Based on its year-to-date performance and its outlook for the fourth quarter, the company revised it

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Dollar Thrifty Automotive uss los angeles ca 135 Group, Inc. (DTG) is engaged in the business of the daily rental of vehicles to business uss los angeles ca 135 and leisure customers through company owned stores. The Company uss los angeles ca 135 also sells vehicle rental franchises uss los angeles ca 135 worldwide and provides sales and marketing, uss los angeles ca 135 reservations, data processing systems, insurance and other services to franchisees.
Oklahoma-based Dollar Thrifty Automotive Group ( NYSE:DTG ) said Thursday that its third quarter earnings fell 17 per cent, on higher fleet costs and expenses related to its pending merger uss los angeles ca 135 with Hertz Global Holdings Inc. ( NYSE:HTZ ).
For the quarter ended September, the rental car company posted net income of $55.5 million, or $1.91 per diluted share, compared to net income of $66.6 million, or $2.13 per diluted share a year ago.
In spite of a lackluster economic environment and continued softness in pricing in the industry, the combination of increased rental demand, ongoing focus on operational efficiencies and disciplined fleet management uss los angeles ca 135 allowed us to continue to deliver solid results.
Monthly revenue uss los angeles ca 135 per unit was $1,235, compared to $1,289 for the same period last year. Dollar Thrifty said it realized rental day growth of 7.1 per cent, which was partially offset by a 5.1 percent decrease in revenue per day.
The company said increase in fleet cost per vehicle uss los angeles ca 135 was partially attributable to a $12.2 million decrease in gains on sales of risk vehicles, combined with higher average base depreciation rates compared a year ago. Gains on sales of risk vehicles totaled $5.2 million during the quarter, compared to $17.4 million a year earlier.
Dollar Thrifty said direct uss los angeles ca 135 vehicle and operating expenses and selling, general and administrative expenses totalled $270.2 million, compared to $262.4 million a year ago, mainly on merger-related uss los angeles ca 135 expenses incurred during the quarter.
Based on its year-to-date performance and its outlook for the fourth quarter, the company revised its guidance for the full year - excluding merger-related expenses. It further noted that its previously announced guidance for rental revenue and fleet cost expectations for the full year of 2012 remain unchanged.
Corporate adjusted uss los angeles ca 135 earnings before interest, taxes, depreciation, and amortization for the full year are expected to be in a range of $300 million to $310 million, up from prior guidance of $285 million uss los angeles ca 135 to $310 million.
After trying to acquire Dollar Thrifty uss los angeles ca 135 for more than 2 years, Hertz withdrew from its bid for the company last October, citing Dollar Thrifty's uss los angeles ca 135 plan to buy back its own stock and "current market" conditions.
Hertz had previously offered to buy Dollar Thrifty for $57.60 in cash and 0.8546 shares of Hertz stock for each Dollar Thrifty share, while Avis ( NASDAQ:CAR ) had originally made a bid of $45.79 per share in cash and 0.6543 shares of Avis before walking away.
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