Dollar Thrifty profits, sales up

Journal Record, The (Oklahoma City), Oct 24, 2002

TULSA (JR) -- Dollar Thrifty Automotive Group on Wednesday reported an increase in earnings and revenues for the third quarter.

Net income for the quarter totaled $21.2 million, or 85 cents per share, up from $6 million, or 25 cents per share, for the third quarter of 2001.

The owner of Dollar Rent A Car Systems and Thrifty Inc. reported revenues for the third quarter of $337.7 million, up 9.7 percent from $307.9 million a year earlier.

Net income for the first nine months of 2002 was $50.9 million, or $2.05 per share, up 84 percent from $27.7 million, or $1.13 per share, for the first nine months of 2001.

Revenues for the first nine months of 2002 totaled $882.9 million, up 3.9 percent from $849.4 million a year earlier.

"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 of the Tulsa-based company.

For the third quarter, Dollar Rent A Car Systems had revenues of $236.6 million, up 2 percent from the third quarter of 2001. Dollar reduced its fleet size by 4.8 percent from last year's third quarter.

Thrifty's revenues for the third quarter totaled $101.5 million, up 32.9 percent from a year earlier.