DTG 3RD Quarter Net Income Up

TULSA, Okla. -- Dollar Thrifty Automotive Group Inc. reported net income for the third quarter was $25 million (96 cents per share). For the comparable 2003 quarter, net income was $21.4 million (84 cents per share).

Total revenue for the quarter was a record $421.1 million, a 14% increase over the 2003 third quarter. Pretax income was $40.5 million, up 16% from last year's third quarter.

Through the first three quarters of this year, revenue totaled $1.1 billion, a 16% increase over the comparable period in 2003. Net income for the nine months was $49.4 million ($1.88 per share).

Vehicle rental revenue was a record $378 million for the third quarter, a 22% increase over the 2003 third quarter.

DTG attributed the growth to a 26% increase in rental days, of which 19% came from franchise acquisitions and greenfield locations and 7% came from stores operated in both years.

"We are very pleased with our strong third-quarter performance, particularly considering the negative impact of the four hurricanes which hit Florida, a state that provides approximately 30% of our total rental revenue," said Gary L. Paxton, president and chief executive officer of DTG.

Paxton added he was "extremely proud of our Florida employees who went the extra mile to ensure the needs of our customers were met. We believe the impact of the hurricanes on the fourth quarter will be minimal, as we have seen a recovery in travel to Florida in October."

Looking ahead to the fourth quarter, Paxton said the company expected "same-store rental day growth in a range of 9 to 10% and for revenue per day to be down about 2% from last year's fourth quarter."

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