Old Dominion Freight Line Inc. headquartered in Thomasville, N.C., said first-quarter revenues from operations increased 20.2% to $152,865,000 from $127,147,000 for the first quarter of 2002.

Net income rose 89.4% to $4,247,000 from $2,242,000, while earnings per share increased 48.1% to $0.40 from $0.27 on a 28.6% increase in weighted average shares outstanding primarily due to the November 2003 stock offering.
Old Dominion's operating ratio improved to 94.3% for the first quarter of 2003 from 96.0% for the first quarter of 2002.
"Old Dominion began 2003 with substantial growth in first-quarter revenue and profits," said Earl E. Congdon, chairman and chief executive officer of Old Dominion. "We achieved this growth despite weak economic conditions and severe winter weather in February and March that we believe impaired our operations and profitability.
"For the first quarter, LTL shipments and LTL tonnage increased 12.6% and 10.7%, respectively, while LTL revenue per LTL hundredweight increased 10.3%. Excluding the fuel surcharge, LTL revenue per LTL hundredweight increased 6.8%. The additional freight volume, we believe, was obtained as a result of the bankruptcy of Consolidated Freightways in September 2002, which contributed to our revenue growth for the first quarter above our long-term annual goal of 10% to 15%.
"Consistent with our growth strategies that focus on generating additional revenue within our existing service center network, we were able to leverage our assets and improve our operating ratio for the quarter," Congdon said. "We also continued to benefit from a number of steps taken to improve the density of freight flowing through our network, including our initiation of full-state coverage in 24 states beginning in late 2000, the expansion or opening of service center facilities within our existing markets and the consistent improvement of our service products and transit times."