Marten Transport, Ltd., Mondovi, Wis., has reported record revenues of $293.1 million for the year ended Dec. 31, 2002, compared with $282.8 million in 2001.
Revenue net of fuel surcharges increased 5.5% from 2001. Fuel surcharges declined $4.5 million from 2001 due to a significant decrease in the annual average price of diesel fuel. Net income for 2002 was $6 million, or $1.37 per diluted share, compared with $6.5 million, or $1.54 per diluted share, in 2001.
Operating income for 2002 was $11.9 million, compared with $15.1 million in 2001.
For the fourth quarter ended Dec. 31, 2002, Marten's revenue was $76.3 million, compared with $70.4 million a year earlier. Revenue net of fuel surcharges increased 6.8% from the fourth quarter of 2001. Fuel surcharges increased $1.2 million from the fourth quarter of 2001 due to a significant increase in the quarterly average price of diesel fuel. Fourth-quarter net income was $579,000, or 13 cents per diluted share, compared with $1.3 million, or 31 cents per diluted share, in 2001.
Helped by a strong level of business in the closing weeks of 2002, fourth-quarter earnings exceeded the company's previously issued guidance of 5 to 10 cents per share.
"We are pleased to be able to report record revenue for the year and the fourth quarter in spite of a distinctly unfavorable operating environment for our industry generally," said Randolph L. Marten, president and chairman of the board. "Insurance and claims expense again increased sharply, and we faced intense competition for qualified drivers throughout the year.
"After an extremely weak start in the first quarter of 2002, freight demand rebounded in the second quarter and remained reasonably steady during the second half of the year. We believe we enter 2003 in a strong position to take advantage of the demand for high-capacity time- and temperature- sensitive transportation services, based on our well-established customer relationships, strong financial position and a substantial increase in new equipment during 2002.
"At the same time we were adding to our fleet, we were able to pare another $11.5 million from our long-term debt in 2002, further strengthening our balance sheet and contributing to a 32% reduction in interest expense for the full year."
At year-end, Marten operated a fleet of 2,078 tractors and 2,676 trailers.
Revenue net of fuel surcharges increased 5.5% from 2001. Fuel surcharges declined $4.5 million from 2001 due to a significant decrease in the annual average price of diesel fuel. Net income for 2002 was $6 million, or $1.37 per diluted share, compared with $6.5 million, or $1.54 per diluted share, in 2001.
Operating income for 2002 was $11.9 million, compared with $15.1 million in 2001.
For the fourth quarter ended Dec. 31, 2002, Marten's revenue was $76.3 million, compared with $70.4 million a year earlier. Revenue net of fuel surcharges increased 6.8% from the fourth quarter of 2001. Fuel surcharges increased $1.2 million from the fourth quarter of 2001 due to a significant increase in the quarterly average price of diesel fuel. Fourth-quarter net income was $579,000, or 13 cents per diluted share, compared with $1.3 million, or 31 cents per diluted share, in 2001.
Helped by a strong level of business in the closing weeks of 2002, fourth-quarter earnings exceeded the company's previously issued guidance of 5 to 10 cents per share.
"We are pleased to be able to report record revenue for the year and the fourth quarter in spite of a distinctly unfavorable operating environment for our industry generally," said Randolph L. Marten, president and chairman of the board. "Insurance and claims expense again increased sharply, and we faced intense competition for qualified drivers throughout the year.
"After an extremely weak start in the first quarter of 2002, freight demand rebounded in the second quarter and remained reasonably steady during the second half of the year. We believe we enter 2003 in a strong position to take advantage of the demand for high-capacity time- and temperature- sensitive transportation services, based on our well-established customer relationships, strong financial position and a substantial increase in new equipment during 2002.
"At the same time we were adding to our fleet, we were able to pare another $11.5 million from our long-term debt in 2002, further strengthening our balance sheet and contributing to a 32% reduction in interest expense for the full year."
At year-end, Marten operated a fleet of 2,078 tractors and 2,676 trailers.
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