EX-99.1 3 j9602_ex99d1.htm EX-99.1

Exhibit 99.1

 

FROM:

 

FOR:

BlueFire Partners

 

Marten Transport, Ltd.

150 South Fifth St., Suite 1300

 

129 Marten St.

Minneapolis, Minn.  55402

 

Mondovi, Wis.  54755

Contact – Tom Langenfeld  (612) 344-1038

 

Contact - Randy Marten, President (715) 926-4216

 

 

FOR IMMEDIATE RELEASE

 

 

MARTEN TRANSPORT REPORTS FIRST QUARTER RESULTS

 

Net Income Doubles

 

 

MONDOVI, Wis., April 17 – Marten Transport, Ltd. (Nasdaq: MRTN) today reported record first-quarter revenue of $79.3 million, compared with $68 million in the same period last year.  Revenue, net of fuel surcharges to customers, increased 10.8 percent from the first quarter of last year.  The $4 million fuel surcharge increase in the first quarter resulted from a significant increase in the price of diesel fuel.  Net income for the quarter ended March 31, 2003, was $1,397,000, or 32 cents per diluted share, vs. $689,000, or 16 cents per diluted share, in the first quarter of 2002.

 

Operating income for the first quarter of 2003 was $2,656,000, compared with $1,836,000 in the first quarter of last year.  Marten Transport’s operating ratio, which compares operating costs to revenue, improved to 96.7 percent from 97.3 percent in the first quarter last year.

 

“Our first-quarter results reflect an increase in business with existing and new customers and our larger fleet, coupled with improved control of expenses in spite of higher fuel prices,” said Randolph L. Marten, president and chairman of the board.  “Despite continuing economic weakness generally, we benefited from continued demand for high-capacity time- and temperature-sensitive transportation services.   We are pleased to be able to report record revenue for the quarter while improving our operating ratio.”

 

Marten Transport, Ltd., with headquarters in Mondovi, Wis., strives to be the premier supplier of time- and temperature-sensitive truckload motor carrier services to customers nationwide. At the end of the first quarter, Marten operated a fleet of  2,116 tractors and 2,769 trailers, all 53-foot trailers.  The company serves customers with more demanding delivery deadlines or those who ship products requiring modern temperature-controlled trailers to protect goods.  The company’s common stock is traded on The Nasdaq Stock Market under the symbol MRTN.

 

 

MARTEN TRANSPORT, LTD.

CONDENSED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(unaudited)

 

 

 

Three Months Ended March 31,

 

 

 

2003

 

2002

 

Operating revenue

 

$

79,321

 

$

67,998

 

Operating expenses

 

76,665

 

66,162

 

Operating income

 

2,656

 

1,836

 

Other expenses (income):

 

 

 

 

 

Interest expense

 

780

 

952

 

Interest income

 

(377

)

(227

)

Total interest expense

 

403

 

725

 

Income before income taxes

 

2,253

 

1,111

 

Provision for income taxes

 

856

 

422

 

Net income

 

$

1,397

 

$

689

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

Basic

 

$

0.33

 

$

0.16

 

Diluted

 

$

0.32

 

$

0.16

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

Basic

 

4,250

 

4,221

 

Diluted

 

4,365

 

4,334

 

 

CONDENSED BALANCE SHEETS

(In thousands)

 

 

 

March 31,
2003

 

Dec. 31,
2002

 

 

 

(unaudited)

 

 

 

ASSETS

 

 

 

 

 

Cash

 

$

719

 

$

—

 

Receivables,net

 

36,861

 

37,188

 

Prepaid expenses and other

 

8,553

 

7,832

 

Deferred income taxes

 

4,896

 

4,311

 

Total current assets

 

51,029

 

49,331

 

Property and equipment, net

 

160,869

 

159,828

 

Other assets

 

6,237

 

6,859

 

Total assets

 

$

218,135

 

$

216,018

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

Current liabilities

 

$

33,614

 

$

32,160

 

Long-term debt, less current maturities

 

58,357

 

60,058

 

Deferred income taxes

 

45,395

 

44,580

 

Total liabilities

 

137,366

 

136,798

 

Stockholders’ equity

 

80,769

 

79,220

 

Total liabilities and stockholders’ equity

 

$

218,135

 

$

216,018

 

 

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This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  The statements regarding Marten Transport contained in this release that are not historical in nature, particularly those that utilize terminology such as “may,” “will,” “should,” “likely,” “expects,” “anticipates,” “estimates,” “believes” or “plans,” or comparable terminology, are forward-looking statements based on current expectations and assumptions, and entail various risks and uncertainties that could cause actual results to differ materially from those expressed in such forward-looking statements.  Important factors known to Marten Transport that could cause such material differences include the industry driver shortage, volatility in the market for revenue equipment and fuel prices, general weather and economic conditions, and other factors identified and discussed from time to time in Marten Transport’s filings with the Securities and Exchange Commission, including Marten Transport’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2002.  Marten Transport undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.  You are advised, however, to consult any future disclosure Marten Transport makes on related subjects in future reports to the SEC.

 

# # # #

04/17/03

 

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