Marten Transport Announces First Quarter Results

Marten Transport Announces First Quarter Results

Net Income Improves 32.2% Over First Quarter of 2012; EPS at 32 Cents

MONDOVI, Wis., April 16, 2013 (GLOBE NEWSWIRE) -- Marten Transport, Ltd.
(Nasdaq:MRTN) today reported a 32.2% increase in net income to $7.2 million,
or 32 cents per diluted share, for the first quarter ended March 31, 2013,
from $5.4 million, or 25 cents per diluted share, for the first quarter of
2012. It was Marten's twelfth consecutive year-over-year increase in quarterly
net income.

Operating revenue, consisting of revenue from truckload and logistics
operations, increased to $164.5 million in the first quarter of 2013 from
$151.5 million in the first quarter of 2012. Operating revenue, net of fuel
surcharges, increased 8.2% to $132.7 million in the 2013 quarter from $122.6
million in the 2012 quarter. Fuel surcharge revenue increased to $31.7 million
for the first quarter of 2013 from $28.8 million in the 2012 quarter.

Operating expenses as a percentage of operating revenue, with both amounts net
of fuel surcharge revenue, improved to 90.6% for the first quarter of 2013
from 92.2% for the first quarter of 2012.

Chairman and Chief Executive Officer Randolph L. Marten said, "We were able to
demonstrate the strength of our multifaceted business model with a 32.2%
improvement in net earnings for the quarter on an 8.6% increase in operating
revenue. These gains were in large part driven by Marten Transport's continued
strategic focus on customer solutions, cost efficiencies and improvements in
equipment utilization, with disciplined execution reflecting the talent and
teamwork of the people of Marten."

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.

Since 2004, Marten Transport's results and consolidated financial statements
have included the accounts of MW Logistics, LLC, or MWL, a third-party
provider of logistics services to the transportation industry.On March 28,
2013, a member of MWL made a capital contribution to MWL. Accordingly,
effective as of that date, Marten was no longer the primary beneficiary,
deconsolidated MWL and started accounting for its ownership interest in MWL
under the equity method of accounting.

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, 2012. 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)
                                                                
                                                      March 31,  December 31,
(In thousands, except share information)               2013       2012
ASSETS                                                           
Current assets:                                                   
Cash and cash equivalents                              $9,041   $3,473
Receivables:                                                     
Trade, net                                             65,990     66,239
Other                                                  5,388      7,177
Prepaid expenses and other                             13,466     15,490
Deferred income taxes                                  3,260      3,155
Total current assets                                   97,145     95,534
                                                                
Property and equipment:                                          
Revenue equipment, buildings and land, office          560,017    551,136
equipment and other
Accumulated depreciation                               (152,071) (156,660)
Net property and equipment                             407,946    394,476
Other assets                                           3,206      613
                                                                
TOTAL ASSETS                                           $508,297 $490,623
                                                                
LIABILITIES AND STOCKHOLDERS' EQUITY                             
Current liabilities:                                             
Accounts payable and accrued liabilities               $47,718  $33,062
Insurance and claims accruals                          13,588     13,838
Total current liabilities                              61,306     46,900
Long-term debt, less current maturities                --         2,726
Deferred income taxes                                  110,743    109,074
Total liabilities                                      172,049    158,700
                                                                
                                                                
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; 22,121,505 shares at March 31,      221        221
2013, and 22,109,619 shares at December 31, 2012,
issued and outstanding
Additional paid-in capital                             82,918     82,679
Retained earnings                                      253,109    246,460
                                                                
Total Marten Transport, Ltd. stockholders' equity      336,248    329,360
Noncontrolling interest                                --         2,563
Total stockholders' equity                             336,248    331,923
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY             $508,297 $490,623


MARTEN TRANSPORT, LTD.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
                                                                  
                                                        Three Months
                                                        Ended March 31,
(In thousands, except per share information)             2013       2012
OPERATING REVENUE                                        $164,474 $151,474
OPERATING EXPENSES (INCOME):                                       
Salaries, wages and benefits                             42,125     38,271
Purchased transportation                                 34,184     29,859
Fuel and fuel taxes                                      40,323     39,124
Supplies and maintenance                                 9,533      9,536
Depreciation                                             15,688     14,535
Operating taxes and licenses                             1,770      1,582
Insurance and claims                                     5,811      5,822
Communications and utilities                             1,283      1,211
Gain on disposition of revenue equipment                 (2,415)    (1,525)
Other                                                    3,634      3,540
                                                                  
Total operating expenses                                 151,936    141,955
                                                                  
OPERATING INCOME                                         12,538     9,519
NET INTEREST INCOME                                      (15)       (21)
                                                                  
INCOME BEFORE INCOME TAXES                               12,553     9,540
Less:Income before income taxes attributable to         84         161
noncontrolling interest
                                                                  
INCOME BEFORE INCOME TAXES                                         
ATTRIBUTABLE TO MARTEN TRANSPORT, LTD.                   12,469     9,379
                                                                  
PROVISION FOR INCOME TAXES                               5,267      3,933
                                                                  
NET INCOME                                               $7,202   $5,446
                                                                  
BASIC EARNINGS PER COMMON SHARE                          $0.33      $0.25
                                                                  
DILUTED EARNINGS PER COMMON SHARE                        $0.32      $0.25
                                                                  
DIVIDENDS PAID PER COMMON SHARE                          $0.025     $0.02


MARTEN TRANSPORT, LTD.
SEGMENT INFORMATION
(Unaudited)
                                           
                                           Dollar          Percentage
                                           Change        Change
                           Three Months     Three          Three
                                              Months         Months
                           Ended            Ended          Ended        
                           March 31,        March 31,      March 31,     
(Dollars in thousands)      2013     2012     2013 vs. 2012 2013 vs. 2012
Operating revenue:                                          
Truckload revenue, net of   $94,965  $89,198  $5,767          6.5%
fuel surcharge revenue
Truckload fuel surcharge    26,769   25,253   1,516           6.0
revenue
Total Truckload revenue     121,734  114,451  7,283           6.4
Logistics revenue, net of
intermodal fuel surcharge   37,760   33,436   4,324           12.9
revenue
Intermodal fuel surcharge   4,980    3,587    1,393           38.8
revenue
Total Logistics revenue     42,740   37,023   5,717           15.4
                                                          
Total operating revenue     $164,474 $151,474 $13,000         8.6%
                                                          
Operating income:                                           
Truckload                   $10,000  $7,128   $2,872          40.3%
Logistics                   2,538    2,391    147             6.1
Total operating income      $12,538  $9,519   $3,019          31.7%
                                                          
Operating ratio:                                            
Truckload                   91.8%    93.8%                   (2.1)%
Logistics                   94.1     93.5                    0.6
Consolidated operating      92.4%    93.7%                   (1.4)%
ratio


MARTEN TRANSPORT, LTD.
OPERATING STATISTICS
(Unaudited)
                                                             
                                              Three Months
                                              Ended March 31,
                                              2013            2012
Truckload Segment:                                             
Total Truckload revenue (in thousands)         $121,734        $114,451
Average truckload revenue, net of fuel         $3,368          $3,197
surcharges, per tractor per week^(1)
Average tractors^(1)                           2,193           2,146
Average miles per trip                         627             618
Non-revenue miles percentage^(2)               10.7%           11.0%
Total miles – company-employed drivers (in     54,895          51,281
thousands)
Total miles – independent contractors (in      941             1,264
thousands)
                                                             
Logistics Segment:                                             
Total Logistics revenue (in thousands)         $42,740         $37,023
Brokerage:                                                    
Marten Transport                                               
Revenue (in thousands)                         $14,469         $13,706
Loads                                          9,430           8,086
MWL                                                           
Revenue (in thousands)                         $6,676          $8,245
Loads                                          3,758           3,682
Intermodal:                                                    
Revenue (in thousands)                         $21,595         $15,072
Loads                                          8,590           5,842
Average tractors                               78              56
                                                             
At March 31, 2013 and March 31, 2012:
Total tractors^(1)                             2,256           2,141
Average age of company tractors (in years)     1.8             2.4
Total trailers                                 4,115           4,035
Average age of company trailers (in years)     2.4             2.3
Ratio of trailers to tractors^(1)              1.8             1.9
                                                             
                                                             
                                              Three Months
                                              Ended March 31,
(In thousands)                                 2013            2012
                                                             
Net cash provided by operating activities      $21,994         $19,779
Net cash used for investing activities         13,085          15,173
                                                             
Weighted average shares outstanding:
Basic                                          22,121          22,033
Diluted                                        22,214          22,141
                                                             
                                                             
(1) Includes tractors driven by both company-employed drivers and independent
contractors.Independent contractors provided 49 and 52 tractors as of March
31, 2013, and 2012, respectively.
                                                             
(2) Represents the percentage of miles for which the company is not
compensated.

CONTACT: Tim Kohl, President
         Jim Hinnendael, Chief Financial Officer
         Marten Transport, Ltd.
         715-926-4216.