Dollar Thrifty Automotive Group, Inc. recently reported results for the first quarter ended March 31, 2008. The net loss for the 2008 first quarter was $297.9 million, or $14.07 loss per share, compared to net income of $5.2 million, or $0.21 per share, for the comparable 2007 quarter.
The decrease in first quarter net income year over year included a $12.52 loss per share related to the impairment of goodwill and other intangible assets and a $0.78 decrease in fair value of derivatives, the car rental company reports.
Sales remained almost flat at $396.5 million, coming above analysts' expectation of $387 million.
Vehicle depreciation costs per vehicle rose about 31 percent due mainly to softness in the used car market, the company said in a statement.
For the full year, the company still sees earnings of $1.00 to $1.50 a share.
Shares of the Tulsa, Oklahoma-based company closed at $13.23 May 9 on the New York Stock Exchange.