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Marten Transport Announces Record Results For Fourth Quarter And Year

Stocks in this article: MRTN

MONDOVI, Wis., Jan. 22, 2013 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq:MRTN) today reported the highest net income for any quarter and year in the Company's history. Net income improved 12.3% in 2012 to a record $27.3 million, or $1.23 per diluted share, from $24.3 million, or $1.10 per diluted share, a year earlier. For the fourth quarter of 2012, net income increased to $7,719,000 from $7,663,000 for the fourth quarter of 2011, Marten's previous record. Diluted earnings per share were 35 cents for each quarter. It was also Marten's eleventh consecutive year-over-year increase in quarterly net income.

Operating revenue, consisting of revenue from truckload and logistics operations, increased to $166.4 million in the fourth quarter of 2012 from $158.3 million in the fourth quarter of 2011, and increased to $638.5 million in 2012 from $603.7 million in 2011. Operating revenue, net of fuel surcharges, increased 4.1% to $134.2 million in the 2012 quarter from $128.8 million in the 2011 quarter, and increased 5.4% to $517.3 million in 2012 from $490.7 million in 2011. Fuel surcharge revenue increased to $32.2 million for the fourth quarter of 2012 from $29.5 million in the 2011 quarter, and increased to $121.1 million for 2012 from $113.0 million in 2011.

Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharge revenue, increased slightly to 90.2% for the fourth quarter of 2012 from 89.9% for the fourth quarter of 2011, and improved to 91.1% for 2012 from 91.2% for 2011.

Chairman and Chief Executive Officer Randolph L. Marten said, "We are encouraged by our continued solid results which are driven by our ongoing profitable development and growth of our regional, intermodal, brokerage and MRTN de Mexico operations in collaborative relationships with our customers. I want to recognize the efforts of our employees whose smart, hard work and dedication has continuously improved our productivity and efficiency processes while aggressively controlling our costs."

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