MARTEN TRANSPORT DECLARES SPECIAL AND QUARTERLY DIVIDENDS
MONDOVI, Wis., Aug. 17, 2021 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) announced today that its Board of Directors has declared a special cash dividend of $0.50 per share of common stock and a regular quarterly cash dividend of $0.04 per share of common stock.
Executive Chairman Randolph L. Marten said, “The Board’s decision to declare the special and quarterly cash dividends reflects our strong financial position and commitment to enhancing stockholder value. This special dividend increases our current dividend yield to 4.3% and makes 2021 our third consecutive year with special dividends - with payments of $0.50 per share in 2020 and $0.43 per share in 2019.”
The dividends will be payable on October 4, 2021 to stockholders of record at the close of business on September 20, 2021. No portion of either dividend is considered to be a return of capital. This is Marten’s 45th consecutive quarterly cash dividend. With the payment of these dividends, Marten will have paid a total of $189.7 million in cash dividends since the dividend program was implemented in the third quarter of 2010.
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, Canada and Mexico, 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. 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, 2020. 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 President, and Jim Hinnendael, Executive Vice President and Chief Financial Officer, of Marten Transport, Ltd., 715-926-4216.