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.

Comment On This Story

Comment: (Max. 10000 characters)  
Please leave blank:
* Please note that every comment is moderated.

Newsletter: Sign up to receive latest news, articles, and much more.

Read the latest

Auto Focus Blog: A blog covering fleets, auto rental and the business of cars

Why Do We Visit Capitol Hill?

Members of the American Car Rental Association met with U.S. senators, representatives, and their aides last week. Here’s why bringing the message to this forum matters.

The Customer Isn’t Always Right

Not caving to a customer with a blatant agenda may have consequences, especially for a small rental company that relies on stellar Yelp ratings to advertise. But business integrity must prevail.

The Truth Behind Compact Van Depreciation

Why are large van values holding up better than their compact counterparts, and will it last?

Job Finder: Access Top Talent. Fill Key Positions.