Marten Transport, Ltd. announced that operating revenue increased 5% to $131.7 million from $125.4 million for the quarter and year ended Dec. 31, 2006.
For 2006, operating revenue increased 12.8% to $518.9 million from $460.2 million for 2005. Operating revenue included fuel surcharges of $17.8 million and $77.3 million for the quarter and year ended Dec. 31, 2006, compared with $19.1 million and $57.2 million for the quarter and year ended Dec. 31, 2005. Operating revenue also included non-freight revenue principally from Marten's logistics and intermodal operations. Non-freight revenue increased 143.4% to $12.4 million for the quarter and 132.9% to $39.3 million for the year ended Dec. 31, 2006, compared with $5.1 million and $16.9 million for the quarter and year ended Dec. 31, 2005, respectively.
For the fourth quarter, net income decreased 27.0% to $5.2 million, or 24 cents per diluted share, from $7.1 million, or 32 cents per diluted share, for the same quarter of 2005. For the year ended Dec. 31, 2006, net income decreased 2.2% to $24.5 million, or $1.12 per diluted share, from $25.1 million, or $1.14 per diluted share, for 2005.
Chairman, President and Chief Executive Officer Randolph L. Marten said, "We continued to grow with our customers during the fourth quarter, though a more challenging freight environment and an increase in driver-related expenses impacted our profitability for the period. Operating revenue increased 5.0% in the last quarter of 2006, despite a 7.0% decrease in fuel surcharges. Non-freight revenue, consisting of our intermodal, brokerage, and MW Logistics operations, increased 143.4% to $12.4 million over the fourth quarter of 2005. Combining these business units with our trucking operations shows revenue growth, before fuel surcharges, of $7.6 million, or 7.1%, over the fourth quarter of 2005.”