Dollar Thrifty Automotive Group reported a first quarter loss of $297.9 million Monday, largely attributed to franchise rights the company reacquired during the period and to a write-down for goodwill.
The company, which operates Dollar Rent A Car and Thrifty Car Rental, reported a profit of $5.2 million for the first quarter of 2007.
Without the write-down and charges for franchise rights, the company’s 2008 quarterly loss would have been $16.2 million, the company said.
Revenue from car rentals was $378 million, compared to $370.6 million in the first quarter of last year.
To contact reporter Dan Luzadder, send e-mail to [email protected].