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Marten Transport Announces Fourth Quarter and Year End Results

MONDOVI, Wis., Jan. 26, 2016 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported a 19.8% increase in net income to $35.7 million, or $1.06 per diluted share, for the year ended December 31, 2015 from $29.8 million, or 89 cents per diluted share, for 2014. Net income for the fourth quarter of 2015 was $8.8 million, or 26 cents per diluted share, compared with $9.0 million, or 27 cents per diluted share, for the fourth quarter of 2014, which was a record quarter for earnings. The fourth-quarter earnings improved sequentially from 2015 third-quarter net income of $8.4 million, or 25 cents per diluted share. Results for 2015 included a gain on the disposition of facilities of $392,000 for the fourth quarter and $4.1 million for the year which was part of the Company's ongoing program to expand and update the footprint of its facilities. Excluding the gain on the disposition of the facilities in 2015, diluted earnings per share was 26 cents for the fourth quarter and 99 cents for the year, and net income improved 11.7% to $33.3 million, the highest net income for any year in Marten's history.

Operating revenue, net of fuel surcharges, improved 6.6% to $154.0 million for the fourth quarter of 2015 from $144.6 million for the fourth quarter of 2014, and improved 8.2% to $592.6 million for 2015 from $547.7 million for 2014. Reflecting substantially lower fuel surcharges in 2015, operating revenue was $168.8 million for the 2015 quarter compared with $173.5 million for the 2014 quarter, and was $665.0 million for 2015 compared with $672.9 million for 2014. Fuel surcharge revenue decreased to $14.7 million for the fourth quarter of 2015 from $29.0 million for the 2014 quarter, and decreased to $72.3 million for 2015 from $125.2 million for 2014.

Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, was 90.1% for the fourth quarter of 2015 and 88.7% for the fourth quarter of 2014. The ratio improved to 89.7% for 2015 from 90.7% for 2014. The operating ratio, net of both the gain on the facility dispositions and fuel surcharges, improved to 90.4% for the year ended December 31, 2015.

Chairman and Chief Executive Officer Randolph L. Marten said, "We have continued to demonstrate the strength of our multifaceted business model in 2015 despite a soft freight market since the second quarter. We have increased our truckload and dedicated tractor count by 340 tractors, or 14.6%, during 2015 due to the continued expansion of our dedicated operations. In 2015, we organically grew our truckload and dedicated revenue, net of fuel surcharges, by 9.7%; our brokerage revenue by 24.8%; and our intermodal revenue, net of both fuel surcharges and revenue from our discontinued dry container service, by 14.2% while improving our operating ratio and earning the highest net income for any year in our history. We are confident in our ability to drive continued profitable growth across all of our business units in 2016."

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 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, 2014. 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)
 
  December 31, December 31,
(In thousands, except share information)    2015     2014  
     
ASSETS    
Current assets:    
Cash and cash equivalents $ 434   $ 123  
Receivables:    
Trade, net   70,597     72,263  
Other   10,885     17,740  
Prepaid expenses and other   18,134     16,860  
Total current assets   100,050     106,986  
Property and equipment:    
Revenue equipment, buildings and land,            
 office equipment and other   724,597     645,972  
Accumulated depreciation   (196,588 )   (180,223 )
Net property and equipment   528,009     465,749  
Other assets   3,469     3,726  
Total assets $ 631,528   $ 576,461  
             
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable and accrued liabilities $ 33,641   $ 29,775  
Insurance and claims accruals   16,235     13,998  
Checks issued in excess of cash balances   -     745  
Total current liabilities   49,876     44,518  
Long-term debt   37,867     24,373  
Deferred income taxes   134,364     119,644  
Total liabilities   222,107     188,535  
     
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; 32,759,806 shares
at December 31, 2015, and 33,418,829 shares at
December 31, 2014, issued and outstanding
 


328
   


334
 
Additional paid-in capital   76,468     87,370  
Retained earnings   332,625     300,222  
Total stockholders' equity   409,421     387,926  
Total liabilities and stockholders' equity $ 631,528   $ 576,461  


MARTEN TRANSPORT, LTD.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
         
  Three Months Year
  Ended December 31, Ended December 31,
(In thousands, except per share information)         2015     2014     2015     2014  
         
Operating revenue $ 168,773   $ 173,547   $ 664,994   $ 672,929  
                         
Operating expenses (income):                        
Salaries, wages and benefits   54,554     48,630     209,455     183,464  
Purchased transportation   29,687     31,234     118,030     123,017  
Fuel and fuel taxes   23,269     34,213     104,582     153,931  
Supplies and maintenance   10,584     10,431     43,319     41,490  
Depreciation   19,854     17,754     75,323     68,243  
Operating taxes and licenses   2,729     1,862     8,914     7,140  
Insurance and claims   7,279     8,247     29,252     27,240  
Communications and utilities   1,539     1,547     5,886     5,798  
Gain on disposition of revenue equipment    (741 )   (1,027 )   (5,584 )   (4,387 )
Gain on disposition of facilities   (392 )   -     (4,104 )   -  
Other   5,174     4,264     18,858     15,987  
                         
Total operating expenses   153,536     157,155     603,931     621,923  
         
Operating income   15,237     16,392     61,063     51,006  
         
Other   225     269     372     (667 )
         
Income before income taxes   15,012     16,123     60,691     51,673  
         
Provision for income taxes   6,222     7,154     24,946     21,839  
         
Net income $ 8,790   $ 8,969   $ 35,745   $ 29,834  
                         
Basic earnings per common share $ 0.26   $ 0.27   $ 1.07   $ 0.89  
                         
Diluted earnings per common share $ 0.26   $ 0.27   $ 1.06   $ 0.89  
                         
Dividends declared per common share $ 0.025   $ 0.025   $ 0.10   $ 0.10  

                                                                                      

                                                                                      

MARTEN TRANSPORT, LTD.
SEGMENT INFORMATION
(Unaudited)
      Dollar Percentage
      Change Change
  Three Months Three Months Three Months
  Ended Ended Ended
  December 31, December 31, December 31,
(Dollars in thousands)   2015     2014   2015 vs. 2014 2015 vs. 2014
Operating revenue:        
Truckload revenue, net of fuel surcharge revenue $ 85,874   $ 91,825   $ (5,951 )   (6.5 )%
Truckload fuel surcharge revenue   9,964     20,583     (10,619 )   (51.6 )
Total Truckload revenue   95,838     112,408     (16,570 )   (14.7 )
         
Dedicated revenue, net of fuel surcharge revenue   33,323     18,280     15,043     82.3  
Dedicated fuel surcharge revenue   2,677     3,681     (1,004 )   (27.3 )
Total Dedicated revenue   36,000     21,961     14,039     63.9  
                         
Intermodal revenue, net of fuel surcharge revenue   15,599     17,458     (1,859 )   (10.6 )
Intermodal fuel surcharge revenue   2,090     4,716     (2,626 )   (55.7 )
Total Intermodal revenue   17,689     22,174     (4,485 )   (20.2 )
         
Brokerage revenue   19,246     17,004     2,242     13.2  
         
Total operating revenue $ 168,773   $ 173,547   $ (4,774 )   (2.8 )%
                         
Operating income:        
Truckload $ 7,903   $ 12,440   $ (4,537 )   (36.5 )%
Dedicated   4,322     2,335     1,987     85.1  
Intermodal   1,460     920     540     58.7  
Brokerage   1,160     697     463     66.4  
Total operating income before gain on disposition of facilities   14,845     16,392     (1,547 )   (9.4 )
Gain on disposition of facilities   392     -     392     N/A  
Total operating income $ 15,237   $ 16,392   $ (1,155 )   (7.0 )%
                         
Operating ratio:                        
Truckload   91.8 %   88.9 %    
Dedicated   88.0     89.4      
Intermodal   91.7     95.9      
Brokerage   94.0     95.9      
Consolidated operating ratio before gain on disposition of facilities   91.2 %   90.6 %    
         
Consolidated operating ratio   91.0 %   90.6 %    


MARTEN TRANSPORT, LTD.
SEGMENT INFORMATION
(Unaudited)
         
      Dollar Percentage
      Change Change
  Year Year Year
  Ended Ended Ended
  December 31, December 31, December 31,
(Dollars in thousands)   2015     2014   2015 vs. 2014 2015 vs. 2014
Operating revenue:        
Truckload revenue, net of fuel surcharge revenue $ 348,101   $ 358,458   $ (10,357 )   (2.9 )%
Truckload fuel surcharge revenue   50,260     89,815     (39,555 )   (44.0 )
Total Truckload revenue   398,361     448,273     (49,912 )   (11.1 )
         
Dedicated revenue, net of fuel surcharge revenue   107,264     56,609     50,655     89.5  
Dedicated fuel surcharge revenue   11,008     13,743     (2,735 )   (19.9 )
Total Dedicated revenue   118,272     70,352     47,920     68.1  
         
Intermodal revenue, net of fuel surcharge revenue   65,877     75,447     (9,570 )   (12.7 )
Intermodal fuel surcharge revenue   11,081     21,645     (10,564 )   (48.8 )
Total Intermodal revenue   76,958     97,092     (20,134 )   (20.7 )
         
Brokerage revenue   71,403     57,212     14,191     24.8  
         
Total operating revenue $ 664,994   $ 672,929   $ (7,935 )   (1.2 )%
                         
Operating income:        
Truckload $ 35,517   $ 39,483   $ (3,966 )   (10.0 )%
Dedicated   12,818     7,136     5,682     79.6  
Intermodal   4,832     1,735     3,097     178.5  
Brokerage   3,792     2,652     1,140     43.0  
Total operating income before gain on disposition of facilities   56,959     51,006     5,953     11.7  
Gain on disposition of facilities   4,104     -     4,104     N/A  
Total operating income $ 61,063   $ 51,006   $ 10,057     19.7 %
                         
Operating ratio:        
Truckload   91.1 %   91.2 %    
Dedicated   89.2     89.9      
Intermodal   93.7     98.2      
Brokerage   94.7     95.4      
Consolidated operating ratio before gain on disposition of facilities   91.4 %   92.4 %    
         
Consolidated operating ratio   90.8 %   92.4 %    

       

         
MARTEN TRANSPORT, LTD.
OPERATING STATISTICS
(Unaudited)
         
  Three Months Year
  Ended December 31, Ended December 31,
    2015     2014     2015     2014  
Truckload Segment:        
Revenue (in thousands) $ 95,838   $ 112,408   $ 398,361   $ 448,273  
Average revenue, net of fuel surcharges, per
tractor per week(1)

$

3,400
 
$

3,698
 
$

3,529
 
$

3,618
 
Average tractors(1)   1,921     1,890     1,892     1,900  
Average miles per trip   639     696     666     682  
Non-revenue miles percentage(2)   9.4 %   8.5 %   9.4 %   9.3 %
Total miles (in thousands)   45,098     50,009     186,268     199,168  
         
Dedicated Segment:        
Revenue (in thousands) $ 36,000   $ 21,961   $ 118,272   $ 70,352  
Average revenue, net of fuel surcharges, per
tractor per week(1)

$

3,405
 
$

3,359
 
$

3,433
 
$

3,322
 
Average tractors(1)   745     414     599     327  
Average miles per trip   324     346     347     337  
Non-revenue miles percentage(2)   1.5 %   2.8 %   1.6 %   2.4 %
Total miles (in thousands)   17,499     10,233     57,381     31,543  
         
Intermodal Segment:        
Revenue (in thousands) $ 17,689   $ 22,174   $ 76,958   $ 97,092  
Loads   8,639     10,104     36,404     44,336  
Average tractors   82     105     89     110  
         
Brokerage Segment:        
Revenue (in thousands) $ 19,246   $ 17,004   $ 71,403   $ 57,212  
Loads   13,228     10,714     48,060     36,712  
         
At December 31, 2015 and December 31, 2014:        
Total tractors(1)   2,740     2,420      
Average age of company tractors (in years)   1.5     1.7      
Total trailers   4,700     4,265      
Average age of company trailers (in years)   2.6     2.5      
Ratio of trailers to tractors(1)   1.7     1.8      
         
  Three Months Year
  Ended December 31, Ended December 31,
(In thousands)   2015     2014     2015     2014  
         
Net cash provided by operating activities $ 26,816   $ 23,588   $ 128,238   $ 81,971  
Net cash used for investing activities   21,555     23,403     125,081     118,606  
         
Weighted average shares outstanding:        
Basic   33,248     33,411     33,477     33,381  
Diluted   33,434     33,697     33,715     33,678  
         
(1) Includes tractors driven by both company-employed drivers and independent contractors.  Independent contractors provided 65 and 52 tractors as of December 31, 2015 and 2014, 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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