Heartland Express, Inc. Declares Regular Quarterly Dividend, Special Dividend, and Announces Additional Share Repurchase Authorization
August 20 2021 - 9:00AM
The Board of Directors of Heartland Express, Inc. (Nasdaq: HTLD)
(the “Company”) announced today the declaration of a regular
quarterly cash dividend. The $0.02 per share dividend will be paid
on October 1, 2021 to stockholders of record at the close of
business on September 1, 2021. A total of approximately $1.6
million will be paid on the Company's 79.0 million shares of common
stock. This is the Company's seventy-third consecutive quarterly
cash dividend.
The Board of Directors also announced a special
dividend of $0.50 per share. The $0.50 per share special dividend
will also be paid on October 1, 2021 to stockholders of record at
the close of business on September 1, 2021. No portion of the $0.50
special dividend is considered to be a return of capital. A total
of approximately $39.5 million will be paid on the Company's 79.0
million shares of common stock as a result of the special
dividend.
Stockholders will receive one check representing
dividends paid under both the quarterly and special dividend. With
the payment of these dividends, the Company will have paid a total
of $534.9 million in cash dividends, including four special
dividends, since the dividend program was implemented in the third
quarter of 2003.
The Board of Directors also announced today the
authorization for the repurchase of up to 3,000,000 shares of its
outstanding common stock in addition to the approximate 3,745,000
shares remaining under a prior authorization. The shares may be
repurchased on the open market or in privately negotiated
transactions. The specific timing and amount of our future
repurchases will be determined by market conditions, cash flow
requirements, securities law limitations, and other factors.
Repurchases may continue from time to time, as conditions permit,
until the number of shares authorized to be repurchased have been
acquired, or until the authorization to repurchase is terminated,
whichever occurs first. The share repurchase authorization is
discretionary and has no expiration date. The repurchase program
may be suspended, modified, or discontinued at any time.
This press release may contain statements that
might be considered as forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, as
amended. Such statements may be identified by their use of terms or
phrases such as “seek,” “expects,” “estimates,” “anticipates,”
“projects,” “believes,” “hopes,” “plans,” “goals,” “intends,”
“may,” “might,” “likely,” “will,” “should,” “would,” “could,”
“potential,” “predict,” “continue,” “strategy,” “future,”
“outlook,” and similar terms and phrases. In this press release,
the statements relating to future repurchases under the repurchase
authorization, if any, are forward-looking statements. Such
statements are based on management's belief or interpretation of
information currently available. These statements and assumptions
involve certain risks and uncertainties, and undue reliance should
not be placed on such statements. Actual events may differ
materially from those set forth in, contemplated by, or underlying
such statements as a result of numerous factors, including, without
limitation, those specified in the Company's Annual Report on Form
10-K for the year ended December 31, 2020. The Company assumes no
obligation to update any forward-looking statements, which speak as
of their respective dates.
Contact:Heartland Express,
Inc.
Mike Gerdin, Chief Executive OfficerChris Strain, Chief
Financial
Officer319-626-3600
Heartland Express (NASDAQ:HTLD)
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