Old Dominion Freight Line Inc., Thomasville, N.C., recorded fourth quarter revenue from operations of $173,976,000, an increase of 16.2% from $149,712,000 for the fourth quarter of 2002.
Net income increased 41.5% to $7,728,000 from $5,463,000. Old Dominion's operating ratio improved to 92.2% for the fourth quarter from 93.0% for the fourth quarter of 2002, the ninth consecutive comparable-quarter improvement.
Revenue from operations for 2003 rose 17.8% to $667,531,000 from $566,459,000 for 2002. Net income increased 49.5% to $27,600,000 from $18,462,000.
Old Dominion's operating ratio improved to 92.3% for 2003 from 93.6% for 2002.
"We are pleased with the substantial profitable growth Old Dominion produced for the fourth quarter of 2003, which compares favorably with the first full prior-year quarter that included the impact of the September 3, 2002, bankruptcy of Consolidated Freightways," remarked Earl E. Congdon, chairman and CEO of Old Dominion. "Our continued revenue growth above our long-term target range reflects a number of factors; however, continued gains in market share remain our No. 1 focus and the primary source of our growth."
Congdon said the company added nine new service centers during 2003, including three in the fourth quarter, all of which contributed less than 4% of the total increase in revenue for the year.
"Consistent with our long-term growth strategies, we opened these new centers primarily to leverage our existing service center network and enhance our products and services. These openings enabled us to successfully launch full-state coverage in Arkansas, Louisiana and Missouri during the fourth quarter of 2003. Including these new states, we now offer full-state coverage in 27 of the 38 states to which we provide direct service."
Net income increased 41.5% to $7,728,000 from $5,463,000. Old Dominion's operating ratio improved to 92.2% for the fourth quarter from 93.0% for the fourth quarter of 2002, the ninth consecutive comparable-quarter improvement.
Revenue from operations for 2003 rose 17.8% to $667,531,000 from $566,459,000 for 2002. Net income increased 49.5% to $27,600,000 from $18,462,000.
Old Dominion's operating ratio improved to 92.3% for 2003 from 93.6% for 2002.
"We are pleased with the substantial profitable growth Old Dominion produced for the fourth quarter of 2003, which compares favorably with the first full prior-year quarter that included the impact of the September 3, 2002, bankruptcy of Consolidated Freightways," remarked Earl E. Congdon, chairman and CEO of Old Dominion. "Our continued revenue growth above our long-term target range reflects a number of factors; however, continued gains in market share remain our No. 1 focus and the primary source of our growth."
Congdon said the company added nine new service centers during 2003, including three in the fourth quarter, all of which contributed less than 4% of the total increase in revenue for the year.
"Consistent with our long-term growth strategies, we opened these new centers primarily to leverage our existing service center network and enhance our products and services. These openings enabled us to successfully launch full-state coverage in Arkansas, Louisiana and Missouri during the fourth quarter of 2003. Including these new states, we now offer full-state coverage in 27 of the 38 states to which we provide direct service."
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