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Marten Transport Announces Second Quarter Results

MONDOVI, Wis., July 19, 2016 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported a 2.1% increase in net income to $8.5 million, or 26 cents per diluted share, for the second quarter ended June 30, 2016, from $8.4 million, or 25 cents per diluted share, for the second quarter of 2015.  For the six-month period ended June 30, 2016, net income was $16.7 million, or 51 cents per diluted share.  Net income for the first six months of 2015 was $18.5 million, or 55 cents per diluted share, and, excluding a $3.7 million facility disposition gain, was $16.4 million, or 48 cents per diluted share.

Operating revenue improved to $166.1 million for the second quarter of 2016 from $163.6 million for the second quarter of 2015, and increased to $328.0 million for the first six months of 2016 from $324.9 million for the first six months of 2015, despite substantially lower fuel surcharges due to decreased fuel prices in 2016.  Operating revenue, net of fuel surcharges, improved 6.2% to $152.9 million for the 2016 quarter from $143.9 million for the 2015 quarter, and increased 7.1% to $304.8 million for the 2016 six-month period from $284.6 million for the 2015 six-month period.  Fuel surcharge revenue decreased to $13.2 million for the second quarter of 2016 from $19.7 million for the 2015 quarter, and decreased to $23.3 million for the 2016 six-month period from $40.2 million for the 2015 six-month period. 

Operating expenses as a percentage of operating revenue was 91.1% for the second quarter of 2016 and 91.3% for the second quarter of 2015.  Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, was 90.3% for the second quarter of 2016 and 90.2% for the second quarter of 2015.  

Operating expenses as a percentage of operating revenue was 91.2% for the first six months of 2016 and 90.3% for the first six months of 2015.  Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, was 90.5% for the 2016 six-month period.  The operating ratio, net of both fuel surcharges and the gain on the facility disposition, was 90.2% for the 2015 six-month period.

Chairman and Chief Executive Officer Randolph L. Marten said, “We have continued to demonstrate the strength of our multifaceted and diverse business model which drove growth in our top line revenue and profitability despite pricing pressures and a soft freight market.  We successfully grew our average number of truckload and dedicated tractors by 362 tractors, or 15.4%, in the first half of this year over the first half of 2015.  We are confident in our ability to capitalize on further profitable growth opportunities with our unique business model and the dedicated people who have built it with their smart, hard work.”

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.

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 include our discussion of the Company’s prospects for future growth and 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, 2015.  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)    2016     2015   
         
ASSETS        
Current assets:        
Cash and cash equivalents   $   208     $   434    
Receivables:                  
Trade, net     66,076       70,597    
Other     3,065       10,885    
Prepaid expenses and other     17,122       18,134    
Total current assets     86,471       100,050    
                   
Property and equipment:                  
Revenue equipment, buildings and land,                  
office equipment and other     744,234       724,597    
Accumulated depreciation     (206,317 )     (196,588 )  
Net property and equipment     537,917       528,009    
Other assets     3,168       3,469    
                   
Total assets   $   627,556     $   631,528    
                   
LIABILITIES AND STOCKHOLDERS’ EQUITY                  
Current liabilities:                  
Accounts payable and accrued liabilities   $   45,129     $   33,641    
Insurance and claims accruals     17,400       16,235    
Total current liabilities     62,529       49,876    
Long-term debt      4,376       37,867    
Deferred income taxes     141,194       134,364    
Total liabilities     208,099       222,107    
                   
                   
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;                  
96,000,000 shares authorized; 32,466,081 shares                  
at June 30, 2016, and 32,759,806 shares at                  
December 31, 2015, issued and outstanding     325       328    
Additional paid-in capital     71,405       76,468    
Retained earnings     347,727       332,625    
Total stockholders’ equity     419,457       409,421    
                   
Total liabilities and stockholders’ equity   $   627,556     $   631,528    
                   

/EIN News/ --  

MARTEN TRANSPORT, LTD.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
                 
      Three Months     Six Months
      Ended June 30,      Ended June 30, 
(In thousands, except per share information)    2016     2015     2016     2015 
                 
Operating revenue   $ 166,090     $ 163,588     $ 328,019     $ 324,875  
Operating expenses (income):                                
Salaries, wages and benefits     56,196       50,964       111,026       99,772  
Purchased transportation     26,187       28,083       54,222       57,587  
Fuel and fuel taxes     23,930       28,281       43,560       54,757  
Supplies and maintenance     10,908       10,942       21,407       21,384  
Depreciation     20,368       18,311       40,415       36,138  
Operating taxes and licenses     2,250       2,014       4,435       3,890  
Insurance and claims     7,696       6,778       15,051       14,868  
Communications and utilities     1,497       1,388       3,117       2,916  
Gain on disposition of revenue equipment     (2,703 )     (1,787 )     (4,137 )     (2,948 )
Gain on disposition of facility      -       -       -       (3,712 )
Other     4,985       4,453       10,022       8,751  
                                 
Total operating expenses     151,314       149,427       299,118       293,403  
                                 
Operating income     14,776       14,161       28,901       31,472  
                                 
Other     237       6       452       21  
                                 
Income before income taxes     14,539       14,155       28,449       31,451  
                                 
Provision for income taxes     6,008       5,798       11,725       12,906  
                                 
Net income   $ 8,531     $ 8,357     $ 16,724     $ 18,545  
                                 
Basic earnings per common share   $ 0.26     $ 0.25     $ 0.52     $ 0.55  
                                 
Diluted earnings per common share   $ 0.26     $ 0.25     $ 0.51     $ 0.55  
                                 
Dividends declared per common share   $ 0.025     $ 0.025     $ 0.05     $ 0.05  
                                 

 

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)    2016     2015    2016 vs. 2015   2016 vs. 2015    
Operating revenue:                  
Truckload revenue, net of fuel                  
surcharge revenue   $ 85,103     $ 88,822     $   (3,719 )     (4.2 )%  
Truckload fuel surcharge revenue     8,933       13,929       (4,996 )     (35.9 )  
Total Truckload revenue     94,036       102,751       (8,715 )     (8.5 )  
                                   
Dedicated revenue, net of fuel                                  
surcharge revenue     36,654       22,601       14,053       62.2    
Dedicated fuel surcharge revenue     2,621       2,803       (182 )     (6.5 )  
Total Dedicated revenue     39,275       25,404       13,871       54.6    
                                   
Intermodal revenue, net of fuel                                  
surcharge revenue     16,118       16,101       17       0.1    
Intermodal fuel surcharge revenue     1,664       2,945       (1,281 )     (43.5 )  
Total Intermodal revenue     17,782       19,046       (1,264 )     (6.6 )  
                                   
Brokerage revenue     14,997       16,387       (1,390 )     (8.5 )  
                                   
Total operating revenue   $ 166,090     $ 163,588     $ 2,502       1.5 %  
                                   
Operating income:                                  
Truckload   $ 6,951     $ 9,808     $   (2,857 )     (29.1 )%  
Dedicated     5,134       2,563       2,571       100.3    
Intermodal     1,822       969       853       88.0    
Brokerage     869       821       48       5.8      
Total operating income   $ 14,776     $ 14,161     $ 615       4.3 %  
                                   
Operating ratio:                                  
Truckload     92.6 %     90.5 %          
Dedicated     86.9       89.9            
Intermodal     89.8       94.9            
Brokerage     94.2       95.0            
Consolidated operating ratio     91.1 %     91.3 %          
                           

 

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)    2016     2015      2016 vs. 2015   2016 vs. 2015  
Operating revenue:                  
Truckload revenue, net of fuel                  
surcharge revenue   $ 168,045     $ 175,633     $   (7,588 )     (4.3 )%  
Truckload fuel surcharge revenue     16,045       28,519       (12,474 )     (43.7 )  
Total Truckload revenue     184,090       204,152       (20,062 )     (9.8 )  
                                   
Dedicated revenue, net of fuel                                  
surcharge revenue     72,164       42,464       29,700       69.9    
Dedicated fuel surcharge revenue     4,208       5,394       (1,186 )     (22.0 )  
Total Dedicated revenue     76,372       47,858       28,514       59.6    
                                   
Intermodal revenue, net of fuel                                  
surcharge revenue     31,972       33,120       (1,148 )     (3.5 )  
Intermodal fuel surcharge revenue     3,011       6,318       (3,307 )     (52.3 )  
Total Intermodal revenue     34,983       39,438       (4,455 )     (11.3 )  
                                   
Brokerage revenue     32,574       33,427       (853 )     (2.6 )  
                                   
Total operating revenue   $ 328,019     $ 324,875     $ 3,144       1.0 %  
                                   
Operating income:                                  
Truckload   $ 13,891     $ 19,410     $   (5,519 )     (28.4 )%  
Dedicated     9,458       4,567       4,891       107.1    
Intermodal     3,751       2,220       1,531       69.0    
Brokerage     1,801       1,563       238       15.2    
Total operating income before gain                                  
  on disposition of facility     28,901       27,760       1,141       4.1    
Gain on disposition of facility      -       3,712       (3,712 )     (100.0 )  
Total operating income   $ 28,901     $ 31,472     $   (2,571 )     (8.2 )%  
                           
Operating ratio:                          
Truckload     92.5 %     90.5 %          
Dedicated     87.6       90.5            
Intermodal     89.3       94.4            
Brokerage     94.5       95.3            
Consolidated operating ratio before gain                          
  on disposition of facility     91.2 %     91.5 %          
Consolidated operating ratio     91.2 %     90.3 %          
                           


MARTEN TRANSPORT, LTD.
OPERATING STATISTICS
(Unaudited)
 
  Three Months Six Months
  Ended June 30, Ended June 30,
      2016       2015       2016       2015  
Truckload Segment:        
  Revenue (in thousands) $    94,036   $   102,751   $   184,090   $   204,152  
  Average revenue, net of fuel surcharges, per tractor per week(1) $ 3,444   $ 3,623   $ 3,405   $ 3,615  
  Average tractors(1)     1,901       1,886       1,898       1,879  
  Average miles per trip     625       679       634       692  
  Non-revenue miles percentage(2)     9.1 %     9.5 %     9.3 %     9.4 %
  Total miles (in thousands)     46,290       47,829       90,761       95,359  
         
Dedicated Segment:        
  Revenue (in thousands) $    39,275   $    25,404   $    76,372   $    47,858  
  Average revenue, net of fuel surcharges, per tractor per week(1) $  3,431   $ 3,493   $ 3,403   $ 3,469  
  Average tractors(1)     822       498       816       473  
  Average miles per trip     302       368       308       371  
  Non-revenue miles percentage(2)     0.8 %     1.4 %     0.8 %     1.9 %
  Total miles (in thousands)     18,951       12,274       37,472       23,349  
         
Intermodal Segment:        
  Revenue (in thousands) $    17,782   $    19,046   $    34,983   $    39,438  
  Loads     8,755       8,867       17,451       18,234  
  Average tractors     77       91       77       94  
         
Brokerage Segment:        
   Revenue (in thousands) $    14,997   $    16,387   $    32,574   $    33,427  
  Loads     11,428       10,774       24,379       21,624  
         
At June 30, 2016 and June 30, 2015:        
  Total tractors(1)     2,785       2,605      
  Average age of company tractors (in years)     1.6       1.6      
  Total trailers     4,856       4,397      
  Average age of company trailers (in years)     2.7       2.6      
  Ratio of trailers to tractors(1)     1.7        1.7      
         
  Three Months Six Months
  Ended June 30, Ended June 30,
(In thousands)     2016       2015     2016     2015  
         
Net cash provided by operating activities $    25,056   $    18,614   $    80,121   $    71,776  
Net cash (used for) investing activities     (30,125 )     (36,573 )     (39,678 )     (43,335 )
Net cash provided by (used for) financing activities     4,121       758       (40,669 )     (24,065 )
         
Weighted average shares outstanding:        
  Basic      32,441        33,582        32,448        33,521  
  Diluted     32,633       33,853       32,634       33,802  
         

(1) Includes tractors driven by both company-employed drivers and independent contractors.  Independent contractors provided 77 and 58 tractors as of June 30, 2016 and 2015, respectively.                 

(2) Represents the percentage of miles for which the company is not compensated.

 

CONTACTS: 
Tim Kohl, President, 
and 
Jim Hinnendael, 
Executive Vice President 
and Chief Financial Officer, 
of Marten Transport, Ltd., 
715-926-4216.

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