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 October 18, 2011 (included herewith).
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MARTEN TRANSPORT, LTD. | |||
Dated: October 20, 2011
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By
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/s/ James J. Hinnendael | |
James J. Hinnendael | |||
Its: Chief Financial Officer | |||
Exhibit No.
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Description
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99.1
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Press Release dated October 18, 2011 (included herewith).
|
MARTEN TRANSPORT, LTD.
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||||||||
CONSOLIDATED CONDENSED BALANCE SHEETS
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||||||||
(Unaudited)
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||||||||
September 30,
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December 31,
|
|||||||
(In thousands, except share information)
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2011
|
2010
|
||||||
ASSETS
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||||||||
Current assets:
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||||||||
Cash and cash equivalents
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$ | 20,514 | $ | 5,306 | ||||
Marketable securities
|
-- | 138 | ||||||
Receivables:
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||||||||
Trade, net
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62,663 | 51,094 | ||||||
Other
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4,872 | 12,968 | ||||||
Prepaid expenses and other
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12,694 | 13,406 | ||||||
Deferred income taxes
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4,473 | 4,794 | ||||||
Total current assets
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105,216 | 87,706 | ||||||
Property and equipment:
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||||||||
Revenue equipment, buildings and land, office equipment and other
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513,951 | 515,622 | ||||||
Accumulated depreciation
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(151,925 | ) | (143,563 | ) | ||||
Net property and equipment
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362,026 | 372,059 | ||||||
Other assets
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570 | 543 | ||||||
TOTAL ASSETS
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$ | 467,812 | $ | 460,308 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
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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36,212 | 30,524 | ||||||
Insurance and claims accruals
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14,929 | 17,653 | ||||||
Current maturities of long-term debt
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-- | 19,346 | ||||||
Total current liabilities
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51,141 | 68,589 | ||||||
Deferred income taxes
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103,537 | 95,815 | ||||||
Total liabilities
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154,678 | 164,404 | ||||||
Stockholders' equity:
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||||||||
Marten Transport, Ltd. stockholders' equity:
|
||||||||
Preferred stock, $.01 par value per share;
2,000,000 shares authorized; no shares issued and outstanding
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-- | -- | ||||||
Common stock, $.01 par value per share;
48,000,000 shares authorized; 21,984,597 shares at September 30, 2011, and
21,950,252 shares at December 31, 2010, issued and outstanding
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220 | 220 | ||||||
Additional paid-in capital
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79,659 | 78,428 | ||||||
Retained earnings
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230,649 | 215,345 | ||||||
Total Marten Transport, Ltd. stockholders' equity
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310,528 | 293,993 | ||||||
Noncontrolling interest
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2,606 | 1,911 | ||||||
Total stockholders' equity
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313,134 | 295,904 | ||||||
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
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$ | 467,812 | $ | 460,308 |
MARTEN TRANSPORT, LTD.
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||||||||||||||||
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
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||||||||||||||||
(Unaudited)
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||||||||||||||||
Three Months
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Nine Months
|
|||||||||||||||
Ended September 30,
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Ended September 30,
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|||||||||||||||
(In thousands, except per share information)
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2011
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2010
|
2011
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2010
|
||||||||||||
OPERATING REVENUE
|
$ | 156,348 | $ | 128,674 | $ | 445,339 | $ | 380,348 | ||||||||
OPERATING EXPENSES (INCOME):
|
||||||||||||||||
Salaries, wages and benefits
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37,775 | 32,767 | 108,287 | 97,153 | ||||||||||||
Purchased transportation
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31,354 | 26,275 | 89,362 | 80,380 | ||||||||||||
Fuel and fuel taxes
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40,590 | 28,558 | 115,845 | 84,318 | ||||||||||||
Supplies and maintenance
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11,030 | 8,276 | 30,466 | 25,883 | ||||||||||||
Depreciation
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14,758 | 12,884 | 42,358 | 38,533 | ||||||||||||
Operating taxes and licenses
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1,644 | 1,505 | 4,577 | 4,584 | ||||||||||||
Insurance and claims
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4,617 | 4,413 | 13,330 | 12,249 | ||||||||||||
Communications and utilities
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1,168 | 1,143 | 3,396 | 3,010 | ||||||||||||
Gain on disposition of revenue equipment
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(1,084 | ) | (184 | ) | (2,819 | ) | (812 | ) | ||||||||
Other
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3,385 | 3,051 | 10,458 | 8,837 | ||||||||||||
Total operating expenses
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145,237 | 118,688 | 415,260 | 354,135 | ||||||||||||
OPERATING INCOME
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11,111 | 9,986 | 30,079 | 26,213 | ||||||||||||
NET INTEREST (INCOME) EXPENSE
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(18 | ) | 44 | (6 | ) | (36 | ) | |||||||||
INCOME BEFORE INCOME TAXES
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11,129 | 9,942 | 30,085 | 26,249 | ||||||||||||
Less: Income before income taxes
attributable to noncontrolling interest
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318 | 308 | 708 | 365 | ||||||||||||
INCOME BEFORE INCOME TAXES
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||||||||||||||||
ATTRIBUTABLE TO MARTEN TRANSPORT, LTD.
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10,811 | 9,634 | 29,377 | 25,884 | ||||||||||||
PROVISION FOR INCOME TAXES
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4,478 | 4,152 | 12,755 | 11,352 | ||||||||||||
NET INCOME
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$ | 6,333 | $ | 5,482 | $ | 16,622 | $ | 14,532 | ||||||||
BASIC EARNINGS PER COMMON SHARE
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$ | 0.29 | $ | 0.25 | $ | 0.76 | $ | 0.66 | ||||||||
DILUTED EARNINGS PER COMMON SHARE
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$ | 0.29 | $ | 0.25 | $ | 0.75 | $ | 0.66 | ||||||||
DIVIDENDS PAID PER COMMON SHARE
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$ | 0.02 | $ | 0.02 | $ | 0.06 | $ | 0.02 |
MARTEN TRANSPORT, LTD.
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||||||||||||||||
SEGMENT INFORMATION
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||||||||||||||||
(Unaudited)
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||||||||||||||||
Dollar
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Percentage
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|||||||||||||||
Change
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Change
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|||||||||||||||
Three Months
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Three Months
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Three Months
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||||||||||||||
Ended
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Ended
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Ended
|
||||||||||||||
September 30,
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September 30,
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September 30,
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||||||||||||||
(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:
|
||||||||||||||||
Truckload revenue, net of fuel surcharge revenue
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$ | 92,003 | $ | 81,370 | $ | 10,633 | 13.1 | % | ||||||||
Truckload fuel surcharge revenue
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24,849 | 16,550 | 8,299 | 50.1 | ||||||||||||
Total Truckload revenue
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116,852 | 97,920 | 18,932 | 19.3 | ||||||||||||
Logistics revenue, net of intermodal fuel
surcharge revenue
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35,500 | 28,457 | 7,043 | 24.7 | ||||||||||||
Intermodal fuel surcharge revenue
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3,996 | 2,297 | 1,699 | 74.0 | ||||||||||||
Total Logistics revenue
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39,496 | 30,754 | 8,742 | 28.4 | ||||||||||||
Total operating revenue
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$ | 156,348 | $ | 128,674 | $ | 27,674 | 21.5 | % | ||||||||
Operating income:
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||||||||||||||||
Truckload
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$ | 9,174 | $ | 8,326 | $ | 848 | 10.2 | % | ||||||||
Logistics
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1,937 | 1,660 | 277 | 16.7 | ||||||||||||
Total operating income
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$ | 11,111 | $ | 9,986 | $ | 1,125 | 11.3 | % | ||||||||
Operating ratio:
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||||||||||||||||
Truckload
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92.1 | % | 91.5 | % | 0.7 | % | ||||||||||
Logistics
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95.1 | 94.6 | 0.5 | |||||||||||||
Consolidated operating ratio
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92.9 | % | 92.2 | % | 0.8 | % |
MARTEN TRANSPORT, LTD.
|
||||||||||||||||
SEGMENT INFORMATION
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||||||||||||||||
(Unaudited)
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||||||||||||||||
Dollar
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Percentage
|
|||||||||||||||
Change
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Change
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|||||||||||||||
Nine Months
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Nine Months
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Nine Months
|
||||||||||||||
Ended
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Ended
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Ended
|
||||||||||||||
September 30,
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September 30,
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September 30,
|
||||||||||||||
(Dollars in thousands)
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2011
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2010
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2011 vs. 2010
|
2011 vs. 2010
|
||||||||||||
Operating revenue:
|
||||||||||||||||
Truckload revenue, net of fuel surcharge revenue
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$ | 263,613 | $ | 242,856 | $ | 20,757 | 8.5 | % | ||||||||
Truckload fuel surcharge revenue
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72,463 | 48,681 | 23,782 | 48.9 | ||||||||||||
Total Truckload revenue
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336,076 | 291,537 | 44,539 | 15.3 | ||||||||||||
Logistics revenue, net of intermodal fuel
surcharge revenue
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98,221 | 82,364 | 15,857 | 19.3 | ||||||||||||
Intermodal fuel surcharge revenue
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11,042 | 6,447 | 4,595 | 71.3 | ||||||||||||
Total Logistics revenue
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109,263 | 88,811 | 20,452 | 23.0 | ||||||||||||
Total operating revenue
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$ | 445,339 | $ | 380,348 | $ | 64,991 | 17.1 | % | ||||||||
Operating income:
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||||||||||||||||
Truckload
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$ | 24,097 | $ | 21,759 | $ | 2,338 | 10.7 | % | ||||||||
Logistics
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5,982 | 4,454 | 1,528 | 34.3 | ||||||||||||
Total operating income
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$ | 30,079 | $ | 26,213 | $ | 3,866 | 14.7 | % | ||||||||
Operating ratio:
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||||||||||||||||
Truckload
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92.8 | % | 92.5 | % | 0.3 | % | ||||||||||
Logistics
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94.5 | 95.0 | (0.5 | ) | ||||||||||||
Consolidated operating ratio
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93.2 | % | 93.1 | % | 0.1 | % |
MARTEN TRANSPORT, LTD.
|
||||||||||||||||
OPERATING STATISTICS
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||||||||||||||||
(Unaudited)
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||||||||||||||||
Three Months
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Nine Months
|
|||||||||||||||
Ended September 30,
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Ended September 30,
|
|||||||||||||||
2011
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2010
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2011
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2010
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|||||||||||||
Truckload Segment:
|
||||||||||||||||
Total Truckload revenue (in thousands)
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$ | 116,852 | $ | 97,920 | $ | 336,076 | $ | 291,537 | ||||||||
Average truckload revenue, net of fuel surcharges, per
tractor per week(1)
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$ | 3,168 | $ | 3,084 | $ | 3,143 | $ | 2,953 | ||||||||
Average tractors(1)
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2,210 | 2,007 | 2,151 | 2,108 | ||||||||||||
Average miles per trip
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617 | 645 | 629 | 664 | ||||||||||||
Non-revenue miles percentage(2)
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11.4 | % | 10.1 | % | 10.8 | % | 9.5 | % | ||||||||
Total miles – company-employed drivers (in thousands)
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51,433 | 47,881 | 150,083 | 144,588 | ||||||||||||
Total miles – independent contractors (in thousands)
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1,513 | 3,007 | 5,588 | 11,354 | ||||||||||||
Logistics Segment:
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||||||||||||||||
Total Logistics revenue (in thousands)
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$ | 39,496 | $ | 30,754 | $ | 109,263 | $ | 88,811 | ||||||||
Brokerage:
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||||||||||||||||
Marten Transport
|
||||||||||||||||
Revenue (in thousands)
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$ | 12,116 | $ | 9,031 | $ | 35,795 | $ | 28,695 | ||||||||
Loads
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6,336 | 5,059 | 18,485 | 15,854 | ||||||||||||
MWL
|
||||||||||||||||
Revenue (in thousands)
|
$ | 9,215 | $ | 9,185 | $ | 25,454 | $ | 25,321 | ||||||||
Loads
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4,672 | 5,380 | 13,179 | 14,349 | ||||||||||||
Intermodal:
|
||||||||||||||||
Revenue (in thousands)
|
$ | 18,165 | $ | 12,538 | $ | 48,014 | $ | 34,795 | ||||||||
Loads
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6,508 | 5,332 | 18,064 | 14,755 | ||||||||||||
Average tractors
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80 | 74 | 74 | 67 | ||||||||||||
At September 30, 2011 and September 30, 2010:
|
||||||||||||||||
Total tractors(1)
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2,302 | 2,141 | ||||||||||||||
Average age of company tractors (in years)
|
2.5 | 2.3 | ||||||||||||||
Total trailers
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4,018 | 3,896 | ||||||||||||||
Average age of company trailers (in years)
|
2.5 | 3.0 | ||||||||||||||
Ratio of trailers to tractors(1)
|
1.7 | 1.8 | ||||||||||||||
Three Months
|
Nine Months
|
|||||||||||||||
Ended September 30,
|
Ended September 30,
|
|||||||||||||||
(In thousands)
|
2011 | 2010 | 2011 | 2010 | ||||||||||||
Net cash provided by operating activities
|
$ | 18,288 | $ | 21,945 | $ | 60,744 | $ | 45,913 | ||||||||
Net cash used for investing activities
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12,193 | 33,822 | 24,072 | 71,309 | ||||||||||||
Weighted average shares outstanding:
|
||||||||||||||||
Basic
|
21,985 | 21,934 | 21,978 | 21,920 | ||||||||||||
Diluted
|
22,074 | 22,041 | 22,078 | 22,023 |
(1)
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Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 52 and 96 tractors as of
September 30, 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.
|