Exhibit 99.1

MARTEN TRANSPORT, LTD. ANNOUNCES
FOURTH QUARTER FINANCIAL RESULTS

MONDOVI, Wis., January 30, 2004/PR Newswire/ – Marten Transport, Ltd. (Nasdaq/NMS:MRTN) announced today its financial results for the quarter and year ended December 31, 2003.

For the quarter ended December 31, 2003, operating revenue increased 11.7%, to $85.2 million from $76.3 million for the same quarter of 2002.  For the year ended December 31, 2003, operating revenue increased 14.2%, to $334.7 million from $293.1 million for 2002.  Operating revenue included fuel surcharges of $3.1 million and $14.1 million for the quarter and year ended December 31, 2003, compared with $2.6 million and $5.5 million for the quarter and year ended December 31, 2002.  Excluding fuel surcharge revenue, the increase in revenue was 11.3% for the quarter and 11.5% for the year.  The Company measures revenue, before fuel surcharges, or “freight revenue,” in addition to operating revenue, because management believes removing this sometimes volatile source of revenue affords a more consistent basis for comparing results of operations from period to period.

For the quarter ended December 31, 2003, net income increased to $3.5 million from $579,000 for the same quarter of 2002.  For the year ended December 31, 2003, net income increased 98.3%, to $11.8 million from $6.0 million for 2002.

For the quarter ended December 31, 2003, net income per diluted share increased to $0.24 from $0.06 for the same quarter of 2002, on a 46.5% increase in weighted average shares outstanding attributable primarily to the Company’s public offering of common stock completed during the 2003 third quarter.  For the year ended December 31, 2003, net income per diluted share increased 67.2%, to $1.02 from $0.61 for 2002, on an 18.5% increase in weighted average shares attributable primarily to the stock offering.  Diluted earnings per share amounts give retroactive effect in all periods to the Company’s three-for-two stock splits effected in the form of 50% stock dividends paid on July 24, 2003, and December 5, 2003.

Chairman and President Randolph L. Marten stated, “We were pleased with the company’s operating performance during the quarter, as both freight rates and miles per tractor improved compared with the same quarter of 2002.  Average operating revenue per tractor per week increased 6.1%, to $2,955 from $2,784 in the fourth quarter of 2002.  Average freight revenue per tractor per week increased 5.8%, to $2,846 from $2,690 in the fourth quarter of 2002.  Our operating ratio (operating expenses as a percentage of operating revenue) improved to 93.3% for the quarter compared with 98.2% for the same quarter last year.

Our strong balance sheet continued to afford us significant financial flexibility.  At December 31, 2003, we had approximately $19.2 million of marketable securities, $27.9 million of long-term debt, and $144.5 million in stockholders’ equity.”

The Company will host a conference call on Monday, February 2, 2004, at 3:30 p.m. Central Time.  The public will be able to listen and participate in the call telephonically by dialing 877-576-2752 and entering the following code: 5051838.  For additional information on accessing the

call and for statistical and financial information regarding the Company that is expected to be discussed during the conference call, please visit our website at www.marten.com.

Marten Transport, Ltd. is one of the leading temperature-sensitive truckload carriers in the United States.  The Company specializes in transporting food and other consumer packaged goods that require a temperature-sensitive or insulated environment.  Marten offers nationwide service, concentrating on expedited movements for high-volume customers.  The Company’s common stock is traded on the Nasdaq National Market under the symbol MRTN.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Statements that constitute forward-looking statements are usually identified by words such as “anticipates,” “believes,” “estimates,” “projects,” “expects,” or similar expressions.  Such statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant assumptions, risks, and uncertainties.  The following factors, among others, could cause actual results to differ materially from those in forward-looking statements: excess tractor and trailer capacity in the trucking industry; surplus inventories; recessionary economic cycles and downturns in customers’ business cycles; a decrease in shipping activity with the Company by one or more major customers; increases or rapid fluctuations in fuel prices and fluctuations in fuel and other surcharge collection, as well as in interest rates, fuel taxes, tolls, and license and registration fees; volatility in the resale value of the Company’s used equipment and the price of new equipment; increases in compensation for and difficulty in attracting and retaining qualified drivers and independent contractors; the frequency and severity of accidents; increases in insurance premiums and deductible amounts relating to accident, cargo, workers’ compensation, health, and other claims; seasonal factors such as harsh weather conditions that increase operating costs; competition from trucking, rail, and intermodal competitors; and regulatory requirements that increase costs or decrease efficiency, including, but not limited to, the effects of revised hours-of-service requirements for drivers effective January 4, 2004.  Readers should review and consider the various disclosures made by the Company in its press releases, stockholder reports, and filings with the Securities and Exchange Commission.

CONTACT: Tom Langenfeld of BlueFire Partners for Marten Transport, Ltd., 612-344-1038, or Randy Marten, President of Marten Transport, Ltd., 715-926-4216.

MARTEN TRANSPORT, LTD.

STATEMENTS OF OPERATIONS
(Unaudited)

	Three Months Ended December 31,						Years Ended December 31,
(In thousands, except per share information)	2003			2002			2003			2002
Operating revenue	$	85,237		$	76,331		$	334,667		$	293,096
Operating expenses (income):
Salaries, wages and benefits	25,840			23,079			101,023			89,941
Purchased transportation	17,210			17,296			71,133			67,359
Fuel and fuel taxes	14,399			12,300			56,371			43,339
Supplies and maintenance	6,246			5,746			24,838			21,792
Depreciation	7,706			7,060			30,046			27,706
Operating taxes and licenses	1,520			1,456			5,697			5,136
Insurance and claims	4,006			4,287			15,206			14,870
Communications and utilities	907			782			3,326			3,002
Loss (gain) on disposition of revenue equipment	(330		)	139			(640		)	26
Other	1,987			2,810			7,331			8,064
Total operating expenses	79,491			74,955			314,331			281,235
Operating income	5,746			1,376			20,336			11,861
Other expenses (income):
Interest expense	542			820			2,753			3,479
Interest income	(396		)	(378		)	(1,517		)	(1,252		)
	146			442			1,236			2,227
Income before income taxes	5,600			934			19,100			9,634
Provision for income taxes	2,128			355			7,258			3,661
Net income	$	3,472		$	579		$	11,842		$	5,973
Basic earnings per common share (1)	$	0.25		$	0.06		$	1.07		$	0.63
Diluted earnings per common share (1)	$	0.24		$	0.06		$	1.02		$	0.61

(1)   Basic and diluted earnings per share reflect the Company’s three-for-two stock splits effected in the form of 50% stock dividends paid on July 24, 2003 and December 5, 2003.

MARTEN TRANSPORT, LTD.

BALANCE SHEETS
(Unaudited)

	December 31,
(In thousands, except share and per share information)	2003			2002
ASSETS
Current assets:
Marketable securities	$	19,219		$	—
Receivables:
Trade, less allowances of $793 and $892, respectively	34,582			30,627
Other	7,337			6,561
Prepaid expenses and other	10,034			7,832
Deferred income taxes	3,048			4,311
Total current assets	74,220			49,331
Property and equipment:
Revenue equipment	247,822			233,490
Buildings and land	8,013			8,003
Office equipment and other	7,667			7,338
Less accumulated depreciation	(93,684		)	(89,003		)
Net property and equipment	169,818			159,828
Other assets	5,557			6,859
	$	249,595		$	216,018
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Checks issued in excess of cash balances	$	549		$	130
Accounts payable	3,683			4,919
Insurance and claims accruals	12,052			12,915
Accrued liabilities	13,379			10,625
Current maturities of long-term debt	5,000			3,571
Total current liabilities	34,663			32,160
Long-term debt, less current maturities	22,857			60,058
Deferred income taxes	47,541			44,580
Total liabilities	105,061			136,798
Commitments and contingencies
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; 23,000,000 shares authorized; 13,759,776 shares, at December 31, 2003, and 9,544,488 shares, at December 31, 2002, issued and outstanding (1)	138			95
Additional paid-in capital	64,265			10,822
Retained earnings	80,131			68,303
Total stockholders’ equity	144,534			79,220
	$	249,595		$	216,018

(1)  Shares outstanding reflect the Company’s three-for-two stock splits effected in the form of 50% stock dividends paid on July 24, 2003 and December 5, 2003.

MARTEN TRANSPORT, LTD.

OPERATING STATISTICS
(Unaudited)

	Three Months Ended December 31,						Year Ended December 31,
	2003			2002			2003			2002
Operating Statistics:
For period:
Average operating revenue per total mile	$	1.29		$	1.26		$	1.28		$	1.23
Average freight revenue per total mile (1)	$	1.24		$	1.22		$	1.23		$	1.21
Average miles per tractor (2)	30,058			29,044			120,441			118,624
Average operating revenue per tractor per week (2)	$	2,955		$	2,784		$	2,955		$	2,809
Average freight revenue per tractor per week (1) (2)	$	2,846		$	2,690		$	2,831		$	2,756
Average miles per trip	1,023			985			1,008			968
Non-revenue miles percentage (3)	6.7		%	6.5		%	6.7		%	6.6		%
Total miles – company-employed drivers (in thousands)	46,363			40,493			181,254			158,038
Total miles – independent contractors (in thousands)	19,595			20,085			80,312			79,375
At December 31, 2003, and December 31, 2002:
Total tractors (2)	2,181			2,078
Average age of company tractors (in years)	1.9			1.9
Total trailers	2,835			2,676
Average age of company trailers (in years)	3.9			4.1
Ratio of trailers to tractors (2)	1.3			1.3
Ratio of tractors to non-driver personnel (2)	5.3			5.6

	Three Months Ended December 31,				Year Ended December 31,
(In thousands)	2003		2002		2003		2002
Net cash provided by operating activities	$	4,727	$	5,867	$	39,194	$	38,148
Net cash used for investing activities	13,795		11,524		38,094		29,375

(1)Excludes fuel surcharge revenue.

(2)Includes tractors driven by both company-employed drivers and independent contractors.  Independent contractors provided 585 and 611 tractors as of December 31, 2003, and 2002, respectively.

(3)Represents the percentage of miles for which the Company is not compensated.