MONDOVI, Wis., June 15, 2017 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) announced today that its Board of Directors has declared a five-for-three stock split of the company’s common stock. The stock split will be effected in the form of a stock dividend payable on July 7, 2017, to stockholders of record as of June 26, 2017. Holders of the company’s common stock will receive an additional two-thirds share for each outstanding share of common stock held as of the record date. The stock split will increase the number of outstanding shares of common stock from approximately 32,708,453 to approximately 54,514,088.
Chairman and Chief Executive Officer Randolph L. Marten said, “I am pleased to announce this stock split which reflects our continued strong financial condition. The increased number of outstanding shares should increase trading activity, or float, in our common stock. This stock split, while maintaining our current quarterly cash dividend of $0.025 per share, effectively increases the cash payout to our stockholders by 66 2/3%.”
Marten Transport, with headquarters in Mondovi, Wis., is one of the leading temperature-sensitive truckload carriers in the United States, specializing in transporting and distributing food and other consumer packaged goods that require a temperature-controlled or insulated environment. Marten’s dry freight services are expanding, with 925 dry trailers operating as of March 31, 2017. 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.
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, including Marten’s current expectations concerning future payment of dividends. 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 Marten that could cause actual results to differ materially from those discussed in the forward-looking statements are discussed in Item 1A of Marten’s Annual Report on Form 10-K for the year ended December 31, 2016. Marten 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, Executive Vice President and Chief Financial Officer, of Marten Transport, Ltd., 715-926-4216.