CORALVILLE, IOWA September 22, 2005 Heartland Express, Inc. (Nasdaq: HTLD) announced today the planned construction of a new corporate headquarters. The new headquarters and an adjacent shop facility will be built on 40 acres of land in North Liberty, Iowa, approximately five miles from the current location. The new headquarters building will consolidate our operations under one roof and accommodate future growth. The shop facility will be designed to increase accessibility and improve operational efficiencies. The North Liberty location is on Interstate 380 and will provide a centralized location in the Cedar Rapids/Iowa City business corridor.
Site preparation will begin immediately with ground breaking and the beginning of construction set for the spring of 2006. The construction period will be approximately twelve months with completion anticipated in the spring of 2007. The new facilities will be funded with the proceeds from the sale of the current corporate headquarters location. The Companys current facilities are situated on approximately 26 acres of land.
The company currently has regional operating centers in Atlanta, GA, Carlisle, PA, Chester, VA, Columbus, OH, Coralville, IA, Jacksonville, FL, Kingsport, TN, Olive Branch, MS, and Phoenix, AZ.
The Company reported gross revenues of $457.1 million and a 79.5% operating ratio (operating expenses as a percentage of gross revenues) in 2004 with $517.0 million in total assets.