Marten Transport: Announces second quarter results

MONDOVI, Wis., July 16, 2013 (GLOBE NEWSWIRE) — Marten Transport, Ltd.
(Nasdaq:MRTN) today reported an increase in net income to $7.7 million,
or 23 cents per diluted share, for the second quarter ended June 30,
2013, from $7.6 million, or 23 cents per diluted share, for the second
quarter of 2012. For the six-month period ended June 30, 2013, net
income increased 14.1% to $14.9 million, or 45 cents per diluted share,
from $13.0 million, or 39 cents per diluted share, in the 2012
six-month period.

Operating revenue, consisting of revenue from truckload and logistics
operations, increased to $161.4 million in the second quarter of 2013
from $157.0 million in the second quarter of 2012, and increased to
$325.9 million in the 2013 six-month period from $308.4 million in the
2012 six-month period. Operating revenue, net of fuel surcharges and MW
Logistics, LLC (MWL) revenue, increased 8.9% to $129.7 million in the
2013 quarter from $119.1 million in the 2012 quarter, and increased
9.5% to $255.8 million in the 2013 six-month period from $233.5 million
in the 2012 six-month period. Fuel surcharge revenue increased to $31.7
million for the second quarter of 2013 from $29.8 million in the 2012
quarter, and increased to $63.4 million for the 2013 six-month period
from $58.6 million for the 2012 six-month period. With the March 2013
deconsolidation of MWL, no MWL revenue was included in the second
quarter of 2013 compared with $8.1 million in the 2012 quarter. MWL
revenue included in the first six months of 2013 decreased by $9.7
million from the first six months of last year with the
deconsolidation.

Operating expenses as a percentage of operating revenue, with both
amounts net of fuel surcharge revenue, was 89.9% for the second quarter
of 2013, second only over the past 27 quarters to the 89.6% ratio
achieved in the second quarter of 2012. The ratio improved to 90.2% for
the 2013 six-month period from 90.9% for the 2012 six-month period.

Chairman and Chief Executive Officer Randolph L. Marten said, “We
continue to grow and expand our business despite continued slow
economic growth and a challenging rate environment. Our total
truckload, intermodal and broker loads were up 13.2% in the second
quarter of 2013 over the prior year’s quarter. We believe the strong
positioning of our truckload operations has continued to pay benefits,
including a 2.8% increase in miles per tractor and a 2.6% increase in
revenue per tractor over the second quarter of 2012. These increases
were on top of the 6.0% and 5.4% improvements in these measurements in
the second quarter of 2012 over the second quarter of 2011. This
continued improvement in efficiency helped us achieve our thirteenth
consecutive year-over-year increase in quarterly net income.”

On May 13, 2013, Marten Transport announced that its Board of Directors
had declared a three-for-two stock split of the company’s common stock.
The stock split was effected in the form of a stock dividend payable on
June 14, 2013, to stockholders of record as of May 28, 2013. Holders of
the company’s common stock received an additional one-half share for
each outstanding share of common stock held as of the record date.

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.

Since 2004, Marten Transport’s results and consolidated financial
statements have included the accounts of MWL, a third-party provider of
logistics services to the transportation industry. On March 28, 2013, a
member of MWL made a capital contribution to MWL. Accordingly,
effective as of that date, Marten was no longer the primary
beneficiary, deconsolidated MWL and started accounting for its
ownership interest in MWL under the equity method of accounting.

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, 2012. The
Company undertakes no obligation to correct or update any
forward-looking statements, whether as a result of new information,
future events or otherwise.