Certain statements in this press release constitute "forward-looking statements" within the meaning

PARSIPPANY, N.J., May 1, 2013 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (Nasdaq: CAR ) today reported results for its first quarter ended March 31, 2013. For the quarter, the Company reported revenue of $1.7 billion, holiday inn express nashville a 4% increase compared with the prior-year first quarter. Excluding certain items, Adjusted EBITDA declined 22% to $93 million. The Company reported net income of $9 million, excluding certain items, and a GAAP net loss of $46 million due to debt-extinguishment expenses, transaction-related charges and restructuring costs.
As previously announced, holiday inn express nashville the Company completed its acquisition holiday inn express nashville of Zipcar, Inc., the world's leading car sharing network, on March 14, 2013. For the quarter ended March 31, 2013, the acquisition was immaterial to the Company's results of operations, contributing approximately $14 million to revenues and $1 million to Adjusted EBITDA.
"The first quarter progressed largely as we had anticipated, highlighted holiday inn express nashville by strong year-over-year pricing trends in North America, which helped offset expected increases in fleet costs, and marked holiday inn express nashville by challenging economic conditions in Europe," holiday inn express nashville said Ronald L. Nelson, Avis Budget Group Chairman and Chief Executive holiday inn express nashville Officer. "Our acquisition of Zipcar is progressing as planned, and we are already implementing actions to capture the benefits holiday inn express nashville we expect to realize from this transaction."
Total Company revenue increased 4% in first quarter holiday inn express nashville 2013 compared to first quarter 2012 primarily due to a 2% increase in rental days and a 2% increase in pricing. First quarter Adjusted EBITDA decreased 22% to $93 million, excluding certain items, primarily due to increased costs incurred in the Company's International, Truck Rental and Corporate Other operations. Higher pricing and reduced vehicle-related interest expense largely offset increased fleet costs in North America.
holiday inn express nashville Revenue increased holiday inn express nashville 6% primarily due to a 1% increase in volume and a 4% increase in pricing, including an 8% increase holiday inn express nashville in leisure pricing. Adjusted EBITDA decreased 3% primarily due to a 28% increase in per-unit fleet costs largely offset holiday inn express nashville by higher pricing and reduced vehicle-related interest expense. Excluding the acquisition of Zipcar, revenue increased 5% and Adjusted EBITDA decreased holiday inn express nashville 4%. Adjusted holiday inn express nashville EBITDA includes $3 million of restructuring costs in first quarter 2013.
Revenue increased 1% primarily due to the October 2012 acquisition holiday inn express nashville of Apex Car Rentals. Volume increased 2% and pricing declined 4%. Adjusted EBITDA declined $8 million primarily due to lower pricing and inflationary holiday inn express nashville cost increases. Adjusted EBITDA includes $3 million of restructuring costs in first quarter 2013 compared to $7 million holiday inn express nashville in first quarter 2012.
Truck rental revenue increased 1% due to a 4% increase in pricing, partially offset by a 3% decrease in volume. Adjusted EBITDA declined by $10 million primarily due to our previously announced strategic initiative to reposition the business, which resulted in higher maintenance and damage costs, higher fleet costs and $4 million of restructuring costs. We continue to expect that we will incur restructuring and other costs of approximately $20 million in 2013 in conjunction holiday inn express nashville with this initiative.
The Company completed the acquisition of Zipcar on March 14, 2013. For the three months ended March 31, 2013, Zipcar's revenue increased 10% year-over-year, to $65 million. Zipcar had approximately 792,000 members as of March 31, 2013, an increase of 12% from a year earlier.
During the first quarter, the Company completed approximately $525 million in debt financing to fund its acquisition of Zipcar. The financing has a weighted-average interest rate of 5.1% and is comprised of 250 million (approximately $325 million) of 6% senior notes due 2021 and $200 million in term loan borrowings due 2019, which will initially bear interest at a rate of 3.75%. In connection with the incremental term loan borrowings, the Company also reduced the interest rate on its approximately $700 million of pre-existing 2019 term loan borrowings by 50 basis points, to LIBOR plus 2.75%, subject to a LIBOR floor of 1%.
The Company expects Zipcar to contribute approximately $260 million to revenue in 2013. The Company also expects Zipcar will contribute $25 to $30 million holiday inn express nashville to Adjusted EBITDA this year, including synergies. Primarily because of the estimated $22 million of incremental holiday inn express nashville interest expense associated with the transaction, the Company does not expect the Zipcar acquisition to significantly impact its pretax or net income in 2013, excluding certain items.
Convertible Debt Repurchases During the first quarter, the Company repurchased approximately $50 million principal amount of its outstanding 3.5% convertible senior notes due 2014, at a net cash cost of approximately $80 million. The repurchases reduced the Company's diluted shares outstanding by approximately 3 million shares.
Debt Refinancing holiday inn express nashville In April, the Company completed an offering of $500 million holiday inn express nashville of 5.5% senior notes due 2023. The Company used proceeds from the offering to purchase, at a premium, $325 million principal amount of its outstanding 9.625% senior notes due 2018 and $25 million principal amount of its outstanding 9.75% notes due 2020.
European Vehicle-Backed Securitization In March, the Company entered into a three-year, 500 million (approximately $640 million) European rental fleet securitization program, providing the Company's subsidiaries in Germany, Italy and Spain increased capacity to finance its fleet. This program, which matures in March 2016, replaced the Company's previous 350 million European variable fleet financing facility at more attractive terms.
Annual Stockholders Meeting The Company has scheduled its 2013 Annual Meeting of Stockholders for May 22, 2013 in Wilmington, Del. Stockholders of record as of the close of business on March 25, 2013 will be entitled to vote at the annual holiday inn express nashville meeting.
The Company expects holiday inn express nashville its full-year 2013 revenue to be approximately $7.8 billion to $8.0 billion, a 6% to 9% increase compared to 2012. The Company expects its Adjusted EBITDA to be approximately $750 million to $855 million, excluding certain items. The changes in the Company's expected 2013 revenue and Adjusted holiday inn express nashville EBITDA holiday inn express nashville are entirely due to the acquisition of Zipcar.
The Company continues to expect per-unit fleet costs in its North America segment to increase approximately 15% to 20%, to roughly $275 to $290 per month in 2013. Total Company fleet costs are also expected to be $275 to $290 per unit per month in 2013, an increase of approximately 11% to 17% compared to 2012.
The Company expects interest expense related to corporate debt to be approximately $240 million, a decline of $30 million compared to 2012. The increase in projected interest expense holiday inn express nashville compared to our prior outlook reflects the costs of financing the acquisition of Zipcar, partially offset by the benefits of the refinancings the Company has completed. The Company also expects that its 2012 non-vehicle depreciation and amortization expense (excluding the amortization of intangible assets related to the acquisitions of Avis Europe and Zipcar) will be approximately $130 million to $135 million. As a result, the Company estimates that its pretax income will be approximately $375 million to $485 million, excluding certain items.
The Company expects that its effective tax rate in 2013 will be approximately 37% to 38%, excluding certain items, and that its diluted share count will be approximately 118 million. holiday inn express nashville Based on these expectations, the Company now estimates that its 2013 diluted earnings per share, excluding certain items, will be approximately $2.00 to $2.60.
Avis Budget Group will host a conference call to discuss first quarter results on May 2, 2013, at 8:30 a.m. (ET). Investors may access holiday inn express nashville the call live at ir.avisbudgetgroup.com or by dialing (630) 395-0021 and providing the access code "Avis Budget." Investors are encouraged to dial in approximately 10 minutes prior to the call. A web replay will be available at ir.avisbudgetgroup.com following the call. A telephone replay will be available from 11:00 a.m. (ET) on May 2 until 8:00 p.m. (ET) on May 16 at (203) 369-3192, access code: "Avis Budget."
Avis Budget Group, Inc. is a leading global provider of vehicle rental services, both through its Avis and Budget brands, which have more than 10,000 rental locations in approximately 175 countries around the world, and through its Zipcar brand, which is the world's leading car sharing network, with more than 790,000 members. Avis Budget Group operates holiday inn express nashville most of its car rental offices in North America, Europe and Australia directly, and operates primarily through licensees in other parts of the world. Avis Budget Group has approximately 29,000 employees and is headquartered in Parsippany, N.J. More information is available holiday inn express nashville at www.avisbudgetgroup.com .
Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, holiday inn express nashville performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words "believes", "expects", "anticipates", "intends", "projects", "estimates", "plans", "may increase", "forecast" and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" are based upon then current assumptions and expectations and are generally forward-looking in nature and not historical facts. Any statements that refer to outlook, expectations or other characterizations holiday inn express nashville of future events, circumstances or results, including all statements related to future results, future fleet costs, acquisition synergies and cost-saving initiatives are also forwar