MONDOVI, Wis., April 18, 2024 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (NASDAQ:MRTN) today reported net income of $9.6 million, or 12 cents per diluted share, for the first quarter ended March 31, 2024, compared with $22.5 million, or 28 cents per diluted share, for the first quarter of 2023. Operating revenue was $249.7 million for the first quarter of 2024 compared with $298.0 million for the first quarter of 2023. Excluding fuel surcharges, operating revenue was $215.7 million for the 2024 quarter compared with $254.9 million for the 2023 quarter. Fuel surcharge revenue decreased to $33.9 million for the 2024 quarter from $43.1 million for the 2023 quarter. Operating income was $12.3 million for the first quarter of 2024 compared with $29.0 million for the first quarter of 2023. Operating expenses as a percentage of operating revenue were 95.1% for the 2024 quarter and 90.3% for the 2023 quarter. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 94.3% for the 2024 quarter and 88.6% for the 2023 quarter. Executive Chairman Randolph L. Marten stated, "The freight market recession's oversupply and weak demand, inflationary operating costs and cumulative impact of freight rate reductions and related freight network disruptions continue to significantly pressure our earnings. The value of our unique multifaceted business model is highlighted by the operating results for our dedicated and brokerage operations in the first quarter. Our operating results improved throughout the quarter after earning 2 cents per share in January, which was also impacted by widespread harsh winter weather." "We remain focused on minimizing the freight market's impact on our operations while investing in and positioning our operations to capitalize on profitable organic growth opportunities, with fair compensation for our premium services, across each of our business operations for what comes next in the freight cycle as the market necessarily recovers from its current recessionary late stages. To that end, we have not agreed to rate reductions since last August." Current Investor Presentation Marten Transport, with headquarters in Mondovi, Wis., is a multifaceted business offering a network of refrigerated and dry truck-based transportation capabilities across Marten's five distinct business platforms - Truckload, Dedicated, Intermodal, Brokerage and MRTN de Mexico. Marten is one of the leading temperature-sensitive truckload carriers in the United States, specializing in transporting and distributing food, beverages and other consumer packaged goods that require a temperature-controlled or insulated environment. The Company offers service in the United States, Mexico and Canada, 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 include a discussion of Marten's prospects for future growth and by their nature involve substantial risks and uncertainties, and actual results may differ materially from those expressed in such forward-looking statements. Important factors known to the Company that could cause actual results to differ materially from those discussed in the forward-looking statements are discussed in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2023. The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise. CONTACTS: Tim Kohl, Chief Executive Officer, Doug Petit, President, and Jim Hinnendael, Executive Vice President and Chief Financial Officer, of Marten Transport, Ltd., 715-926-4216. MARTEN TRANSPORT, LTD.CONSOLIDATED CONDENSED BALANCE SHEETS   March 31,   December 31, (In thousands, except share information) 2024   2023   (Unaudited)           ASSETS               Current assets:               Cash and cash equivalents $ 73,730     $ 53,213   Receivables:               Trade, net   105,247       105,501   Other   10,380       10,356   Prepaid expenses and other   24,665       27,512   Total current assets   214,022       196,582                   Property and equipment:               Revenue equipment, buildings and land, office equipment and other   1,155,649       1,162,336   Accumulated depreciation   (378,151 )     (370,103 ) Net property and equipment   777,498       792,233   Other noncurrent assets   1,499       1,524   Total assets $ 993,019     $ 990,339                   LIABILITIES AND STOCKHOLDERS' EQUITY               Current liabilities:               Accounts payable $ 37,728     $ 36,516   Insurance and claims accruals   44,297       47,017   Accrued and other current liabilities   29,417       26,709   Total current liabilities   111,442       110,242   Deferred income taxes   118,946       122,462   Noncurrent operating lease liabilities   202       249   Total liabilities   230,590       232,953                   Stockholders' equity:               Preferred stock, $.01 par value per share; 2,000,000 shares authorized; no shares issued and outstanding   -       -   Common stock, $.01 par value per share; 192,000,000 shares authorized; 81,362,709 shares at March 31, 2024, and 81,312,168 shares at December 31, 2023, issued and outstanding   814       813   Additional paid-in capital   50,066       49,789   Retained earnings   711,549       706,784   Total stockholders' equity   762,429       757,386   Total liabilities and stockholders' equity $ 993,019     $ 990,339                   MARTEN TRANSPORT, LTD. CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited)     Three Months           Ended March 31,   (In thousands, except per share information) 2024     2023                   Operating revenue $ 249,672     $ 298,023                   Operating expenses (income):               Salaries, wages and benefits   88,762       98,516   Purchased transportation   41,814       54,103   Fuel and fuel taxes   39,561       46,796   Supplies and maintenance   16,070       15,987   Depreciation   28,527       29,530   Operating taxes and licenses   2,575       2,768   Insurance and claims   11,657       15,070   Communications and utilities   2,371       2,531   Gain on disposition of revenue equipment   (1,171 )     (5,246 ) Other   7,256