"Our operating revenue was negatively impacted by the harsh operating environment with reduced freight volumes, excess capacity furthered by lenders' and lessors' unwillingness to liquidate insolvent carriers, and an unprecedented increase in shipper bid packages resulting in a non-sustainable rate environment," the company said in a statement.
Net income fell to $3.5 million, or 16 cents a share, versus $6.1 million, or 28 cents a share, for the third quarter of 2008. Operating revenue, which consists of revenue from its truckload and logistics operations, slipped to $129.4 million from $163.4 million in the 2008 quarter. The company blames the decrease on its fuel surcharge revenue, which dropped to $15.7 million from $41.3 million in the year-ago quarter.
Despite the poor results, Randolph Marten, chairman and CEO, believes the company is well-positioned.
"With our multi-faceted business model, our positive cash position with minimal debt, and our ability to keep our Marten team intact, from management to the hard-working drivers and other employees, we are confident that we are well-positioned for growth," he said. "We continue to expand our logistics, regional and Mexican operations while focusing on superior customer service, profitable freight selection and aggressive cost controls. We believe that many of the benefits of our strategic initiatives and cost controls have not yet been fully realized."