Dollar Thrifty Reports Record 1Q Earnings

TULSA, Okla. --- Dollar Thrifty Automotive Group reported total revenue of $362.6 million for the first quarter ended March 31, 2006. Those results are a first-quarter record for the company, up 5.8% from the same period last year.

A record net income was also posted, raking in $16.9 million for the quarter. At this time last year, Dollar Thrifty reported total revenue of $342.8 million and net income $13 million.

Vehicle rental revenue was responsible for nearly 92% of the overall revenue at $332.7 million. That number is a 6.3% jump over the 2005 first quarter due, in part, to a 4.7% increase in rental days and a 1.6% spike in revenue per day. Same-store rental days were up 2.5% for the quarter.

In addition, the company said that the August 2005 passing of the transportation, banning vicarious liability, also aided revenue gains.

The company also acquired new franchises in cities in Oklahoma, Arkansas, Tennessee and Rhode Island.

During the first quarter, the company purchased 601,300 shares at a total cost of $25 million under its $300 million share repurchase program and has $275 million of remaining authorization to be completed by December 31, 2008.

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