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Marten Transport Announces Third Quarter Results

Stocks in this article: MRTN

MONDOVI, Wis., Oct. 16, 2012 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq:MRTN) today reported a 2.9% increase in net income to $6.5 million, or 29 cents per diluted share, for the third quarter ended September 30, 2012, from $6.3 million, or 29 cents per diluted share, for the third quarter of 2011. Net income increased 17.6% for the 2012 nine-month period to $19.5 million, or 88 cents per diluted share, from $16.6 million, or 75 cents per diluted share, in the 2011 nine-month period. It was the Company's tenth consecutive year-over-year increase in quarterly profitability.

Operating revenue, consisting of revenue from truckload and logistics operations, increased to $163.6 million in the third quarter of 2012 from $156.3 million in the third quarter of 2011, and increased to $472.0 million in the 2012 nine-month period from $445.3 million in the 2011 nine-month period. Operating revenue, net of fuel surcharges, increased 4.6% to $133.3 million in the 2012 quarter from $127.5 million in the 2011 quarter, and increased 5.9% to $383.2 million in the 2012 nine-month period from $361.8 million in the 2011 nine-month period. Fuel surcharge revenue increased to $30.3 million for the third quarter of 2012 from $28.8 million in the 2011 quarter, and increased to $88.9 million for the 2012 nine-month period from $83.5 million for the 2011 nine-month period.

Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharge revenue, increased to 92.6% for the third quarter of 2012 from 91.3% for the third quarter of 2011, and improved to 91.5% for the 2012 nine-month period from 91.7% for the 2011 nine-month period.

Marten's effective income tax rate decreased to 33.4% for the third quarter of 2012 from 41.4% for the third quarter of 2011, primarily due to a decrease to the Company's deferred income tax liability as a result of a change in income apportionment for several states. As a result, Marten's effective income tax rate decreased to 39.3% for the 2012 nine-month period from 43.4% for the 2011 nine-month period.

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