Old Dominion makes another buy

Old Dominion Freight Lines (ODFL) has attained selected assets from Bob’s Pickup & Delivery of Sidney, MT.

A $10 million dollar carrier with 13 terminals spread throughout Montana and North Dakota, ODFL plans to buy 12 of Bob’s Pickup & Delivery’s terminals – all located in Montana – boosting its network to 204 service centers and allowing ODFL to provide direct coverage to every state in the continental U.S. The move follows ODFL’s purchase of New Mexico-based Bullocks Express Transportation late last year.

“Bob’s is a very well-run company with a strong franchise … and they have built an excellent reputation for providing quality transportation service,” said Earl Congdon, ODFL executive chairman. “This move is consistent with our growth and service strategy, and is also consistent in keeping with our focus of building a multi-regional and national network.”

ODFL has the cash on hand to make this buy. For the fourth quarter last year, the LTL carrier posted net income of $15.7 million and a 12.3% increase in revenue to $358.7 million – only down slightly from the $17.8 million in earned in the same period in 2006. For all of 2007, ODFL posted net income of $71.8 million on a 9.5% increase in revenue to $1.4 billion – again only slightly off from $72.6 million it earned for all of 2006.