Tuesday, April 16, 2013
MARTEN TRANSPORT ANNOUNCES FIRST QUARTER 2013 RESULTS
Net income improves 32.2% over first quarter of 2012; EPS at 32 cents
Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported a 32.2% increase in net income to $7.2 million, or 32 cents per diluted share, for the first quarter ended March 31, 2013, from $5.4 million, or 25 cents per diluted share, for the first quarter of 2012. It was Marten’s twelfth consecutive year-over-year increase in quarterly net income.
Operating revenue, consisting of revenue from truckload and logistics operations, increased to $164.5 million in the first quarter of 2013 from $151.5 million in the first quarter of 2012. Operating revenue, net of fuel surcharges, increased 8.2% to $132.7 million in the 2013 quarter from $122.6 million in the 2012 quarter. Fuel surcharge revenue increased to $31.7 million for the first quarter of 2013 from $28.8 million in the 2012 quarter.
Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharge revenue, improved to 90.6% for the first quarter of 2013 from 92.2% for the first quarter of 2012.
Chairman and Chief Executive Officer Randolph L. Marten said, “We were able to demonstrate the strength of our multifaceted business model with a 32.2% improvement in net earnings for the quarter on an 8.6% increase in operating revenue. These gains were in large part driven by Marten Transport’s continued strategic focus on customer solutions, cost efficiencies and improvements in equipment utilization, with disciplined execution reflecting the talent and teamwork of the people of Marten.”
Marten Transport, with headquarters in Mondovi, Wis., is one of the leading temperature-sensitive truckload carriers in the United States. Marten specializes in transporting and distributing food and other consumer packaged goods that require a temperature-controlled or insulated environment. Marten offers service in the United States, Canada and Mexico, concentrating on expedited movements for high-volume customers. Marten’s common stock is traded on the Nasdaq Global Select Market under the symbol MRTN.
Since 2004, Marten Transport’s results and consolidated financial statements have included the accounts of MW Logistics, LLC, or MWL, a third-party provider of logistics services to the transportation industry. On March 28, 2013, a member of MWL made a capital contribution to MWL. Accordingly, effective as of that date, Marten was no longer the primary beneficiary, deconsolidated MWL and started accounting for its ownership interest in MWL under the equity method of accounting.
This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements by their nature involve substantial risks and uncertainties, and actual results may differ materially from those expressed in such forward-looking statements. Important factors known to the Company that could cause actual results to differ materially from those discussed in the forward-looking statements are discussed in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACTS: Tim Kohl, President, and Jim Hinnendael, Chief Financial Officer, of Marten Transport, Ltd., 715-926-4216.