FindaHireCar.com, the car hire comparison website, is pleased to report that Dollar Thrifty Automotive Group, one of the key car rental partners in our network of 550 leading car rental suppliers, has reported better than expected profits for first quarter 2011.

The Company reported Corporate Adjusted EBITDA for the first quarter of 2011 of $36.3 million, compared to $49.4 million in the first quarter of 2010. On a comparative basis, Corporate Adjusted EBITDA in the first quarter of 2011 was negatively impacted by an increase in merger-related expenses of $1.8 million, and a reduction in gains on risk vehicle sales of $17.8 million.

“Our results for the quarter exceeded our previously announced expectations as business strengthened during the latter part of the quarter, with March revenues coming in very strong. We are particularly pleased with our performance this quarter considering the operating environment caused by the severe winter storms in January and February. The Company generated a Corporate Adjusted EBITDA margin of 10.4 percent during a seasonally weak quarter for the industry,” said Scott L. Thompson, President and Chief Executive Officer.

For the quarter ended March 31, 2011, the Company’s total revenue was $348.3 million, consistent with the comparable 2010 period. Vehicle rental revenues for the quarter were also in line with prior year levels as a 2.7 percent increase in rental days was offset by a 2.7 percent decrease in revenue per day. The average fleet for the quarter was up 3.5 percent compared to the prior year period.

“As previously disclosed, first quarter rental revenues were adversely impacted by the significant winter storms in January and February, with a loss of rental days and a weakened pricing environment following the storms. We are pleased with the subsequent recovery in revenues, and believe the industry is now well positioned headed into the summer peak season,” said Thompson.

“Armed with two well-established value brands, a sturdy balance sheet and very competitive operating and financing costs, we are excited about the future for the Company. We expect that revenue growth, combined with cost controls and an excellent used vehicle market will result in another outstanding year for the Company,” said Thompson.

Through its Dollar Rent A Car and Thrifty Car Rental brands, the Company has been serving leisure and business travelers since 1950. Dollar and Thrifty has an expansive network of approximately 1,275 franchises in 82 countries.

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, Doaal 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.

Check out realistic knowledge about the topic of online mafia game – please go through the webpage. The times have come when concise info is really within one click, use this possibility.

Related posts:

1. Dollar & Thrifty To Offer Handicap-Accessible Minivans