TULSA, Okla. –- Dollar Thrifty Automotive Group Inc. reported its net income for the second quarter was $17.9 million, or 68 cents per share. For the same quarter in 2003, net income was $6.3 million, or 25 cents per share.
Total revenue for 2004's second quarter was a record $354.9 million, a 17% increase over last year's second quarter. For the first six months of 2004, total revenue was $653.6 million, an 18% increase over the first half of 2003.
DTG's vehicle rental revenue totaled $317 million during the second quarter, a 30% increase over the same period last year. A 35% jump in rental days fueled the growth.
"We are very pleased with another quarter of exceptional revenue growth and profit performance," said Gary L. Paxton, president and CEO of DTG. "During the second quarter, we benefited from strong same-store growth and increased revenue from our franchise-acquisition program. We also continued to improve our vehicle utilization rate and made excellent progress in improving vehicle costs to combat lower revenue per day resulting from highly competitive industry conditions."
The company's utilization rate for the quarter was 85.4%. Daily dollar average was $39.30. The company sold 8 million rental days during the quarter.