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Marten Transport Announces Record Results For Fourth Quarter And Year

Stocks in this article: MRTN

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, 2011. 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)
     
(In thousands, except share information) December 31, 2012 December 31, 2011
ASSETS    
Current assets:    
Cash and cash equivalents $3,473 $20,821
Receivables:    
Trade, net 66,239 59,385
Other 7,177 3,430
Prepaid expenses and other 15,490 15,426
Deferred income taxes 3,155 2,738
Total current assets 95,534 101,800
Property and equipment:    
Revenue equipment, buildings and land, office equipment and other 551,136 523,974
Accumulated depreciation (156,660) (155,774)
Net property and equipment 394,476 368,200
Other assets 613 579
TOTAL ASSETS $490,623 $470,579
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable and accrued liabilities $33,062 $33,343
Insurance and claims accruals 13,838 13,042
Total current liabilities 46,900 46,385
Long-term debt, less current maturities 2,726 --
Deferred income taxes 109,074 103,835
Total liabilities 158,700 150,220
     
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; 22,109,619 shares at December 31, 2012, and 21,984,597 shares at December 31, 2011, issued and outstanding 221 220
Additional paid-in capital 82,679 80,078
Retained earnings 246,460 237,872
Total Marten Transport, Ltd. stockholders' equity 329,360 318,170
Noncontrolling interest 2,563 2,189
Total stockholders' equity 331,923 320,359
TOTAL LIABILITIES AND    
STOCKHOLDERS' EQUITY $490,623 $470,579
     
         
MARTEN TRANSPORT, LTD.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
         
  Three Months Ended December 31, Year Ended December 31, 
(In thousands, except per share information) 2012 2011 2012 2011
         
OPERATING REVENUE $166,412 $158,340 $638,456 $603,679
         
OPERATING EXPENSES (INCOME):        
Salaries, wages and benefits 43,221 39,359 163,242 147,646
Purchased transportation 32,248 30,970 124,269 120,332
Fuel and fuel taxes 41,937 39,750 163,596 155,595
Supplies and maintenance 9,961 9,845 39,919 40,311
Depreciation 15,790 15,173 60,904 57,531
Operating taxes and licenses 1,848 1,796 6,741 6,373
Insurance and claims 4,902 4,840 20,718 18,170
Communications and utilities 1,302 1,209 4,939 4,605
Gain on disposition of revenue equipment (1,249) (981) (5,302) (3,800)
Other 3,241 3,428 13,577 13,886
         
Total operating expenses 153,201 145,389 592,603 560,649
         
OPERATING INCOME 13,211 12,951 45,853 43,030
         
NET INTEREST INCOME (8) (18) (48) (24)
         
INCOME BEFORE INCOME TAXES 13,219 12,969 45,901 43,054
Less: Income before income taxes attributable to noncontrolling interest 30 99 497 807
         
INCOME BEFORE INCOME TAXES ATTRIBUTABLE TO MARTEN TRANSPORT, LTD. 13,189 12,870 45,404 42,247
         
PROVISION FOR INCOME TAXES 5,470 5,207 18,137 17,962
         
NET INCOME $7,719 $7,663 $27,267 $24,285
         
BASIC EARNINGS PER COMMON SHARE $0.35 $0.35 $1.24 $1.10
         
DILUTED EARNINGS PER COMMON SHARE $0.35 $0.35 $1.23 $1.10
         
DIVIDENDS PAID PER COMMON SHARE $0.775 $0.02 $0.845 $0.08
         
         
MARTEN TRANSPORT, LTD.
SEGMENT INFORMATION
(Unaudited)
         
  Three Months Ended December 31, Dollar Change Three Months Ended December 31,  Percentage Change Three Months Ended December 31, 
(Dollars in thousands) 2012 2011 2012 vs. 2011 2012 vs. 2011
Operating revenue:        
Truckload revenue, net of fuel surcharge revenue $98,099 $94,174 $3,925 4.2%
Truckload fuel surcharge revenue 27,635 25,597 2,038 8.0
Total Truckload revenue 125,734 119,771 5,963 5.0
         
Logistics revenue, net of intermodal fuel surcharge revenue 36,071 34,669 1,402 4.0
Intermodal fuel surcharge revenue 4,607 3,900 707 18.1
Total Logistics revenue 40,678 38,569 2,109 5.5
         
Total operating revenue $166,412 $158,340 $8,072 5.1%
         
Operating income:        
Truckload $10,766 $11,201 $(435) (3.9)%
Logistics 2,445 1,750 695 39.7
Total operating income $13,211 $12,951 $260 2.0%
         
Operating ratio:        
Truckload 91.4% 90.6%   0.9%
Logistics 94.0 95.5   (1.6)
Consolidated operating ratio 92.1% 91.8%   0.3%
         
         
MARTEN TRANSPORT, LTD.
SEGMENT INFORMATION
(Unaudited)
         
Year Ended December 31,  Dollar Change Year Ended December 31,  Percentage Change Year Ended December 31, 
(Dollars in thousands) 2012 2011 2012 vs. 2011 2012 vs. 2011
Operating revenue:        
Truckload revenue, net of fuel surcharge revenue $378,383 $357,787 $20,596 5.8%
Truckload fuel surcharge revenue 104,940 98,060 6,880 7.0
Total Truckload revenue 483,323 455,847 27,476 6.0
         
Logistics revenue, net of intermodal fuel surcharge revenue 138,960 132,890 6,070 4.6
Intermodal fuel surcharge revenue 16,173 14,942 1,231 8.2
Total Logistics revenue 155,133 147,832 7,301 4.9
         
Total operating revenue $638,456 $603,679 $34,777 5.8%
         
Operating income:        
Truckload $36,805 $35,298 $1,507 4.3%
Logistics 9,048 7,732 1,316 17.0
Total operating income $45,853 $43,030 $2,823 6.6%
         
Operating ratio:        
Truckload 92.4% 92.3%   0.1%
Logistics 94.2 94.8   (0.6)
Consolidated operating ratio 92.8% 92.9%   (0.1)%
         
         
MARTEN TRANSPORT, LTD.
OPERATING STATISTICS
(Unaudited)
         
  Three Months Ended December 31, Year Ended December 31,
  2012 2011 2012 2011
Truckload Segment:        
Total Truckload revenue (in thousands) $125,734 $119,771 $483,323 $455,847
Average truckload revenue, net of fuel surcharges, per tractor per week (1) $3,389 $3,219 $3,339 $3,162
Average tractors (1) 2,202 2,226 2,167 2,170
Average miles per trip 623 617 624 626
Non-revenue miles percentage (2) 11.4% 10.6% 11.3% 10.8%
Total miles – company-employed drivers (in thousands) 56,042 52,753 215,742 202,836
Total miles – independent contractors (in thousands) 897 1,253 4,583 6,841
         
Logistics Segment:        
Total Logistics revenue (in thousands) $40,678 $38,569 $155,133 $147,832
Brokerage:        
Marten Transport        
Revenue (in thousands) $13,421 $12,559 $53,161 $48,354
Loads 8,403 6,927 32,533 25,412
MWL        
Revenue (in thousands) $6,742 $9,009 $30,648 $34,463
Loads 3,641 4,015 16,120 17,194
Intermodal:        
Revenue (in thousands) $20,515 $17,001 $71,324 $65,015
Loads 7,961 6,238 27,488 24,302
Average tractors 73 79 63 75
         
At December 31, 2012 and December 31, 2011:        
Total tractors (1) 2,252 2,281    
Average age of company tractors (in years) 2.0 2.6    
Total trailers 4,170 4,124    
Average age of company trailers (in years) 2.2 2.4    
Ratio of trailers to tractors (1) 1.9 1.8    
         
         
  Three Months Ended December 31, Year Ended December 31, 
(In thousands) 2012 2011 2012 2011
         
Net cash provided by operating activities $22,750 $25,462 $85,539 $86,206
Net cash used for investing activities 10,509 24,199 88,115 48,271
         
Weighted average shares outstanding:        
Basic 22,083 21,985 22,064 21,979
Diluted 22,157 22,062 22,150 22,075
         
(1) Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 36 and 48 tractors as of December 31, 2012, and 2011, respectively.
         
(2) Represents the percentage of miles for which the company is not compensated.
CONTACT: Tim Kohl, President
         and Jim Hinnendael, Chief Financial Officer
         Marten Transport, Ltd., 715-926-4216

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