Old Dominion Freight Line Reports 30.6% Growth in 2013 First-Quarter Earnings Per Diluted Share to $0.47

  Old Dominion Freight Line Reports 30.6% Growth in 2013 First-Quarter
  Earnings Per Diluted Share to $0.47

       First-Quarter Operating Ratio Improves 150 Basis Points to 87.6%

Business Wire

THOMASVILLE, N.C. -- April 25, 2013

Old Dominion Freight Line, Inc. (NASDAQ: ODFL) today announced financial
results for the three-month period ended March 31, 2013. Revenue for the
quarter was $532.6 million, a 7.1% increase over $497.1 million for the first
quarter of 2012. Net income increased 30.4% to $40.6 million for the first
quarter of 2013 from $31.1 million for the first quarter last year, while
earnings per diluted share rose 30.6% to $0.47 from $0.36. Old Dominion's
operating ratio was 87.6% for the first quarter of 2013 compared with 89.1%
for the first quarter of 2012. All prior-period share and per share data in
this release have been adjusted to reflect the Company's September 2012
three-for-two stock split.

David S. Congdon, President and Chief Executive Officer of Old Dominion,
commented, “Old Dominion is off to a strong start in 2013, as we set a new
Company record for our first-quarter operating ratio and increased our
earnings per share by 30.6%. We produced these results despite the fact that
the 2013 first quarter included Good Friday, which occurred in the second
quarter of 2012, and had one less business day than the first quarter of last
year. In addition, the winter weather in the first quarter of 2013 was more
severe than we experienced in the first quarter of 2012. Even with these
headwinds and a less than robust economic environment, we generated revenue
growth for the quarter that consisted of a 5.2% increase in tons per day and a
2.9% increase in revenue per hundredweight, excluding fuel surcharges. We
believe our growth reflects our ongoing ability to win market share by
providing a value proposition that consists of delivering on-time, claims-free
service at a fair and equitable price.

“We improved our primary service metrics during the first quarter of 2013,
lowering our cargo claims ratio to a record 0.34% and driving our on-time
delivery percentage above 99%. We believe the quality of our service, and a
positive yield environment, also supported our ability to improve pricing. As
a result, our revenue per hundredweight increased for the quarter despite the
negative pressure on this metric caused by the 0.9% increase in weight per
shipment and 1.1% decline in length of haul. The combination of the increase
in revenue per hundredweight and our tonnage growth, which improved freight
density and certain operational efficiencies, was primarily responsible for
the 150 basis-point improvement in our operating ratio to 87.6% as compared to
the first quarter of 2012.

“Net capital expenditures for the first quarter were $26.1 million, which
included the expansion and relocation of eight service centers to improve our
capacity. We also opened two new service centers in Flagstaff, Arizona and
Santa Maria, California, bringing our total service centers in operation at
the end of the quarter to 219. We expect net capital expenditures for 2013 to
total approximately $270 million, which we plan to fund primarily with cash
flow from operations. These expenditures include $95 million for real estate
purchases and expansion projects at existing service centers, $150 million for
trailers, tractors and other equipment and $25 million for technology and
other assets. Our 2013 capital expenditures should provide additional service
center and equipment capacity to support continued increases in our market
share. The strength of our balance sheet also provides us with the ability to
capitalize on future growth opportunities and market consolidation. At March
31, 2013, our ratio of total debt to capitalization improved 190 basis points
to 17.1% from 19.0% at the end of 2012.”

Mr. Congdon concluded, “Old Dominion's strong financial and operating
performance in a challenging operating environment reflects the dedication of
the entire Old Dominion team and validates our value proposition and business
model. We are confident in our proven ability to execute our growth
strategies, win additional market share and outperform our industry. As a
result, we look forward to the remainder of 2013 and our prospects for
creating additional value for our shareholders.”

Old Dominion will hold a conference call to discuss this release today at
10:00 a.m. Eastern Daylight Time. Investors will have the opportunity to
listen to the conference call live over the Internet by going to www.odfl.com.
Please log on at least 15 minutes early to register, download and install any
necessary audio software. For those who cannot listen to the live broadcast, a
replay will be available at this website shortly after the call through May
11, 2013. A telephonic replay will also be available through May 11, 2013 at
(719) 457-0820, Confirmation Number 2452470.

Forward-looking statements in this news release are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that such forward-looking statements involve risks and
uncertainties that could cause actual events and results to be materially
different from those expressed or implied herein, including, but not limited
to, the following: (1) the competitive environment with respect to industry
capacity and pricing, including the use of fuel surcharges, such that our
total overall pricing is sufficient to cover our operating expenses; (2) our
ability to collect fuel surcharges and the effectiveness of those fuel
surcharges in mitigating the impact of fluctuating prices for fuel and other
petroleum-based products; (3) the negative impact of any unionization, or the
passage of legislation or regulations that could facilitate unionization, of
our employees; (4) the challenges associated with executing our growth
strategy, including the inability to successfully consummate and integrate
acquisitions, if any; (5) changes in our goals and strategies, which are
subject to change at any time at our discretion; (6) various economic factors
such as economic recessions and downturns in customers' business cycles and
shipping requirements; (7) increases in driver compensation or difficulties
attracting and retaining qualified drivers to meet freight demand; (8) our
exposure to claims related to cargo loss and damage, property damage, personal
injury, workers' compensation, long-term disability and group health,
including increased premiums, adverse loss development, increased self-insured
retention levels, and claims in excess of coverage levels; (9) potential cost
increases associated with recent healthcare legislation; (10) the availability
and cost of capital for our significant ongoing cash requirements; (11) the
availability and cost of replacement parts and new equipment, particularly in
light of regulatory changes and supply constraints impacting the cost of these
assets; (12) decreases in demand for, and the value of, used equipment; (13)
the availability and cost of diesel fuel; (14) the costs and potential
liabilities related to compliance with, or violations of, existing or future
governmental laws and regulations, including environmental laws, engine
emissions standards, hours-of-service for our drivers, driver fitness
requirements and new safety standards for drivers and equipment; (15)
litigation and governmental proceedings; (16) the costs and potential adverse
impact of non-compliance with rules issued by the Federal Motor Carrier Safety
Administration; (17) seasonal trends in the industry, including the
possibility of harsh weather conditions; (18) our dependence on key employees;
(19) the concentration of our stock ownership with the Congdon family; (20)
the costs and potential adverse impact associated with potential future
changes in accounting standards or practices; (21) the impact caused by
potential disruptions to our information technology systems or our service
center network; (22) damage to our reputation from the misuse of social media;
(23) dilution to existing shareholders caused by any issuance of additional
equity; and (24) other risks and uncertainties indicated from time to time in
our filings with the Securities and Exchange Commission. Our forward-looking
statements are based upon our beliefs and assumptions using information
available at the time the statements are made. We caution the reader not to
place undue reliance on our forward-looking statements (i) as these statements
are neither a prediction nor a guarantee of future events or circumstances and
(ii) the assumptions, beliefs, expectations and projections about future
events may differ materially from actual results. We undertake no obligation
to publicly update any forward-looking statement to reflect developments
occurring after the statement is made, except as otherwise required by law.

Old Dominion Freight Line, Inc. is a leading, less-than-truckload (“LTL”),
union-free motor carrier providing regional, inter-regional and national LTL
service and value-added logistics services. In addition to its core LTL
services, the Company offers its customers a broad range of value-added
services including worldwide freight forwarding services, ground and air
expedited transportation, container delivery, truckload brokerage, supply
chain consulting, warehousing and consumer household pickup and delivery
services.

                                                                   
OLD DOMINION FREIGHT LINE, INC.

Financial Highlights

(In thousands, except per share amounts)
                                                                        
                                        Three Months Ended
                                        March 31,                       %
                                        2013          2012            Chg.
Revenue                                 $ 532,575       $ 497,140       7.1  %
Operating income                        $ 65,944        $ 54,218        21.6 %
Operating ratio                         87.6      %     89.1      %
Net income                              $ 40,553        $ 31,095        30.4 %
Basic and diluted earnings per          $ 0.47          $ 0.36          30.6 %
share
Basic and diluted weighted average      86,165          86,165          —    %
shares outstanding


OLD DOMINION FREIGHT LINE, INC.
Statements of Operations

                       First Quarter
(In thousands,
except per share           2013                      2012
amounts)
                                                                 
Revenue                    $ 532,575       100.0 %    $ 497,140       100.0 %
                                                                      
Operating
expenses:
Salaries, wages &          270,800         50.8  %    257,989         51.9  %
benefits
Operating supplies         95,703          18.0  %    94,216          19.0  %
& expenses
General supplies &         17,761          3.3   %    14,152          2.8   %
expenses
Operating taxes &          17,269          3.2   %    16,356          3.3   %
licenses
Insurance & claims         7,270           1.4   %    7,683           1.5   %
Communications &           5,721           1.1   %    4,854           1.0   %
utilities
Depreciation &             29,834          5.6   %    25,544          5.1   %
amortization
Purchased                  17,498          3.3   %    16,231          3.3   %
transportation
Building and
office equipment           3,178           0.6   %    3,268           0.7   %
rents
Miscellaneous              1,597        0.3   %    2,629        0.5   %
expenses, net
                                                                      
Total operating            466,631      87.6  %    442,922      89.1  %
expenses
                                                                      
Operating income           65,944          12.4  %    54,218          10.9  %
                                                                      
Non-operating
expense (income):
Interest expense           2,400           0.5   %    3,219           0.6   %
Interest income            (14       )     (0.0  )%   (52       )     (0.0  )%
Other expense              74           0.0   %    (346      )   (0.0  )%
(income), net
                                                                      
Income before              63,484          11.9  %    51,397          10.3  %
income taxes
                                                                      
Provision for              22,931       4.3   %    20,302       4.0   %
income taxes
                                                                      
Net income                 $ 40,553     7.6   %    $ 31,095     6.3   %
                                                                      
Earnings per
share:
Basic and Diluted          $ 0.47                     $ 0.36
                                                                      
Weighted average
outstanding
shares:
Basic and Diluted          86,165                     86,165


OLD DOMINION FREIGHT LINE, INC.
Operating Statistics
                       
                            First Quarter
                            2013               2012              % Chg.
                                                                     
Work days                   63                   64                  (1.6  )%
Operating ratio             87.6        %        89.1       %        (1.7  )%
Intercity miles             103,472              100,096             3.4   %
^(1)
Total tons ^ (1)            1,717                1,659               3.5   %
Total shipments ^           1,922                1,873               2.6   %
(1)
Revenue per                 $   5.15             $  4.97             3.6   %
intercity mile
Revenue per                 $   15.50            $  15.05            3.0   %
hundredweight ^ (2)
Revenue per
hundredweight,              $   12.89            $  12.53            2.9   %
excluding fuel
surcharges ^ (2)
Revenue per                 $   276.97           $  266.58           3.9   %
shipment ^ (2)
Revenue per
shipment, excluding         $   230.40           $  221.86           3.8   %
fuel surcharges ^
(2)
Weight per shipment         1,787                1,771               0.9   %
(lbs.)
Average length of           935                  945                 (1.1  )%
haul (miles)
                                                                           

(1) - In thousands
(2) - For statistical purposes only, revenue does not include adjustments for
undelivered freight required for financial statement purposes in accordance
with the Company's revenue recognition policy.


OLD DOMINION FREIGHT LINE, INC.
Balance Sheets
                                                          
                                            March 31,          December 31,
(In thousands)                              2013               2012
                                                               
Cash and cash equivalents                   $  29,183          $  12,857
Other current assets                        295,781           262,171
Total current assets                        324,964            275,028
Net property and equipment                  1,375,749          1,379,305
Other assets                                60,479            58,181
Total assets                                $  1,761,192      $  1,712,514
                                                               
Current maturities of long-term debt        $  38,619          $  38,978
Other current liabilities                   215,511           186,161
Total current liabilities                   254,130            225,139
Long-term debt                              180,714            201,429
Other non-current liabilities               259,826           259,977
Total liabilities                           694,670            686,545
Equity                                      1,066,522         1,025,969
Total liabilities & equity                  $  1,761,192      $  1,712,514
                                                                  
Note: The financial and operating statistics in this release are unaudited.

Contact:

Old Dominion Freight Line, Inc.
J. Wes Frye, 336-822-5305
Senior Vice President, Finance and Chief Financial Officer
 
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