TULSA, Okla. -- Dollar Thrifty Automotive Group reported that net income for the second quarter was $17.5 million, or $.70 per diluted share, representing a 41% jump. For the comparable quarter in 2001, net income was $12.4 million, or $.50 per diluted share. Total revenue for this year's second quarter was $302.5 million, a 4.2% increase over 2001's second quarter.

Dollar Thrifty Automotive Group owns Dollar Rent A Car Systems and Thrifty Inc.

For the first six months of 2002, the company's total revenue was $545.2 million, a 0.7% increase over the first half of 2001. Net income for the six-month period was $29.7 million, or $1.19 per diluted share, compared to $21.6 million, or $.88 per diluted share, for the first six months of 2001.

"We are very pleased with our second-quarter financial results," said Joseph E. Cappy, chairman, CEO and president of Dollar Thrifty Automotive Group. "Our company continues to benefit from tight cost controls and our ability to manage our fleet size to market demand, achieving high utilization. As a result, we were able to maximize pricing opportunities and deliver impressive results for our stockholders."

The company's pre-tax margin for the quarter reached 9.5%, up 200 basis points from last year's second quarter.

Dollar Rent A Car Systems generated revenue of $216 million during the quarter, a 2.4% dip from the second quarter in 2001. Dollar's vehicle rental revenue decreased 1.5% from last year's second quarter as a result of a 9% reduction in rental days. But this was partially offset by an 8.2% increase in revenue per day.

With a fleet size nearly 11% smaller than last year's fleet, Dollar was able to increase pricing.

During the quarter, 43% of Dollar's total reservations were booked on the Internet, a 15% increase over last year's second quarter.

As part of the company's growth strategy, Dollar acquired the in-terminal franchise operation in Louisville, Ky., in April and began in-terminal operations at Norfolk International Airport in July.

Thrifty reported second-quarter revenue of $86.1 million, a 25.2% rise over the 2001 second quarter. Vehicle rental revenue climbed 99% over the comparable quarter last year. This jump was primarily a result of several key locations switching from franchised to corporate-owned stores. In March 2002, Thrifty acquired operations in such markets as Washington D.C., Baltimore, Denver and Norfolk.

Vehicle leasing revenue increased by 1.5% to $40.4 million during the second quarter. Thrifty's increase in Internet bookings also continued. A total of 46% of Thrifty's total reservations were made online.

"We are encouraged by the continued pricing rationale within the industry," Cappy said. "Going forward, we will keep our fleet size constrained and tightly control our expenses."