This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Marten Transport Announces Fourth Quarter And Year End Results; 2010 Fourth Quarter Net Income Improves 22.2%; 2010 Net Income Rises 21.4%

"Our expanding regional operations contributed to a 5.9% fourth-quarter increase in our average truckload revenue, net of fuel surcharges, per tractor per week over last year's fourth quarter, and a 5.2% increase in 2010 over 2009. We have increased our regional operations to 51.8% of our truckload fleet as of December 31, 2010 from 25.9% as of a year earlier."

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. 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)
 
   December 31,  December 31,
(In thousands, except share information) 2010 2009
     
ASSETS    
Current assets:    
Cash and cash equivalents $5,306 $5,410
Marketable securities 138 118
Receivables:    
Trade, net 51,094 45,434
Other 12,968 4,382
Prepaid expenses and other 13,406 12,328
Deferred income taxes 4,794 5,172
Total current assets 87,706 72,844
Property and equipment:    
Revenue equipment, buildings and land, office equipment and other 515,622 491,127
Accumulated depreciation (143,563) (149,670)
Net property and equipment 372,059 341,457
Other assets 543 537
TOTAL ASSETS $460,308 $414,838
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Checks issued in excess of cash balances $1,066 $1,671
Accounts payable and accrued liabilities 30,524 31,896
Insurance and claims accruals 17,653 19,222
Current maturities of long-term debt 19,346 1,428
Total current liabilities 68,589 54,217
Long-term debt, less current maturities -- 71
Deferred income taxes 95,815 85,643
Total liabilities 164,404 139,931
     
     
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; 21,950,252 shares at December 31, 2010, and 21,885,073 shares at December 31, 2009, issued and outstanding 220 219
Additional paid-in capital 78,428 76,477
Retained earnings 215,345 196,480
Total Marten Transport, Ltd. stockholders' equity 293,993 273,176
Noncontrolling interest 1,911 1,731
Total stockholders' equity 295,904 274,907
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY  $460,308  $414,838
 
MARTEN TRANSPORT, LTD. CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited)
 
   Three Months  Year
   Ended December 31,   Ended December 31, 
(In thousands, except per share information) 2010 2009 2010 2009
         
OPERATING REVENUE $136,572 $128,720 $516,920 $505,874
         
OPERATING EXPENSES (INCOME):        
Salaries, wages and benefits 34,366 32,634 131,519 138,752
Purchased transportation 30,028 28,700 110,408 106,577
Fuel and fuel taxes 30,609 27,180 114,927 99,898
Supplies and maintenance 9,335 9,217 35,218 38,223
Depreciation 13,383 12,978 51,916 53,069
Operating taxes and licenses 1,638 1,703 6,222 6,672
Insurance and claims 4,324 4,341 16,573 19,896
Communications and utilities 954 1,092 3,964 4,170
Gain on disposition of revenue equipment (298) (35) (1,110) (1,630)
Other 3,157 2,841 11,994 10,888
         
Total operating expenses 127,496 120,651 481,631 476,515
         
OPERATING INCOME 9,076 8,069 35,289 29,359
         
NET INTEREST EXPENSE (INCOME) 10 13 (26) 32
         
INCOME BEFORE INCOME TAXES 9,066 8,056 35,315 29,327
Less: Income before income taxes         
  attributable to noncontrolling interest 266 230 631 584
         
INCOME BEFORE INCOME TAXES        
ATTRIBUTABLE TO MARTEN        
TRANSPORT, LTD. 8,800 7,826 34,684 28,743
         
PROVISION FOR INCOME TAXES 3,590 3,561 14,942 12,476
         
NET INCOME $5,210 $4,265 $19,742 $16,267
         
BASIC EARNINGS PER COMMON SHARE $0.24 $0.19 $0.90 $0.74
         
DILUTED EARNINGS PER COMMON SHARE $0.24 $0.19 $0.90 $0.74
         
DIVIDENDS PAID PER COMMON SHARE $0.02 $ --  $0.04 $ -- 
 
MARTEN TRANSPORT, LTD. SEGMENT INFORMATION (Unaudited)
 
  Three Months  Dollar Change  Percentage Change
  Ended Three Months Ended Three Months Ended
   December 31,  December 31,  December 31,
(Dollars in thousands) 2010 2009  2010 vs. 2009   2010 vs. 2009
Operating revenue:        
Truckload revenue, net of fuel surcharge        
revenue $82,935 $84,155 $(1,220) (1.4)%
Truckload fuel surcharge revenue 18,292 14,747 3,545 24.0
Total Truckload revenue 101,227 98,902 2,325 2.4
         
Logistics revenue, net of intermodal fuel        
surcharge revenue 32,859 27,929 4,930 17.7
Intermodal fuel surcharge revenue 2,486 1,889 597 31.6
Total Logistics revenue 35,345 29,818 5,527 18.5
         
Total operating revenue $136,572 $128,720 $7,852 6.1%
         
Operating income:        
Truckload $6,921 $6,250 $671 10.7%
Logistics 2,155 1,819 336 18.5
Total operating income $9,076 $8,069 $1,007 12.5%
         
Operating ratio:        
Truckload 93.2% 93.7%   (0.5)%
Logistics 93.9 93.9   --
Consolidated operating ratio 93.4% 93.7%   (0.3)%
 
MARTEN TRANSPORT, LTD. SEGMENT INFORMATION (Unaudited)
 
  Year  Dollar Change  Percentage Change
  Ended Year Ended Year Ended
   December 31,  December 31,  December 31,
(Dollars in thousands) 2010 2009  2010 vs. 2009   2010 vs. 2009
Operating revenue:        
Truckload revenue, net of fuel surcharge        
revenue $325,791 $346,983 $(21,192) (6.1)%
Truckload fuel surcharge revenue 66,973 49,812 17,161 34.5
Total Truckload revenue 392,764 396,795 (4,031) (1.0)
         
Logistics revenue, net of intermodal fuel        
surcharge revenue 115,223 103,166 12,057 11.7
Intermodal fuel surcharge revenue 8,933 5,913 3,020 51.1
Total Logistics revenue 124,156 109,079 15,077 13.8
         
Total operating revenue $516,920 $505,874 $11,046 2.2%
         
Operating income:        
Truckload $28,680 $22,827 $5,853 25.6%
Logistics 6,609 6,532 77 1.2
Total operating income $35,289 $29,359 $5,930 20.2%
         
Operating ratio:        
Truckload 92.7% 94.2%   (1.6)%
Logistics 94.7 94.0   0.7
Consolidated operating ratio 93.2% 94.2%   (1.1)%
 
MARTEN TRANSPORT, LTD. OPERATING STATISTICS (Unaudited)
 
   Three Months  Year
   Ended December 31,  Ended December 31,
  2010 2009 2010 2009
         
Truckload Segment:        
Total Truckload revenue (in thousands) $101,227 $98,902 $392,764 $396,795
Average truckload revenue, net of fuel surcharges, per tractor per week (1) $3,010 $2,841 $2,968 $2,822
Average tractors (1) 2,096 2,254 2,105 2,358
Average miles per trip 630 706 655 761
Non-revenue miles percentage (2) 10.1% 9.2% 9.6% 9.2%
Total miles – company-employed drivers (in thousands) 48,754 50,407 193,342 206,894
Total miles – independent contractors (in thousands) 2,422 5,307 13,776 23,415
         
Logistics Segment:        
Total Logistics revenue (in thousands) $35,345 $29,818 $124,156 $109,079
Brokerage:        
Marten Transport        
Revenue (in thousands) $12,524 $9,897 $41,219 $35,014
Loads 6,042 5,364 21,896 18,932
MWL        
Revenue (in thousands) $9,926 $8,797 $35,247 $32,160
Loads 4,355 4,274 18,704 17,868
Intermodal:        
Revenue (in thousands) $12,895 $11,124 $47,690 $41,905
Loads 5,395 4,852 20,150 18,090
Average tractors 68 66 67 62
         
At December 31, 2010 and December 31, 2009:        
Total tractors (1) 2,146 2,264    
Average age of company tractors (in years) 2.5 2.4    
Total trailers 3,928 3,958    
Average age of company trailers (in years) 2.8 3.4    
Ratio of trailers to tractors (1) 1.8 1.7    
         
   Three Months  Year
   Ended December 31,  Ended December 31,
(In thousands) 2010 2009 2010 2009
         
Net cash provided by operating activities $18,609 $18,479 $64,522 $81,686
Net cash used for investing activities 9,872 21,055 81,181 77,164
         
Weighted average shares outstanding:        
Basic 21,945 21,885 21,927 21,870
Diluted 22,063 21,987 22,031 21,984
         
(1) Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 86 and 177 tractors as of December 31, 2010, and 2009, respectively.
(2) Represents the percentage of miles for which the company is not compensated.
CONTACT: Tim Kohl, President, and 
         Jim Hinnendael, Chief Financial Officer, of Marten Transport, Ltd.
         715-926-4216

2 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,031.14 +43.63 0.26%
S&P 500 1,984.13 -1.41 -0.07%
NASDAQ 4,518.9020 -48.6960 -1.07%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs