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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(a)
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Financial Statements of Businesses Acquired.
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Not Applicable.
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(b)
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Pro Forma Financial Information.
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Not Applicable.
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(c)
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Shell Company Transactions.
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Not Applicable.
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(d)
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Exhibits.
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Exhibit No.
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Description
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99.1
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Press Release dated January 24, 2012 (included herewith).
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MARTEN TRANSPORT, LTD.
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|||
Dated: January 25, 2012 |
By:
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/s/ James J. Hinnendael | |
James J. Hinnendael
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 January 24, 2012 (included herewith).
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(In thousands, except share information)
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December 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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$ | 20,821 | $ | 5,306 | ||||
Marketable securities
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- | 138 | ||||||
Receivables:
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||||||||
Trade, net
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59,385 | 51,094 | ||||||
Other
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3,430 | 12,968 | ||||||
Prepaid expenses and other
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15,426 | 13,406 | ||||||
Deferred income taxes
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2,738 | 4,794 | ||||||
Total current assets
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101,800 | 87,706 | ||||||
Property and equipment:
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||||||||
Revenue equipment, buildings and land, office equipment and other
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523,974 | 515,622 | ||||||
Accumulated depreciation
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(155,774 | ) | (143,563 | ) | ||||
Net property and equipment
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368,200 | 372,059 | ||||||
Other assets
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579 | 543 | ||||||
TOTAL ASSETS
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$ | 470,579 | $ | 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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33,343 | 30,524 | ||||||
Insurance and claims accruals
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13,042 | 17,653 | ||||||
Current maturities of long-term debt
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- | 19,346 | ||||||
Total current liabilities
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46,385 | 68,589 | ||||||
Deferred income taxes
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103,835 | 95,815 | ||||||
Total liabilities
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150,220 | 164,404 | ||||||
Stockholders’ equity:
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||||||||
Marten Transport, Ltd. stockholders’ equity:
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||||||||
Preferred stock, $.01 par value per share; 2,000,000 shares authorized; no shares issued and outstanding
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- | - | ||||||
Common stock, $.01 par value per share; 48,000,000 shares authorized; 21,984,597 shares at December 31, 2011, and 21,950,252 shares at December 31, 2010, issued and outstanding
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220 | 220 | ||||||
Additional paid-in capital
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80,078 | 78,428 | ||||||
Retained earnings
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237,872 | 215,345 | ||||||
Total Marten Transport, Ltd. stockholders’ equity
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318,170 | 293,993 | ||||||
Noncontrolling interest
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2,189 | 1,911 | ||||||
Total stockholders’ equity
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320,359 | 295,904 | ||||||
TOTAL LIABILITIES AND
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||||||||
STOCKHOLDERS’ EQUITY
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$ | 470,579 | $ | 460,308 |
(In thousands, except per share information)
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Three Months
Ended December 31,
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Year
Ended December 31,
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||||||||||||||
2011
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2010
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2011
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2010
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|||||||||||||
OPERATING REVENUE
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$ | 158,340 | $ | 136,572 | $ | 603,679 | $ | 516,920 | ||||||||
OPERATING EXPENSES (INCOME):
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||||||||||||||||
Salaries, wages and benefits
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39,359 | 34,366 | 147,646 | 131,519 | ||||||||||||
Purchased transportation
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30,970 | 30,028 | 120,332 | 110,408 | ||||||||||||
Fuel and fuel taxes
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39,750 | 30,609 | 155,595 | 114,927 | ||||||||||||
Supplies and maintenance
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9,845 | 9,335 | 40,311 | 35,218 | ||||||||||||
Depreciation
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15,173 | 13,383 | 57,531 | 51,916 | ||||||||||||
Operating taxes and licenses
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1,796 | 1,638 | 6,373 | 6,222 | ||||||||||||
Insurance and claims
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4,840 | 4,324 | 18,170 | 16,573 | ||||||||||||
Communications and utilities
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1,209 | 954 | 4,605 | 3,964 | ||||||||||||
Gain on disposition of revenue equipment
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(981 | ) | (298 | ) | (3,800 | ) | (1,110 | ) | ||||||||
Other
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3,428 | 3,157 | 13,886 | 11,994 | ||||||||||||
Total operating expenses
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145,389 | 127,496 | 560,649 | 481,631 | ||||||||||||
OPERATING INCOME
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12,951 | 9,076 | 43,030 | 35,289 | ||||||||||||
NET INTEREST (INCOME) EXPENSE
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(18 | ) | 10 | (24 | ) | (26 | ) | |||||||||
INCOME BEFORE INCOME TAXES
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12,969 | 9,066 | 43,054 | 35,315 | ||||||||||||
Less: Income before income taxes attributable to noncontrolling interest
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99 | 266 | 807 | 631 | ||||||||||||
INCOME BEFORE INCOME TAXES
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||||||||||||||||
ATTRIBUTABLE TO MARTEN
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TRANSPORT, LTD.
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12,870 | 8,800 | 42,247 | 34,684 | ||||||||||||
PROVISION FOR INCOME TAXES
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5,207 | 3,590 | 17,962 | 14,942 | ||||||||||||
NET INCOME
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$ | 7,663 | $ | 5,210 | $ | 24,285 | $ | 19,742 | ||||||||
BASIC EARNINGS PER COMMON SHARE
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$ | 0.35 | $ | 0.24 | $ | 1.10 | $ | 0.90 | ||||||||
DILUTED EARNINGS PER COMMON SHARE
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$ | 0.35 | $ | 0.24 | $ | 1.10 | $ | 0.90 | ||||||||
DIVIDENDS PAID PER COMMON SHARE
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$ | 0.02 | $ | 0.02 | $ | 0.08 | $ | 0.04 |
Three Months
Ended
December 31,
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Dollar
Change
Three Months
Ended
December 31,
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Percentage
Change
Three Months
Ended
December 31,
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||||||||||||||
(Dollars in thousands)
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2011 | 2010 | 2011 vs. 2010 | 2011 vs. 2010 | ||||||||||||
Operating revenue:
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Truckload revenue, net of fuel surcharge revenue
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$ | 94,174 | $ | 82,935 | $ | 11,239 | 13.6 | % | ||||||||
Truckload fuel surcharge revenue
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25,597 | 18,292 | 7,305 | 39.9 | ||||||||||||
Total Truckload revenue
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119,771 | 101,227 | 18,544 | 18.3 | ||||||||||||
Logistics revenue, net of intermodal fuel surcharge revenue
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34,669 | 32,859 | 1,810 | 5.5 | ||||||||||||
Intermodal fuel surcharge revenue
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3,900 | 2,486 | 1,414 | 56.9 | ||||||||||||
Total Logistics revenue
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38,569 | 35,345 | 3,224 | 9.1 | ||||||||||||
Total operating revenue
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$ | 158,340 | $ | 136,572 | $ | 21,768 | 15.9 | % | ||||||||
Operating income:
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Truckload
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$ | 11,201 | $ | 6,921 | $ | 4,280 | 61.8 | % | ||||||||
Logistics
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1,750 | 2,155 | (405 | ) | (18.8 | ) | ||||||||||
Total operating income
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$ | 12,951 | $ | 9,076 | $ | 3,875 | 42.7 | % | ||||||||
Operating ratio:
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Truckload
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90.6 | % | 93.2 | % | (2.8 | )% | ||||||||||
Logistics
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95.5 | 93.9 | 1.7 | |||||||||||||
Consolidated operating ratio
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91.8 | % | 93.4 | % | (1.7 | )% |
Year
Ended
December 31,
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Dollar
Change
Year
Ended
December 31,
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Percentage
Change
Year
Ended
December 31,
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(Dollars in thousands)
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2011 | 2010 |
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 revenue
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$ | 357,787 | $ | 325,791 | $ | 31,996 | 9.8 | % | ||||||||
Truckload fuel surcharge revenue
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98,060 | 66,973 | 31,087 | 46.4 | ||||||||||||
Total Truckload revenue
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455,847 | 392,764 | 63,083 | 16.1 | ||||||||||||
Logistics revenue, net of intermodal fuel surcharge revenue
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132,890 | 115,223 | 17,667 | 15.3 | ||||||||||||
Intermodal fuel surcharge revenue
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14,942 | 8,933 | 6,009 | 67.3 | ||||||||||||
Total Logistics revenue
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147,832 | 124,156 | 23,676 | 19.1 | ||||||||||||
Total operating revenue
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$ | 603,679 | $ | 516,920 | $ | 86,759 | 16.8 | % | ||||||||
Operating income:
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Truckload
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$ | 35,298 | $ | 28,680 | $ | 6,618 | 23.1 | % | ||||||||
Logistics
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7,732 | 6,609 | 1,123 | 17.0 | ||||||||||||
Total operating income
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$ | 43,030 | $ | 35,289 | $ | 7,741 | 21.9 | % | ||||||||
Operating ratio:
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Truckload
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92.3 | % | 92.7 | % | (0.4 | )% | ||||||||||
Logistics
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94.8 | 94.7 | 0.1 | |||||||||||||
Consolidated operating ratio
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92.9 | % | 93.2 | % | (0.3 | )% |
Three Months
Ended December 31,
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Year
Ended December 31,
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2011 | 2010 | 2011 | 2010 | |||||||||||||
Truckload Segment:
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Total Truckload revenue (in thousands)
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$ | 119,771 | $ | 101,227 | $ | 455,847 | $ | 392,764 | ||||||||
Average truckload revenue, net of fuel surcharges, per tractor per week(1)
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$ | 3,219 | $ | 3,010 | $ | 3,162 | $ | 2,968 | ||||||||
Average tractors(1)
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2,226 | 2,096 | 2,170 | 2,105 | ||||||||||||
Average miles per trip
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617 | 630 | 626 | 655 | ||||||||||||
Non-revenue miles percentage(2)
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10.6 | % | 10.1 | % | 10.8 | % | 9.6 | % | ||||||||
Total miles – company-employed drivers (in thousands)
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52,753 | 48,754 | 202,836 | 193,342 | ||||||||||||
Total miles – independent contractors (in thousands)
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1,253 | 2,422 | 6,841 | 13,776 | ||||||||||||
Logistics Segment:
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Total Logistics revenue (in thousands)
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$ | 38,569 | $ | 35,345 | $ | 147,832 | $ | 124,156 | ||||||||
Brokerage:
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Marten Transport
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||||||||||||||||
Revenue (in thousands)
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$ | 12,559 | $ | 12,524 | $ | 48,354 | $ | 41,219 | ||||||||
Loads
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6,927 | 6,042 | 25,412 | 21,896 | ||||||||||||
MWL
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Revenue (in thousands)
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$ | 9,009 | $ | 9,926 | $ | 34,463 | $ | 35,247 | ||||||||
Loads
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4,015 | 4,355 | 17,194 | 18,704 | ||||||||||||
Intermodal:
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Revenue (in thousands)
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$ | 17,001 | $ | 12,895 | $ | 65,015 | $ | 47,690 | ||||||||
Loads
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6,238 | 5,395 | 24,302 | 20,150 | ||||||||||||
Average tractors
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79 | 68 | 75 | 67 | ||||||||||||
At December 31, 2011 and December 31, 2010:
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Total tractors(1)
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2,281 | 2,146 | ||||||||||||||
Average age of company tractors (in years)
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2.6 | 2.5 | ||||||||||||||
Total trailers
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4,124 | 3,928 | ||||||||||||||
Average age of company trailers (in years)
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2.4 | 2.8 | ||||||||||||||
Ratio of trailers to tractors(1)
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1.8 | 1.8 | ||||||||||||||
Three Months
Ended December 31,
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Year
Ended December 31,
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|||||||||||||||
(In thousands)
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2011 | 2010 | 2011 | 2010 | ||||||||||||
Net cash provided by operating activities
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$ | 25,462 | $ | 18,609 | $ | 86,206 | $ | 64,522 | ||||||||
Net cash used for investing activities
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24,199 | 9,872 | 48,271 | 81,181 | ||||||||||||
Weighted average shares outstanding:
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Basic
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21,985 | 21,945 | 21,979 | 21,927 | ||||||||||||
Diluted
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22,062 | 22,063 | 22,075 | 22,031 |
(1)
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Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 48 and 86 tractors as of December 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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