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Marten Transport Announces Third Quarter Results

Stocks in this article: MRTN

MONDOVI, Wis., Oct. 15, 2013 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq:MRTN) today reported the highest net income for any quarter in the company's history. Net income improved 22.4% to $8.0 million, or 24 cents per diluted share, for the third quarter ended September 30, 2013, from $6.5 million, or 20 cents per diluted share, for the third quarter of 2012. For the nine-month period ended September 30, 2013, net income increased 16.9% to $22.8 million, or 68 cents per diluted share, from $19.5 million, or 59 cents per diluted share, for the 2012 nine-month period.

Operating revenue, consisting of revenue from truckload and logistics operations, increased to $167.1 million for the third quarter of 2013 from $163.6 million for the third quarter of 2012, and increased to $493.0 million for the 2013 nine-month period from $472.0 million for the 2012 nine-month period. Operating revenue, net of fuel surcharges and MW Logistics, LLC (MWL) revenue, increased 7.0% to $134.5 million for the 2013 quarter from $125.8 million for the 2012 quarter, and increased 8.6% to $390.3 million for the 2013 nine-month period from $359.3 million for the 2012 nine-month period. Fuel surcharge revenue increased to $32.6 million for the third quarter of 2013 from $30.3 million for the 2012 quarter, and increased to $96.0 million for the 2013 nine-month period from $88.9 million for the 2012 nine-month period. With the March 2013 deconsolidation of MWL, no MWL revenue was included in the third quarter of 2013 compared with $7.6 million in the 2012 quarter. MWL revenue included in the first nine months of 2013 decreased by $17.2 million from the first nine months of last year with the deconsolidation.

Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharge revenue, improved to 89.9% for the third quarter of 2013 from 92.6% for the third quarter of 2012. The ratio improved to 90.1% for the 2013 nine-month period from 91.5% for the 2012 nine-month period.

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