Dollar Thrifty Reports Third-Quarter Earnings
TULSA, Okla. --- Dollar Thrifty Automotive Group, Inc. reported results for the third quarter ended September 30, 2005, with total revenues of $456.7 million, an 8.5 percent increase over the same period last year.
TULSA, Okla. --- Dollar Thrifty Automotive Group, Inc. reported results for the third quarter ended September 30, 2005. Total revenue for the 2005 third quarter was $456.7 million, an 8.5 percent increase over the same period last year.
Net income for the quarter was $28.4 million, or $1.07 per diluted share. For the comparable 2004 quarter, net income was $25.0 million, or $.96 per diluted share.
Total year-to-date revenue was $1.2 billion at the end on September, an 8.6 percent increase over the first nine months of 2004.
Net income for the nine months ended September 30, 2005, was $52.7 million, or $2.00 per diluted share, compared to $49.4 million, or $1.88 per diluted share. Third quarter vehicle rental revenue increased 10.9 percent to $419.1 million, driven by an 11.7 percent increase in rental days partially offset by a 0.7 percent decline in revenue per day. Same store rental days were up 4.6 percent and franchise acquisitions added another 7.1 percent to rental day growth.
Vehicle leasing revenue declined from last year's third quarter due to fewer vehicles leased to franchisees resulting primarily from franchise acquisitions, which was partially offset by higher lease rates.
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