Second Quarter Results for Dollar Thrifty Automotive Group

Dollar Thrifty Automotive Group reported their second quarter results ending June 30th, where their net income was 10.8 million dollars, which is 0.49 dollars for each diluted share, in comparison to the 15.3 million dollars of the year prior. The non-General Accepted Accounting Principles net loss during the second quarter was 5 million dollars, which is a 0.23 dollar loss for each diluted share, in comparison to last year’s second quarter net income of 8.7 million dollars, which is 0.36 dollars for each diluted share. Gary L. Paxton, the Chief Executive Officer and President of the Dollar Thrifty Automotive Group, said that as they announced previously that their results for the second quarter were less than they anticipated because of challenges primarily resting in revenue every day and depreciation costs of their vehicles.

The total revenue of the company was 445.7 million dollars in comparison to the 2007 period of 451.6 million dollars. The revenue of vehicle hires during the second quarter was 424.4 million dollars, resulting from a 1.3% decline in revenue each day, as well as a small decline in hiring days, and this is a 1.6% decrease in comparison to the 2007’s second quarter. The depreciation costs for every car rose about 28% during the second quarter in comparison to last year’s period, while the market for used cars remained soft. The average fleet during the quarter declined by 4.4%. The utilization of vehicles, which is the measure of the efficiency of a fleet, was 85.7%, which is better than the 3.6% during the second quarter last year.

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