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 July 17, 2012 (included herewith).
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MARTEN TRANSPORT, LTD. | |||
Dated: July 18, 2012
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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 July 17, 2012 (included herewith).
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(In thousands, except share information)
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June 30,
2012
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December 31,
2011
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||||||
ASSETS | ||||||||
Current assets:
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||||||||
Cash and cash equivalents
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$ | 5,249 | $ | 20,821 | ||||
Receivables:
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||||||||
Trade, net
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64,114 | 59,385 | ||||||
Other
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5,399 | 3,430 | ||||||
Prepaid expenses and other
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14,033 | 15,426 | ||||||
Deferred income taxes
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2,508 | 2,738 | ||||||
Total current assets
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91,303 | 101,800 | ||||||
Property and equipment:
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||||||||
Revenue equipment, buildings and land, office equipment and other
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547,812 | 523,974 | ||||||
Accumulated depreciation
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(145,245 | ) | (155,774 | ) | ||||
Net property and equipment
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402,567 | 368,200 | ||||||
Other assets
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597 | 579 | ||||||
TOTAL ASSETS
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$ | 494,467 | $ | 470,579 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
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||||||||
Current liabilities:
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||||||||
Accounts payable and accrued liabilities
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$ | 41,463 | $ | 33,343 | ||||
Insurance and claims accruals
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12,414 | 13,042 | ||||||
Total current liabilities
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53,877 | 46,385 | ||||||
Deferred income taxes
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106,216 | 103,835 | ||||||
Total liabilities
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160,093 | 150,220 | ||||||
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, $.01 par value per share; 48,000,000 shares authorized; 22,071,249 shares at June 30, 2012, and 21,984,597 shares at December 31, 2011, issued and outstanding
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221 | 220 | ||||||
Additional paid-in capital
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81,834 | 80,078 | ||||||
Retained earnings
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249,909 | 237,872 | ||||||
Total Marten Transport, Ltd. stockholders’ equity
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331,964 | 318,170 | ||||||
Noncontrolling interest
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2,410 | 2,189 | ||||||
Total stockholders’ equity
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334,374 | 320,359 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
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$ | 494,467 | $ | 470,579 |
(In thousands, except per share information)
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Three Months
Ended June 30,
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Six Months
Ended June 30,
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||||||||||||||
2012
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2011
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2012
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2011
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|||||||||||||
OPERATING REVENUE
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$ | 156,964 | $ | 151,135 | $ | 308,438 | $ | 288,991 | ||||||||
OPERATING EXPENSES (INCOME):
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||||||||||||||||
Salaries, wages and benefits
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39,398 | 36,413 | 77,669 | 70,512 | ||||||||||||
Purchased transportation
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29,734 | 29,991 | 59,593 | 58,008 | ||||||||||||
Fuel and fuel taxes
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39,515 | 39,915 | 78,639 | 75,255 | ||||||||||||
Supplies and maintenance
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9,841 | 9,774 | 19,377 | 19,436 | ||||||||||||
Depreciation
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15,042 | 14,084 | 29,577 | 27,600 | ||||||||||||
Operating taxes and licenses
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1,617 | 1,516 | 3,199 | 2,933 | ||||||||||||
Insurance and claims
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5,185 | 4,412 | 11,007 | 8,713 | ||||||||||||
Communications and utilities
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1,161 | 1,106 | 2,372 | 2,228 | ||||||||||||
Gain on disposition of revenue equipment
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(1,179 | ) | (967 | ) | (2,704 | ) | (1,735 | ) | ||||||||
Other
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3,367 | 3,532 | 6,907 | 7,073 | ||||||||||||
Total operating expenses
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143,681 | 139,776 | 285,636 | 270,023 | ||||||||||||
OPERATING INCOME
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13,283 | 11,359 | 22,802 | 18,968 | ||||||||||||
NET INTEREST (INCOME) EXPENSE
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(13 | ) | (7 | ) | (34 | ) | 12 | |||||||||
INCOME BEFORE INCOME TAXES
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13,296 | 11,366 | 22,836 | 18,956 | ||||||||||||
Less: Income before income taxes attributable to noncontrolling interest
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245 | 253 | 406 | 390 | ||||||||||||
INCOME BEFORE INCOME TAXES ATTRIBUTABLE TO MARTEN TRANSPORT, LTD.
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13,051 | 11,113 | 22,430 | 18,566 | ||||||||||||
PROVISION FOR INCOME TAXES
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5,467 | 4,919 | 9,400 | 8,277 | ||||||||||||
NET INCOME
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$ | 7,584 | $ | 6,194 | $ | 13,030 | $ | 10,289 | ||||||||
BASIC EARNINGS PER COMMON SHARE
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$ | 0.34 | $ | 0.28 | $ | 0.59 | $ | 0.47 | ||||||||
DILUTED EARNINGS PER COMMON SHARE
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$ | 0.34 | $ | 0.28 | $ | 0.59 | $ | 0.47 | ||||||||
DIVIDENDS PAID PER COMMON SHARE
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$ | 0.025 | $ | 0.02 | $ | 0.045 | $ | 0.04 |
Three Months
Ended
June 30,
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Dollar
Change
Three Months
Ended
June 30,
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Percentage
Change
Three Months
Ended
June 30,
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||||||||||||||
(Dollars in thousands)
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2012
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2011 | 2012 vs. 2011 | 2012 vs. 2011 | ||||||||||||
Operating revenue: | ||||||||||||||||
Truckload revenue, net of fuel surcharge revenue
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$ | 94,148 | $ | 89,637 | $ | 4,511 | 5.0 | % | ||||||||
Truckload fuel surcharge revenue
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26,121 | 25,526 | 595 | 2.3 | ||||||||||||
Total Truckload revenue
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120,269 | 115,163 | 5,106 | 4.4 | ||||||||||||
Logistics revenue, net of intermodal fuel surcharge revenue
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33,045 | 32,203 | 842 | 2.6 | ||||||||||||
Intermodal fuel surcharge revenue
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3,650 | 3,769 | (119 | ) | (3.2 | ) | ||||||||||
Total Logistics revenue
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36,695 | 35,972 | 723 | 2.0 | ||||||||||||
Total operating revenue
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$ | 156,964 | $ | 151,135 | $ | 5,829 | 3.9 | % | ||||||||
Operating income:
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||||||||||||||||
Truckload
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$ | 10,973 | $ | 9,602 | $ | 1,371 | 14.3 | % | ||||||||
Logistics
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2,310 | 1,757 | 553 | 31.5 | ||||||||||||
Total operating income
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$ | 13,283 | $ | 11,359 | $ | 1,924 | 16.9 | % | ||||||||
Operating ratio:
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Truckload
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90.9 | % | 91.7 | % | (0.9 | )% | ||||||||||
Logistics
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93.7 | 95.1 | (1.5 | ) | ||||||||||||
Consolidated operating ratio
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91.5 | % | 92.5 | % | (1.1 | )% |
Six Months
Ended |
Dollar
Change Ended
June 30,
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Percentage
Change
Six Months
Ended
June 30,
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||||||||||||||
(Dollars in thousands)
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2012
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2011
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2012 vs. 2011
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2012 vs. 2011
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||||||||||||
Operating revenue:
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||||||||||||||||
Truckload revenue, net of fuel surcharge revenue
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$ | 183,346 | $ | 171,610 | $ | 11,736 | 6.8 | % | ||||||||
Truckload fuel surcharge revenue
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51,374 | 47,614 | 3,760 | 7.9 | ||||||||||||
Total Truckload revenue
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234,720 | 219,224 | 15,496 | 7.1 | ||||||||||||
Logistics revenue, net of intermodal fuel surcharge revenue
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66,481 | 62,721 | 3,760 | 6.0 | ||||||||||||
Intermodal fuel surcharge revenue
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7,237 | 7,046 | 191 | 2.7 | ||||||||||||
Total Logistics revenue
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73,718 | 69,767 | 3,951 | 5.7 | ||||||||||||
Total operating revenue
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$ | 308,438 | $ | 288,991 | $ | 19,447 | 6.7 | % | ||||||||
Operating income:
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Truckload
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$ | 18,101 | $ | 14,923 | $ | 3,178 | 21.3 | % | ||||||||
Logistics
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4,701 | 4,045 | 656 | 16.2 | ||||||||||||
Total operating income
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$ | 22,802 | $ | 18,968 | $ | 3,834 | 20.2 | % | ||||||||
Operating ratio:
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||||||||||||||||
Truckload
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92.3 | % | 93.2 | % | (1.0 | )% | ||||||||||
Logistics
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93.6 | 94.2 | (0.6 | ) | ||||||||||||
Consolidated operating ratio
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92.6 | % | 93.4 | % | (0.9 | )% |
Three Months
Ended June 30,
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Six Months
Ended June 30,
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|||||||||||||||
2012
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2011 |
2012
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2011 | |||||||||||||
Truckload Segment: | ||||||||||||||||
Total Truckload revenue (in thousands)
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$ | 120,269 | $ | 115,163 | $ | 234,720 | $ | 219,224 | ||||||||
Average truckload revenue, net of fuel surcharges, per tractor per week(1)
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$ | 3,371 | $ | 3,198 | $ | 3,284 | $ | 3,129 | ||||||||
Average tractors(1)
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2,149 | 2,156 | 2,148 | 2,121 | ||||||||||||
Average miles per trip
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625 | 635 | 621 | 636 | ||||||||||||
Non-revenue miles percentage(2)
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11.3 | % | 10.8 | % | 11.2 | % | 10.5 | % | ||||||||
Total miles – company-employed drivers (in thousands)
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53,516 | 49,979 | 104,797 | 98,650 | ||||||||||||
Total miles – independent contractors (in thousands)
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1,355 | 1,944 | 2,619 | 4,075 | ||||||||||||
Logistics Segment:
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||||||||||||||||
Total Logistics revenue (in thousands)
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$ | 36,695 | $ | 35,972 | $ | 73,718 | $ | 69,767 | ||||||||
Brokerage:
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Marten Transport
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||||||||||||||||
Revenue (in thousands)
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$ | 12,958 | $ | 11,834 | $ | 26,664 | $ | 23,679 | ||||||||
Loads
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7,872 | 5,988 | 15,958 | 12,149 | ||||||||||||
MWL
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Revenue (in thousands)
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$ | 8,085 | $ | 8,472 | $ | 16,330 | $ | 16,239 | ||||||||
Loads
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4,537 | 4,673 | 8,219 | 8,507 | ||||||||||||
Intermodal:
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Revenue (in thousands)
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$ | 15,652 | $ | 15,666 | $ | 30,724 | $ | 29,849 | ||||||||
Loads
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6,043 | 5,927 | 11,885 | 11,556 | ||||||||||||
Average tractors
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54 | 73 | 55 | 71 | ||||||||||||
At June 30, 2012 and June 30, 2011:
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||||||||||||||||
Total tractors(1)
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2,201 | 2,257 | ||||||||||||||
Average age of company tractors (in years)
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2.0 | 2.5 | ||||||||||||||
Total trailers
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4,155 | 4,026 | ||||||||||||||
Average age of company trailers (in years)
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2.2 | 2.7 | ||||||||||||||
Ratio of trailers to tractors(1)
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1.9 | 1.8 |
Three Months
Ended June 30,
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Six Months
Ended June 30,
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|||||||||||||||
(In thousands)
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2012
|
2011
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2012
|
2011
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||||||||||||
Net cash provided by operating activities
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$ | 20,233 | $ | 14,465 | $ | 40,012 | $ | 42,456 | ||||||||
Net cash used for investing activities
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40,131 | 7,012 | 55,304 | 11,879 | ||||||||||||
Weighted average shares outstanding:
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||||||||||||||||
Basic
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22,066 | 21,984 | 22,050 | 21,974 | ||||||||||||
Diluted
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22,166 | 22,085 | 22,154 | 22,078 |
(1)
(2)
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Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 51 and 71 tractors as of June 30, 2012, and 2011, respectively.
Represents the percentage of miles for which the company is not compensated.
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