Marten Transport Ltd, based in Mondovi WI, reports record revenue of $74.7 million for its third quarter ended Sept 30, 2002, up from $70.8 million for the same period of 2001. Revenue, exclusive of fuel surcharges increased 7.1% for the third quarter 2002 compared with third-quarter 2001. Fuel surcharges were down $907,000 as a result of falling diesel prices.
Net income for the third quarter increased 14.9% to $1.864 million, an earnings mark of 43 cents per share. Third-quarter net income for 2001 was $1.622 million, or 38 cents per share. Although revenue and net income were up, operating income fell slightly to $3.480 million for third-quarter 2002 compared with $3.673 million for the same period of 2001. Marten's operating ratio increased to 95.3 for third-quarter 2002 from an operating ratio of 94.8 for the same period in 2001.
For the first nine months of fiscal year 2002, Marten generated revenue of $216.8 million, up from $212.4 million for the first nine months of 2001. Net income for the first three quarters of 2002 was $5.394 million, up from $5.192 for the same nine months of 2001. Earnings per share were $1.24 for the first three quarters of 2002, up from $1.23 per share for the same nine months of 2001. Marten operates a fleet of 2,087 tractors and 2,731 53-foot refrigerated trailers.