2012 Q1 Form 10-Q Financial Statement

#000079923312000030 Filed on May 10, 2012

View on sec.gov

Income Statement

Concept 2012 Q1 2011 Q1
Revenue $134.8M $127.7M
YoY Change 5.59% 10.44%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $97.40M $93.80M
YoY Change 3.84% 14.95%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $14.11M $12.53M
YoY Change 12.56% -20.3%
% of Gross Profit
Operating Expenses $115.3M $109.7M
YoY Change 5.1% 9.37%
Operating Profit $23.78M $21.87M
YoY Change 8.71% 38.17%
Interest Expense $100.0K $200.0K
YoY Change -50.0% -50.0%
% of Operating Profit 0.42% 0.91%
Other Income/Expense, Net
YoY Change
Pretax Income $23.92M $22.11M
YoY Change 8.19% 36.2%
Income Tax $7.332M $7.231M
% Of Pretax Income 30.65% 32.7%
Net Earnings $16.59M $14.88M
YoY Change 11.49% 25.17%
Net Earnings / Revenue 12.3% 11.65%
Basic Earnings Per Share $0.19 $0.16
Diluted Earnings Per Share $0.19 $0.16
COMMON SHARES
Basic Shares Outstanding 86.48M shares 90.69M shares
Diluted Shares Outstanding 86.83M shares 90.69M shares

Balance Sheet

Concept 2012 Q1 2011 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $172.3M $145.7M
YoY Change 18.26% 57.34%
Cash & Equivalents $172.3M $145.7M
Short-Term Investments $0.00
Other Short-Term Assets $3.631M $4.742M
YoY Change -23.43% -80.32%
Inventory
Prepaid Expenses
Receivables $50.12M $46.61M
Other Receivables $0.00 $0.00
Total Short-Term Assets $253.2M $222.8M
YoY Change 13.62% 40.6%
LONG-TERM ASSETS
Property, Plant & Equipment $233.6M $227.8M
YoY Change 2.55% -11.83%
Goodwill $4.815M $4.815M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $50.50M $73.30M
YoY Change -31.11% -46.88%
Other Assets $8.500M $6.600M
YoY Change 28.79% 13.79%
Total Long-Term Assets $297.5M $312.5M
YoY Change -4.81% -23.22%
TOTAL ASSETS
Total Short-Term Assets $253.2M $222.8M
Total Long-Term Assets $297.5M $312.5M
Total Assets $550.7M $535.3M
YoY Change 2.86% -5.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.30M $17.60M
YoY Change -35.8% 112.05%
Accrued Expenses $38.10M $41.50M
YoY Change -8.19% -2.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $59.88M $61.95M
YoY Change -3.34% 9.26%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $78.80M $80.30M
YoY Change -1.87% -3.72%
Total Long-Term Liabilities $134.3M $126.1M
YoY Change 6.44% 51.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $59.88M $61.95M
Total Long-Term Liabilities $134.3M $126.1M
Total Liabilities $194.1M $188.1M
YoY Change 3.22% 0.21%
SHAREHOLDERS EQUITY
Retained Earnings $413.6M $349.0M
YoY Change 18.5%
Common Stock $2.398M $1.346M
YoY Change 78.16%
Preferred Stock
YoY Change
Treasury Stock (at cost) $56.35M
YoY Change
Treasury Stock Shares 4.214M shares
Shareholders Equity $356.5M $347.3M
YoY Change
Total Liabilities & Shareholders Equity $550.7M $535.3M
YoY Change 2.86% -5.33%

Cashflow Statement

Concept 2012 Q1 2011 Q1
OPERATING ACTIVITIES
Net Income $16.59M $14.88M
YoY Change 11.49% 25.17%
Depreciation, Depletion And Amortization $14.11M $12.53M
YoY Change 12.56% -20.3%
Cash From Operating Activities $28.36M $23.94M
YoY Change 18.46% -16.62%
INVESTING ACTIVITIES
Capital Expenditures $3.980M $23.43M
YoY Change -83.01% 14543.75%
Acquisitions
YoY Change
Other Investing Activities $8.200M $24.10M
YoY Change -65.98% 254.41%
Cash From Investing Activities $4.180M $670.0K
YoY Change 523.88% -89.92%
FINANCING ACTIVITIES
Cash Dividend Paid $1.700M $1.800M
YoY Change -5.56%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $0.00 $0.00
YoY Change
NET CHANGE
Cash From Operating Activities $28.36M $23.94M
Cash From Investing Activities $4.180M $670.0K
Cash From Financing Activities $0.00 $0.00
Net Change In Cash $32.54M $24.61M
YoY Change 32.22% -30.4%
FREE CASH FLOW
Cash From Operating Activities $28.36M $23.94M
Capital Expenditures $3.980M $23.43M
Free Cash Flow $24.38M $512.0K
YoY Change 4662.11% -98.21%

Facts In Submission

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CY2012Q1 us-gaap Other Cost And Expense Operating
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us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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CY2011Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Other Investments
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CY2011Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2012Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
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233647000 USD
CY2011Q4 us-gaap Property Plant And Equipment Net
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248441000 USD
CY2011Q4 us-gaap Restricted Cash And Cash Equivalents
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8400000 USD
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8500000 USD
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CY2011Q1 us-gaap Revenues
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CY2012Q1 us-gaap Revenues
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CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period Weighted Average Grant Date Fair Value
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CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
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CY2011Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
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CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
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351000 shares
CY2011Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
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CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
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CY2011Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
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0 shares
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
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0.00
CY2012Q1 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Estimated Range Of Change Lower Bound
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700000 USD
CY2012Q1 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Estimated Range Of Change Upper Bound
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1700000 USD
CY2012Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
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CY2012Q1 us-gaap Treasury Stock Shares
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CY2012Q1 us-gaap Treasury Stock Value
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CY2011Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
16062000 USD
CY2012Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
15206000 USD
CY2012Q1 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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38000 USD
CY2012Q1 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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0 USD
CY2012Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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7200000 USD
CY2011Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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9200000 USD
CY2011Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
700000 USD
CY2012Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
800000 USD
CY2012Q1 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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288000 USD
CY2012Q1 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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390000 USD
CY2011Q1 us-gaap Unrecognized Tax Benefits Period Increase Decrease
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CY2012Q1 us-gaap Unrecognized Tax Benefits Period Increase Decrease
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CY2012Q1 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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1496000 USD
CY2012Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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9800000 USD
CY2011Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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10300000 USD
CY2012Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.&#160;&#160;Actual results could differ from those estimates. There were no significant changes in estimates and assumptions used by management related to our critical accounting policies during the three months ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2012</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
CY2012Q1 us-gaap Valuation Allowance Amount
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1100000 USD
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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86826000 shares
CY2011Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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90689000 shares
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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86475000 shares
CY2011Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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90689000 shares
CY2012Q1 htld Amortization Period Of Tires
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P2Y
CY2012Q1 htld Auction Rate Securities Debt Rate Setting Interval
AuctionRateSecuritiesDebtRateSettingInterval
35 days
CY2012Q1 htld Basis Of Tested Impact On Securities
BasisOfTestedImpactOnSecurities
0.005
CY2011Q1 htld Common Stock Dividends Declared In Accounts Payable
CommonStockDividendsDeclaredInAccountsPayable
1814000 USD
CY2012Q1 htld Common Stock Dividends Declared In Accounts Payable
CommonStockDividendsDeclaredInAccountsPayable
1736000 USD
CY2011Q4 htld Land And Land Improvements
LandAndLandImprovements
17451000 USD
CY2012Q1 htld Land And Land Improvements
LandAndLandImprovements
17451000 USD
CY2012Q1 htld Number Of Office Locations
NumberOfOfficeLocations
10 locations
CY2012Q1 htld Number Of Regional Operating Divisions
NumberOfRegionalOperatingDivisions
11 divisions
CY2012Q1 htld Numer Of Segments
NumerOfSegments
1 segments
CY2012Q1 htld Percent Of Portfolio With Aaa Credit Rating
PercentOfPortfolioWithAaaCreditRating
1.00
CY2011Q1 htld Percentage Of Tractor Fleet Depreciated At150 Percent
PercentageOfTractorFleetDepreciatedAt150Percent
0.727
CY2012Q1 htld Percentage Of Tractor Fleet Depreciated At150 Percent
PercentageOfTractorFleetDepreciatedAt150Percent
1.00
CY2012Q1 htld Portionoftaxbenefitrecordedpositionsmorelikelythannottobesustained
Portionoftaxbenefitrecordedpositionsmorelikelythannottobesustained
0.50
CY2011Q1 htld Rent And Purchased Transportation
RentAndPurchasedTransportation
1937000 USD
CY2012Q1 htld Rent And Purchased Transportation
RentAndPurchasedTransportation
1662000 USD
CY2011Q3 htld Restricted Stock Shares Authorized
RestrictedStockSharesAuthorized
900000 shares
CY2012Q1 htld Revenue Equipment
RevenueEquipment
348223000 USD
CY2011Q4 htld Revenue Equipment
RevenueEquipment
355905000 USD
CY2012Q1 htld Share Repurchase Authorization Increase
ShareRepurchaseAuthorizationIncrease
2800000 shares
CY2011Q4 htld Stock Repurchase Shares
StockRepurchaseShares
2200000 shares
CY2012Q1 htld Stock Repurchase Shares
StockRepurchaseShares
5000000 shares
CY2012Q1 dei Amendment Flag
AmendmentFlag
false
CY2012Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2012Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2012Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
CY2012Q1 dei Document Period End Date
DocumentPeriodEndDate
2012-03-31
CY2012Q1 dei Document Type
DocumentType
10-Q
CY2012Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000799233
CY2012Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
86466085 shares
CY2012Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2012Q1 dei Entity Registrant Name
EntityRegistrantName
HEARTLAND EXPRESS INC

Files In Submission

Name View Source Status
0000799233-12-000030-index-headers.html Edgar Link pending
0000799233-12-000030-index.html Edgar Link pending
0000799233-12-000030.txt Edgar Link pending
0000799233-12-000030-xbrl.zip Edgar Link pending
exhibit3112012q1.htm Edgar Link pending
exhibit3122012q1.htm Edgar Link pending
exhibit3212012q1.htm Edgar Link pending
exhibit3222012q1.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
htld-20120331.xml Edgar Link completed
htld-20120331.xsd Edgar Link pending
htld-20120331_cal.xml Edgar Link unprocessable
htld-20120331_def.xml Edgar Link unprocessable
htld-20120331_lab.xml Edgar Link unprocessable
htld-20120331_pre.xml Edgar Link unprocessable
htld2012q110q.htm Edgar Link pending
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