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) | Financial Statements of Businesses Acquired.
Not Applicable.
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(b) | Pro Forma Financial Information.
Not Applicable.
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(c) | Shell Company Transactions.
Not Applicable.
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(d) | Exhibits. | |
Exhibit No.
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Description
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99.1 | Press Release dated October 16, 2012 (included herewith). |
MARTEN TRANSPORT, LTD.
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|||
Dated: October 17, 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 October 16, 2012 (included herewith).
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(In thousands, except share information)
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September 30,
2012
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December 31,
2011
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||||||
ASSETS
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||||||||
Current assets:
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||||||||
Cash and cash equivalents
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$ | 5,127 | $ | 20,821 | ||||
Receivables:
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||||||||
Trade, net
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68,841 | 59,385 | ||||||
Other
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4,738 | 3,430 | ||||||
Prepaid expenses and other
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13,186 | 15,426 | ||||||
Deferred income taxes
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2,431 | 2,738 | ||||||
Total current assets
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94,323 | 101,800 | ||||||
Property and equipment:
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||||||||
Revenue equipment, buildings and land, office equipment and other
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556,323 | 523,974 | ||||||
Accumulated depreciation
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(149,280 | ) | (155,774 | ) | ||||
Net property and equipment
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407,043 | 368,200 | ||||||
Other assets
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606 | 579 | ||||||
TOTAL ASSETS
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$ | 501,972 | $ | 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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$ | 40,782 | $ | 33,343 | ||||
Insurance and claims accruals
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13,327 | 13,042 | ||||||
Total current liabilities
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54,109 | 46,385 | ||||||
Deferred income taxes
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107,251 | 103,835 | ||||||
Total liabilities
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161,360 | 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, $.01 par value per share; 48,000,000 shares authorized; 22,071,249 shares at September 30, 2012, and 21,984,597 shares at December 31, 2011, issued and outstanding
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221 | 220 | ||||||
Additional paid-in capital
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82,090 | 80,078 | ||||||
Retained earnings
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255,875 | 237,872 | ||||||
Total Marten Transport, Ltd. stockholders' equity
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338,186 | 318,170 | ||||||
Noncontrolling interest
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2,426 | 2,189 | ||||||
Total stockholders' equity
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340,612 | 320,359 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
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$ | 501,972 | $ | 470,579 |
Three Months
Ended September 30,
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Nine Months
Ended September 30,
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|||||||||||||||
(In thousands, except per share information)
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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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$ | 163,606 | $ | 156,348 | $ | 472,044 | $ | 445,339 | ||||||||
OPERATING EXPENSES (INCOME):
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||||||||||||||||
Salaries, wages and benefits
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42,352 | 37,775 | 120,021 | 108,287 | ||||||||||||
Purchased transportation
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32,428 | 31,354 | 92,021 | 89,362 | ||||||||||||
Fuel and fuel taxes
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43,020 | 40,590 | 121,659 | 115,845 | ||||||||||||
Supplies and maintenance
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10,581 | 11,030 | 29,958 | 30,466 | ||||||||||||
Depreciation
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15,537 | 14,758 | 45,114 | 42,358 | ||||||||||||
Operating taxes and licenses
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1,694 | 1,644 | 4,893 | 4,577 | ||||||||||||
Insurance and claims
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4,809 | 4,617 | 15,816 | 13,330 | ||||||||||||
Communications and utilities
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1,265 | 1,168 | 3,637 | 3,396 | ||||||||||||
Gain on disposition of revenue equipment
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(1,349 | ) | (1,084 | ) | (4,053 | ) | (2,819 | ) | ||||||||
Other
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3,429 | 3,385 | 10,336 | 10,458 | ||||||||||||
Total operating expenses
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153,766 | 145,237 | 439,402 | 415,260 | ||||||||||||
OPERATING INCOME
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9,840 | 11,111 | 32,642 | 30,079 | ||||||||||||
NET INTEREST INCOME
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(6 | ) | (18 | ) | (40 | ) | (6 | ) | ||||||||
INCOME BEFORE INCOME TAXES
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9,846 | 11,129 | 32,682 | 30,085 | ||||||||||||
Less: Income before income taxes attributable to noncontrolling interest
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61 | 318 | 467 | 708 | ||||||||||||
INCOME BEFORE INCOME TAXES ATTRIBUTABLE TO MARTEN TRANSPORT, LTD.
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9,785 | 10,811 | 32,215 | 29,377 | ||||||||||||
PROVISION FOR INCOME TAXES
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3,267 | 4,478 | 12,667 | 12,755 | ||||||||||||
NET INCOME
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$ | 6,518 | $ | 6,333 | $ | 19,548 | $ | 16,622 | ||||||||
BASIC EARNINGS PER COMMON SHARE
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$ | 0.30 | $ | 0.29 | $ | 0.89 | $ | 0.76 | ||||||||
DILUTED EARNINGS PER COMMON SHARE
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$ | 0.29 | $ | 0.29 | $ | 0.88 | $ | 0.75 | ||||||||
DIVIDENDS PAID PER COMMON SHARE
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$ | 0.025 | $ | 0.02 | $ | 0.07 | $ | 0.06 |
Three Months
Ended
September 30,
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Dollar
Change
Three Months
Ended
September 30,
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Percentage
Change
Three Months
Ended
September 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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$ | 96,938 | $ | 92,003 | $ | 4,935 | 5.4 | % | ||||||||
Truckload fuel surcharge revenue
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25,931 | 24,849 | 1,082 | 4.4 | ||||||||||||
Total Truckload revenue
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122,869 | 116,852 | 6,017 | 5.1 | ||||||||||||
Logistics revenue, net of intermodal fuel surcharge revenue
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36,408 | 35,500 | 908 | 2.6 | ||||||||||||
Intermodal fuel surcharge revenue
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4,329 | 3,996 | 333 | 8.3 | ||||||||||||
Total Logistics revenue
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40,737 | 39,496 | 1,241 | 3.1 | ||||||||||||
Total operating revenue
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$ | 163,606 | $ | 156,348 | $ | 7,258 | 4.6 | % | ||||||||
Operating income:
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Truckload
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$ | 7,938 | $ | 9,174 | $ | (1,236 | ) | (13.5 | )% | |||||||
Logistics
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1,902 | 1,937 | (35 | ) | (1.8 | ) | ||||||||||
Total operating income
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$ | 9,840 | $ | 11,111 | $ | (1,271 | ) | (11.4 | )% | |||||||
Operating ratio:
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Truckload
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93.5 | % | 92.1 | % | 1.5 | % | ||||||||||
Logistics
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95.3 | 95.1 | 0.2 | |||||||||||||
Consolidated operating ratio
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94.0 | % | 92.9 | % | 1.2 | % |
Nine Months
Ended
September 30,
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Dollar
Change
Nine Months
Ended
September 30,
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Percentage
Change
Nine Months
Ended
September 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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$ | 280,284 | $ | 263,613 | $ | 16,671 | 6.3 | % | ||||||||
Truckload fuel surcharge revenue
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77,305 | 72,463 | 4,842 | 6.7 | ||||||||||||
Total Truckload revenue
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357,589 | 336,076 | 21,513 | 6.4 | ||||||||||||
Logistics revenue, net of intermodal fuel surcharge revenue
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102,889 | 98,221 | 4,668 | 4.8 | ||||||||||||
Intermodal fuel surcharge revenue
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11,566 | 11,042 | 524 | 4.7 | ||||||||||||
Total Logistics revenue
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114,455 | 109,263 | 5,192 | 4.8 | ||||||||||||
Total operating revenue
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$ | 472,044 | $ | 445,339 | $ | 26,705 | 6.0 | % | ||||||||
Operating income:
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Truckload
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$ | 26,039 | $ | 24,097 | $ | 1,942 | 8.1 | % | ||||||||
Logistics
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6,603 | 5,982 | 621 | 10.4 | ||||||||||||
Total operating income
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$ | 32,642 | $ | 30,079 | $ | 2,563 | 8.5 | % | ||||||||
Operating ratio:
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Truckload
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92.7 | % | 92.8 | % | (0.1 | )% | ||||||||||
Logistics
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94.2 | 94.5 | (0.3 | ) | ||||||||||||
Consolidated operating ratio
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93.1 | % | 93.2 | % | (0.1 | )% |
Three Months
Ended September 30,
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Nine Months
Ended September 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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Truckload Segment:
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Total Truckload revenue (in thousands)
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$ | 122,869 | $ | 116,852 | $ | 357,589 | $ | 336,076 | ||||||||
Average truckload revenue, net of fuel surcharges, per tractor per week(1)
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$ | 3,398 | $ | 3,168 | $ | 3,322 | $ | 3,143 | ||||||||
Average tractors(1)
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2,171 | 2,210 | 2,155 | 2,151 | ||||||||||||
Average miles per trip
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630 | 617 | 624 | 629 | ||||||||||||
Non-revenue miles percentage(2)
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11.4 | % | 11.4 | % | 11.2 | % | 10.8 | % | ||||||||
Total miles – company-employed drivers (in thousands)
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54,903 | 51,433 | 159,700 | 150,083 | ||||||||||||
Total miles – independent contractors (in thousands)
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1,067 | 1,513 | 3,686 | 5,588 | ||||||||||||
Logistics Segment:
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Total Logistics revenue (in thousands)
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$ | 40,737 | $ | 39,496 | $ | 114,455 | $ | 109,263 | ||||||||
Brokerage:
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Marten Transport
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Revenue (in thousands)
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$ | 13,076 | $ | 12,116 | $ | 39,740 | $ | 35,795 | ||||||||
Loads
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8,172 | 6,336 | 24,130 | 18,485 | ||||||||||||
MWL
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Revenue (in thousands)
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$ | 7,576 | $ | 9,215 | $ | 23,906 | $ | 25,454 | ||||||||
Loads
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4,260 | 4,672 | 12,479 | 13,179 | ||||||||||||
Intermodal:
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Revenue (in thousands)
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$ | 20,085 | $ | 18,165 | $ | 50,809 | $ | 48,014 | ||||||||
Loads
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7,642 | 6,508 | 19,527 | 18,064 | ||||||||||||
Average tractors
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68 | 80 | 59 | 74 | ||||||||||||
At September 30, 2012 and September 30, 2011:
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Total tractors(1)
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2,267 | 2,302 | ||||||||||||||
Average age of company tractors (in years)
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2.0 | 2.5 | ||||||||||||||
Total trailers
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4,166 | 4,018 | ||||||||||||||
Average age of company trailers (in years)
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2.2 | 2.5 | ||||||||||||||
Ratio of trailers to tractors(1)
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1.8 | 1.7 |
Three Months
Ended September 30,
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Nine Months
Ended September 30,
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(In thousands)
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2012
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2011
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2012
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2011
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Net cash provided by operating activities
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$ | 22,777 | $ | 18,288 | $ | 62,789 | $ | 60,744 | ||||||||
Net cash used for investing activities
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22,302 | 12,193 | 77,606 | 24,072 | ||||||||||||
Weighted average shares outstanding:
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Basic
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22,071 | 21,985 | 22,057 | 21,978 | ||||||||||||
Diluted
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22,148 | 22,074 | 22,150 | 22,078 |