MARTEN TRANSPORT ANNOUNCES QUARTERLY DIVIDEND AND AN INCREASE IN SHARE REPURCHASE PROGRAM
May 04 2022 - 9:00AM
- Marten Transport, Ltd. (Nasdaq/GS:MRTN) announced today that its
Board of Directors has declared a regular quarterly cash dividend
of $0.06 per share of common stock, and has also approved an
increase from current availability in Marten’s share repurchase
program to $50 million, or approximately 3.1 million shares, of its
common stock. Marten repurchased and retired 1.3 million shares of
its common stock for $25 million during the first quarter of 2022.
The dividend will be payable on June 30, 2022 to
stockholders of record at the close of business on June 16, 2022.
This is Marten’s 48th consecutive quarterly cash dividend. With the
payment of this dividend, Marten will have paid a total of $202.9
million in cash dividends, including special dividends totaling
$134.9 million in 2021, 2020, 2019 and 2012, since the dividend
program was implemented in the third quarter of 2010.
The repurchase program is intended to be
implemented through purchases made in either the open market or
through private transactions, in accordance with Securities and
Exchange Commission requirements. The timing and extent to which
the Company repurchases its shares depends on market conditions and
other corporate considerations. The repurchase program does not
have an expiration date and may be suspended, modified or
discontinued at any time. The Company has no obligation to
repurchase any amount of its common stock under the program.
Marten Transport, with headquarters in Mondovi,
Wis., is a multifaceted business offering a network of refrigerated
and dry truck-based transportation capabilities across the
Company’s five distinct business platforms – Truckload, Dedicated,
Intermodal, Brokerage and MRTN de Mexico. Marten is one of the
leading temperature-sensitive truckload carriers in the United
States, specializing in transporting and distributing food,
beverages and other consumer packaged goods that require a
temperature-controlled or insulated environment. The Company offers
service in the United States, Mexico and Canada, concentrating on
expedited movements for high-volume customers. Marten’s common
stock is traded on the Nasdaq Global Select Market under the symbol
MRTN.
This press release contains certain statements
that may be considered forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
including Marten’s current expectations concerning future payment
of dividends and the share repurchase program. These statements by
their nature involve substantial risks and uncertainties, and
actual results may differ materially from those expressed in such
forward-looking statements. Important factors known to Marten that
could cause actual results to differ materially from those
discussed in the forward-looking statements are discussed in Part
I, Item 1A of the Company’s Annual Report on Form 10-K for the year
ended December 31, 2021. Marten undertakes no obligation to correct
or update any forward-looking statements, whether as a result of
new information, future events or otherwise.
CONTACTS: Tim Kohl, Chief Executive
Officer, and Jim Hinnendael, Executive Vice
President and Chief Financial Officer,
of Marten Transport, Ltd., 715-926-4216.
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