Delaware
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0-15010
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39-1140809
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(State or other jurisdiction of
incorporation)
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(Commission File Number)
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(I.R.S. Employer
Identification Number)
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129 Marten Street
Mondovi, Wisconsin
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54755
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(Address of principal executive offices)
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(Zip Code)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit No.
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Description
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99.1
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Press Release dated April 19, 2011 (included herewith).
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MARTEN TRANSPORT, LTD.
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Dated: April 20, 2011 |
By:
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/s/ James J. Hinnendael | |
James J. Hinnendael
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Its: Chief Financial Officer
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Exhibit No.
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Description
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99.1
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Press Release dated April 19, 2011 (included herewith).
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(In thousands, except share information)
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March 31,
2011
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December 31,
2010
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||||||
ASSETS
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||||||||
Current assets:
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||||||||
Cash and cash equivalents
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$ | 8,041 | $ | 5,306 | ||||
Marketable securities
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- | 138 | ||||||
Receivables:
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||||||||
Trade, net
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55,971 | 51,094 | ||||||
Other
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4,299 | 12,968 | ||||||
Prepaid expenses and other
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11,946 | 13,406 | ||||||
Deferred income taxes
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5,332 | 4,794 | ||||||
Total current assets
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85,589 | 87,706 | ||||||
Property and equipment:
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||||||||
Revenue equipment, buildings and land,
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||||||||
office equipment and other
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511,812 | 515,622 | ||||||
Accumulated depreciation
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(147,965 | ) | (143,563 | ) | ||||
Net property and equipment
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363,847 | 372,059 | ||||||
Other assets
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552 | 543 | ||||||
TOTAL ASSETS
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$ | 449,988 | $ | 460,308 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
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||||||||
Current liabilities:
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||||||||
Checks issued in excess of cash balances
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$ | - | $ | 1,066 | ||||
Accounts payable and accrued liabilities
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33,206 | 30,524 | ||||||
Insurance and claims accruals
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17,157 | 17,653 | ||||||
Current maturities of long-term debt
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- | 19,346 | ||||||
Total current liabilities
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50,363 | 68,589 | ||||||
Deferred income taxes
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99,210 | 95,815 | ||||||
Total liabilities
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149,573 | 164,404 | ||||||
Stockholders’ equity:
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||||||||
Marten Transport, Ltd. stockholders’ equity:
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||||||||
Preferred stock, $.01 par value per share;
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||||||||
2,000,000 shares authorized; no shares
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||||||||
issued and outstanding
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- | - | ||||||
Common stock, $.01 par value per share;
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||||||||
48,000,000 shares authorized; 21,982,997 shares
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||||||||
at March 31, 2011, and 21,950,252 shares at
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||||||||
December 31, 2010, issued and outstanding
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220 | 220 | ||||||
Additional paid-in capital
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78,938 | 78,428 | ||||||
Retained earnings
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219,001 | 215,345 | ||||||
Total Marten Transport, Ltd. stockholders’ equity
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298,159 | 293,993 | ||||||
Noncontrolling interest
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2,256 | 1,911 | ||||||
Total stockholders’ equity
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300,415 | 295,904 | ||||||
TOTAL LIABILITIES AND
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||||||||
STOCKHOLDERS’ EQUITY
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$ | 449,988 | $ | 460,308 |
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Three Months
Ended March 31,
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|||||||
(In thousands, except per share information)
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2011
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2010
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||||||
OPERATING REVENUE
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$ | 137,856 | $ | 125,812 | ||||
OPERATING EXPENSES (INCOME):
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||||||||
Salaries, wages and benefits
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34,099 | 32,402 | ||||||
Purchased transportation
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28,017 | 27,759 | ||||||
Fuel and fuel taxes
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35,340 | 27,593 | ||||||
Supplies and maintenance
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9,662 | 9,010 | ||||||
Depreciation
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13,516 | 13,037 | ||||||
Operating taxes and licenses
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1,417 | 1,505 | ||||||
Insurance and claims
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4,301 | 3,852 | ||||||
Communications and utilities
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1,122 | 813 | ||||||
Gain on disposition of revenue equipment
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(768 | ) | (199 | ) | ||||
Other
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3,541 | 3,006 | ||||||
Total operating expenses
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130,247 | 118,778 | ||||||
OPERATING INCOME
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7,609 | 7,034 | ||||||
NET INTEREST EXPENSE (INCOME)
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19 | (106 | ) | |||||
INCOME BEFORE INCOME TAXES
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7,590 | 7,140 | ||||||
Less: Income before income taxes
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attributable to noncontrolling interest
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137 | 56 | ||||||
INCOME BEFORE INCOME TAXES
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ATTRIBUTABLE TO MARTEN
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||||||||
TRANSPORT, LTD.
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7,453 | 7,084 | ||||||
PROVISION FOR INCOME TAXES
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3,358 | 3,192 | ||||||
NET INCOME
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$ | 4,095 | $ | 3,892 | ||||
BASIC EARNINGS PER COMMON SHARE
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$ | 0.19 | $ | 0.18 | ||||
DILUTED EARNINGS PER COMMON SHARE
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$ | 0.19 | $ | 0.18 | ||||
DIVIDENDS PAID PER COMMON SHARE
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$ | 0.02 | $ | - |
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Dollar | Percentage | ||||||||||||||
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Change
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Change
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|||||||||||||
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Three Months | Three Months | Three Months | |||||||||||||
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Ended | Ended | Ended | |||||||||||||
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March 31,
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March 31, | March 31, | |||||||||||||
(Dollars in thousands)
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2011
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2010
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2011 vs. 2010
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2011 vs. 2010
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||||||||||||
Operating revenue:
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||||||||||||||||
Truckload revenue, net of fuel surcharge
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revenue
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$ | 81,973 | $ | 80,920 | $ | 1,053 | 1.3 | % | ||||||||
Truckload fuel surcharge revenue
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22,088 | 15,306 | 6,782 | 44.3 | ||||||||||||
Total Truckload revenue
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104,061 | 96,226 | 7,835 | 8.1 | ||||||||||||
Logistics revenue, net of intermodal fuel
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surcharge revenue
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30,518 | 27,570 | 2,948 | 10.7 | ||||||||||||
Intermodal fuel surcharge revenue
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3,277 | 2,016 | 1,261 | 62.5 | ||||||||||||
Total Logistics revenue
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33,795 | 29,586 | 4,209 | 14.2 | ||||||||||||
Total operating revenue
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$ | 137,856 | $ | 125,812 | $ | 12,044 | 9.6 | % | ||||||||
Operating income:
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Truckload
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$ | 5,321 | $ | 5,225 | $ | 96 | 1.8 | % | ||||||||
Logistics
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2,288 | 1,809 | 479 | 26.5 | ||||||||||||
Total operating income
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$ | 7,609 | $ | 7,034 | $ | 575 | 8.2 | % | ||||||||
Operating ratio:
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||||||||||||||||
Truckload
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94.9 | % | 94.6 | % | 0.3 | % | ||||||||||
Logistics
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93.2 | 93.9 | (0.7 | ) | ||||||||||||
Consolidated operating ratio
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94.5 | % | 94.4 | % | 0.1 | % |
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Three Months
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|||||||
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Ended March 31,
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|||||||
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2011
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2010
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||||||
Truckload Segment:
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Total Truckload revenue (in thousands)
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$ | 104,061 | $ | 96,226 | ||||
Average truckload revenue, net of fuel surcharges, per
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||||||||
tractor per week(1)
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$ | 3,058 | $ | 2,816 | ||||
Average tractors(1)
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2,085 | 2,235 | ||||||
Average miles per trip
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636 | 689 | ||||||
Non-revenue miles percentage(2)
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10.2 | % | 9.2 | % | ||||
Total miles – company-employed drivers (in thousands)
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48,671 | 48,944 | ||||||
Total miles – independent contractors (in thousands)
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2,131 | 4,500 | ||||||
Logistics Segment:
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Total Logistics revenue (in thousands)
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$ | 33,795 | $ | 29,586 | ||||
Brokerage:
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Marten Transport
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Revenue (in thousands)
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$ | 11,845 | $ | 10,393 | ||||
Loads
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6,161 | 5,602 | ||||||
MWL
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Revenue (in thousands)
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$ | 7,767 | $ | 8,168 | ||||
Loads
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3,834 | 4,279 | ||||||
Intermodal:
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Revenue (in thousands)
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$ | 14,183 | $ | 11,025 | ||||
Loads
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5,629 | 4,677 | ||||||
Average tractors
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69 | 62 | ||||||
At March 31, 2011 and March 31, 2010:
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Total tractors(1)
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2,169 | 2,208 | ||||||
Average age of company tractors (in years)
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2.6 | 2.3 | ||||||
Total trailers
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3,956 | 3,946 | ||||||
Average age of company trailers (in years)
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2.8 | 3.4 | ||||||
Ratio of trailers to tractors(1)
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1.8 | 1.8 |
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Three Months
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|||||||
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Ended March 31, | |||||||
(In thousands)
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2011 | 2010 | ||||||
Net cash provided by operating activities
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$ | 27,991 | $ | 18,677 | ||||
Net cash used for investing activities
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4,867 | 27,066 | ||||||
Weighted average shares outstanding:
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||||||||
Basic
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21,964 | 21,897 | ||||||
Diluted
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22,071 | 21,997 |
(1)
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Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 75 and 147 tractors as of March 31, 2011, and 2010, respectively.
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(2)
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Represents the percentage of miles for which the company is not compensated.
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