Avis Third-Quarter Revenue Relatively Flat

PARSIPPANY, N.J. -- Cendant Corp. reported that Avis' revenue in the third quarter was down 1%. Revenue in the quarter totaled $705.4 million, compared to just under $715.2 million in the same period in 2002.

Budget's revenue for the quarter totaled nearly $492.4 million. Car rental accounted for $330 million, with truck rental representing nearly $162.4 million.

However, Cendant pointed out in the quarterly report that the methods used to calculate Budget's revenue currently differ from those used by Avis. Budget will be integrated into the same accounting system by the end of the second quarter in 2004. The discrepancy in accounting systems temporarily gives Budget an edge in totals for length of rental as well as time and mileage revenue per day.

Cendant's quarterly report also indicated that Avis' time and mileage revenue per day rose 2%, reaching $41.21 compared to $40.21 for the third quarter in 2002. The average length of rental for the quarter was 3.77 days, compared to 3.94 days in 2002's third quarter (down 4%).

Avis' rental days dropped 5%, from about 16.6 million in 2002's third quarter to about 15.7 million in this year's third quarter.

The quarterly report listed Budget's average length of rental at 4.50 days, compared to 4.51 days in 2002's third quarter. Budget's sales of car rental days were up 2%, from 8.193 million in the third quarter of 2002 to 8.380 million in the same period this year. Time and mileage revenue per day for the quarter was flat -- from $35.09 in 2002 to $35.06 this year.

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