The Company provides nationwide transportation service to major shippers, using late-model equipment and a combined fleet of company-owned and owner-operator tractors.
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HTLD is one of the best-managed truckload companies, with the industry's highest profit margins. It has a pristine balance sheet, with no debt and more than $300 million cash on hand, as well as a history of making advantageous acquisitions. The trucking industry is out of favor because of the perception that the economy is slowing, but limited truck purchases in 2007 (because of environmentally-mandated new engines), along with chronic driver shortages, will prevent truck capacity from keeping pace with growth in shipping demand, resulting in upward pressure on trucking rates. HTLD pays its drivers at the highest levels and is best positioned to recruit and retain drivers, while taking advantage of improved pricing. It has purchased new tractors adequate to meet its 2007 growth requirements, and will not need to experiment with engines that cost more and deliver inferior fuel mileage. When other companies suffer from driver shortages, the need to pay higher prices for unstaffed tractors, as well as higher fuel prices, HTLD will be able to purchase at least one such competitor that meets its rigorous acquisition standards.