Marten Transport Ltd, the Mondovi WI-based temperature-sensitive truckload carrier, has reported its financial and operating results for the third quarter of 2009.
Net income for the third quarter was $3.5 million, compared with $6.1 million for the same quarter of 2008. For the nine-month period of 2009, net income totaled $12.0 million, versus $12.2 million for the same nine-month period of 2008.
Operating revenue, consisting of revenue from truckload and logistics operations, fell 20.8% to $129.4 million in the third quarter of 2009 from $163.4 million in the 2008 quarter and dropped 19.2% to $377.2 million in the nine-month period of 2009 from $466.7 million in the 2008 nine-month period.
Operating expenses receded 19.6% to $122.9 million in the third quarter of 2009 from $152.8 million in the 2008 quarter and were down 19.9% to $355.9 million in the 2009 nine-month period from $444.3 million in the 2008 nine-month period.
Marten’s operating ratio (operating expenses as a percentage of operating revenue) was 94.9% for the third quarter of 2009 compared with 93.6% for the same quarter in 2008. It improved to 94.4% for the nine-month period of 2009 from 95.2% for the 2008 nine-month period.
Randolph L Marten, chairman and chief executive officer, said, “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. 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.”
