Marten Transport Ltd reported record revenue of $293.1 million for the year ended Dec 31, 2002, compared with $282.8 million in 2001. Revenue net of fuel surcharges increased 5.5% from 2001. Fuel surcharges declined $4.5 million from 2001 due to a significant decrease in the annual average price of diesel fuel. Net income for 2002 was $6 million, compared with $6.5 million in 2001.
Operating income for 2002 was $11.9 million, compared with $15.1 million in 2001. Marten's operating ratio (operating costs as a percentage of revenue) rose to 96.0% in 2002 from 94.7% in 2001.
For the fourth quarter ended Dec 31, 2002, Marten's revenue was $76.3 million, compared with $70.4 million a year earlier. Revenue net of fuel surcharges increased 6.8% from fourth-quarter 2001. Fuel surcharges increased $1.2 million from fourth-quarter 2001 due to an increase in the quarterly average price of diesel fuel. Fourth-quarter net income was $579,000, compared with $1.3 million in 2001.
Operating income for the fourth quarter of 2002 was $1.4 million versus $3 million for the same period of the previous year. The fourth-quarter 2002 operating ratio rose to 98.2% from 95.7% for the fourth quarter of 2001.