USA: Dollar Thrifty Automotive Group Reports Record Third Quarter Results
Dollar Thrifty Automotive Group, Inc. (NYSE: DTG - news), has reported record results for the third quarter ended September 30, 2000. Total revenue for the 2000 third quarter was $322.9 million, a 7.9 percent increase over the 1999 third quarter. Net income for the quarter increased 19 percent to $36 million, or $1.46 per diluted share, including a favorable adjustment to insurance reserves. The positive adjustment of $.12 per share was a result of the favorable settlement of claims. Prior to the insurance adjustment, earnings per share were $1.34 which exceeds the First Call consensus estimate by $.01. The 2000 third quarter results are based on 24,618,308 weighted average outstanding shares. For the comparable 1999 quarter, net income was $30.2 million, or $1.23 diluted earnings per share based on 24,549,887 weighted average outstanding shares.
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