Marten Transport 8K Announces First Quarter Results | MRTN 16 Apr 14

Exhibit 99.1

MARTEN TRANSPORT ANNOUNCES FIRST QUARTER RESULTS

Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported net income of $5.3 million, or 16 cents per diluted share, in the first quarter ended March 31, 2014, compared with $7.2 million, or 22 cents per diluted share, in the first quarter of 2013.

Operating revenue, consisting of revenue from truckload and logistics operations, decreased to $159.4 million in the first quarter of 2014 from $164.5 million in the first quarter of 2013. Operating revenue, net of fuel surcharges and MW Logistics, LLC (MWL) revenue, improved 1.2% to $127.5 million in the 2014 quarter from $126.0 million in the 2013 quarter. Fuel surcharge revenue increased to $31.9 million in the first quarter of 2014 from $31.7 million in the 2013 quarter. With the March 2013 deconsolidation of MWL, no MWL revenue was included in the first quarter of 2014 compared with $6.7 million in the 2013 quarter.

Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharge revenue, increased to 93.2% in the first quarter of 2014 from 90.6% in the first quarter of 2013. A reduction in the gain on disposition of revenue equipment and an increase in supplies and maintenance compared with the first quarter of 2013 increased the 2014 ratio by 210 basis points.

“Our results reflect the impact of the severe weather conditions that greatly hindered each of our operating segments in this year’s first quarter,” said Chairman and Chief Executive Officer Randolph L. Marten. “The conditions were unusually harsh and widespread, significantly affecting both freight volumes and operating costs.”

“However, we are better positioned than ever for the remainder of 2014 and beyond based on the current freight environment and the continued improvements we are driving in freight network efficiencies within our diverse service infrastructure. As evidence of this, despite tough conditions we still increased our tractor utilization and improved our revenue per tractor 3.9% over the first quarter of 2013.”

“We are pleased to again be named to Forbes magazine’s list of America’s 100 Most Trustworthy Companies, making us one of only four companies to be named for the fourth time in the last five years surveyed.” GMI Ratings compiled the list for Forbes by evaluating more than 8,000 U.S. exchange-listed companies with market capitalizations of at least $250 million and recognized the 100 companies with the top Accounting and Governance Risk scores, which assess the integrity, transparency and reliability of companies’ financial reporting and governance practices.

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, 2013. 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, 2014			December 31, 2013

ASSETS
Current assets:
Cash and cash equivalents	$	19,315		$	13,650
Receivables:
Trade, net		70,306			70,869
Other		2,212			4,142
Prepaid expenses and other		13,366			15,274
Deferred income taxes		3,479			3,415
Total current assets		108,678			107,350

Property and equipment:
Revenue equipment, buildings and land,office equipment and other		596,031			579,925
Accumulated depreciation		(171,886	)		(164,916	)
Net property and equipment		424,145			415,009
Other assets		3,489			3,443
TOTAL ASSETS	$	536,312		$	525,802

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	42,467		$	38,624
Insurance and claims accruals		14,847			14,404
Total current liabilities		57,314			53,028
Deferred income taxes		114,777			113,637
Total liabilities		172,091			166,665

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; 33,349,150 sharesat March 31, 2014, and 33,301,048 shares atDecember 31, 2013, issued and outstanding		333			333
Additional paid-in capital		85,708			85,077
Retained earnings		278,180			273,727
Total stockholders’ equity		364,221			359,137
TOTAL LIABILITIES ANDSTOCKHOLDERS’ EQUITY	$	536,312		$	525,802

MARTEN TRANSPORT, LTD.

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended March 31,
(In thousands, except per share information)	2014			2013

OPERATING REVENUE	$	159,409		$	164,474

OPERATING EXPENSES (INCOME):
Salaries, wages and benefits		43,732			42,125
Purchased transportation		28,130			34,184
Fuel and fuel taxes		39,826			40,323
Supplies and maintenance		10,435			9,533
Depreciation		16,371			15,688
Operating taxes and licenses		1,713			1,770
Insurance and claims		6,125			5,811
Communications and utilities		1,433			1,283
Gain on disposition of revenue equipment		(663	)		(2415	)
Other		3,667			3,634

Total operating expenses		150,769			151,936

OPERATING INCOME		8,640			12,538

OTHER		(98	)		(15	)

INCOME BEFORE INCOME TAXES		8,738			12,553
Less: Income before income taxesattributable to noncontrolling interest		-			84

INCOME BEFORE INCOME TAXESATTRIBUTABLE TO MARTENTRANSPORT, LTD.		8,738			12,469

PROVISION FOR INCOME TAXES		3,451			5,267

NET INCOME	$	5,287		$	7,202

BASIC EARNINGS PER COMMON SHARE	$	0.16		$	0.22

DILUTED EARNINGS PER COMMON SHARE	$	0.16		$	0.22

DIVIDENDS DECLARED PER COMMON SHARE	$	0.025		$	0.017

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)	2014			2013			2014 vs. 2013			2014 vs. 2013
Operating revenue:
Truckload revenue, net of fuel surchargerevenue	$	97,530		$	94,965		$	2,565			2.7	%
Truckload fuel surcharge revenue		26,534			26,769			(235	)		(0.9	)
Total Truckload revenue		124,064			121,734			2,330			1.9

Logistics revenue, net of intermodal fuelsurcharge revenue		30,009			37,760			(7,751	)		(20.5	)
Intermodal fuel surcharge revenue		5,336			4,980			356			7.1
Total Logistics revenue		35,345			42,740			(7,395	)		(17.3	)

Total operating revenue	$	159,409		$	164,474		$	(5,065	)		(3.1	)%

Operating income:
Truckload	$	7,500		$	10,000		$	(2,500	)		(25.0	)%
Logistics		1,140			2,538			(1,398	)		(55.1	)
Total operating income	$	8,640		$	12,538		$	(3,898	)		(31.1	)%

Operating ratio:
Truckload		94.0	%		91.8	%
Logistics		96.8			94.1
Consolidated operating ratio		94.6	%		92.4	%

MARTEN TRANSPORT, LTD.

OPERATING STATISTICS

(Unaudited)

	Three Months
	Ended March 31,
	2014			2013
Truckload Segment:
Total Truckload revenue (in thousands)	$	124,064		$	121,734
Average truckload revenue, net of fuel surcharges, pertractor per week⁽¹⁾	$	3,500		$	3,368
Average tractors⁽¹⁾		2,167			2,193
Average miles per trip		616			627
Non-revenue miles percentage⁽²⁾		8.5	%		10.7	%
Total miles – company-employed drivers (in thousands)		54,362			54,895
Total miles – independent contractors (in thousands)		1,057			941

Logistics Segment:
Total Logistics revenue (in thousands)	$	35,345		$	42,740
Brokerage:
Marten Transport
Revenue (in thousands)	$	11,655		$	14,469
Loads		7,708			9,430
MWL
Revenue (in thousands)	$	-		$	6,676
Loads		-			3,758
Intermodal:
Revenue (in thousands)	$	23,690		$	21,595
Loads		10,523			8,590
Average tractors		98			78

At March 31, 2014 and March 31, 2013:
Total tractors⁽¹⁾		2,275			2,256
Average age of company tractors (in years)		1.9			1.8
Total trailers		4,163			4,115
Average age of company trailers (in years)		2.5			2.4
Ratio of trailers to tractors⁽¹⁾		1.8			1.8

	Three Months Ended March 31,
(In thousands)	2014		2013

Net cash provided by operating activities	$	27,508	$	21,994
Net cash used for investing activities		21,384		13,085

Weighted average shares outstanding:
Basic		33,340		33,182
Diluted		33,631		33,322

(1)	Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 41 and 49 tractors as of March 31, 2014, and 2013, respectively.

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

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