Dollar Thrifty Automotive Group Reports Record First Quarter Revenue; Earnings Per Share Exceed Company Estimate

Apr 24, 2001, 01:00 ET from Dollar Thrifty Automotive Group, Inc.

    TULSA, Okla., April 24 /PRNewswire Interactive News Release/ -- Dollar
 Thrifty Automotive Group, Inc. (NYSE:   DTG), today reported results for the
 first quarter ended March 31, 2001.  Total revenue for the 2001 first quarter
 was a record $243.9 million, increasing 4.0 percent over the 2000 first
 quarter.  Net income for the quarter was $9.2 million, or $.38 per diluted
 share, exceeding the Company's estimate of $.30 to $.35.  For the comparable
 2000 quarter, net income was $11.3 million, or $.46 per diluted share.
     Dollar Thrifty Automotive Group, Inc. owns Dollar Rent A Car Systems, Inc.
 and Thrifty, Inc.  For the 2001 first quarter, Dollar achieved record revenue
 of $187.9 million, an increase of 4.8 percent over the first quarter of 2000.
 Vehicle rental revenue reached a record $179.1 million, a 6.5 percent increase
 over the 2000 first quarter.  Rental revenue was driven by strong growth in
 rental days which increased 9.7 percent over last year's quarter, including
 growth from the acquisition of franchise locations.  Dollar continues to
 expand its commanding presence on the Internet.  The dollar.com Web site
 provided 18.1 percent of Dollar's first quarter reservations, compared to
 14.3 percent in last year's first quarter.
     For the 2001 first quarter, Thrifty, Inc. achieved revenue of
 $55.8 million, a 1.6 percent increase over the first quarter of 2000.
 Corporate vehicle rental revenue increased 76.1 percent over the comparable
 2000 quarter driven by strong growth in Canadian operations and the addition
 of U.S. markets previously operated by franchisees.  As a result of this shift
 in operations, Thrifty's vehicle leasing revenue declined 15.0 percent to
 $32.4 million.  Thrifty is continuing to focus on expanding its U.S. in-
 terminal operations during 2001.  Thrifty Car Sales continues to grow and
 generate interest among prospective dealers.  The Company currently has
 39 dealer locations in operation and expects to increase to approximately
 75 by year-end.
     Joseph E. Cappy, Chairman, CEO and President, said, "We are pleased with
 our first quarter results, particularly in light of the slowing domestic
 economy and airline travel.  While Dollar and Thrifty are not immune to an
 economic slow-down, we are well positioned to perform comparatively well as a
 result of our low-cost structure and our value-price position.  During the
 first quarter, our strong rental day growth along with tight controls over our
 fleet and expenses allowed us to generate excellent results despite continued
 weakness in industry pricing."
     Regarding the 2001 outlook, the Company expects Dollar's rental days to
 grow by eight to nine percent, including growth from franchise acquisitions.
 For the second quarter, average revenue per day is expected to decrease two to
 three percent as compared to the 2000 second quarter.  Based on anticipated
 market conditions, the Company expects second quarter earnings per share to be
 in the range of $.83 to $.93.  The Company has less visibility on pricing
 trends, which are key to industry earnings, beyond the second quarter.  If
 weak industry pricing continues, full year average revenue per day could
 decline by two to three percent.  However, with improved pricing in the second
 half of the year, the Company believes the full year average revenue per day
 could increase by as much as one percent over that achieved in 2000.  Based on
 this and other anticipated market conditions, the Company expects 2001
 earnings per share to be in the range of $2.50 to $3.20.
     The Dollar and Thrifty systems have worldwide locations in approximately
 70 countries including over 900 corporate and franchised locations in the
 United States and Canada.  The companies provide car rental services primarily
 to value-conscious discretionary and leisure travelers.  Dollar has on-airport
 locations at major airports throughout the United States with a focus on
 serving the leisure and international tour business.  Thrifty serves both the
 airport and local car rental markets, is a leading lessor of rental vehicles
 to car rental franchisees and operates a franchised retail used car sales
 network.
     The Dollar Thrifty Automotive Group Web site is dtag.com.
     The Dollar Thrifty Automotive Group, Inc. first quarter 2001 earnings
 conference call will be held on Tuesday, April 24, 2001, at 9:00 a.m. (central
 time). Those interested in listening to the conference call live may access
 the call via Webcast at the corporate Web site, dtag.com, or by dialing
 800-683-1535 (domestic) or 973-633-1010 (international).  An audio replay of
 the conference call will be available through May 8, 2001, by calling
 888-306-8691 (domestic) or 402-220-2854 (international).  The replay will also
 be available via the corporate Web site through May 8, 2001.
     Some of the statements contained in this press release may constitute
 forward-looking statements within the meaning of the Private Securities
 Litigation Reform Act of 1995.  Although Dollar Thrifty Automotive Group, Inc.
 believes such forward-looking statements are based upon reasonable
 assumptions, such statements are not guarantees of future performance and
 certain factors could cause results to differ materially from current
 expectations.  These factors include: price and product competition; economic
 and competitive conditions in markets and countries where the companies'
 customers reside and where the companies and their franchisees operate;
 changes in capital availability or cost; costs and other terms related to the
 acquisition and disposition of automobiles and conducting business; and
 certain regulatory and environmental matters.  Should one or more of these
 risks or uncertainties, among others, materialize, actual results could vary
 from those estimated, anticipated or projected.  Dollar Thrifty Automotive
 Group, Inc. undertakes no obligation to update or revise forward-looking
 statements to reflect changed assumptions, the occurrence of unanticipated
 events or changes to future operating results over time.
 
                       Dollar Thrifty Automotive Group, Inc.
                          Consolidated Statement of Income
                  (In thousands, except share and per share data)
                                     Unaudited
 
                              Three months ended              As % of
                                  March 31,               Total revenues
                               2001       2000           2001         2000
     Revenues:
         Vehicle rentals    $190,777    $174,863         78.2%        74.6%
         Vehicle leasing      36,577      43,286         15.0%        18.5%
         Fees and services    12,873      14,151          5.3%         6.0%
         Other                 3,634       2,123          1.5%         0.9%
           Total revenues    243,861     234,423        100.0%       100.0%
     Costs and Expenses:
         Direct vehicle and
          operating           84,181      71,799         34.5%        30.6%
         Vehicle depreciation
          and lease charges,
          net                 76,029      73,726         31.2%        31.4%
         Selling, general
          and administrative  45,466      46,197         18.6%        19.7%
         Interest expense,
          net                 19,626      20,619          8.1%         8.8%
         Amortization of
          cost in excess of
          net assets acquired  1,544       1,446          0.6%         0.7%
           Total costs and
            expenses         226,846     213,787         93.0%        91.2%
     Income before income
      taxes                   17,015      20,636          7.0%         8.8%
     Income tax expense        7,806       9,324          3.2%         4.0%
     Net income             $  9,209    $ 11,312          3.8%         4.8%
     Earnings per share:
         Basic              $   0.38    $   0.47
         Diluted            $   0.38    $   0.46
     Weighted average number
      of shares outstanding:
         Basic            24,081,599  24,160,574
         Diluted          24,546,836  24,552,373
 
 
                         Consolidated Operating Statistics
 
                                                Three months ended
                                                  March 31, 2001
     Vehicle Rental Data:
       Average number of vehicles operated           64,631
          % change from prior year                     13.9%
       Number of rental days                      4,925,801
          % change from prior year                     12.8%
       Vehicle utilization                             84.7%
          Percentage points change from prior year      0.1p.p.
       Average revenue per day                       $38.73
          % change from prior year                     (3.3%)
       Monthly average revenue per vehicle             $984
          % change from prior year                     (4.3%)
       (Note:  The 1st qtr of 2001 had 90 days
          compared to 91 days in the 1st qtr of 2000)
 
     Vehicle Leasing Data:
       Average number of vehicles leased             26,764
          % change from prior year                    (14.7%)
       Monthly average revenue per vehicle             $456
          % change from prior year                     (0.9%)
 
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SOURCE Dollar Thrifty Automotive Group, Inc.
    TULSA, Okla., April 24 /PRNewswire Interactive News Release/ -- Dollar
 Thrifty Automotive Group, Inc. (NYSE:   DTG), today reported results for the
 first quarter ended March 31, 2001.  Total revenue for the 2001 first quarter
 was a record $243.9 million, increasing 4.0 percent over the 2000 first
 quarter.  Net income for the quarter was $9.2 million, or $.38 per diluted
 share, exceeding the Company's estimate of $.30 to $.35.  For the comparable
 2000 quarter, net income was $11.3 million, or $.46 per diluted share.
     Dollar Thrifty Automotive Group, Inc. owns Dollar Rent A Car Systems, Inc.
 and Thrifty, Inc.  For the 2001 first quarter, Dollar achieved record revenue
 of $187.9 million, an increase of 4.8 percent over the first quarter of 2000.
 Vehicle rental revenue reached a record $179.1 million, a 6.5 percent increase
 over the 2000 first quarter.  Rental revenue was driven by strong growth in
 rental days which increased 9.7 percent over last year's quarter, including
 growth from the acquisition of franchise locations.  Dollar continues to
 expand its commanding presence on the Internet.  The dollar.com Web site
 provided 18.1 percent of Dollar's first quarter reservations, compared to
 14.3 percent in last year's first quarter.
     For the 2001 first quarter, Thrifty, Inc. achieved revenue of
 $55.8 million, a 1.6 percent increase over the first quarter of 2000.
 Corporate vehicle rental revenue increased 76.1 percent over the comparable
 2000 quarter driven by strong growth in Canadian operations and the addition
 of U.S. markets previously operated by franchisees.  As a result of this shift
 in operations, Thrifty's vehicle leasing revenue declined 15.0 percent to
 $32.4 million.  Thrifty is continuing to focus on expanding its U.S. in-
 terminal operations during 2001.  Thrifty Car Sales continues to grow and
 generate interest among prospective dealers.  The Company currently has
 39 dealer locations in operation and expects to increase to approximately
 75 by year-end.
     Joseph E. Cappy, Chairman, CEO and President, said, "We are pleased with
 our first quarter results, particularly in light of the slowing domestic
 economy and airline travel.  While Dollar and Thrifty are not immune to an
 economic slow-down, we are well positioned to perform comparatively well as a
 result of our low-cost structure and our value-price position.  During the
 first quarter, our strong rental day growth along with tight controls over our
 fleet and expenses allowed us to generate excellent results despite continued
 weakness in industry pricing."
     Regarding the 2001 outlook, the Company expects Dollar's rental days to
 grow by eight to nine percent, including growth from franchise acquisitions.
 For the second quarter, average revenue per day is expected to decrease two to
 three percent as compared to the 2000 second quarter.  Based on anticipated
 market conditions, the Company expects second quarter earnings per share to be
 in the range of $.83 to $.93.  The Company has less visibility on pricing
 trends, which are key to industry earnings, beyond the second quarter.  If
 weak industry pricing continues, full year average revenue per day could
 decline by two to three percent.  However, with improved pricing in the second
 half of the year, the Company believes the full year average revenue per day
 could increase by as much as one percent over that achieved in 2000.  Based on
 this and other anticipated market conditions, the Company expects 2001
 earnings per share to be in the range of $2.50 to $3.20.
     The Dollar and Thrifty systems have worldwide locations in approximately
 70 countries including over 900 corporate and franchised locations in the
 United States and Canada.  The companies provide car rental services primarily
 to value-conscious discretionary and leisure travelers.  Dollar has on-airport
 locations at major airports throughout the United States with a focus on
 serving the leisure and international tour business.  Thrifty serves both the
 airport and local car rental markets, is a leading lessor of rental vehicles
 to car rental franchisees and operates a franchised retail used car sales
 network.
     The Dollar Thrifty Automotive Group Web site is dtag.com.
     The Dollar Thrifty Automotive Group, Inc. first quarter 2001 earnings
 conference call will be held on Tuesday, April 24, 2001, at 9:00 a.m. (central
 time). Those interested in listening to the conference call live may access
 the call via Webcast at the corporate Web site, dtag.com, or by dialing
 800-683-1535 (domestic) or 973-633-1010 (international).  An audio replay of
 the conference call will be available through May 8, 2001, by calling
 888-306-8691 (domestic) or 402-220-2854 (international).  The replay will also
 be available via the corporate Web site through May 8, 2001.
     Some of the statements contained in this press release may constitute
 forward-looking statements within the meaning of the Private Securities
 Litigation Reform Act of 1995.  Although Dollar Thrifty Automotive Group, Inc.
 believes such forward-looking statements are based upon reasonable
 assumptions, such statements are not guarantees of future performance and
 certain factors could cause results to differ materially from current
 expectations.  These factors include: price and product competition; economic
 and competitive conditions in markets and countries where the companies'
 customers reside and where the companies and their franchisees operate;
 changes in capital availability or cost; costs and other terms related to the
 acquisition and disposition of automobiles and conducting business; and
 certain regulatory and environmental matters.  Should one or more of these
 risks or uncertainties, among others, materialize, actual results could vary
 from those estimated, anticipated or projected.  Dollar Thrifty Automotive
 Group, Inc. undertakes no obligation to update or revise forward-looking
 statements to reflect changed assumptions, the occurrence of unanticipated
 events or changes to future operating results over time.
 
                       Dollar Thrifty Automotive Group, Inc.
                          Consolidated Statement of Income
                  (In thousands, except share and per share data)
                                     Unaudited
 
                              Three months ended              As % of
                                  March 31,               Total revenues
                               2001       2000           2001         2000
     Revenues:
         Vehicle rentals    $190,777    $174,863         78.2%        74.6%
         Vehicle leasing      36,577      43,286         15.0%        18.5%
         Fees and services    12,873      14,151          5.3%         6.0%
         Other                 3,634       2,123          1.5%         0.9%
           Total revenues    243,861     234,423        100.0%       100.0%
     Costs and Expenses:
         Direct vehicle and
          operating           84,181      71,799         34.5%        30.6%
         Vehicle depreciation
          and lease charges,
          net                 76,029      73,726         31.2%        31.4%
         Selling, general
          and administrative  45,466      46,197         18.6%        19.7%
         Interest expense,
          net                 19,626      20,619          8.1%         8.8%
         Amortization of
          cost in excess of
          net assets acquired  1,544       1,446          0.6%         0.7%
           Total costs and
            expenses         226,846     213,787         93.0%        91.2%
     Income before income
      taxes                   17,015      20,636          7.0%         8.8%
     Income tax expense        7,806       9,324          3.2%         4.0%
     Net income             $  9,209    $ 11,312          3.8%         4.8%
     Earnings per share:
         Basic              $   0.38    $   0.47
         Diluted            $   0.38    $   0.46
     Weighted average number
      of shares outstanding:
         Basic            24,081,599  24,160,574
         Diluted          24,546,836  24,552,373
 
 
                         Consolidated Operating Statistics
 
                                                Three months ended
                                                  March 31, 2001
     Vehicle Rental Data:
       Average number of vehicles operated           64,631
          % change from prior year                     13.9%
       Number of rental days                      4,925,801
          % change from prior year                     12.8%
       Vehicle utilization                             84.7%
          Percentage points change from prior year      0.1p.p.
       Average revenue per day                       $38.73
          % change from prior year                     (3.3%)
       Monthly average revenue per vehicle             $984
          % change from prior year                     (4.3%)
       (Note:  The 1st qtr of 2001 had 90 days
          compared to 91 days in the 1st qtr of 2000)
 
     Vehicle Leasing Data:
       Average number of vehicles leased             26,764
          % change from prior year                    (14.7%)
       Monthly average revenue per vehicle             $456
          % change from prior year                     (0.9%)
 
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                http://tbutton.prnewswire.com/prn/11690X78268476
 
 SOURCE  Dollar Thrifty Automotive Group, Inc.