|
$
|
15,113
|
|
|
87,387
|
|
|
$
|
0.17
|
|
Effect of restricted stock
|
—
|
|
|
105
|
|
|
|
|||
Diluted EPS
|
$
|
15,113
|
|
|
87,492
|
|
|
$
|
0.17
|
|
|
Nine Months Ended September 30, 2016
|
|||||||||
|
Net Income (numerator)
|
|
Shares (denominator)
|
|
Per Share Amount
|
|||||
Basic EPS
|
$
|
43,272
|
|
|
83,301
|
|
|
$
|
0.52
|
|
Effect of restricted stock
|
—
|
|
|
72
|
|
|
|
|||
Diluted EPS
|
$
|
43,272
|
|
|
83,373
|
|
|
$
|
0.52
|
|
|
Nine Months Ended September 30, 2015
|
|||||||||
|
Net Income (numerator)
|
|
Shares (denominator)
|
|
Per Share Amount
|
|||||
Basic EPS
|
$
|
56,041
|
|
|
87,663
|
|
|
$
|
0.64
|
|
Effect of restricted stock
|
—
|
|
|
143
|
|
|
|
|||
Diluted EPS
|
$
|
56,041
|
|
|
87,806
|
|
|
$
|
0.64
|
|
|
Three Months Ended September 30, 2016
|
|||||
|
Number of Shares of Restricted Stock Awards (in thousands)
|
|
Weighted Average Grant Date Fair Value
|
|||
Unvested at beginning of period
|
66.8
|
|
|
$
|
20.55
|
|
Granted
|
—
|
|
|
—
|
|
|
Vested
|
(11.8
|
)
|
|
17.11
|
|
|
Forfeited
|
—
|
|
|
—
|
|
|
Outstanding (unvested) at end of period
|
55.1
|
|
|
$
|
21.29
|
|
|
Nine Months Ended September 30, 2016
|
|||||
|
Number of Shares of Restricted Stock Awards (in thousands)
|
|
Weighted Average Grant Date Fair Value
|
|||
Unvested at beginning of period
|
102.4
|
|
|
$
|
18.36
|
|
Granted
|
74.0
|
|
|
17.27
|
|
|
Vested
|
(121.4
|
)
|
|
17.05
|
|
|
Forfeited
|
—
|
|
|
—
|
|
|
Outstanding (unvested) at end of period
|
55.1
|
|
|
$
|
21.29
|
|
|
Three Months Ended September 30, 2015
|
|||||
|
Number of Shares of Restricted Stock Awards (in thousands)
|
|
Weighted Average Grant Date Fair Value
|
|||
Unvested at beginning of period
|
104.6
|
|
|
$
|
18.04
|
|
Granted
|
11.2
|
|
|
19.94
|
|
|
Vested
|
(13.2
|
)
|
|
18.97
|
|
|
Forfeited
|
—
|
|
|
—
|
|
|
Outstanding (unvested) at end of period
|
102.6
|
|
|
$
|
18.13
|
|
|
Nine Months Ended September 30, 2015
|
|||||
|
Number of Shares of Restricted Stock Awards (in thousands)
|
|
Weighted Average Grant Date Fair Value
|
|||
Unvested at beginning of period
|
183.1
|
|
|
$
|
16.78
|
|
Granted
|
15.4
|
|
|
21.07
|
|
|
Vested
|
(95.9
|
)
|
|
16.25
|
|
|
Forfeited
|
—
|
|
|
—
|
|
|
Outstanding (unvested) at end of period
|
102.6
|
|
|
$
|
18.13
|
|
|
2016
|
||
|
(in thousands)
|
||
Balance at January 1, 2016
|
$
|
11,569
|
|
Additions based on tax positions related to current year
|
474
|
|
|
Additions for tax positions of prior years
|
—
|
|
|
Reductions for tax positions of prior years
|
(108
|
)
|
|
Reductions due to lapse of applicable statute of limitations
|
(2,374
|
)
|
|
Settlements
|
—
|
|
|
Balance at September 30, 2016
|
$
|
9,561
|
|
|
Three months ended September 30,
|
||||||
|
2016
|
|
2015
|
||||
Payments for tractor purchases
|
$
|
—
|
|
|
20,687
|
|
|
Receipts for tractor sales
|
—
|
|
|
(9,035
|
)
|
||
Receipts for trailer sales
|
—
|
|
|
(28
|
)
|
||
Revenue equipment lease payments
|
—
|
|
|
767
|
|
||
Payments for parts and services
|
368
|
|
|
1,224
|
|
||
Terminal lease payments
|
466
|
|
|
833
|
|
||
|
$
|
834
|
|
|
$
|
14,448
|
|
|
Nine months ended September 30,
|
||||||
|
2016
|
|
2015
|
||||
Payments for tractor purchases
|
$
|
4,300
|
|
|
$
|
45,582
|
|
Receipts for tractor sales
|
—
|
|
|
(28,603
|
)
|
||
Receipts for trailer sales
|
(108
|
)
|
|
(28
|
)
|
||
Revenue equipment lease payments
|
813
|
|
|
2,651
|
|
||
Payments for parts and services
|
1,151
|
|
|
3,650
|
|
||
Terminal lease payments
|
1,397
|
|
|
2,753
|
|
||
Terminal lease purchase option payment
|
—
|
|
|
4,875
|
|
||
|
$
|
7,553
|
|
|
$
|
30,880
|
|
GAAP to Non-GAAP Reconciliation Schedule:
|
||||||||
Operating income, operating ratio, and adjusted operating ratio reconciliation (a)
|
||||||||
(In thousands)
|
||||||||
(unaudited)
|
|
|
||||||
|
|
Three Months Ended September 30,
|
||||||
|
|
2016
|
|
2015
|
||||
|
|
|
|
|
||||
Operating revenue
|
|
$
|
149,316
|
|
|
$
|
182,533
|
|
Less: Fuel surcharge revenue
|
|
15,229
|
|
|
21,800
|
|
||
Operating revenue, excluding fuel surcharge revenue
|
|
134,087
|
|
|
160,733
|
|
||
|
|
|
|
|
||||
Operating expenses
|
|
129,403
|
|
|
157,672
|
|
||
Less: Fuel surcharge revenue
|
|
15,229
|
|
|
21,800
|
|
||
Adjusted operating expenses
|
|
114,174
|
|
|
135,872
|
|
||
|
|
|
|
|
||||
Operating income
|
|
$
|
19,913
|
|
|
$
|
24,861
|
|
Operating ratio
|
|
86.7
|
%
|
|
86.4
|
%
|
||
Adjusted operating ratio (a)
|
|
85.1
|
%
|
|
84.5
|
%
|
|
|
|
||||||
|
|
Nine Months Ended September 30,
|
||||||
|
|
2016
|
|
2015
|
||||
|
|
|
|
|
||||
Operating revenue
|
|
$
|
472,893
|
|
|
$
|
561,739
|
|
Less: Fuel surcharge revenue
|
|
43,664
|
|
|
73,609
|
|
||
Operating revenue, excluding fuel surcharge revenue
|
|
429,229
|
|
|
488,130
|
|
||
|
|
|
|
|
||||
Operating expenses
|
|
408,223
|
|
|
472,878
|
|
||
Less: Fuel surcharge revenue
|
|
43,664
|
|
|
73,609
|
|
||
Adjusted operating expenses
|
|
364,559
|
|
|
399,269
|
|
||
|
|
|
|
|
||||
Operating income
|
|
64,670
|
|
|
88,861
|
|
||
Operating ratio
|
|
86.3
|
%
|
|
84.2
|
%
|
||
Adjusted operating ratio (a)
|
|
84.9
|
%
|
|
81.8
|
%
|
|
|
Three Months Ended September 30,
|
|
Nine months ended September 30,
|
||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
Operating revenue
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Operating expenses:
|
|
|
|
|
|
|
|
|
||||
Salaries, wages, and benefits
|
|
39.1
|
%
|
|
37.8
|
%
|
|
39.2
|
%
|
|
37.5
|
%
|
Rent and purchased transportation
|
|
3.7
|
%
|
|
4.5
|
%
|
|
3.9
|
%
|
|
4.8
|
%
|
Fuel
|
|
15.4
|
%
|
|
16.1
|
%
|
|
14.5
|
%
|
|
17.4
|
%
|
Operations and maintenance
|
|
4.3
|
%
|
|
5.0
|
%
|
|
4.2
|
%
|
|
4.6
|
%
|
Operating taxes and licenses
|
|
2.6
|
%
|
|
2.5
|
%
|
|
2.5
|
%
|
|
2.4
|
%
|
Insurance and claims
|
|
3.0
|
%
|
|
4.0
|
%
|
|
3.7
|
%
|
|
3.1
|
%
|
Communications and utilities
|
|
0.8
|
%
|
|
0.9
|
%
|
|
0.7
|
%
|
|
0.8
|
%
|
Depreciation and amortization
|
|
18.3
|
%
|
|
15.6
|
%
|
|
16.7
|
%
|
|
14.5
|
%
|
Other operating expenses
|
|
0.6
|
%
|
|
4.0
|
%
|
|
2.5
|
%
|
|
3.9
|
%
|
Gain on disposal of property and equipment
|
|
(1.0
|
)%
|
|
(4.1
|
)%
|
|
(1.5
|
)%
|
|
(4.9
|
)%
|
|
|
86.7
|
%
|
|
86.4
|
%
|
|
86.3
|
%
|
|
84.2
|
%
|
Operating income
|
|
13.3
|
%
|
|
13.6
|
%
|
|
13.7
|
%
|
|
15.8
|
%
|
Interest income
|
|
0.08
|
%
|
|
0.04
|
%
|
|
0.07
|
%
|
|
0.03
|
%
|
Interest expense
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Income before income taxes
|
|
13.4
|
%
|
|
13.7
|
%
|
|
13.7
|
%
|
|
15.8
|
%
|
Income taxes
|
|
5.0
|
%
|
|
5.4
|
%
|
|
4.6
|
%
|
|
5.9
|
%
|
Net income
|
|
8.4
|
%
|
|
8.3
|
%
|
|
9.2
|
%
|
|
10.0
|
%
|
•
|
Our business is subject to general economic and business factors affecting the trucking industry that are largely out of our control, any of which could have a materially adverse effect on our operating results.
|
•
|
Our growth may not continue at historical rates, if at all, and any decrease in revenues or profits may impair our ability to implement our business strategy, which could have a materially adverse effect on our results of operations.
|
•
|
We are highly dependent on a few major customers, the loss of one or more of which could have a materially adverse effect on our business.
|
•
|
Indebtedness under our Credit Agreement could have adverse consequences on our future operations.
|
•
|
We have significant ongoing capital requirements that could affect our profitability if we are unable to generate sufficient cash from operations and obtain financing on favorable terms.
|
•
|
Increased prices, reduced productivity, and restricted availability of new revenue equipment and decreased demand and value of used equipment may adversely affect our earnings and cash flows.
|
•
|
If diesel fuel prices increase significantly, our results of operations could be adversely affected.
|
•
|
Difficulty in attracting and retaining drivers, including independent contractors, may have a materially adverse effect on our business.
|
•
|
If our independent contractors are deemed by regulators or judicial process to be employees, our business and results of operations could be adversely affected.
|
•
|
We operate in a highly regulated industry, and increased costs of compliance with, or liability for violation of, existing or future regulations could have a materially adverse effect on our business.
|
•
|
Safety-related evaluations and rankings under Compliance, Safety, Accountability (CSA) could adversely affect our profitability and operations, our ability to maintain or grow our fleet, and our customer relationships.
|
•
|
Our operations are subject to various environmental laws and regulations, the violations of which could result in substantial fines or penalties.
|
•
|
We are exposed to risks related to our acquisition of Gordon Trucking, Inc. ("GTI") and we may not be able to achieve the benefits we expected at the time of the acquisition. Any failure to implement our business strategy with respect to the GTI acquisition could negatively impact our business, financial condition and results of operations.
|
•
|
We may not make acquisitions in the future, or if we do, we may not be successful in integrating the acquired company, either of which could have a materially adverse effect on our business.
|
•
|
If we are unable to retain our key employees or find, develop, and retain terminal managers, our business, financial condition, and results of operations could be adversely affected.
|
•
|
Seasonality and the impact of weather affect our operations profitability.
|
•
|
We self-insure for a significant portion of our claims exposure, which could significantly increase the volatility of, and decrease the amount of, our earnings.
|
•
|
We are dependent on computer and communications systems, and a systems failure could cause a significant disruption to our business.
|
•
|
Concentrated ownership of our stock can influence shareholder decisions, may discourage a change in control, and may have an adverse effect on the share price of our stock.
|
•
|
Efforts by labor unions could divert management's attention and could have a materially adverse effect on our operating results.
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 4.
|
CONTROLS AND PROCEDURES
|
|
3.1
|
|
Articles of Incorporation. Incorporated by reference to the Company's registration statement on Form S-1, Registration No. 33-8165, effective November 5, 1986.
|
|
3.2
|
|
Amended and Restated Bylaws. Incorporated by reference to the Company's Form 10-K, for the year ended December 31, 2007, dated February 28, 2008
|
|
3.3
|
|
Certificate of Amendment to Articles of Incorporation. Incorporated by reference to the Company's Form 10-QA, for the quarter ended June 30, 1997, dated March 20, 1998.
|
|
4.1
|
|
Articles of Incorporation. Incorporated by reference to the Company's registration statement on Form S-1, Registration No. 33-8165, effective November 5, 1986.
|
|
4.2
|
|
Amended and Restated Bylaws. Incorporated by reference to the Company's Form 10-K, for the year ended December 31, 2007, dated February 28, 2008.
|
|
4.3
|
|
Certificate of Amendment to Articles of Incorporation. Incorporated by reference to the Company's Form 10-QA, for the quarter ended June 30, 1997, dated March 20, 1998.
|
|
31.1*
|
|
Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended.
|
|
31.2*
|
|
Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended.
|
|
32.1*
|
|
Certification of Principal Executive Officer Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
32.2*
|
|
Certification of the Principal Financial Officer Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
101.INS**
|
|
XBRL Instance Document.
|
|
101.SCH**
|
|
XBRL Taxonomy Extension Schema Document
|
|
101.CAL**
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
101.DEF**
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
101.LAB**
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
101.PRE**
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
HEARTLAND EXPRESS, INC.
|
|
|
|
Date:
|
November 9, 2016
|
By:
/s/ John P. Cosaert
|
|
|
John P. Cosaert
|
|
|
Executive Vice President of Finance
|
|
|
and Chief Financial Officer
|
|
|
(Principal Accounting and Financial Officer)
|
1 Year Heartland Express Chart |
1 Month Heartland Express Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions