Exhibit 99.1

LOGO

 

FOR IMMEDIATE RELEASE    Contact:    J. Wes Frye
      Senior Vice President - Finance and
        Chief Financial Officer
      (336) 822-5305

OLD DOMINION FREIGHT LINE REPORTS 40% GROWTH IN FIRST-QUARTER

EARNINGS TO $0.35 PER DILUTED SHARE

Increases Guidance to Range of $1.76 to $1.84 for 2006

THOMASVILLE, N.C. (April 27, 2006) – Old Dominion Freight Line, Inc. (NASDAQ: ODFL) today announced financial results for the first quarter ended March 31, 2006. The Company produced record revenue from operations of $291,631,000, an increase of 23.2% from $236,770,000 for the first quarter of 2005. Net income increased 39.4% to $13,020,000 from $9,343,000, and earnings per diluted share increased 40.0% to $0.35 from $0.25 for the first quarter of 2005. Old Dominion’s operating ratio improved to 91.9% from 92.7% for the first quarter of 2005. All prior-period share and per share data in this release have been adjusted to reflect the Company’s three-for-two stock split effective in November 2005.

Commenting on the announcement, Earl E. Congdon, Chairman and Chief Executive Officer of Old Dominion, said, “Our first-quarter operating and financial results are a great start to accomplishing our objectives for 2006. These results are primarily due to the continued expansion of market share within our existing service center network, even as we continued the steady expansion of our geographic footprint.

“We expanded our service center network in the first quarter with the addition of 16 service centers, raising our total to 170 in operation in 46 states at the end of the quarter. We added 13 service centers through the acquisition of certain assets of UW Freight Line, enabling us to initiate operations in two new states and expand full-state coverage to 37 states. We also opened service centers in Ocala, Florida; Ann Arbor, Michigan; and Spokane, Washington during the first quarter and have subsequently opened San Jose, California; Fort Myers, Florida; Pendergrass, Georgia; Fargo, North Dakota, which initiated coverage in our 47th state; and Tacoma, Washington. We are scheduled to open five additional service centers later in 2006 and may possibly open another five to seven depending on real estate availability.

“Our revenue growth for the first quarter – the eighth consecutive quarter of growth in excess of 20% - was primarily the result of 20.6% growth in LTL tons shipped in a relatively stable pricing environment. Our tonnage growth consisted of an 11.5% increase in LTL shipments for the quarter and an 8.1% increase in LTL weight per LTL shipment. We attribute much of our growth in revenue and tonnage to our success in providing both regional and inter-regional services through one company to our expanding customer base.

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500 Old Dominion Way • Thomasville, North Carolina 27360 • (336) 889-5000

www.odfl.com


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April 27, 2006

“Because over 90% of our growth in revenue for the first quarter was generated within our existing service center network, we continued to achieve increased operating leverage and enhanced profit margins. We have generated 18 consecutive quarters of improvement in our operating ratio and growth in net income in excess of 30%, both on a comparable quarter basis.”

Based on the Company’s operating and financial results for the first quarter of 2006, as well as its assessment of current and near-term business conditions, Old Dominion today increased its guidance for 2006 earnings per diluted share to a range of $1.76 to $1.84. In addition, the Company today established its earnings guidance for the second quarter of 2006 in a range of $0.43 to $0.46, compared with $0.37 earned for the second quarter of 2005.

Mr. Congdon concluded, “Old Dominion’s first-quarter results continued our long-term record of expanding at a rate significantly higher than the overall trucking industry. They also support our ability to achieve our objective of at least 20% revenue growth for 2006 and over $2 billion in revenue for 2010. Our combination of differentiated products, high quality service, non-union workforce, experienced management team and solid financial position gives us great confidence in achieving these targets.”

Old Dominion will hold a conference call to discuss this release today at 11:00 a.m. Eastern time. Investors will have the opportunity to listen to the conference call live over the Internet by going to www.odfl.com or by going to www.InvestorCalendar.com 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 these Web sites shortly after the call through May 27, 2006. A telephonic replay will also be available through May 4, 2006, at 719-457-0820, Confirmation Number 9989840.

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; (2) the negative impact of any unionization of the Company’s employees; (3) the challenges associated with executing the Company’s growth strategy; (4) various economic factors such as economic recessions and downturns in customers’ business cycles and shipping requirements; (5) the availability and cost of fuel; (6) difficulty in attracting or retaining qualified drivers; (7) the Company’s exposure to claims related to cargo loss and damage, property damage, personal injury, workers’ compensation, long-term disability and group health and the cost of insurance coverage above retention levels; (8) the Company’s significant ongoing cash requirements; (9) the availability and cost of new equipment; (10) the costs of compliance with, or liability for, violation of existing or future governmental regulation; (11) seasonal trends in the industry, including the possibility of harsh weather conditions; (12) the Company’s dependence on key employees; (13) changes in the Company’s goals and strategies, which are subject to change at any time at the discretion of the Company; and (14) other risks and uncertainties indicated from time to time in the Company’s filings with the Securities and Exchange Commission.

Old Dominion Freight Line, Inc. is a less-than-truckload multi-regional motor carrier providing one-to-five day service among five regions in the United States and next-day and second-day service within these regions. Through its four product groups, OD-Domestic, OD-Expedited, OD-Global and OD-Technology, the Company offers an array of innovative products and services that provide direct service to 47 states within the Southeast, South Central, Northeast, Midwest and West regions of the country,

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including 37 states within which it provides full-state coverage. In addition, through marketing and carrier relationships, Old Dominion provides service to and from the remaining states as well as international services around the globe.

OLD DOMINION FREIGHT LINE, INC.

Financial Highlights

(In thousands, except per share amounts)

 

     Three Months Ended
March 31,
    % Chg.  
     2006     2005    

Revenue from operations

   $ 291,631     $ 236,770     23.2 %

Operating income

   $ 23,582     $ 17,236     36.8 %

Operating ratio

     91.9 %     92.7 %  

Net income

   $ 13,020     $ 9,343     39.4 %

Basic earnings per share

   $ 0.35     $ 0.25     40.0 %

Diluted earnings per share

   $ 0.35     $ 0.25     40.0 %

Weighted average shares outstanding

      

Basic

     37,285       37,268     0.0 %

Diluted

     37,285       37,283     0.0 %

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LOGO   OLD DOMINION FREIGHT LINE, INC.

Statements of Operations

(In thousands, except per share amounts)

 

     First Quarter  
     2006     2005     %Chg.  

Revenue

   $ 291,631    100.0 %   $ 236,770    100.0 %   23.2 %

Operating expenses:

            

Salaries, wages & benefits

     160,058    54.9 %     134,244    56.7 %   19.2 %

Operating supplies & expenses

     45,554    15.6 %     33,092    14.0 %   37.7 %

General supplies & expenses

     9,310    3.2 %     7,648    3.2 %   21.7 %

Operating taxes & licenses

     11,035    3.8 %     9,007    3.8 %   22.5 %

Insurance & claims

     8,484    2.9 %     7,855    3.3 %   8.0 %

Communications & utilities

     3,802    1.3 %     3,214    1.4 %   18.3 %

Depreciation & amortization

     15,537    5.3 %     12,335    5.2 %   26.0 %

Purchased transportation

     10,006    3.4 %     8,803    3.7 %   13.7 %

Building and office equipment rents

     2,770    1.0 %     2,097    0.9 %   32.1 %

Miscellaneous expenses, net

     1,493    0.5 %     1,239    0.5 %   20.5 %

Total operating expenses

     268,049    91.9 %     219,534    92.7 %   22.1 %

Operating income

     23,582    8.1 %     17,236    7.3 %   36.8 %

Other deductions:

            

Interest expense, net

     1,611    0.5 %     1,433    0.6 %   12.4 %

Other expense, net

     271    0.1 %     153    0.1 %   77.1 %

Income before income taxes

     21,700    7.5 %     15,650    6.6 %   38.7 %

Provision for income taxes

     8,680    3.0 %     6,307    2.7 %   37.6 %

Net income

   $ 13,020    4.5 %   $ 9,343    3.9 %   39.4 %
                    

Earnings per share:

            

Basic

   $ 0.35      $ 0.25      40.0 %

Diluted

   $ 0.35      $ 0.25      40.0 %

Weighted average outstanding shares:

            

Basic

     37,285        37,268      0.0 %

Diluted

     37,285        37,283      0.0 %

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LOGO   OLD DOMINION FREIGHT LINE, INC.

 

     First Quarter  

Operating Statistics

   2006     2005     % Chg.  
( * In thousands)                   

Operating ratio

     91.9 %     92.7 %   (0.9 )%

Intercity miles *

     68,630       61,529     11.5 %

LTL tons *

     873       724     20.6 %

Total tons *

     1,156       970     19.2 %

LTL shipments *

     1,511       1,355     11.5 %

Total shipments *

     1,544       1,383     11.6 %

Percent LTL revenue

     90.8 %     91.0 %   (0.2 )%

Revenue per intercity mile

   $ 4.25     $ 3.85     10.4 %

LTL rev/LTL cwt

   $ 15.16     $ 14.88     1.9 %

LTL rev/LTL cwt less FSC

   $ 13.50     $ 13.68     (1.3 )%

LTL rev/LTL shp

   $ 175.14     $ 159.07     10.1 %

LTL rev/LTL shp less FSC

   $ 156.01     $ 146.25     6.7 %

LTL weight per LTL shipment (lbs.)

     1,156       1,069     8.1 %

Average length of haul (miles)

     937       936     0.1 %

 

Balance Sheets

   March 31,
2006
   December 31,
2005
(In thousands)          

Current assets

   $ 164,202    $ 150,213

Net property and equipment

     517,642      466,071

Other assets

     27,876      25,364
             

Total assets

   $ 709,720    $ 641,648
             

Current maturities of long-term debt

   $ 17,116    $ 17,930

Other current liabilities

     121,021      93,098
             

Total current liabilities

     138,137      111,028

Long-term debt

     135,882      111,026

Other non-current liabilities

     77,630      74,543
             

Total liabilities

     351,649      296,597

Equity

     358,071      345,051
             

Total liabilities & equity

   $ 709,720    $ 641,648
             

 

Notes: Financial and operating data are unaudited
   LTL is less than 10,000 lbs.

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