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Marten Transport Announces First Quarter Results

MONDOVI, Wis., Apr 21, 2016 (GLOBE NEWSWIRE via COMTEX) --

Marten Transport, Ltd. (nasdaq/gs:MRTN) today reported net income of $8.2 million, or 25 cents per diluted share, for the quarter ended March 31, 2016. Net income improved 2.4% over 2015 first quarter earnings of $8.0 million, or 24 cents per diluted share, excluding a $3.7 million gain on the disposition of a facility. Net income for the 2015 quarter, including the gain, was $10.2 million, or 30 cents per diluted share. The disposition was part of Marten's ongoing program to expand and update the footprint of its facilities.

Operating revenue, net of both fuel surcharges and revenue from the Company's dry container service discontinued in March 2015, improved 8.9%, to $151.9 million, for the first quarter of 2016 from $139.4 million for the first quarter of 2015. Operating revenue increased to $161.9 million for the 2016 quarter from $161.3 million for the 2015 quarter, despite substantially lower fuel surcharges due to decreased fuel prices in 2016. Fuel surcharge revenue decreased to $10.0 million for the first quarter of 2016 from $20.6 million for the 2015 quarter.

Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, was 90.7% for the first quarter of 2016. The operating ratio, net of both the gain on the facility disposition and fuel surcharges, was 90.3% for the first quarter of 2015.

Chairman and Chief Executive Officer Randolph L. Marten said, "In the face of pricing pressures and a soft freight market since last year's second quarter, we have continued to demonstrate disciplined execution of our unique, multifaceted and diverse business model. We successfully grew our average number of truckload and dedicated tractors by 384 tractors, or 16.5%, year over year, and paid off our December 31, 2015 debt balance of $37.9 million during the quarter. We believe that we are well-positioned to profitably capitalize on further growth opportunities within each of our transportation service platforms in 2016."

Marten Transport, with headquarters in Mondovi, Wis., is one of the leading temperature-sensitive truckload carriers in the United States. Marten specializes in transporting and distributing food and other consumer packaged goods that require a temperature-controlled or insulated environment. 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 by their nature involve substantial risks and uncertainties, and actual...