Marten net income rises in first quarter
Apr 29, 2009 9:19 AM
Marten Transport Ltd, the Mondovi WI-based temperature-controlled carrier, announced its financial and operating results for the quarter ended March 31, 2009. For the first quarter of 2009, net income increased 52.8% to $4.1 million, compared with $2.7 million for the same quarter of 2008.
Operating revenue, consisting of revenue from truckload and logistics operations, decreased 14.9% to $122.0 million in the first quarter of 2009 from $143.4 million in the 2008 quarter. Operating expenses fell 16.8% to $114.7 million in the first quarter of 2009 from $137.9 million in the 2008 quarter.
Randolph L Marten, chairman and chief executive officer, said, “Despite the overall turmoil in the economy and the exceptionally difficult freight environment, we continued to improve our profitability and our strong financial position in this year’s first quarter. Consistent with the growth in our net income, another fundamental measurement of our profitability, our cash from operating activities, increased to $27.4 million for the first quarter of 2009 from $14.7 million in the 2008 quarter. We are well-positioned for an economic recovery with our multi-faceted business model and our positive cash position with minimal debt."
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