Earnings Report - fourth quarter and year end 1995.CORALVILLE, Iowa--(BUSINESS WIRE)--Jan. 30, 1996--HEARTLAND EXPRESS, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . announced the results of operations for the fourth quarter of 1995. Heartland ended the fourth quarter with earnings of $5.1 million or $.26 per share, 69% ahead of the $3.0 million or $.15 per share reported the same period of 1994. For 1995, the company reports earnings totaling $20.6 million with earnings per share of $1.03 compared to $10.1 million with earnings per share of $.50 reported for 1994. Earnings for the fourth quarter of 1994 and annual 1994 earnings were negatively impacted by merger and integration costs. Revenues for the fourth quarter of 1995 totaled $49.4 million compared to $49.7 million reported the fourth quarter of 1994. For 1995, the company's gross revenue totaled $191.5 million compared to $224.2 million reported for 1994. A company spokesman stated the results of operation for the compared periods reflect a significant increase in earnings with a decrease in gross revenues. This resulted from the merger and consolidation of Munson Munson can refer to: People
In the military, combined operations are operations conducted by forces of two or more allied nations acting together for the accomplishment of a single mission. See also
A ratio that shows the efficiency of management by comparing operating expense to net sales: (operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. as a percentage of gross revenues) during 1995 was 83.7% compared to 89.4% for 1994. The company declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a stock dividend which became effective December December: see month. 1, 1995. This dividend increased the number of shares outstanding from 13,016,600 to 20,000,000 shares. -0-
HEARTLAND EXPRESS INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended Twelve Months Ended
December 31, December 31,
1995 1994 1995 1994
----------- ----------- ------------ ------------
Operating revenue $49,421,839 $49,685,477 $191,506,741 $224,248,262
----------- ----------- ------------ ------------
Operating expenses:
Salaries, wages,
benefits $ 9,535,312 $12,576,675 $ 40,714,787 $ 56,440,576
Operations and
maintenance 5,247,651 7,505,986 21,035,067 35,557,349
Taxes and licenses 1,511,046 2,161,447 5,246,427 7,346,520
Insurance and claims 1,547,958 1,983,309 7,966,760 11,872,541
Communications and
utilities 661,324 748,130 2,562,142 2,618,541
Depreciation 3,468,286 4,163,791 15,065,539 20,060,652
Rent and purchased
transportation 18,610,449 13,271,048 64,043,296 57,798,842
Other operating
expenses 1,182,276 432,774 3,745,381 5,468,369
(Gain) on sale of
fixed assets 0 74,872 (27,134) (149,900)
Merger consummation
and integration
costs 0 1,515,174 -- 3,493,774
------------ ----------- ------------ ------------
$41,764,302 $44,433,206 $160,352,265 $200,507,264
------------ ----------- ------------ ------------
Operating income $ 7,657,537 $ 5,252,271 $ 31,154,476 $ 23,740,998
Interest income/
(expense), net 478,622 (193,303) 1,524,399 (1,930,348)
------------ ----------- ------------ ------------
Income before
income taxes
and cumulative
effect of change
in accounting
for income
taxes $ 8,136,159 $ 5,058,968 $ 32,678,875 $ 21,810,650
Federal and state
income taxes 3,010,326 2,020,482 12,093,401 8,808,442
Deferred income tax
charge for change
in tax status -- -- -- 2,925,600
----------- ------------ ------------ -----------
Net income $ 5,125,833 $ 3,038,486 $20,585,474 $ 10,076,608
=========== ============ ============ ===========
Pro forma adjustment
to reflect income
tax provision as if
the combined company
was a "C" corpora
-tion for the
entire period $ -- $ -- $ -- $(3,304,126)
============ =========== =========== ============
Pro forma income
tax expense $ -- $ -- $ -- $ 8,429,916
============ =========== =========== ============
Pro forma net
income $ -- $ -- $ -- $ 13,380,734
============ =========== =========== ============
Earnings per share:
Outstanding shares
20,000,000 $ 0.26 $ 0.15 $ 1.03 $ 0.50
============= =========== =========== ============
Pro forma net
income $ -- $ -- $ -- $ 0.67
============= ========== =========== ============
CONTACT: Heartland Express, Inc. John P. Cosaert Chief Financial Officer 319/645-2728 |
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