MARTEN TRANSPORT REPORTS FIRST-QUARTER GAINS
MARTEN TRANSPORT REPORTS FIRST-QUARTER GAINS MONDOVI, Wis., May 5 /PRNewswire/ -- Marten Transport, Ltd.
(NASDAQ-NMS: MRTN), a nationwide trucking firm based here, reported improved financial results for the first quarter ended March 31, 1992. Operating revenues for the period increased 11 percent to $23.0 million, compared with $20.7 million for the same period last year.
Net income for the 1992 first quarter was $517,000, or 15 cents per share, a 177 percent increase from net income of $187,000, or 5 cents per share last year, before the cumulative effect of a change in accounting for recognizing revenue. Operating income for the 1992 first quarter totaled $1.4 million, versus $815,000 last year. Effective Jan. 1, 1991, Marten changed its method of recognizing revenue and related expenses to comply with the recent guidance issued by the Financial Accounting Standards Board. The effect of this change was a one-time, non-operating charge of $143,000, or 5 cents per share, to after-tax earnings in 1991. Marten's ratio of operating costs to revenues was 93.9 percent at the end of the 1992 first quarter, compared with 96.1 percent in 1991. "We attribute our results to two primary factors," said Roger R. Marten, chairman and chief executive officer. "First, Marten Transport, as well as the transportation industry in general, is experiencing increased demand for motor carrier services, due to the improvements in the economy. Second, programs we implemented in fiscal 1991 are helping to streamline operations. Our fleet management program, for example, has allowed us to better manage our fleet and increase miles per tractor. We will continue to implement programs in the coming months, which we expect will favorably affect our financial results." Marten Transport, with headquarters in Mondovi, Wis., provides time- and temperature-sensitive truckload motor carrier services to customers nationwide. The company services customers with more demanding delivery deadlines or those who ship products requiring modern temperature- controlled trailers to protect goods. Marten shares are traded on the NASDAQ National Market System under the symbol MRTN. MARTEN TRANSPORT, LTD. CONDENSED STATEMENTS OF INCOME (Unaudited) Three Months Ended March 31, 1992 1991 Operating revenues $22,998,187 $20,745,631 Operating expenses 21,603,525 19,930,350 Operating income 1,394,662 815,281 Other expenses (income): Interest expense 604,649 626,568 Interest income and other (58,321) (117,161) Income before income taxes and cumulative effect of change in accounting principle 848,334 305,874 Provision for income taxes 330,857 119,291 Income before cumulative effect of change in accounting principle 517,477 186,583 Cumulative effect of change in the method of revenue recognition -- (142,892) Net income $517,477 $43,691 Earnings per share data: Income before cumulative effect of change in accounting principle $.15 $.05 Cumulative effect of change in the method of revenue recognition -- (.05) Net income per common equivalent share $.15 $.01 (a) Weighted average common equivalent shares outstanding 3,429,258 3,421,727 (a) Differences in net earnings per share for 1991 are due to rounding. -0- 5/5/92 /CONTACT: Kathy Burnham or Marian Briggs of Padilla Speer Beardsley, 612-871-8877, for Marten Transport, or Darrell D. Rubel of Marten Transport, 715-926-4216/ (MRTN) CO: Marten Transport Ltd. ST: Minnesota IN: TRN SU: ERN
AL -- MN007 -- 6723 05/05/92 16:10 EDT
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|Date:||May 5, 1992|
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