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Marten Transport Announces Fourth Quarter And Year End Results

Stocks in this article: MRTN

MONDOVI, Wis., Jan. 21, 2014 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq:MRTN) today reported the highest net income for any year in its history. For the year ended December 31, 2013, net income improved 10.6% to a record $30.1 million, or 90 cents per diluted share, from $27.3 million, or 82 cents per diluted share, in 2012. For the fourth quarter of 2013, net income decreased to $7.3 million, or 22 cents per diluted share, from $7.7 million, or 23 cents per diluted share, in the fourth quarter of 2012.

Operating revenue, consisting of revenue from truckload and logistics operations, decreased slightly to $166.2 million in the fourth quarter of 2013 from $166.4 million in the fourth quarter of 2012, and increased to $659.2 million in 2013 from $638.5 million in 2012. Operating revenue, net of fuel surcharges and MW Logistics, LLC (MWL) revenue, increased 5.6% to $134.5 million in the 2013 quarter from $127.4 million in the 2012 quarter, and increased 7.8% to $524.8 million in 2013 from $486.7 million in 2012. Fuel surcharge revenue decreased to $31.7 million in the fourth quarter of 2013 from $32.2 million in the 2012 quarter, and increased to $127.7 million in 2013 from $121.1 million in 2012. With the March 2013 deconsolidation of MWL, no MWL revenue was included in the fourth quarter of 2013 compared with $6.7 million in the 2012 quarter. MWL revenue included in 2013 decreased by $24.0 million from 2012 with the deconsolidation.

Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharge revenue, was 90.6% in the fourth quarter of 2013, compared to the 90.2% ratio achieved in the fourth quarter of 2012. The ratio improved to 90.2% in 2013 from 91.1% in 2012. The ratio in 2013 was the Company's best since 2005 and the fourth consecutive year with improved results.

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