Marten Transport 8K Announces First Quarter Results | MRTN 18 Apr 13

Exhibit 99.1

MARTEN TRANSPORT ANNOUNCES FIRST QUARTER RESULTS

Net income improves 32.2% over first quarter of 2012; EPS at 32 cents

Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported a 32.2% increase in net income to $7.2 million, or 32 cents per diluted share, for the first quarter ended March 31, 2013, from $5.4 million, or 25 cents per diluted share, for the first quarter of 2012. It was Marten’s twelfth consecutive year-over-year increase in quarterly net income.

Operating revenue, consisting of revenue from truckload and logistics operations, increased to $164.5 million in the first quarter of 2013 from $151.5 million in the first quarter of 2012. Operating revenue, net of fuel surcharges, increased 8.2% to $132.7 million in the 2013 quarter from $122.6 million in the 2012 quarter. Fuel surcharge revenue increased to $31.7 million for the first quarter of 2013 from $28.8 million in the 2012 quarter.

Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharge revenue, improved to 90.6% for the first quarter of 2013 from 92.2% for the first quarter of 2012.

Chairman and Chief Executive Officer Randolph L. Marten said, “We were able to demonstrate the strength of our multifaceted business model with a 32.2% improvement in net earnings for the quarter on an 8.6% increase in operating revenue. These gains were in large part driven by Marten Transport’s continued strategic focus on customer solutions, cost efficiencies and improvements in equipment utilization, with disciplined execution reflecting the talent and teamwork of the people of Marten.”

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 MW Logistics, LLC, or 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.

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)	March 31, 2013			December 31, 2012

ASSETS
Current assets:
Cash and cash equivalents	$	9,041		$	3,473
Receivables:
Trade, net		65,990			66,239
Other		5,388			7,177
Prepaid expenses and other		13,466			15,490
Deferred income taxes		3,260			3,155
Total current assets		97,145			95,534
Property and equipment:
Revenue equipment, buildings and land,office equipment and other		560,017			551,136
Accumulated depreciation		(152,071	)		(156,660	)
Net property and equipment		407,946			394,476
Other assets		3,206			613
TOTAL ASSETS	$	508,297		$	490,623

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	47,718		$	33,062
Insurance and claims accruals		13,588			13,838
Total current liabilities		61,306			46,900
Long-term debt, less current maturities		-			2,726
Deferred income taxes		110,743			109,074
Total liabilities		172,049			158,700

Stockholders’ equity:
Marten Transport, Ltd. stockholders’ equity:
Preferred stock, $.01 par value per share;2,000,000 shares authorized; no sharesissued and outstanding		-			-
Common stock, $.01 par value per share;48,000,000 shares authorized; 22,121,505 sharesat March 31, 2013, and 22,109,619 shares atDecember 31, 2012, issued and outstanding		221			221
Additional paid-in capital		82,918			82,679
Retained earnings		253,109			246,460
Total Marten Transport, Ltd. stockholders’ equity		336,248			329,360
Noncontrolling interest		-			2,563
Total stockholders’ equity		336,248			331,923
TOTAL LIABILITIES ANDSTOCKHOLDERS’ EQUITY	$	508,297		$	490,623

MARTEN TRANSPORT, LTD.

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended March 31,
(In thousands, except per share information)	2013			2012

OPERATING REVENUE	$	164,474		$	151,474

OPERATING EXPENSES (INCOME):
Salaries, wages and benefits		42,125			38,271
Purchased transportation		34,184			29,859
Fuel and fuel taxes		40,323			39,124
Supplies and maintenance		9,533			9,536
Depreciation		15,688			14,535
Operating taxes and licenses		1,770			1,582
Insurance and claims		5,811			5,822
Communications and utilities		1,283			1,211
Gain on disposition of revenue equipment		(2,415	)		(1,525	)
Other		3,634			3,540

Total operating expenses		151,936			141,955

OPERATING INCOME		12,538			9,519

NET INTEREST INCOME		(15	)		(21	)

INCOME BEFORE INCOME TAXES		12,553			9,540
Less: Income before income taxesattributable to noncontrolling interest		84			161

INCOME BEFORE INCOME TAXESATTRIBUTABLE TO MARTENTRANSPORT, LTD.		12,469			9,379

PROVISION FOR INCOME TAXES		5,267			3,933

NET INCOME	$	7,202		$	5,446

BASIC EARNINGS PER COMMON SHARE	$	0.33		$	0.25

DILUTED EARNINGS PER COMMON SHARE	$	0.32		$	0.25

DIVIDENDS PAID PER COMMON SHARE	$	0.025		$	0.02

MARTEN TRANSPORT, LTD.

SEGMENT INFORMATION

(Unaudited)

	Three Months Ended March 31,						Dollar Change Three Months Ended March 31,		Percentage Change Three Months Ended March 31,
(Dollars in thousands)	2013			2012			2013 vs. 2012		2013 vs. 2012
Operating revenue:
Truckload revenue, net of fuel surchargerevenue	$	94,965		$	89,198		$	5,767		6.5	%
Truckload fuel surcharge revenue		26,769			25,253			1,516		6.0
Total Truckload revenue		121,734			114,451			7,283		6.4

Logistics revenue, net of intermodal fuelsurcharge revenue		37,760			33,436			4,324		12.9
Intermodal fuel surcharge revenue		4,980			3,587			1,393		38.8
Total Logistics revenue		42,740			37,023			5,717		15.4

Total operating revenue	$	164,474		$	151,474		$	13,000		8.6	%

Operating income:
Truckload	$	10,000		$	7,128		$	2,872		40.3	%
Logistics		2,538			2,391			147		6.1
Total operating income	$	12,538		$	9,519		$	3,019		31.7	%

Operating ratio:
Truckload		91.8	%		93.8	%				(2.1	)%
Logistics		94.1			93.5					0.6
Consolidated operating ratio		92.4	%		93.7	%				(1.4	)%

MARTEN TRANSPORT, LTD.

OPERATING STATISTICS

(Unaudited)

	Three Months Ended March 31,
		2013			2012
Truckload Segment:
Total Truckload revenue (in thousands)	$	121,734		$	114,451
Average truckload revenue, net of fuel surcharges, pertractor per week⁽¹⁾	$	3,368		$	3,197
Average tractors⁽¹⁾		2,193			2,146
Average miles per trip		627			618
Non-revenue miles percentage⁽²⁾		10.7	%		11.0	%
Total miles – company-employed drivers (in thousands)		54,895			51,281
Total miles – independent contractors (in thousands)		941			1,264

Logistics Segment:
Total Logistics revenue (in thousands)	$	42,740		$	37,023
Brokerage:
Marten Transport
Revenue (in thousands)	$	14,469		$	13,706
Loads		9,430			8,086
MWL
Revenue (in thousands)	$	6,676		$	8,245
Loads		3,758			3,682
Intermodal:
Revenue (in thousands)	$	21,595		$	15,072
Loads		8,590			5,842
Average tractors		78			56

At March 31, 2013 and March 31, 2012:
Total tractors⁽¹⁾		2,256			2,141
Average age of company tractors (in years)		1.8			2.4
Total trailers		4,115			4,035
Average age of company trailers (in years)		2.4			2.3
Ratio of trailers to tractors⁽¹⁾		1.8			1.9

	Three Months Ended March 31,
(In thousands)		2013		2012

Net cash provided by operating activities	$	21,994	$	19,779
Net cash used for investing activities		13,085		15,173

Weighted average shares outstanding:
Basic		22,121		22,033
Diluted		22,214		22,141

(1)	Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 49 and 52 tractors as of March 31, 2013, and 2012, respectively.

(2)	Represents the percentage of miles for which the company is not compensated.

Marten Transport (MRTN) 8-KMarten Transport Announces First Quarter Results