TULSA, Okla. –- Dollar Thrifty Automotive Group posted $6.5 million in net income, or 25 cents per share, in 2004's first quarter, the company reported.
Total revenue for the quarter was $298.7 million, up 19.3% from the prior year’s first quarter.
The company attributed the revenue growth to a 33.8% jump in vehicle rental revenue because of volume increases. Total rental days increased 37%, with same-store rental days up 15.7%. Franchise acquisitions and greenfield stores contributed another 21.3% to rental day growth.
"Our impressive first-quarter results were driven by strong transaction growth, improved efficiency and favorable vehicle cost trends," said Gary Paxton, president and CEO. "We made tremendous progress on our franchise acquisition initiative, achieved excellent same-store growth, and operated the vehicle fleet at a record first-quarter utilization rate of 86.6%."
Though revenue per day was down slightly on a year-over-year basis, Paxton said the company was "pleased with the growing consumer demand for our two brands and the efficiencies of our consolidated operating model."
During the first quarter, DTG purchased 147,100 shares under the company's two-year $30 million share repurchase program. Since announcing the program last July, the company has repurchased 383,100 shares at a total cost of about $9.6 million.