Marten Transport Ltd, the Mondovi WI-based temperature-controlled carrier, has announced its financial and operating results for the quarter ended June 30, 2009.
For the second quarter of 2009, net income increased 29.1% to $4.5 million, or 20 cents per diluted share, compared with $3.5 million, or 16 cents per diluted share, for the same quarter of 2008. For the six-month period of 2009, net income rose 39.3% to $8.5 million, or 39 cents per diluted share, versus $6.1 million, or 28 cents per diluted share, for the same six-month period of 2008.
Operating revenue, consisting of revenue from truckload and logistics operations, decreased 21.4% to $125.8 million in the second quarter of 2009 from $160.0 million in the 2008 quarter and fell 18.3% to $247.8 million in the six-month period of 2009 from $303.4 million in the 2008 six-month period.
Operating expenses dropped 23.0% to $118.3 million in the second quarter of 2009 from $153.6 million in the 2008 quarter and fell 20.1% to $233.0 million in the 2009 six-month period from $291.5 million in the 2008 six-month period.
Net cash from operating activities increased to $15.1 million for the second quarter of 2009 from $7.0 million in the 2008 quarter and climbed to $42.5 million for the 2009 six-month period from $21.7 million in the 2008 six-month period.
Randolph L Marten, chairman and chief executive officer, said, “Despite the ongoing difficult freight environment, our ability to continue to produce positive results was clearly demonstrated in the second quarter. We continued our disciplined focus on superior customer service, profitable freight selection, and aggressive cost controls. Most notably, our expansion of regional operations throughout the country, our continued growth of our logistics business, and our fuel efficiency initiatives have helped us improve our results.”
