Dollar Thrifty Group Reports Record Earnings

car rentalDollar Thrifty Automotive Group, Inc. reported results for the second quarter ended June 30, 2012 including net income for the 2012 second quarter of $49.4 million. This compares to net income of $42.5 million for the second quarter of 2011. The company also reported Corporate Adjusted EBITDA for the second quarter of 2012 of $88.3 million, up from $81.2 million in the second quarter of 2011.

The Dollar Thrifty Automotive Group, Inc. includes its Dollar Rent A Car and Thrifty Car brands.

"'We are pleased to report record second quarter results, particularly in light of the disappointing current economic environment. Rental day growth, improved vehicle utilization, a strong used vehicle market and continued focus on cost control all contributed to the year-over-year improvement and mitigated the softness in pricing," said Scott L. Thompson, chairman, president and chief executive officer.

For the quarter ended June 30, 2012, the company's vehicle rental revenue was $378.9 million, compared to $378.2 million in the second quarter of 2011.  Revenue per unit was $1,077 in second quarter 2012 compared to $1,080 for the same period last year. 

As of June 30, 2012, the company's tangible net worth was $663 million and the company said it had no corporate debt outstanding.

The company noted that neither Hertz nor any other company has put forward an offer during 2012 to purchase the company, despite persistent press reports about commitments Hertz has made to the Federal Trade Commission (FTC) to divest certain  Dollar Thrifty's assets in the context of a "hypothetical transaction." 

The company said that those reports have created "uncertainty for its employees and business partners" and the company has communicated its concerns regarding these reported divestiture commitments to senior officials at the FTC. 

The company noted that after three years of merger-related activity and speculation, it believes it is time for a compelling offer to be made or for this process to come to a close so that the company can "move forward under its stand alone plan without the constant distraction of merger speculation."

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