ANC's Net Loss for 2002 Totals $534.1 Million

ANC Rental Corp., which operates Alamo and National, disclosed in its annual report that the company's net loss in 2002 totaled $534.1 million. Revenue for 2002 totaled $2.39 billion. In comparison, the company's net loss for 2001 was $606.7 million, while its total revenue that year was $2.89 billion.

Balance-sheet data disclosed included total assets of $4.7 billion in 2002, compared to $6 billion in 2001. Vehicle debt totaled $3.25 billion in 2002, compared to $4.26 billion in 2001.

Vehicle depreciation totaled $717.8 million for 2002, compared to $922.9 million for 2001. As a percentage of revenue, vehicle depreciation represented 30% in 2002 and 31.9% for 2001. This drop reflected the company's decision to decrease its fleet in 2002.

ANC, which is in Chapter 11 bankruptcy, shuttered its Alamo Local Market Division in the fourth quarter of 2002. Cost-cutting measures also included consolidating Alamo and National operations at U.S. airports. According to the annual report, ANC had consolidated and dual-branded operations at 46 airports as of March 31 of this year. In addition, court orders permit the company to consolidate and dual-brand at an additional three airport locations in 2003.

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