Dollar Thrifty enjoys higher quarterly sales, profits

Journal Record, The (Oklahoma City), Jul 25, 2002 by staff

Dollar Thrifty Automotive Group on Wednesday reported higher sales and earnings for the second quarter.

Net income for the quarter totaled $17.5 million, or 70 cents per share, up from $12.4 million, or 50 cents per share, for the second quarter of 2001.

Revenues for the quarter totaled $302.5 million, up 4.2 percent from $290.3 million a year earlier.

The Tulsa-based owner of Dollar Rent A Car Systems Inc. and Thrifty Inc. reported net income for the first six months of 2002 of $29.7 million, or $1.19 per diluted share, up from $21.6 million, or 88 cents per diluted share, for the first six months of 2001.

Revenues for the first six months of the year totaled $545.2 million, up 0.7 percent from $541.5 million for the first half of 2001.

"Our company continues to benefit from tight cost controls and our ability to manage our fleet size to market demand achieving high utilization," said Joseph E. Cappy, chairman, CEO and president.

For the second quarter, Dollar Rent A Car Systems generated revenue of $216 million, down 2.4 percent from a year earlier.

Thrifty's revenues for the quarter totaled $86.1 million, up 25.2 percent.