THOMASVILLE, N.C., -- Old Dominion Freight Line, Inc. today announced financial results for the first quarter ended March 30, 2009. Revenue for the quarter was $295.1 million compared with $368.2 million for the first quarter of 2008. Net income was $4.0 million, or $0.11 per diluted share, for the first quarter of 2009 compared with $10.4 million, or $0.28 per diluted share, for the first quarter of 2008. Old Dominion's operating ratio was 96.6% for the first quarter of 2009 versus 94.3% for the first quarter of 2008.
Earl Congdon, Executive Chairman of Old Dominion, commented, "Industry conditions during the first quarter of 2009 continued to reflect the effects of the recessionary economic environment on freight demand, and pricing pressure was as severe as we have ever experienced. Under these circumstances, however, we maintained our focus on pricing discipline, improved the efficiency of our operations and positioned the Company to take advantage of growth opportunities following an economic recovery or meaningful industry consolidation. As a result of our efforts and despite the unprecedented operating environment, Old Dominion was able to minimize the effects of a 12.4% decline in tonnage and operate profitably for the quarter.
"We believe that our ability to consistently provide superior on-time and claims-free service differentiates us from our competition. Our commitment to best-in-class service enables our customers to maintain the efficiency of their supply chains and allows us to maintain and grow customer relationships. Pricing discipline is critical in fulfilling our service commitment by providing the necessary capital to support our continued investment in technology and operating infrastructure. We were able to maintain relatively stable pricing during the first quarter, considering the negative impact of a 6.0% increase in weight per shipment on our pricing metrics. Revenue per hundredweight, excluding fuel surcharges, declined only 1.0% to $11.53 from $11.65 in the first quarter of 2008, which demonstrates the success of our value-driven pricing strategy. Although our commitment to pricing discipline contributed to the decline in tonnage during the first quarter, we believe this strategy will contribute to the long-term success of the Company and will also be validated by our operating performance relative to the industry.
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