Marten Transport Announces Second Quarter Results
July 20 2017 - 4:01PM
Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported a 7.2%
increase in net income to $9.1 million, or 17 cents per diluted
share, for the second quarter ended June 30, 2017, from $8.5
million, or 16 cents per diluted share, for the second quarter of
2016. Net income increased 3.8% to $17.4 million, or 32 cents
per diluted share, for the first six months of 2017 from $16.7
million, or 31 cents per diluted share, for the 2016 six-month
period.
Operating revenue increased to $171.5 million
for the second quarter of 2017 from $166.1 million for the second
quarter of 2016, and increased to $344.7 million for the first six
months of 2017 from $328.0 million for the 2016 six-month
period. Operating revenue, net of fuel surcharges, improved
2.0% to $155.9 million for the 2017 quarter from $152.9 million for
the 2016 quarter, and improved 2.5% to $312.5 million for the 2017
six-month period from $304.8 million for the 2016 six-month
period. Fuel surcharge revenue increased to $15.6 million for
the 2017 quarter from $13.2 million for the 2016 quarter, and
increased to $32.2 million for the first six months of 2017 from
$23.3 million for the 2016 six-month period.
Operating expenses as a percentage of operating
revenue improved to 90.9% for the second quarter of 2017 from 91.1%
for the second quarter of 2016. Operating expenses as a
percentage of operating revenue, with both amounts net of fuel
surcharges, improved to 90.0% for the second quarter of 2017 from
90.3% for the second quarter of 2016.
Operating expenses as a percentage of operating
revenue was 91.4% for the 2017 six-month period and 91.2% for the
2016 six-month period. Operating expenses as a percentage of
operating revenue, with both amounts net of fuel surcharges, was
90.6% for the 2017 six-month period and 90.5% for the 2016
six-month period.
Chairman and Chief Executive Officer Randolph L.
Marten said, “We are encouraged by our growth in revenue and
profitability driven by our continued disciplined execution of
Marten’s unique multifaceted business model. Excluding the
one-time facility disposition gain in our first quarter of 2015, we
earned the highest net income in our history in this quarter and
achieved our best operating ratio, net of fuel surcharges, over the
last ten quarters. With our dedicated and experienced
workforce and our diversified transportation service solutions, we
are confident in our ability to capitalize on further profitable
growth opportunities across all of our business units.”
On July 7, 2017, we effected a five-for-three
stock split of our common stock, $.01 par value, in the form of a
66 ⅔% stock dividend. Our consolidated condensed financial
statements have been adjusted to give retroactive effect to the
stock split for all periods presented.
Marten Transport, with headquarters in Mondovi,
Wis., is one of the leading temperature-sensitive truckload
carriers in the United States, specializing in transporting and
distributing food and other consumer packaged goods that require a
temperature-controlled or insulated environment. Marten’s dry
freight services are expanding, with 933 dry trailers operating as
of June 30, 2017. 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 include our discussion of the
Company’s prospects for future growth and 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, 2016. 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) |
|
|
|
June 30, |
|
|
December 31, |
|
(In thousands, except
share information) |
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
10,058 |
|
|
$ |
488 |
|
Receivables: |
|
|
|
|
|
|
|
|
Trade,
net |
|
|
67,174 |
|
|
|
69,199 |
|
Other |
|
|
5,657 |
|
|
|
4,436 |
|
Prepaid
expenses and other |
|
|
17,635 |
|
|
|
19,307 |
|
Total
current assets |
|
|
100,524 |
|
|
|
93,430 |
|
|
|
|
|
|
|
|
|
|
Property
and equipment: |
|
|
|
|
|
|
|
|
Revenue
equipment, buildings and land, office equipment and other |
|
|
775,149 |
|
|
|
759,553 |
|
Accumulated depreciation |
|
|
(206,943 |
) |
|
|
(201,728 |
) |
Net
property and equipment |
|
|
568,206 |
|
|
|
557,825 |
|
Other
assets |
|
|
1,854 |
|
|
|
2,493 |
|
Total
assets |
|
$ |
670,584 |
|
|
$ |
653,748 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts
payable and accrued liabilities |
|
$ |
46,103 |
|
|
$ |
41,230 |
|
Insurance
and claims accruals |
|
|
21,811 |
|
|
|
19,440 |
|
Total
current liabilities |
|
|
67,914 |
|
|
|
60,670 |
|
Long-term
debt |
|
|
- |
|
|
|
7,886 |
|
Deferred
income taxes |
|
|
148,046 |
|
|
|
147,854 |
|
Total
liabilities |
|
|
215,960 |
|
|
|
216,410 |
|
|
|
|
|
|
|
|
|
|
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; 96,000,000 shares authorized;
54,514,421 shares at June 30, 2017, and 54,391,525 shares at
December 31, 2016, issued and outstanding |
|
|
545 |
|
|
|
544 |
|
Additional paid-in capital |
|
|
75,740 |
|
|
|
74,175 |
|
Retained
earnings |
|
|
378,339 |
|
|
|
362,619 |
|
Total
stockholders’ equity |
|
|
454,624 |
|
|
|
437,338 |
|
Total
liabilities and stockholders’ equity |
|
$ |
670,584 |
|
|
$ |
653,748 |
|
|
|
|
|
|
|
|
|
|
|
MARTEN TRANSPORT,
LTD.CONSOLIDATED CONDENSED STATEMENTS OF
OPERATIONS(Unaudited) |
|
|
|
Three Months |
|
|
Six Months |
|
|
|
Ended June 30, |
|
|
Ended June 30, |
|
(In thousands, except
per share information) |
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenue |
|
$ |
171,511 |
|
|
$ |
166,090 |
|
|
$ |
344,670 |
|
|
$ |
328,019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
(income): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries,
wages and benefits |
|
|
56,715 |
|
|
|
56,196 |
|
|
|
113,115 |
|
|
|
111,026 |
|
Purchased
transportation |
|
|
27,516 |
|
|
|
26,187 |
|
|
|
56,878 |
|
|
|
54,222 |
|
Fuel and
fuel taxes |
|
|
25,007 |
|
|
|
23,930 |
|
|
|
50,963 |
|
|
|
43,560 |
|
Supplies
and maintenance |
|
|
10,541 |
|
|
|
10,908 |
|
|
|
21,531 |
|
|
|
21,407 |
|
Depreciation |
|
|
21,306 |
|
|
|
20,368 |
|
|
|
42,689 |
|
|
|
40,415 |
|
Operating
taxes and licenses |
|
|
2,252 |
|
|
|
2,250 |
|
|
|
4,499 |
|
|
|
4,435 |
|
Insurance
and claims |
|
|
8,848 |
|
|
|
7,696 |
|
|
|
17,762 |
|
|
|
15,051 |
|
Communications and utilities |
|
|
1,487 |
|
|
|
1,497 |
|
|
|
3,068 |
|
|
|
3,117 |
|
Gain on
disposition of revenue equipment |
|
|
(1,871 |
) |
|
|
(2,703 |
) |
|
|
(2,974 |
) |
|
|
(4,137 |
) |
Other |
|
|
4,141 |
|
|
|
4,985 |
|
|
|
7,632 |
|
|
|
10,022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating expenses |
|
|
155,942 |
|
|
|
151,314 |
|
|
|
315,163 |
|
|
|
299,118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
15,569 |
|
|
|
14,776 |
|
|
|
29,507 |
|
|
|
28,901 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
125 |
|
|
|
237 |
|
|
|
266 |
|
|
|
452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
|
15,444 |
|
|
|
14,539 |
|
|
|
29,241 |
|
|
|
28,449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes |
|
|
6,303 |
|
|
|
6,008 |
|
|
|
11,886 |
|
|
|
11,725 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
9,141 |
|
|
$ |
8,531 |
|
|
$ |
17,355 |
|
|
$ |
16,724 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share |
|
$ |
0.17 |
|
|
$ |
0.16 |
|
|
$ |
0.32 |
|
|
$ |
0.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share |
|
$ |
0.17 |
|
|
$ |
0.16 |
|
|
$ |
0.32 |
|
|
$ |
0.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per
common share |
|
$ |
0.015 |
|
|
$ |
0.015 |
|
|
$ |
0.03 |
|
|
$ |
0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARTEN TRANSPORT, LTD.SEGMENT
INFORMATION(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Dollar |
|
|
Percentage |
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|
Change |
|
|
|
Three Months |
|
|
Three Months |
|
|
Three Months |
|
|
|
Ended |
|
|
Ended |
|
|
Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
June 30, |
|
(Dollars in
thousands) |
|
2017 |
|
|
2016 |
|
|
2017 vs. 2016 |
|
|
2017 vs. 2016 |
|
Operating revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload
revenue, net of fuel surcharge revenue |
|
$ |
84,480 |
|
|
$ |
85,103 |
|
|
$ |
(623 |
) |
|
|
(0.7 |
)% |
Truckload
fuel surcharge revenue |
|
|
10,434 |
|
|
|
8,933 |
|
|
|
1,501 |
|
|
|
16.8 |
|
Total
Truckload revenue |
|
|
94,914 |
|
|
|
94,036 |
|
|
|
878 |
|
|
|
0.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dedicated
revenue, net of fuel surcharge revenue |
|
|
38,601 |
|
|
|
36,654 |
|
|
|
1,947 |
|
|
|
5.3 |
|
Dedicated
fuel surcharge revenue |
|
|
2,901 |
|
|
|
2,621 |
|
|
|
280 |
|
|
|
10.7 |
|
Total
Dedicated revenue |
|
|
41,502 |
|
|
|
39,275 |
|
|
|
2,227 |
|
|
|
5.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermodal revenue, net of fuel surcharge revenue |
|
|
16,877 |
|
|
|
16,118 |
|
|
|
759 |
|
|
|
4.7 |
|
Intermodal fuel surcharge revenue |
|
|
2,238 |
|
|
|
1,664 |
|
|
|
574 |
|
|
|
34.5 |
|
Total
Intermodal revenue |
|
|
19,115 |
|
|
|
17,782 |
|
|
|
1,333 |
|
|
|
7.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage
revenue |
|
|
15,980 |
|
|
|
14,997 |
|
|
|
983 |
|
|
|
6.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating revenue |
|
$ |
171,511 |
|
|
$ |
166,090 |
|
|
$ |
5,421 |
|
|
|
3.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload |
|
$ |
7,511 |
|
|
$ |
6,951 |
|
|
$ |
560 |
|
|
|
8.1 |
% |
Dedicated |
|
|
5,074 |
|
|
|
5,134 |
|
|
|
(60 |
) |
|
|
(1.2 |
) |
Intermodal |
|
|
2,040 |
|
|
|
1,822 |
|
|
|
218 |
|
|
|
12.0 |
|
Brokerage |
|
|
944 |
|
|
|
869 |
|
|
|
75 |
|
|
|
8.6 |
|
Total
operating income |
|
$ |
15,569 |
|
|
$ |
14,776 |
|
|
$ |
793 |
|
|
|
5.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating ratio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload |
|
|
92.1 |
% |
|
|
92.6 |
% |
|
|
|
|
|
|
|
|
Dedicated |
|
|
87.8 |
|
|
|
86.9 |
|
|
|
|
|
|
|
|
|
Intermodal |
|
|
89.3 |
|
|
|
89.8 |
|
|
|
|
|
|
|
|
|
Brokerage |
|
|
94.1 |
|
|
|
94.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated operating ratio |
|
|
90.9 |
% |
|
|
91.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARTEN TRANSPORT, LTD.SEGMENT
INFORMATION(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Dollar |
|
|
Percentage |
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|
Change |
|
|
|
Six Months |
|
|
Six Months |
|
|
Six Months |
|
|
|
Ended |
|
|
Ended |
|
|
Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
June 30, |
|
(Dollars in
thousands) |
|
2017 |
|
|
2016 |
|
|
2017 vs. 2016 |
|
|
2017 vs. 2016 |
|
Operating revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload
revenue, net of fuel surcharge revenue |
|
$ |
169,291 |
|
|
$ |
168,045 |
|
|
$ |
1,246 |
|
|
|
0.7 |
% |
Truckload
fuel surcharge revenue |
|
|
21,281 |
|
|
|
16,045 |
|
|
|
5,236 |
|
|
|
32.6 |
|
Total
Truckload revenue |
|
|
190,572 |
|
|
|
184,090 |
|
|
|
6,482 |
|
|
|
3.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dedicated
revenue, net of fuel surcharge revenue |
|
|
75,500 |
|
|
|
72,164 |
|
|
|
3,336 |
|
|
|
4.6 |
|
Dedicated
fuel surcharge revenue |
|
|
6,279 |
|
|
|
4,208 |
|
|
|
2,071 |
|
|
|
49.2 |
|
Total
Dedicated revenue |
|
|
81,779 |
|
|
|
76,372 |
|
|
|
5,407 |
|
|
|
7.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermodal revenue, net of fuel surcharge revenue |
|
|
33,688 |
|
|
|
31,972 |
|
|
|
1,716 |
|
|
|
5.4 |
|
Intermodal fuel surcharge revenue |
|
|
4,613 |
|
|
|
3,011 |
|
|
|
1,602 |
|
|
|
53.2 |
|
Total
Intermodal revenue |
|
|
38,301 |
|
|
|
34,983 |
|
|
|
3,318 |
|
|
|
9.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage
revenue |
|
|
34,018 |
|
|
|
32,574 |
|
|
|
1,444 |
|
|
|
4.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating revenue |
|
$ |
344,670 |
|
|
$ |
328,019 |
|
|
$ |
16,651 |
|
|
|
5.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload |
|
$ |
13,485 |
|
|
$ |
13,891 |
|
|
$ |
(406 |
) |
|
|
(2.9 |
)% |
Dedicated |
|
|
9,561 |
|
|
|
9,458 |
|
|
|
103 |
|
|
|
1.1 |
|
Intermodal |
|
|
4,189 |
|
|
|
3,751 |
|
|
|
438 |
|
|
|
11.7 |
|
Brokerage |
|
|
2,272 |
|
|
|
1,801 |
|
|
|
471 |
|
|
|
26.2 |
|
Total
operating income |
|
$ |
29,507 |
|
|
$ |
28,901 |
|
|
$ |
606 |
|
|
|
2.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating ratio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload |
|
|
92.9 |
% |
|
|
92.5 |
% |
|
|
|
|
|
|
|
|
Dedicated |
|
|
88.3 |
|
|
|
87.6 |
|
|
|
|
|
|
|
|
|
Intermodal |
|
|
89.1 |
|
|
|
89.3 |
|
|
|
|
|
|
|
|
|
Brokerage |
|
|
93.3 |
|
|
|
94.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated operating ratio |
|
|
91.4 |
% |
|
|
91.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARTEN TRANSPORT,
LTD.OPERATING
STATISTICS(Unaudited) |
|
|
|
Three Months |
|
|
Six Months |
|
|
|
Ended June 30, |
|
|
Ended June 30, |
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
Truckload Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
(in thousands) |
|
$ |
94,914 |
|
|
$ |
94,036 |
|
|
$ |
190,572 |
|
|
$ |
184,090 |
|
Average
revenue, net of fuel surcharges, per tractor per week(1) |
|
$ |
3,467 |
|
|
$ |
3,444 |
|
|
$ |
3,441 |
|
|
$ |
3,405 |
|
Average
tractors(1) |
|
|
1,875 |
|
|
|
1,901 |
|
|
|
1,903 |
|
|
|
1,898 |
|
Average
miles per trip |
|
|
589 |
|
|
|
625 |
|
|
|
602 |
|
|
|
634 |
|
Non-revenue miles percentage(2) |
|
|
9.0 |
% |
|
|
9.1 |
% |
|
|
9.3 |
% |
|
|
9.3 |
% |
Total
miles (in thousands) |
|
|
45,736 |
|
|
|
46,290 |
|
|
|
91,796 |
|
|
|
90,761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dedicated Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
(in thousands) |
|
$ |
41,502 |
|
|
$ |
39,275 |
|
|
$ |
81,779 |
|
|
$ |
76,372 |
|
Average
revenue, net of fuel surcharges, per tractor per week(1) |
|
$ |
3,488 |
|
|
$ |
3,431 |
|
|
$ |
3,475 |
|
|
$ |
3,403 |
|
Average
tractors(1) |
|
|
851 |
|
|
|
822 |
|
|
|
840 |
|
|
|
816 |
|
Average
miles per trip |
|
|
292 |
|
|
|
302 |
|
|
|
296 |
|
|
|
308 |
|
Non-revenue miles percentage(2) |
|
|
0.7 |
% |
|
|
0.8 |
% |
|
|
0.7 |
% |
|
|
0.8 |
% |
Total
miles (in thousands) |
|
|
19,357 |
|
|
|
18,951 |
|
|
|
37,936 |
|
|
|
37,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermodal
Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
(in thousands) |
|
$ |
19,115 |
|
|
$ |
17,782 |
|
|
$ |
38,301 |
|
|
$ |
34,983 |
|
Loads |
|
|
9,793 |
|
|
|
8,755 |
|
|
|
19,377 |
|
|
|
17,451 |
|
Average
tractors |
|
|
81 |
|
|
|
77 |
|
|
|
79 |
|
|
|
77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
(in thousands) |
|
$ |
15,980 |
|
|
$ |
14,997 |
|
|
$ |
34,018 |
|
|
$ |
32,574 |
|
Loads |
|
|
11,578 |
|
|
|
11,428 |
|
|
|
24,932 |
|
|
|
24,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At June 30, 2017 and
June 30, 2016: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
tractors(1) |
|
|
2,711 |
|
|
|
2,785 |
|
|
|
|
|
|
|
|
|
Average
age of company tractors (in years) |
|
|
1.5 |
|
|
|
1.6 |
|
|
|
|
|
|
|
|
|
Total
trailers |
|
|
4,925 |
|
|
|
4,856 |
|
|
|
|
|
|
|
|
|
Average
age of company trailers (in years) |
|
|
2.8 |
|
|
|
2.7 |
|
|
|
|
|
|
|
|
|
Ratio of
trailers to tractors(1) |
|
|
1.8 |
|
|
|
1.7 |
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
|
Six Months |
|
|
|
Ended June 30, |
|
|
Ended June 30, |
|
(In thousands) |
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
$ |
27,546 |
|
|
$ |
25,086 |
|
|
$ |
65,220 |
|
|
$ |
80,151 |
|
Net cash (used for)
investing activities |
|
|
(26,003 |
) |
|
|
(30,125 |
) |
|
|
(46,965 |
) |
|
|
(39,678 |
) |
Net cash provided by
(used for) financing activities |
|
|
(550 |
) |
|
|
4,091 |
|
|
|
(8,685 |
) |
|
|
(40,699 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
54,493 |
|
|
|
54,069 |
|
|
|
54,459 |
|
|
|
54,079 |
|
Diluted |
|
|
54,802 |
|
|
|
54,389 |
|
|
|
54,772 |
|
|
|
54,391 |
|
(1 ) |
|
Includes
tractors driven by both company-employed drivers and independent
contractors. Independent contractors provided 63 and 77 tractors as
of June 30, 2017 and 2016, respectively. |
|
|
(2) |
|
Represents the percentage
of miles for which the company is not compensated. |
CONTACTS: Tim Kohl, President, and Jim Hinnendael, Executive Vice President and Chief Financial Officer, of Marten Transport, Ltd., 715-926-4216.
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