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MARTEN TRANSPORT REPORTS RESULTS FOR SECOND-QUARTER AND SIX-MONTH PERIODS

    MONDOVI, Wis., Aug. 5 /PRNewswire/ -- Marten Transport, Ltd. (NASDAQ-NMS: MRTN), a nationwide trucking firm based here, today reported higher revenue and net income for the second-quarter and six- month periods ended June 30, 1993.
    For the 1993 second quarter, revenue was $28.3 million, an 18 percent increase over the $24.0 million reported for the same period in 1992.  Net income rose to $1.6 million, or 45 cents per share, for the 1993 period, versus net income of $995,000, or 29 cents per share, last year.
    Operating income for the second quarter was $3.2 million, versus $2.1 million in 1992.  The company's 1993 operating ratio was 88.7 percent, versus 91.3 percent last year.
    For the six months ended June 30, 1993, revenue increased to $54.1 million, up 15 percent from $47.0 million reported for the first half of 1992.  Net income in 1993 improved to $2.5 million, or 72 cents per share, versus net income of $1.5 million, or 44 cents per share, last year.
    Year-to-date operating income totaled $5.3 million, compared with $3.5 million in 1992.  The operating ratio for the 1993 six-month period was 90.2 percent, compared with 92.6 percent last year.
    "We are encouraged by our results year to date, which are attributed primarily to the increase in business and the $733,000 gain on sale of revenue equipment," said Randy Marten, president and chief operating officer.  "We expect equipment gains to continue for the balance of 1993, as we bring in more new equipment and trade in the used.  We anticipate these gains to taper off in 1994."
    Marten Transport, with headquarters in Mondovi, 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's shares are traded on the NASDAQ National Market System under the symbol MRTN.
                           MARTEN TRANSPORT, LTD.
                       CONDENSED STATEMENTS OF INCOME
                                (Unaudited)
                           Three Months Ended       Six Months Ended
                           6/30/93     6/30/92     6/30/93     6/30/92
    Operating revenue   $28,260,023 $24,014,067 $54,103,753 $47,012,254
    Operating expenses   25,078,403  21,918,577  48,775,839  43,522,102
    Operating income      3,181,620   2,095,490   5,327,914   3,490,152
    Other expenses (income):
      Interest expense      614,796     530,775   1,249,601   1,135,424
    Interest income
     and other              (36,446)    (66,315)    (81,728)   (124,636)
    Income before
     income taxes         2,603,270   1,631,030   4,160,041   2,479,364
    Provision for
     income taxes         1,041,308     636,095   1,664,016     966,952
    Net income           $1,561,962    $994,935  $2,496,025  $1,512,412
    Net income per
     common and common
     equivalent share          $.45        $.29        $.72        $.44
    Weighted average common
     and common equivalent
     shares outstanding   3,459,852   3,427,732   3,458,217   3,428,533
    -0-             08/05/93
    CONTACT:  Darrell D. Rubel of Marten Transport, 715-926-4216; or Kathy Burnham of Padilla Speer Beardsley, 612-871-8877, for Marten Transport
    (MRTN) CO:  MARTEN TRANSPORT, LTD. SU:  ERN ST:  WI


-- MN006 -- X228 08/05/93
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Publication:PR Newswire
Date:Aug 5, 1993
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