Marten Transport Announces Second Quarter Results

MONDOVI, Wis., July 16, 2013 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq:MRTN) today reported an increase in net income to $7.7 million, or 23 cents per diluted share, for the second quarter ended June 30, 2013, from $7.6 million, or 23 cents per diluted share, for the second quarter of 2012. For the six-month period ended June 30, 2013, net income increased 14.1% to $14.9 million, or 45 cents per diluted share, from $13.0 million, or 39 cents per diluted share, in the 2012 six-month period.

Operating revenue, consisting of revenue from truckload and logistics operations, increased to $161.4 million in the second quarter of 2013 from $157.0 million in the second quarter of 2012, and increased to $325.9 million in the 2013 six-month period from $308.4 million in the 2012 six-month period. Operating revenue, net of fuel surcharges and MW Logistics, LLC (MWL) revenue, increased 8.9% to $129.7 million in the 2013 quarter from $119.1 million in the 2012 quarter, and increased 9.5% to $255.8 million in the 2013 six-month period from $233.5 million in the 2012 six-month period. Fuel surcharge revenue increased to $31.7 million for the second quarter of 2013 from $29.8 million in the 2012 quarter, and increased to $63.4 million for the 2013 six-month period from $58.6 million for the 2012 six-month period. With the March 2013 deconsolidation of MWL, no MWL revenue was included in the second quarter of 2013 compared with $8.1 million in the 2012 quarter. MWL revenue included in the first six months of 2013 decreased by $9.7 million from the first six months of last year with the deconsolidation.

Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharge revenue, was 89.9% for the second quarter of 2013, second only over the past 27 quarters to the 89.6% ratio achieved in the second quarter of 2012. The ratio improved to 90.2% for the 2013 six-month period from 90.9% for the 2012 six-month period.

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