Heartland Express, Inc. Reports Revenues and Earnings for the First Quarter of 2009

Heartland Express, Inc. (Nasdaq: HTLD) announced today financial results for the quarter ended March 31, 2009. As previously announced the quarter started with negative freight trends from the fourth quarter of 2008. Freight demand remained depressed throughout the first quarter of 2009. However, for the quarter ended March 31, 2009, Heartland Express, Inc. posted an operating ratio (operating expenses as a percentage of operating revenues) of 83.4% and a 12.3% net margin (net income as a percentage of operating revenues) both significant improvements over the prior year comparative period. The Company reported an operating ratio of 86.7% and a 9.8% net margin for the quarter ended March 31, 2008.

Operating revenues for the quarter decreased 22.8% to $115.0 million from $149.0 million in the first quarter of 2008. The significant reduction in fuel prices period over period translated into lower fuel surcharge revenue which accounted for approximately half of the decline in total operating revenues. Lower miles driven by lower load counts attributed to overall general economic conditions accounted for the other half of the reduction in operating revenues. Net income for 2009 was $14.1 million compared to $14.7 million in the 2008 period. Earnings per share were unchanged at $0.15 for both periods.

There continues to be excess capacity in the market and this combined with declines in overall freight demand continued to place extreme pressure on freight rates throughout the quarter. Further, the Company has not seen any strong indicators of improvements in the demand for freight services that would affect our levels of business in the near future. Although the Company experienced depressed freight demand volumes during the quarter that affected the financial results, the Company remains opportunistic about the steps the Company took during the first quarter to position itself for future growth and opportunities when freight demand returns. Heartland opened its tenth regional operation near Dallas, Texas in the first quarter of 2009.

During the quarter ended March 31, 2009 the Company experienced a 51.4% decrease in fuel expense mainly driven by a decrease in average fuel cost rates and further by less miles driven. During the quarter ended March 31, 2009 the U.S. average cost of fuel was $2.18 per gallon compared to $3.52 for the same period of 2008. The Company’s continued focus on idle hour reductions, terminal fuel purchases as well as overall increased fuel efficiency of tractors provided further contributing factors to the reduction of fuel expense period over period. The Company continues to increase its intensity of controlling fuel costs as well as all other operating expenses and is exploring other cost saving opportunities and operating efficiencies to make the Company better prepared for an economic recovery.

During the current turbulent economic conditions, the Company continues to demonstrate its confidence in the financial strength of the Company and its future prospects through its continued investment in the Company through its share repurchase program. The Company purchased approximately 3.5 million shares of its outstanding common stock during the quarter ended March 31, 2009 for a cost of approximately $45.4 million. Another indication of our confidence was reflected in our continued tractor fleet upgrade program that began in 2008 and is expected to be completed by the 2009 year end. The Company took delivery of 45 new tractors in the first quarter of 2009 which brings the total purchases under the current upgrade program to 620 tractors. Management believes the Company has adequate liquidity to meet the capital requirements of the current fleet upgrade through cash generated from operations and existing cash and cash equivalents. The fleet upgrade is another example of how the Company is positioning itself for the future. During the first quarter of 2009 the Company achieved the highest level of environmental performance by the U.S. Environmental Protection Agency through the SmartWay^sm program. Heartland’s 1.25 score given by SmartWay^sm is a testament to our commitment to being environmentally responsible and an industry leader in fuel saving strategies.

Despite spending $45.4 million on repurchasing stock, the Company ended the quarter with cash, cash equivalents, short-term and long-term investments of $216.2 million, an $11.8 million decrease from the $228.0 million reported at December 31, 2008. The Company’s balance sheet continues to be debt-free. During the quarter, Heartland Express declared a regular quarterly cash dividend. The quarterly dividend of approximately $1.8 million at the rate of $0.02 per share was paid on April 2, 2009 to shareholders of record at the close of business on March 20, 2009. The Company has now paid cash dividends of $234.1 million over the past twenty-three consecutive quarters.

The Company continues to focus on customer service as one of our core building blocks. Heartland Express has most recently been awarded eight service awards evidencing the Company’s continued ability to deliver the highest quality of service to our customers. Such awards included, 2008 LXP Carrier of the Year – Tier One Carriers, LXP Carrier of the Year – Promotional Events, 2008 Lowes Silver Carrier Award, Kelloggs Komplete Carrier of the Year 2008, Nestle Waters – Tennessee Region Carrier of the Year 2008, Nestle Waters – Southeast Region World Class Customer Service 2008, Eastman – Supplier Excellence Award for the Year 2008, Quaker Oats – National Carrier of the Year 2008.

This press release may contain statements that might be considered as forward-looking statements or predictions of future operations. Such statements are based on management’s belief or interpretation of information currently available. These statements and assumptions involve certain risks and uncertainties. Actual events may differ from these expectations as specified from time to time in filings with the Securities and Exchange Commission.