0001437749-13-000636.txt : 20130123 0001437749-13-000636.hdr.sgml : 20130123 20130123142110 ACCESSION NUMBER: 0001437749-13-000636 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130122 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130123 DATE AS OF CHANGE: 20130123 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MARTEN TRANSPORT LTD CENTRAL INDEX KEY: 0000799167 STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING (NO LOCAL) [4213] IRS NUMBER: 391140809 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-15010 FILM NUMBER: 13542437 BUSINESS ADDRESS: STREET 1: 129 MARTEN ST CITY: MONDOVI STATE: WI ZIP: 54755 BUSINESS PHONE: 7159264216 MAIL ADDRESS: STREET 1: 3400 PLAZA VII STREET 2: 45 SOUTH SEVENTH ST CITY: MINNEAPOLIS STATE: MN ZIP: 55402 8-K 1 marten_8k-012213.htm FORM 8-K marten_8k-012213.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
 
Date of Report (Date of earliest event reported):
January 22, 2013
 
 
MARTEN TRANSPORT, LTD.
(Exact name of registrant as specified in its charter)
 
Delaware
  
0-15010
  
39-1140809
(State or other jurisdiction of incorporation)
  
(Commission File Number)
  
(I.R.S. Employer Identification Number)
 
129 Marten Street
Mondovi, Wisconsin
  
54755
(Address of principal executive offices)
  
(Zip Code)
 
(715) 926-4216
(Registrant’s telephone number, including area code)
 
Not applicable.
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 
 
 

Section 2 – Financial Information
 
Item 2.02.  Results of Operations and Financial Condition.
 
On January 22, 2013, the company issued a press release announcing financial results for the quarter and year ended December 31, 2012.  Attached hereto as Exhibit 99.1 is a copy of the company’s press release dated January 22, 2013 announcing the company’s financial results for this period.
 
The press release also includes a discussion of operating revenue, net of fuel surcharge revenue; operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharge revenue; and logistics revenue, net of intermodal fuel surcharge revenue.  The company provided these additional disclosures because management believes removing these sources of revenue provides a more consistent basis for comparing results of operations from period to period.  These financial measures in the press release have not been determined in accordance with generally accepted accounting principles (“GAAP”).  Pursuant to Regulation G, the company has included a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures.  For the discussion of operating revenue, net of fuel surcharge revenue; operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharge revenue; and logistics revenue, net of intermodal fuel surcharge revenue, the most directly comparable GAAP financial measures are operating revenue, operating expenses divided by operating revenue, and logistics revenue, respectively, which are reconciled in the attached Exhibit 99.1.
 
The information contained in this report and the exhibit hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
 
Section 9 – Financial Statements and Exhibits
 
Item 9.01. Financial Statements and Exhibits.
 
 
(a) 
Financial Statements of Businesses Acquired.
 
Not Applicable.
 
 
(b) 
Pro Forma Financial Information.
 
Not Applicable.
 
 
(c) 
Shell Company Transactions.
 
Not Applicable.
 
 
(d) 
Exhibits.
 
Exhibit No.
Description
   
99.1
Press Release dated January 22, 2013 (included herewith).

 
 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
MARTEN TRANSPORT, LTD.
  
       
Dated: January 23, 2013
By:
/s/ James J. Hinnendael  
   
James J. Hinnendael
Its: Chief Financial Officer
  
       
       
 
 
 
 
2
 
 
MARTEN TRANSPORT, LTD.
 
FORM 8-K
 
INDEX TO EXHIBITS

Exhibit No.   Description
99.1   Press Release dated January 22, 2013 (included herewith).

 
 
 
 
 
 
3
 EX-99.1 2 ex99-1.htm EXHIBIT 99.1 ex99-1.htm
Exhibit 99.1
 
MARTEN TRANSPORT ANNOUNCES RECORD RESULTS FOR FOURTH QUARTER AND YEAR
Net income improves 12.3% in 2012
 
Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported the highest net income for any quarter and year in the Company’s history.  Net income improved 12.3% in 2012 to a record $27.3 million, or $1.23 per diluted share, from $24.3 million, or $1.10 per diluted share, a year earlier.  For the fourth quarter of 2012, net income increased to $7,719,000 from $7,663,000 for the fourth quarter of 2011, Marten’s previous record.  Diluted earnings per share were 35 cents for each quarter.  It was also Marten’s eleventh consecutive year-over-year increase in quarterly net income.

Operating revenue, consisting of revenue from truckload and logistics operations, increased to $166.4 million in the fourth quarter of 2012 from $158.3 million in the fourth quarter of 2011, and increased to $638.5 million in 2012 from $603.7 million in 2011. Operating revenue, net of fuel surcharges, increased 4.1% to $134.2 million in the 2012 quarter from $128.8 million in the 2011 quarter, and increased 5.4% to $517.3 million in 2012 from $490.7 million in 2011.  Fuel surcharge revenue increased to $32.2 million for the fourth quarter of 2012 from $29.5 million in the 2011 quarter, and increased to $121.1 million for 2012 from $113.0 million in 2011.

Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharge revenue, increased slightly to 90.2% for the fourth quarter of 2012 from 89.9% for the fourth quarter of 2011, and improved to 91.1% for 2012 from 91.2% for 2011.

Chairman and Chief Executive Officer Randolph L. Marten said, “We are encouraged by our continued solid results which are driven by our ongoing profitable development and growth of our regional, intermodal, brokerage and MRTN de Mexico operations in collaborative relationships with our customers.  I want to recognize the efforts of our employees whose smart, hard work and dedication has continuously improved our productivity and efficiency processes while aggressively controlling our costs.”

Marten Transport, with headquarters in Mondovi, Wis., is one of the leading temperature-sensitive truckload carriers in the United States.  Marten specializes in transporting and distributing food and other consumer packaged goods that require a temperature-controlled or insulated environment.  Marten offers service in the United States, Canada and Mexico, concentrating on expedited movements for high-volume customers.  Marten’s common stock is traded on the Nasdaq Global Select Market under the symbol MRTN.

This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements by their nature involve substantial risks and uncertainties, and actual results may differ materially from those expressed in such forward-looking statements. Important factors known to the Company that could cause actual results to differ materially from those discussed in the forward-looking statements are discussed in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2011. The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACTS: Tim Kohl, President, and Jim Hinnendael, Chief Financial Officer, of Marten Transport, Ltd., 715-926-4216.
 
 
 
 
 
MARTEN TRANSPORT, LTD.
CONSOLIDATED CONDENSED BALANCE SHEETS
 (Unaudited)
 
(In thousands, except share information)
  
December 31,
2012
    
December 31,
2011
  
ASSETS
            
Current assets:
            
Cash and cash equivalents
   $ 3,473     $ 20,821  
Receivables:
                
Trade, net
     66,239       59,385  
Other
     7,177       3,430  
Prepaid expenses and other
     15,490       15,426  
Deferred income taxes
     3,155       2,738  
Total current assets
     95,534       101,800  
Property and equipment:
                
Revenue equipment, buildings and land, office equipment and other
     551,136       523,974  
Accumulated depreciation
     (156,660 )     (155,774 )
Net property and equipment
     394,476       368,200  
Other assets
     613       579  
TOTAL ASSETS
   $ 490,623     $ 470,579  
LIABILITIES AND STOCKHOLDERS’ EQUITY
                
Current liabilities:
                
Accounts payable and accrued liabilities
   $ 33,062     $ 33,343  
Insurance and claims accruals
     13,838       13,042  
Total current liabilities
     46,900       46,385  
Long-term debt, less current maturities
     2,726       -  
Deferred income taxes
     109,074       103,835  
Total liabilities
     158,700       150,220  
Stockholders’ equity:
                
Marten Transport, Ltd. stockholders’ equity:
                
Preferred stock, $.01 par value per share; 2,000,000 shares authorized; no shares issued and outstanding
     -       -  
Common stock, $.01 par value per share; 48,000,000 shares authorized; 22,109,619 shares at December 31, 2012, and 21,984,597 shares at December 31, 2011, issued and outstanding
     221       220  
Additional paid-in capital
     82,679       80,078  
Retained earnings
     246,460       237,872  
Total Marten Transport, Ltd. stockholders’ equity
     329,360       318,170  
Noncontrolling interest
     2,563       2,189  
Total stockholders’ equity
     331,923       320,359  
TOTAL LIABILITIES AND
                
STOCKHOLDERS’ EQUITY
   $ 490,623     $ 470,579  
 
 
 
 
 
MARTEN TRANSPORT, LTD.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
 
(In thousands, except per share information)
  
Three Months
Ended December 31,
    
Year
Ended December 31,
  
    2012     2011     2012     2011  
OPERATING REVENUE
   $ 166,412     $ 158,340     $ 638,456     $ 603,679  
OPERATING EXPENSES (INCOME):
                                
Salaries, wages and benefits
     43,221       39,359       163,242       147,646  
Purchased transportation
     32,248       30,970       124,269       120,332  
Fuel and fuel taxes
     41,937       39,750       163,596       155,595  
Supplies and maintenance
     9,961       9,845       39,919       40,311  
Depreciation
     15,790       15,173       60,904       57,531  
Operating taxes and licenses
     1,848       1,796       6,741       6,373  
Insurance and claims
     4,902       4,840       20,718       18,170  
Communications and utilities
     1,302       1,209       4,939       4,605  
Gain on disposition of revenue equipment
     (1,249 )     (981 )     (5,302 )     (3,800 )
Other
     3,241       3,428       13,577       13,886  
Total operating expenses
     153,201       145,389       592,603       560,649  
OPERATING INCOME
     13,211       12,951       45,853       43,030  
NET INTEREST INCOME
     (8 )     (18 )     (48 )     (24 )
INCOME BEFORE INCOME TAXES
     13,219       12,969       45,901       43,054  
Less: Income before income taxes attributable to noncontrolling interest
     30       99       497       807  
INCOME BEFORE INCOME TAXES ATTRIBUTABLE TO MARTEN TRANSPORT, LTD.
     13,189       12,870       45,404       42,247  
PROVISION FOR INCOME TAXES
     5,470       5,207       18,137       17,962  
NET INCOME
   $ 7,719     $ 7,663     $ 27,267     $ 24,285  
BASIC EARNINGS PER COMMON SHARE
   $ 0.35     $ 0.35     $ 1.24     $ 1.10  
DILUTED EARNINGS PER COMMON SHARE
   $ 0.35     $ 0.35     $ 1.23     $ 1.10  
DIVIDENDS PAID PER COMMON SHARE
   $ 0.775     $ 0.02     $ 0.845     $ 0.08  
 
 
 
 
 
MARTEN TRANSPORT, LTD.
SEGMENT INFORMATION
(Unaudited)
 
(Dollars in thousands)
  
Three Months
Ended
December 31,
    
Dollar
Change
Three Months
Ended
December 31,
   
Percentage
Change
Three Months
Ended
December 31,
 
      2012     2011     2012 vs. 2011     2012 vs. 2011  
Operating revenue:
                          
Truckload revenue, net of fuel surcharge revenue
   $ 98,099     $ 94,174     $ 3,925       4.2 %
Truckload fuel surcharge revenue
     27,635       25,597       2,038       8.0  
Total Truckload revenue
     125,734       119,771       5,963       5.0  
Logistics revenue, net of intermodal fuel surcharge revenue
     36,071       34,669       1,402       4.0  
Intermodal fuel surcharge revenue
     4,607       3,900       707       18.1  
Total Logistics revenue
     40,678       38,569       2,109       5.5  
Total operating revenue
   $ 166,412     $ 158,340     $ 8,072       5.1 %
Operating income:
                                
Truckload
   $ 10,766     $ 11,201     $ (435 )     (3.9 )%
Logistics
     2,445       1,750       695       39.7  
Total operating income
   $ 13,211     $ 12,951     $ 260       2.0 %
Operating ratio:
                                
Truckload
     91.4 %     90.6 %             0.9 %
Logistics
     94.0       95.5               (1.6 )
Consolidated operating ratio
     92.1 %     91.8 %             0.3 %
 
 
 
 
 
MARTEN TRANSPORT, LTD.
SEGMENT INFORMATION
(Unaudited)
 
(Dollars in thousands)
  
Year Ended
December 31,
    
Dollar
Change
Year Ended
December 31,
    
Percentage
Change
Year Ended
December 31,
  
    2012     2011    
2012 vs. 2011
    
2012 vs. 2011
  
Operating revenue:
                          
Truckload revenue, net of fuel surcharge revenue
   $ 378,383     $ 357,787     $ 20,596       5.8 %
Truckload fuel surcharge revenue
     104,940       98,060       6,880       7.0  
Total Truckload revenue
     483,323       455,847       27,476       6.0  
Logistics revenue, net of intermodal fuel surcharge revenue
     138,960       132,890       6,070       4.6  
Intermodal fuel surcharge revenue
     16,173       14,942       1,231       8.2  
Total Logistics revenue
     155,133       147,832       7,301       4.9  
Total operating revenue
   $ 638,456     $ 603,679     $ 34,777       5.8 %
Operating income:
                                
Truckload
   $ 36,805     $ 35,298     $ 1,507       4.3 %
Logistics
     9,048       7,732       1,316       17.0  
Total operating income
   $ 45,853     $ 43,030     $ 2,823       6.6 %
Operating ratio:
                                
Truckload
     92.4 %     92.3 %             0.1 %
Logistics
     94.2       94.8               (0.6 )
Consolidated operating ratio
     92.8 %     92.9 %             (0.1 )%
 
 
 
 

MARTEN TRANSPORT, LTD.
OPERATING STATISTICS
(Unaudited)
 
   
Three Months
Ended December 31,
    
Year
Ended December 31,
  
   
2012
     2011    
2012
     2011  
Truckload Segment:
                        
Total Truckload revenue (in thousands)
   $ 125,734     $ 119,771     $ 483,323     $ 455,847  
Average truckload revenue, net of fuel surcharges, per tractor per week(1)
   $ 3,389     $ 3,219     $ 3,339     $ 3,162  
Average tractors(1)
     2,202       2,226       2,167       2,170  
Average miles per trip
     623       617       624       626  
Non-revenue miles percentage(2)
     11.4 %     10.6 %     11.3 %     10.8 %
Total miles – company-employed drivers (in thousands)
     56,042       52,753       215,742       202,836  
Total miles – independent contractors (in thousands)
     897       1,253       4,583       6,841  
Logistics Segment:
                                
Total Logistics revenue (in thousands)
   $ 40,678     $ 38,569     $ 155,133     $ 147,832  
Brokerage:
                                
Marten Transport
                                
Revenue (in thousands)
   $ 13,421     $ 12,559     $ 53,161     $ 48,354  
Loads
     8,403       6,927       32,533       25,412  
MWL
                                
Revenue (in thousands)
   $ 6,742     $ 9,009     $ 30,648     $ 34,463  
Loads
     3,641       4,015       16,120       17,194  
Intermodal:
                                
Revenue (in thousands)
   $ 20,515     $ 17,001     $ 71,324     $ 65,015  
Loads
     7,961       6,238       27,488       24,302  
Average tractors
     73       79       63       75  
At December 31, 2012 and December 31, 2011:
                                
Total tractors(1)
     2,252       2,281                  
Average age of company tractors (in years)
     2.0       2.6                  
Total trailers
     4,170       4,124                  
Average age of company trailers (in years)
     2.2       2.4                  
Ratio of trailers to tractors(1)
     1.9       1.8                  
 
   
Three Months
Ended December 31,
    
Year
Ended December 31,
  
(In thousands)
     2012       2011       2012       2011  
Net cash provided by operating activities
   $ 22,750     $ 25,462     $ 85,539     $ 86,206  
Net cash used for investing activities
     10,509       24,199       88,115       48,271  
Weighted average shares outstanding:
                                
Basic
     22,083       21,985       22,064       21,979  
Diluted
     22,157       22,062       22,150       22,075  
 
(1)
Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided36 and 48 tractors as of December 31, 2012, and 2011, respectively.
(2)
Represents the percentage of miles for which the company is not compensated.