-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, J3QDrEY8TFTXM1BUZ0CWh4hOFZJZR3r2JqINEXUk2/Ww7AJO9QDBZQmTqnc3vo1S 5oIPsTfDOZXyO0nCbsnHgQ== 0000912057-95-003599.txt : 19950517 0000912057-95-003599.hdr.sgml : 19950516 ACCESSION NUMBER: 0000912057-95-003599 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950512 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: MARTEN TRANSPORT LTD CENTRAL INDEX KEY: 0000799167 STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING (NO LOCAL) [4213] IRS NUMBER: 391140809 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-15010 FILM NUMBER: 95537324 BUSINESS ADDRESS: STREET 1: 129 MARTEN ST CITY: MONDOVI STATE: WI ZIP: 54755 BUSINESS PHONE: 7159264216 MAIL ADDRESS: STREET 1: 3400 PLAZA VII STREET 2: 45 SOUTH SEVENTH ST CITY: MINNEAPOLIS STATE: MN ZIP: 55402 10-Q 1 10-Q This report consists of eight (8) pages. There are no Exhibits. SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 10-Q Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 For Quarter Ended: March 31, 1995 Commission File Number: 0-15010 MARTEN TRANSPORT, LTD. (Exact name of registrant as specified in its charter) Delaware 39-1140809 -------- ---------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 129 Marten Street, Mondovi, Wisconsin 54755 - ------------------------------------- ----- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: 715-926-4216 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ----- ----- The number of shares outstanding of the registrant's Common Stock, par value $.01 per share, was 2,929,950 as of March 31, 1995. PART I: FINANCIAL INFORMATION Item 1. Financial Statements MARTEN TRANSPORT, LTD. CONDENSED BALANCE SHEETS (In thousands, except share information) (Unaudited)
March 31, December 31, 1995 1994 --------- ------------ ASSETS Current assets: Cash and cash equivalents . . . . . . . . $ 2,900 $ 3,129 Receivables . . . . . . . . . . . . . . . 17,111 16,497 Prepaid expenses. . . . . . . . . . . . . 5,497 5,057 Deferred income taxes . . . . . . . . . . 2,408 2,260 --------- ------------ Total current assets. . . . . . . . . 27,916 26,943 Property and equipment: Revenue equipment, building and land, office equipment, and other . . . . . . 121,521 117,512 Accumulated depreciation and amortization. . . . . . . . . . . . . . (37,722) (38,807) --------- ------------ Net property and equipment. . . . . . 83,799 78,705 --------- ------------ TOTAL ASSETS. . . . . . . . . . $111,715 $105,648 --------- ------------ --------- ------------ LIABILITIES AND SHAREHOLDERS' INVESTMENT Current liabilities: Accounts payable and accrued liabilities. $ 12,018 $ 9,209 Insurance and claims accruals . . . . . . 10,163 9,639 Current maturities of long-term debt. . . 15,452 14,963 --------- ------------ Total current liabilities . . . . . . 37,633 33,811 Long-term debt, less current maturities . . 24,727 24,917 Deferred income taxes. . . . . . . . . . . . 14,720 13,816 --------- ------------ Total liabilities . . . . . . . . . . 77,080 72,544 Shareholders' investment: Common stock, $.01 par value per share, 10,000,000 shares authorized, 2,929,950 shares issued and outstanding . . . . . . . . . . . . . . 29 29 Additional paid-in capital. . . . . . . . 9,281 9,281 Retained earnings . . . . . . . . . . . . 25,325 23,794 --------- ------------ Total shareholders' investment. . . . . . . . . . . . . . 34,635 33,104 --------- ------------ TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT. . . . $111,715 $105,648 --------- ------------ --------- ------------
The accompanying notes are an integral part of these financial statements. MARTEN TRANSPORT, LTD. CONDENSED STATEMENTS OF INCOME (In thousands, except per share amounts) (Unaudited)
Three Months Ended March 31, 1995 1994 ---- ---- OPERATING REVENUE. . . . . . . . . . . . $31,961 $29,220 OPERATING EXPENSES: Salaries, wages and benefits . . . . . 11,770 10,897 Purchased transportation . . . . . . . 1,603 1,290 Fuel and fuel taxes. . . . . . . . . . 5,724 5,540 Supplies and maintenance . . . . . . . 3,178 2,958 Depreciation and amortization. . . . . 3,518 3,104 Operating taxes and licenses . . . . . 714 618 Insurance and claims . . . . . . . . . 1,571 1,363 Communications and utilities . . . . . 396 381 Gain on disposition of revenue equipment. . . . . . . . . . . . . . (1,041) (515) Other. . . . . . . . . . . . . . . . . 1,218 1,018 ------- ------- Total operating expenses . . . . 28,651 26,654 ------- ------- OPERATING INCOME . . . . . . . . . . . . 3,310 2,566 OTHER EXPENSES (INCOME): Interest expense . . . . . . . . . . . 778 603 Interest income and other. . . . . . . (19) (36) ------- ------- INCOME BEFORE INCOME TAXES . . . . . . . 2,551 1,999 PROVISION FOR INCOME TAXES . . . . . . . 1,020 799 ------- ------- NET INCOME . . . . . . . . . . . . . . . $ 1,531 $ 1,200 ------- ------- ------- ------- NET INCOME PER COMMON AND COMMON EQUIVALENT SHARE . . . . . . . . . . . $ 0.52 $ 0.35 ------- ------- ------- ------- Weighted average common and common equivalent shares outstanding. . . . . 2,964 3,459 ------- ------- ------- -------
The accompanying notes are an integral part of these financial statements. MARTEN TRANSPORT, LTD. CONDENSED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited)
Three Months Ended March 31, 1995 1994 ---- ---- CASH FLOWS FROM OPERATING ACTIVITIES: Operations: Net income . . . . . . . . . . . . . . .$1,531 $1,200 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation and amortization . . . 3,518 3,104 Gain on disposition of revenue equipment . . . . . . . . . . . .(1,041) (515) Deferred tax provision. . . . . . . 756 577 Changes in other current operating items . . . . . . . . . 2,279 3,668 ------ ------ Net cash provided by operating activities. . . . . 7,043 8,034 ------ ------ CASH FLOWS FROM INVESTING ACTIVITIES: Property additions: Revenue equipment, net . . . . . . . . . (7,432) (5,816) Building and land, office equipment, and other additions, net . . . . . . . (139) (237) ------ ------ Net cash used for investing activities. . . . . . . . . . (7,571) (6,053) ------ ------ CASH FLOWS FROM FINANCING ACTIVITIES: Long-term borrowings . . . . . . . . . . . 4,451 3,266 Repayment of long-term borrowings. . . . . (4,152) (5,824) ------ ------ Net cash provided by (used for) financing activities. . . . . 299 (2,558) ------ ------ DECREASE IN CASH AND CASH EQUIVALENTS. . . . (229) (577) CASH AND CASH EQUIVALENTS: Beginning of period. . . . . . . . . . . . 3,129 5,339 ------ ------ End of period. . . . . . . . . . . . . . . $2,900 $4,762 ------ ------ ------ ------ CASH PAID (RECEIVED) FOR: Interest . . . . . . . . . . . . . . . . . $ 764 $ 673 ------ ------ ------ ------ Income taxes . . . . . . . . . . . . . . . $ (644) $ 60 ------ ------ ------ ------
The accompanying notes are an integral part of these financial statements. NOTES TO FINANCIAL STATEMENTS (Unaudited) (1) Financial Statements The accompanying unaudited condensed financial statements reflect, in the opinion of management, all adjustments considered necessary for a fair presentation as of March 31, 1995. The results of operations for any interim period are not necessarily indicative of results for the full year. The unaudited interim financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 1994. (2) Reclassifications Certain amounts in the 1994 financial statements have been reclassified to be consistent with the 1995 presentation. These reclassifications do not have a material effect on the financial statements. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. RESULTS OF OPERATIONS Operating revenue of $32.0 million for the first quarter of 1995 increased 9.4 percent over $29.2 million for the same period last year. This increase results primarily from the transportation of additional freight associated with both continued customer demand and an increase in the size of the company's fleet. Loaded miles traveled in 1995 increased 6.6 percent over 1994, while average freight rates increased 2.6 percent. Management anticipates that operating revenue for the remainder of 1995 will exceed 1994 levels as the company continues to expand its fleet to accommodate continued customer demand. Operating expenses for the quarter ended March 31, 1995, were 89.6 percent of operating revenue, versus 91.2 percent for the same period in 1994. All expense categories increased in 1995 due to transportation of additional freight and an increase in the company's fleet. Gains on disposition of revenue equipment continued to increase in 1995 due to strong market demand for used equipment and planned replacements of the company's fleet. Gains on planned replacement of revenue equipment are expected to continue in 1995. Management anticipates that operating expenses, as a percentage of operating revenue, will remain at current levels for the remainder of 1995. Interest expense for the three months ended March 31, 1995, increased 29.0 percent over the same period in 1994. This increase resulted from higher interest rates in 1995 along with additional long-term borrowing associated with revenue equipment purchases and the repurchase of 500,000 shares of the company's common stock in June of 1994. Interest expense in 1995 is expected to increase from the current level as long- term debt is added to finance revenue equipment acquisitions. The company recorded net income of $1,531,000, or 52 cents per share, for the first quarter of 1995. This compares with net income of $1,200,000, or 35 cents per share, for the same period last year. The improvement in net income results from continued growth of revenue, management's control of expenses and increased gains on the disposition of revenue equipment. CAPITAL RESOURCES AND LIQUIDITY The company continued to replace and increase its fleet with new, more- efficient revenue equipment during the first three months of 1995. These expenditures were funded using cash flow from operations and long- term debt collateralized by new equipment. Marten has historically operated effectively with a working capital deficit caused by current maturities of long-term debt related to acquisitions of revenue equipment. Working capital requirements have been funded by cash flow from operations due to strong operating profits, short turnover in accounts receivable and cash management practices. The working capital deficit at March 31, 1995, of $9.7 million, increased from $6.9 million at December 31, 1994 due primarily to short-term payables associated with revenue equipment deliveries in the first quarter of 1995. These short-term payables will be replaced in the second quarter with long-term debt. Marten has not used short- term borrowing to meet working capital needs, and does not anticipate the use of short-term borrowing in 1995. Management believes the company's liquidity is adequate to meet anticipated near-term operating requirements. The company is committed to purchase an additional $18 million of new revenue equipment, net of trade-in allowances, during the remainder of 1995. PART II. OTHER INFORMATION ITEM 1. Legal Proceedings: None ITEM 2. Change in Securities: None ITEM 3. Defaults Upon Senior Securities: None ITEM 4. Submission of Matters to a Vote of Security Holders: None ITEM 5. Other Information: None ITEM 6. Exhibits and Reports on Form 8-K: a) Exhibits: Exhibit 27.1 Financial Data Schedule b) Reports on Form 8-K: No reports on Form 8-K have been filed during the quarter ended March 31, 1995. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereto duly authorized. MARTEN TRANSPORT, LTD. (Registrant) Dated: May 12, 1995 By: /S/ DARRELL D. RUBEL ----------------------------- Darrell D. Rubel Executive Vice President and Treasurer (Chief Financial Officer) EX-27.1 2 EXHIBIT 27.1
5 This schedule contains summary financial information extracted from the Statements of Operations and the Balance Sheets and is qualified in its entirety by reference to such financial statements. 3-MOS DEC-31-1995 JAN-01-1995 MAR-31-1995 2,900,000 0 17,111,000 0 0 27,916,000 121,521,000 37,722,000 111,715,000 37,633,000 0 29,000 0 0 34,606 111,715,000 31,961,000 31,961,000 0 28,651,000 0 0 778,000 2,551,000 1,020,000 1,531,000 0 0 0 1,531,000 .52 0
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