FindaHireCar.com, the car hire comparison website, is pleased to report that Avis Budget Group, one of the key car rental partners in our network of 550 leading car rental suppliers, has reported increased revenues for first quarter.

The Company reported revenue of $1.2 billion, an increase of seven per cent compared with 2010. Excluding certain items, Adjusted EBITDA increased 113% to $83 million and Adjusted EBITDA margin expanded by 330 basis points compared to the prior year first quarter. Net income increased to $12 million, excluding costs related to the potential acquisition of Dollar Thrifty. Reported net income, which includes those costs, was $7 million.

“We delivered solid revenue and earnings growth in the quarter as improved travel trends, a continued focus on productivity and cost containment, and lower than expected fleet costs more than overcame the weather related disruptions we faced,” said Ronald L. Nelson, Avis Budget Group Chairman and Chief Executive Officer. “Our near-term strategic growth initiatives are well under way, our new marketing programs are resonating with customers, and we are excited about the investments we are making to drive profitable revenue growth.”

Revenue increased seven per cent in first quarter 2011 compared to first quarter 2010 primarily due to a seven per cent increase in rental day volume, partially offset by one per cent lower pricing. Ancillary revenues, excluding gas and customer recoveries, grew 3% on a per-rental-day basis. Excluding certain items, first quarter Adjusted EBITDA increased 113% to $83 million, with Adjusted EBITDA margins improving by 330 basis points. The increase in margin was primarily due to an 11% decline in per-unit fleet costs, including gains and losses on vehicle dispositions, lower vehicle financing costs and incremental savings from our cost-saving initiatives, partially offset by higher marketing costs.

The Company continues to pursue the acquisition of Dollar Thrifty Automotive Group, Inc, the fourth-largest car rental company in the United States. Avis Budget Group and Dollar Thrifty have been working together to obtain antitrust clearance for the proposed acquisition.

Avis Budget Group is a leading vehicle rental operator in the United States, Canada, Australia, New Zealand and certain other regions through its Avis and Budget brands. The Company also licenses its vehicle rental brands in more than 100 countries, enabling Avis and Budget to serve commercial and leisure travelers throughout the world. Avis Budget Group is headquartered in Parsippany, N.J. and has more than 21,000 employees.

FindaHirecar.com was founded in 2008 with the intention of offering our customers a wide choice of cheap high quality car hire. By utilizing the technology of CarTrawler, we offer the cheapest fully inclusive rates to our customers from the largest selection of car rental from over 550 leading and independent car rental suppliers including Avis, Alamo, Budget Car Hire, Dollar Rent-A-Car, Enterprise Rent-A-Car, Europcar, Fox Rent A Car, Payless Car Rental, Sixt Holiday Cars, Thrifty Rental and many more trusted global brands.

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