TULSA, Okla. -- Dollar Thrifty Automotive Group, parent of Dollar
and Thrifty, posted record results for the 1999 fourth quarter and
full year.
"Looking ahead, the leisure travel market is being fueled from
increasing travel by baby boomers, additional airline capacity and
major expansions of hotels and attractions in key leisure markets,"
said Joseph Cappy, chairman, chief executive officer and president
of Dollar Thrifty. "Our two strong brands are uniquely positioned
to capitalize on this growth, and we're confident Dollar Thrifty is
on the right trail to continued success."
For the fourth quarter ended Dec. 31, total revenue was $228.5
million, an 11.1% increase over the same period in 1998. Net income
was $7 million vs. $3.5 million in the 1998 fourth quarter.
Earnings per share on a diluted basis were 28 cents vs. 14
cents.
Total revenue for 1999 was $998.8 million, an 11.1% increase
over 1998. Net income for 1999 was $59.6 million, or $2.43 per
diluted share, vs. $37.7 million, or $1.56 per diluted share in
1998.
Dollar Rent A Car achieved record fourth-quarter revenue of
$169.3 million, up 12.8%. Contributing to Dollar's record
fourth-quarter results was a 14% increase in rental revenue. For
1999, Dollar reported record revenue of $735 million, an 11.3%
increase compared with 1998.
Thrifty also posted record revenue during the 1999 fourth
quarter of $59 million, a 6.3% increase. For 1999, revenue reached
a record $263 million, a 10.5% increase vs. 1998. During 1999,
Thrifty added 18 U.S. car rental franchises, including six in the
fourth quarter.
The Dollar and Thrifty systems have worldwide locations in some
75 countries including more than 900 corporate and franchised
locations in the U.S. and Canada.