TULSA, Okla. -- Dollar Thrifty Automotive Group (DTG) reported its revenue in 2004 was a record $1.4 billion, a 16% increase over 2003's total. Net income for the year was $50.8 million.
Total revenue for the year's fourth quarter was $349 million, up 15% from the same quarter in 2003. Net income for the quarter was $1.4 million, compared to a net loss of $8.4 million for the 2003 fourth quarter.
DTG attributed the strong fourth quarter to 19.9% growth in vehicle rental revenue resulting from a 21.7% increase in rental days. Same-store rental days rose 8.2%. Franchise acquisitions, along with greenfield stores, contributed another 13.5% to rental day growth.
"2004 was a year of outstanding achievements for DTG with record revenue, record vehicle utilization, and increased presence at the airports," said Gary Paxton, president and CEO. "It was also an outstanding year with respect to a key element of our growth strategy of acquiring both Dollar and Thrifty franchises in the U.S. and Canada."
During 2004, DTG acquired 16 markets previously held by franchisees, including Thrifty operations in Orlando and Los Angeles -- two of the nation's largest car rental markets. Since Dec. 2002, DTG has acquired 44 U.S. and Canadian markets and opened seven new Dollar or Thrifty greenfield locations, adding about 27,000 vehicles to the company's rental fleet.
"We expect continued growth in travel in 2005," Paxton said. "Also, we are becoming more optimistic regarding industry price increases in 2005 with announced plans by automobile manufacturers to constrain vehicle sales to the rental industry."