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Marten Transport Announces Third Quarter Results; Net Income Increases 57.9%

"Our logistics revenue continues to expand as a percentage of our revenue. In the third quarter of 2010, our logistics revenue, net of intermodal fuel surcharges, grew $1.1 million over the 2009 quarter, and, for the 2010 nine-month period, grew $7.1 million over the 2009 nine-month period. Our regional operations continue to thrive, contributing to a 13.2% increase in our average truckload revenue, net of fuel surcharges, per tractor per week, in this year's third quarter over last year's third quarter, and a 3.8% increase over this year's second quarter. We have increased our regional operations to 48.2% of our truckload fleet as of September 30, 2010 from 21.7% as of a year earlier.   

"As evidence of our confidence that we can deliver long-term, sustainable growth, we paid our first quarterly cash dividend to stockholders in the third quarter of 2010."

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.

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 the Company's confidence that it can deliver long-term, sustainable growth. 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, 2009. The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.

MARTEN TRANSPORT, LTD.
CONSOLIDATED CONDENSED BALANCE SHEETS
 (Unaudited)
     
   September 30, December 31,
(In thousands, except share information)  2010 2009
ASSETS     
Current assets:     
Cash and cash equivalents  $4,370 $5,410
Marketable securities  138 118
Receivables:     
Trade, net  52,268 45,434
Other  9,472 4,382
Prepaid expenses and other  10,861 12,328
Deferred income taxes  5,727 5,172
Total current assets  82,836 72,844
Property and equipment:     
Revenue equipment, buildings and land,  office equipment and other  518,072 491,127
Accumulated depreciation  (141,444) (149,670)
Net property and equipment  376,628 341,457
Other assets  535 537
TOTAL ASSETS  $459,999 $414,838
LIABILITIES AND STOCKHOLDERS' EQUITY     
Current liabilities:     
Checks issued in excess of cash balances  $587 $1,671
Accounts payable and accrued liabilities  33,748 31,896
Insurance and claims accruals  17,955 19,222
Current maturities of long-term debt  27,066 1,428
Total current liabilities  79,356 54,217
Long-term debt, less current maturities   --  71
Deferred income taxes  90,127 85,643
Total liabilities  169,483 139,931
Stockholders' equity:     
Marten Transport, Ltd. stockholders' equity:     
Preferred stock, $.01 par value per share;  2,000,000 shares authorized; no shares issued and outstanding   --   -- 
Common stock, $.01 par value per share; 48,000,000 shares authorized; 21,934,232 shares at September 30, 2010, and 21,885,073 shares at  December 31, 2009, issued and outstanding  219 219
Additional paid-in capital  77,785 76,477
Retained earnings  210,574 196,480
Total Marten Transport, Ltd. stockholders' equity  288,578 273,176
Noncontrolling interest  1,938 1,731
Total stockholders' equity  290,516 274,907
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY  $459,999 $414,838
     
MARTEN TRANSPORT, LTD.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
 (Unaudited)
         
   Three Months   Nine Months 
   Ended September 30,  Ended September 30, 
 (In thousands, except per share information) 2010 2009 2010 2009
         
OPERATING REVENUE  $128,674 $129,395 $380,348 $377,154
         
OPERATING EXPENSES (INCOME):         
 Salaries, wages and benefits  32,767 34,257 97,153 106,118
 Purchased transportation  26,275 29,192 80,380 77,877
 Fuel and fuel taxes  28,558 26,580 84,318 72,718
 Supplies and maintenance  8,276 9,630 25,883 29,006
 Depreciation  12,884 13,272 38,533 40,091
 Operating taxes and licenses  1,505 1,591 4,584 4,969
 Insurance and claims  4,413 5,356 12,249 15,555
 Communications and utilities  1,143 1,011 3,010 3,078
 Gain on disposition of revenue equipment  (184) (596) (812) (1,595)
 Other  3,051 2,566 8,837 8,047
         
 Total operating expenses  118,688 122,859 354,135 355,864
         
OPERATING INCOME  9,986 6,536 26,213 21,290
         
NET INTEREST EXPENSE (INCOME)  44 (16) (36) 19
         
INCOME BEFORE INCOME TAXES  9,942 6,552 26,249 21,271
Less: Income before income taxes attributable to noncontrolling interest  308 93 365 354
         
INCOME BEFORE INCOME TAXES ATTRIBUTABLE TO MARTEN TRANSPORT, LTD.  9,634 6,459 25,884 20,917
         
PROVISION FOR INCOME TAXES  4,152 2,987 11,352 8,915
         
NET INCOME  $5,482 $3,472 $14,532 $12,002
         
BASIC EARNINGS PER COMMON SHARE  $0.25 $0.16 $0.66 $0.55
         
DILUTED EARNINGS PER COMMON SHARE  $0.25 $0.16 $0.66 $0.55
         
DIVIDENDS DECLARED PER COMMON SHARE  $0.02  $ --  $0.02  $ -- 
         
MARTEN TRANSPORT, LTD.
 SEGMENT INFORMATION 
 (Unaudited) 
         
       Dollar   Percentage 
       Change   Change 
   Three Months  Three Months  Three Months 
   Ended   Ended   Ended 
   September 30,   September 30,  September 30,
(Dollars in thousands)  2010 2009  2010 vs. 2009  2010 vs. 2009
Operating revenue:         
Truckload revenue, net of fuel surcharge revenue  $81,370 $86,324 $(4,954) (5.7)%
Truckload fuel surcharge revenue  16,550 13,942 2,608 18.7
Total Truckload revenue  97,920 100,266 (2,346) (2.3)
         
Logistics revenue, net of intermodal fuel  surcharge revenue  28,457 27,362 1,095 4.0
Intermodal fuel surcharge revenue  2,297 1,767 530 30.0
Total Logistics revenue  30,754 29,129 1,625 5.6
         
Total operating revenue  $128,674 $129,395 $(721) (0.6)%
         
Operating income:         
Truckload  $8,326 $5,047 $3,279 65.0%
Logistics  1,660 1,489 171 11.5
Total operating income  $9,986 $6,536 $3,450 52.8%
         
Operating ratio:         
Truckload  91.5% 95.0%   (3.7)%
Logistics  94.6 94.9   (0.3)
Consolidated operating ratio  92.2% 94.9%   (2.8)%
         
 MARTEN TRANSPORT, LTD.
 SEGMENT INFORMATION 
 (Unaudited) 
       Dollar   Percentage 
       Change   Change 
   Nine Months Nine Months Nine Months    
   Ended   Ended   Ended 
   September 30,  September 30,  September 30, 
(Dollars in thousands)  2010 2009 2010 vs. 2009  2010 vs. 2009 
Operating revenue:         
Truckload revenue, net of fuel surcharge revenue  $242,856 $262,828 $(19,972) (7.6)%
Truckload fuel surcharge revenue  48,681 35,065 13,616 38.8
Total Truckload revenue  291,537 297,893 (6,356) (2.1)
         
Logistics revenue, net of intermodal fuel surcharge revenue  82,364 75,237 7,127 9.5
Intermodal fuel surcharge revenue  6,447 4,024 2,423 60.2
Total Logistics revenue  88,811 79,261 9,550 12.0
         
Total operating revenue  $380,348 $377,154 $3,194 0.8%
         
Operating income:         
Truckload  $21,759 $16,577 $5,182 31.3%
Logistics  4,454 4,713 (259) (5.5)
Total operating income  $26,213 $21,290 $4,923 23.1%
         
Operating ratio:         
Truckload  92.5% 94.4%   (2.0)%
Logistics  95.0 94.1   1.0
Consolidated operating ratio  93.1% 94.4%   (1.4)%
         
 MARTEN TRANSPORT, LTD.
 OPERATING STATISTICS 
 (Unaudited) 
         
   Three Months   Nine Months 
   Ended September 30, Ended September 30,
  2010 2009 2010 2009
Truckload Segment:         
Total Truckload revenue (in thousands)  $97,920 $100,266 $291,537 $297,893
Average truckload revenue, net of fuel surcharges, per  tractor per week(1)  $3,084 $2,725 $2,953 $2,816
Average tractors(1)  2,007 2,410 2,108 2,393
Average miles per trip  645 728 664 781
Non-revenue miles percentage(2)  10.1% 9.7% 9.5% 9.3%
Total miles - company-employed drivers (in thousands)  47,881 51,818 144,588 156,487
Total miles - independent contractors (in thousands)  3,007 6,120 11,354 18,108
         
Logistics Segment:         
Total Logistics revenue (in thousands)  $30,754 $29,129 $88,811 $79,261
Brokerage:         
Marten Transport         
Revenue (in thousands)  $9,031 $9,796 $28,695 $25,117
Loads  5,059 5,416 15,854 13,568
MWL         
Revenue (in thousands)  $9,185 $8,371 $25,321 $23,363
Loads  5,380 4,775 14,349 13,594
Intermodal:         
Revenue (in thousands)  $12,538 $10,962 $34,795 $30,781
Loads  5,332 4,929 14,755 13,238
Average tractors  74 65 67 61
         
At September 30, 2010 and September 30, 2009:         
Total tractors(1)  2,141 2,459    
Average age of company tractors (in years)  2.3 2.3    
Total trailers  3,896 4,055    
Average age of company trailers (in years)  3.0 3.3    
Ratio of trailers to tractors(1)  1.8 1.6    
         
         
   Three Months   Nine Months 
  Ended September 30,  Ended September 30, 
(In thousands)  2010 2009 2010 2009
         
Net cash provided by operating activities  $21,945 $20,595 $45,913 $63,207
Net cash used for investing activities  33,822 20,810 71,309 56,109
         
Weighted average shares outstanding:         
Basic  21,934 21,885 21,920 21,865
Diluted  22,041 21,988 22,023 21,982
         
(1) Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 96 and 205 tractors as of September 30, 2010, and 2009, respectively. 
         
(2) Represents the percentage of miles for which the company is not compensated.      
         
CONTACT:  Marten Transport, Ltd.
          Tim Kohl, President
          Jim Hinnendael, Chief Financial Officer
          715-926-4216

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