Marten Transport Announces Second Quarter Results

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.

Chairman and Chief Executive Officer Randolph L. Marten said, "We continue to
grow and expand our business despite continued slow economic growth and a
challenging rate environment. Our total truckload, intermodal and broker loads
were up 13.2% in the second quarter of 2013 over the prior year's quarter. We
believe the strong positioning of our truckload operations has continued to
pay benefits, including a 2.8% increase in miles per tractor and a 2.6%
increase in revenue per tractor over the second quarter of 2012. These
increases were on top of the 6.0% and 5.4% improvements in these measurements
in the second quarter of 2012 over the second quarter of 2011. This continued
improvement in efficiency helped us achieve our thirteenth consecutive
year-over-year increase in quarterly net income."

On May 13, 2013, Marten Transport announced that its Board of Directors had
declared a three-for-two stock split of the company's common stock. The stock
split was effected in the form of a stock dividend payable on June 14, 2013,
to stockholders of record as of May 28, 2013. Holders of the company's common
stock received an additional one-half share for each outstanding share of
common stock held as of the record date.

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 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)
                                                                
                                                      June 30,   December 31,
(In thousands, except share information)               2013       2012
                                                                
ASSETS                                                           
Current assets:                                                  
Cash and cash equivalents                              $ 635      $ 3,473
Receivables:                                                     
Trade, net                                             68,588     66,239
Other                                                  2,863      7,177
Prepaid expenses and other                             13,836     15,490
Deferred income taxes                                  3,364      3,155
Total current assets                                   89,286     95,534
Property and equipment:                                          
Revenue equipment, buildings and land, office          588,038    551,136
equipment and other
Accumulated depreciation                               (160,153) (156,660)
Net property and equipment                             427,885    394,476
Other assets                                           3,359      613
TOTAL ASSETS                                           $ 520,530  $ 490,623
                                                                
LIABILITIES AND STOCKHOLDERS' EQUITY                             
Current liabilities:                                             
Accounts payable and accrued liabilities               $ 42,606   $ 33,062
Insurance and claims accruals                          14,029     13,838
Total current liabilities                              56,635     46,900
Long-term debt, less current maturities                7,387      2,726
Deferred income taxes                                  112,413    109,074
Total liabilities                                      176,435    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; 33,220,969 shares at June 30, 2013, 332        332
and 33,164,428 shares at December 31, 2012, issued and
outstanding
Additional paid-in capital                             83,652     82,679
Retained earnings                                      260,111    246,349
Total Marten Transport, Ltd. stockholders' equity      344,095    329,360
Noncontrolling interest                                --         2,563
Total stockholders' equity                             344,095    331,923
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY             $ 520,530  $ 490,623


                                                            
                                                            
MARTEN TRANSPORT, LTD.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS                            
(Unaudited)
                                                           
                                Three Months        Six Months
                             Ended June 30,      Ended June 30,
(In thousands, except per share  2013      2012      2013      2012
information)
                                                           
OPERATING REVENUE                $ 161,413 $ 156,964 $ 325,887 $ 308,438
                                                           
OPERATING EXPENSES (INCOME):                                
Salaries, wages and benefits     42,345    39,398    84,470    77,669
Purchased transportation         28,129    29,734    62,313    59,593
Fuel and fuel taxes              40,596    39,515    80,919    78,639
Supplies and maintenance         9,998     9,841     19,531    19,377
Depreciation                     16,219    15,042    31,907    29,577
Operating taxes and licenses     1,825     1,617     3,595     3,199
Insurance and claims             5,808     5,185     11,619    11,007
Communications and utilities     1,262     1,161     2,545     2,372
Gain on disposition of revenue   (1,237)   (1,179)   (3,652)   (2,704)
equipment
Other                            3,347     3,367     6,981     6,907
                                                           
Total operating expenses         148,292   143,681   300,228   285,636
                                                           
OPERATING INCOME                 13,121    13,283    25,659    22,802
                                                           
OTHER                            (153)     (13)      (168)     (34)
                                                           
INCOME BEFORE INCOME TAXES       13,274    13,296    25,827    22,836
Less:Income before income taxes
attributable to noncontrolling   --        245       84        406
interest
                                                           
INCOME BEFORE INCOME TAXES                                  
ATTRIBUTABLE TO MARTEN           13,274    13,051    25,743    22,430
TRANSPORT, LTD.
                                                           
PROVISION FOR INCOME TAXES       5,607     5,467     10,874    9,400
                                                           
NET INCOME                       $ 7,667   $ 7,584   $ 14,869  $ 13,030
                                                           
BASIC EARNINGS PER COMMON SHARE  $ 0.23    $ 0.23    $ 0.45    $ 0.39
                                                           
DILUTED EARNINGS PER COMMON      $ 0.23    $ 0.23    $ 0.45    $ 0.39
SHARE
                                                           
DIVIDENDS PAID PER COMMON SHARE  $ 0.017   $ 0.017   $ 0.033   $ 0.03




MARTEN TRANSPORT, LTD.
SEGMENT INFORMATION
(Unaudited)
                                                             
                                                Dollar        Percentage
                                                Change        Change
                              Three Months        Three Months  Three Months
                              Ended               Ended         Ended
                              June 30,           June 30,      June 30,
(Dollars in thousands)         2013      2012      2013 vs. 2012 2013 vs. 2012
Operating revenue:                                            
Truckload revenue, net of fuel $ 99,996  $ 94,148  $ 5,848       6.2%
surcharge revenue
Truckload fuel surcharge       26,856    26,121    735           2.8
revenue
Total Truckload revenue        126,852   120,269   6,583         5.5
                                                             
Logistics revenue, net of
intermodal fuel surcharge      29,721    33,045    (3,324)       (10.1)
revenue
Intermodal fuel surcharge      4,840     3,650     1,190         32.6
revenue
Total Logistics revenue        34,561    36,695    (2,134)       (5.8)
                                                             
Total operating revenue        $ 161,413 $ 156,964 $ 4,449       2.8%
                                                             
Operating income:                                             
Truckload                      $ 11,376  $ 10,973  $ 403         3.7%
Logistics                      1,745     2,310     (565)         (24.5)
Total operating income         $ 13,121  $ 13,283  $ (162)       (1.2)%
                                                             
Operating ratio:                                              
Truckload                      91.0%     90.9%                  
Logistics                      95.0      93.7                   
Consolidated operating ratio   91.9%     91.5%                  




MARTEN TRANSPORT, LTD.
SEGMENT INFORMATION
(Unaudited)
                                                             
                                                Dollar       Percentage
                                                Change        Change
                              Six Months         Six Months   Six Months
                              Ended               Ended         Ended
                              June 30,            June 30,      June 30,
(Dollars in thousands)         2013      2012      2013 vs. 2012 2013 vs. 2012
Operating revenue:                                            
Truckload revenue, net of fuel $ 194,961 $ 183,346 $ 11,615      6.3%
surcharge revenue
Truckload fuel surcharge       53,625    51,374    2,251         4.4
revenue
Total Truckload revenue        248,586   234,720   13,866        5.9
                                                             
Logistics revenue, net of
intermodal fuel surcharge      67,481    66,481    1,000         1.5
revenue
Intermodal fuel surcharge      9,820     7,237     2,583         35.7
revenue
Total Logistics revenue        77,301    73,718    3,583         4.9
                                                             
Total operating revenue        $ 325,887 $ 308,438 $ 17,449      5.7%
                                                             
Operating income:                                             
Truckload                      $ 21,376  $ 18,101  $ 3,275       18.1%
Logistics                      4,283     4,701     (418)         (8.9)
Total operating income         $ 25,659  $ 22,802  $ 2,857       12.5%
                                                             
Operating ratio:                                              
Truckload                      91.4%     92.3%                  
Logistics                      94.5      93.6                   
Consolidated operating ratio   92.1%     92.6%                  




MARTEN TRANSPORT, LTD.
OPERATING STATISTICS
(Unaudited)
                                                               
                              Three Months            Six Months
                              Ended June 30,          Ended June 30,
                              2013        2012        2013        2012
Truckload Segment:                                              
Total Truckload revenue (in    $ 126,852   $ 120,269   $ 248,586   $ 234,720
thousands)
Average truckload revenue, net
of fuel surcharges, per        $ 3,459     $ 3,371     $ 3,414     $ 3,284
tractor per week^(1)
Average tractors^(1)           2,224       2,149       2,209       2,148
Average miles per trip         598         625         612         621
Non-revenue miles              10.5%       11.3%       10.6%       11.2%
percentage^(2)
Total miles – company-employed 57,031      53,516      111,926     104,797
drivers (in thousands)
Total miles – independent      1,373       1,355       2,314       2,619
contractors (in thousands)
                                                               
Logistics Segment:                                              
Total Logistics revenue (in    $ 34,561    $ 36,695    $ 77,301    $ 73,718
thousands)
Brokerage:                                                      
Marten Transport                                                
Revenue (in thousands)         $ 12,813    $ 12,958    $ 27,282    $ 26,664
Loads                          8,602       7,872       18,032      15,958
MWL                                                             
Revenue (in thousands)         $ --        $ 8,085     $ 6,676     $ 16,330
Loads                          --          4,537       3,758       8,219
Intermodal:                                                     
Revenue (in thousands)         $ 21,748    $ 15,652    $ 43,343    $ 30,724
Loads                          8,916       6,043       17,506      11,885
Average tractors               85          54          81          55
                                                               
At June 30, 2013 and June 30,                                   
2012:
Total tractors^(1)             2,317       2,201                  
Average age of company         1.9         2.0                    
tractors (in years)
Total trailers                 4,111       4,155                  
Average age of company         2.4         2.2                    
trailers (in years)
Ratio of trailers to           1.8         1.9                    
tractors^(1)
                                                               
                                                               
                              Three Months            Six Months
                              Ended June 30,          Ended June 30,
(In thousands)                 2013        2012        2013        2012
                                                               
Net cash provided by operating $ 25,816    $ 20,233    $ 47,810    $ 40,012
activities
Net cash used for investing    41,331      40,131      54,416      55,304
activities
                                                               
Weighted average shares                                         
outstanding:
Basic                          33,210      33,099      33,196      33,075
Diluted                        33,378      33,250      33,344      33,231
                                                               
(1) Includes tractors driven by both company-employed drivers and independent
contractors.Independent contractors provided 53 and 51 tractors as of June
30, 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
 
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