ex99-1.htm

Exhibit 99.1

Marten Transport Announces Second Quarter Results

Net Income Improves 20.1% in Fifth Straight Quarter of Year-Over-Year Profit Growth

MONDOVI, Wis., July 19, 2011 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq:MRTN - News) today reported a 20.1% increase in net income to $6.2 million, or 28 cents per diluted share, for the second quarter ended June 30, 2011, from $5.2 million, or 23 cents per diluted share, for the second quarter of 2010. The second-quarter earnings also improved sequentially from 2011 first-quarter net income of $4.1 million, or 19 cents per diluted share. For the six-month period of 2011, net income increased to $10.3 million, or 47 cents per diluted share, from $9.1 million, or 41 cents per diluted share, for the same six-month period of 2010.

Operating revenue, consisting of revenue from truckload and logistics operations, increased to $151.1 million in the second quarter of 2011 from $125.9 million in the 2010 quarter and increased to $289.0 million in the six-month period of 2011 from $251.7 million in the 2010 six-month period. The increases were due to improved truckload and logistics revenue along with increased fuel surcharge revenue, which reflects significantly higher fuel prices. Operating revenue, net of fuel surcharges, increased 14.0% to $121.8 million in the 2011 quarter from $106.9 million in the 2010 quarter and increased 8.8% to $234.3 million in the 2011 six-month period from $215.4 million in the 2010 six-month period. Operating revenue included fuel surcharges of $29.3 million for the second quarter of 2011, compared with $19.0 million in the 2010 quarter, and $54.7 million for the 2011 six-month period, compared with $36.3 million for the 2010 six-month period.

Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharge revenue, improved to 90.7% for the second quarter of 2011 from 91.4% for the second quarter of 2010 and improved to 91.9% for the 2011 six-month period from 92.5% for the 2010 six-month period. The ratio for the second quarter was the company's best since the third quarter of 2006.

Chairman and Chief Executive Officer Randolph L. Marten said, "We are encouraged by our continued progress. This quarter marks our fifth consecutive quarter of year-over-year increased profitability.

"Our continued profitability reflects the success of our transformation into a multi-faceted business through our focus on our logistics business and expansion of our regional operations, along with the impact of our disciplined fuel efficiency and other cost control measures. Both the brokerage and intermodal components of our logistics segment contributed to the improved revenue. Our logistics revenue, net of intermodal fuel surcharges, grew by $5.9 million in this year's second quarter over the 2010 quarter. Our expanding regional operations contributed to a 7.6% increase over last year's second quarter in our average truckload revenue per tractor per week, net of fuel surcharges -- our main measure of asset productivity. We have increased our regional operations to 60.7% of our truckload fleet as of June 30, 2011, from 40.4% as of a year earlier.

"We are pleased that we are increasing profits while investing in our future without long-term debt. This quarter marks the fourth consecutive quarter where we have increased our total number of tractors in service."

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, 2010. The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.

MARTEN TRANSPORT, LTD.
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)

(In thousands, except share information)	June 30, 2011			December 31, 2010

ASSETS
Current assets:
Cash and cash equivalents	$	15,003		$	5,306
Marketable securities		--			138
Receivables:
Trade, net		64,548			51,094
Other		4,842			12,968
Prepaid expenses and other		12,743			13,406
Deferred income taxes		4,352			4,794
Total current assets		101,488			87,706

Property and equipment:
Revenue equipment, buildings and land, office equipment and other		509,867			515,622
Accumulated depreciation		(150,664	)		(143,563	)

Net property and equipment		359,203			372,059

Other assets		561			543

TOTAL ASSETS	$	461,252		$	460,308

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Checks issued in excess of cash balances	$	--		$	1,066
Accounts payable and accrued liabilities		36,737			30,524
Insurance and claims accruals		15,136			17,653
Current maturities of long-term debt		--			19,346

Total current liabilities		51,873			68,589

Deferred income taxes		102,647			95,815
Total liabilities		154,520			164,404

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; 21,984,597 shares at June 30, 2011, and 21,950,252 shares at December 31, 2010, issued and outstanding		220			220
Additional paid-in capital		79,324			78,428
Retained earnings		224,756			215,345
Total Marten Transport, Ltd. stockholders' equity		304,300			293,993
Noncontrolling interest		2,432			1,911
Total stockholders' equity		306,732			295,904
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	461,252		$	460,308

MARTEN TRANSPORT, LTD.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands, except per share information)	2011			2010			2011			2010

OPERATING REVENUE	$	151,135		$	125,862		$	288,991		$	251,674
OPERATING EXPENSES (INCOME):
Salaries, wages and benefits		36,413			31,984			70,512			64,386
Purchased transportation		29,991			26,346			58,008			54,105
Fuel and fuel taxes		39,915			28,167			75,255			55,760
Supplies and maintenance		9,774			8,597			19,436			17,607
Depreciation		14,084			12,612			27,600			25,649
Operating taxes and licenses		1,516			1,574			2,933			3,079
Insurance and claims		4,412			3,984			8,713			7,836
Communications and utilities		1,106			1,054			2,228			1,867
Gain on disposition of revenue equipment		(967	)		(429	)		(1,735	)		(628	)
Other		3,532			2,780			7,073			5,786

Total operating expenses		139,776			116,669			270,023			235,447

OPERATING INCOME		11,359			9,193			18,968			16,227

NET INTEREST (INCOME) EXPENSE		(7	)		26			12			(80	)

INCOME BEFORE INCOME TAXES		11,366			9,167			18,956			16,307
Less: Income before income taxes attributable to noncontrolling interest		253			1			390			57

INCOME BEFORE INCOME TAXES ATTRIBUTABLE TO MARTEN TRANSPORT, LTD.		11,113			9,166			18,566			16,250

PROVISION FOR INCOME TAXES		4,919			4,008			8,277			7,200

NET INCOME	$	6,194		$	5,158		$	10,289		$	9,050

BASIC EARNINGS PER COMMON SHARE	$	0.28		$	0.24		$	0.47		$	0.41

DILUTED EARNINGS PER COMMON SHARE	$	0.28		$	0.23		$	0.47		$	0.41

DIVIDENDS PAID PER COMMON SHARE	$	0.02		$	--		$	0.04		$	--

MARTEN TRANSPORT, LTD.
SEGMENT INFORMATION
(Unaudited)

	Three Months Ended June 30,						Dollar Change Three Months Ended June 30,		Percentage Change Three Months Ended June 30,
(Dollars in thousands)	2011			2010			2011 vs. 2010		2011 vs. 2010
Operating revenue:
Truckload revenue, net of fuel surcharge revenue	$	89,637		$	80,566		$	9,071		11.3	%
Truckload fuel surcharge revenue		25,526			16,825			8,701		51.7
Total Truckload revenue		115,163			97,391			17,772		18.2

Logistics revenue, net of intermodal fuel surcharge revenue		32,203			26,337			5,866		22.3
Intermodal fuel surcharge revenue		3,769			2,134			1,635		76.6
Total Logistics revenue		35,972			28,471			7,501		26.3

Total operating revenue	$	151,135		$	125,862		$	25,273		20.1	%

Operating income:
Truckload	$	9,602		$	8,208		$	1,394		17.0	%
Logistics		1,757			985			772		78.4
Total operating income	$	11,359		$	9,193		$	2,166		23.6	%

Operating ratio:
Truckload		91.7	%		91.6	%				0.1	%
Logistics		95.1			96.5					(1.5	)
Consolidated operating ratio		92.5	%		92.7	%				(0.2	)%

MARTEN TRANSPORT, LTD.
SEGMENT INFORMATION
(Unaudited)

	Six Months Ended June 30,						Dollar Change Six Months Ended June 30,		Percentage Change Six Months Ended June 30,
(Dollars in thousands)	2011			2010			2011 vs. 2010		2011 vs. 2010
Operating revenue:
Truckload revenue, net of fuel surcharge revenue	$	171,610		$	161,486		$	10,124		6.3	%
Truckload fuel surcharge revenue		47,614			32,131			15,483		48.2
Total Truckload revenue		219,224			193,617			25,607		13.2

Logistics revenue, net of intermodal fuel surcharge revenue		62,721			53,907			8,814		16.4
Intermodal fuel surcharge revenue		7,046			4,150			2,896		69.8
Total Logistics revenue		69,767			58,057			11,710		20.2

Total operating revenue	$	288,991		$	251,674		$	37,317		14.8	%

Operating income:
Truckload	$	14,923		$	13,433		$	1,490		11.1	%
Logistics		4,045			2,794			1,251		44.8
Total operating income	$	18,968		$	16,227		$	2,741		16.9	%

Operating ratio:
Truckload		93.2	%		93.1	%				0.1	%
Logistics		94.2			95.2					(1.1	)
Consolidated operating ratio		93.4	%		93.6	%				(0.2	)%

MARTEN TRANSPORT, LTD.
OPERATING STATISTICS
(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
Truckload Segment:
Total Truckload revenue (in thousands)	$	115,163		$	97,391		$	219,224		$	193,617
Average truckload revenue, net of fuel surcharges, per tractor per week(1)	$	3,198		$	2,971		$	3,129		$	2,891
Average tractors(1)		2,156			2,086			2,121			2,160
Average miles per trip		635			657			636			673
Non-revenue miles percentage(2)		10.8	%		9.2	%		10.5	%		9.2	%
Total miles -- company-employed drivers (in thousands)		49,979			47,763			98,650			96,707
Total miles -- independent contractors (in thousands)		1,944			3,847			4,075			8,347

Logistics Segment:
Total Logistics revenue (in thousands)	$	35,972		$	28,471		$	69,767		$	58,057
Brokerage:
Marten Transport
Revenue (in thousands)	$	11,834		$	9,271		$	23,679		$	19,664
Loads		5,988			5,193			12,149			10,795
MWL
Revenue (in thousands)	$	8,472		$	7,968		$	16,239		$	16,136
Loads		4,673			4,690			8,507			8,969
Intermodal:
Revenue (in thousands)	$	15,666		$	11,232		$	29,849		$	22,257
Loads		5,927			4,746			11,556			9,423
Average tractors		73			65			71			63

At June 30, 2011 and June 30, 2010:
Total tractors(1)		2,257			2,066
Average age of company tractors (in years)		2.5			2.2
Total trailers		4,026			3,853
Average age of company trailers (in years)		2.7			3.3
Ratio of trailers to tractors(1)		1.8			1.9

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2011		2010		2011		2010

Net cash provided by operating activities	$	14,465	$	5,291	$	42,456	$	23,968
Net cash used for investing activities		7,012		10,421		11,879		37,487

Weighted average shares outstanding:
Basic		21,984		21,929		21,974		21,913
Diluted		22,085		22,033		22,078		22,012

(1) Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 71 and 117 tractors as of June 30, 2011, and 2010, respectively.

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

Contact:

Tim Kohl, President

Jim Hinnendael, Chief Financial Officer

Marten Transport, Ltd.

715-926-4216