Operating income for 2002 dropped to $11.9 million, down from $15.1 million in 2001. A reflection of rising costs for motor carriers is shown by a rise in the operating ratio to 96, up from 94.7 in 2001.
Revenue in the fourth quarter 2002, ended December 31, 2002, was $76.3 million, up from $70.4 million for the same period of 2001. Net of fuel surcharges, revenue rose 6.8%. Income for the quarter was $579,000 or 13 cents per share, down from $1.3 million or 31 cents per share in the fourth quarter 2001. However, earnings still exceeded Marten’s previous guidance, which predicted earnings per share in the five to 10 cents per share range. Operating ratio for the fourth quarter 2002 was high at 98.2, up from 95.7 for the same period of 2001.
Marten Transport has continued to add to its fleet and to reduce debt. The company cut its long-term debt by $11.5 million in 2002. At year end, the fleet totaled 2,078 tractors and 2,676 refrigerated trailers.