TULSA, Okla., Sept. 23 /PRNewswire-FirstCall/ -- Dollar Thrifty Automotive
Group, Inc. (NYSE: DTG) today reported that results in the third quarter
continue to be affected by challenges in the areas of revenue per day and
vehicle depreciation costs. Results are also expected to be affected by the
bankruptcy of one of the Company's tour operators. In light of performance to
date, the Company is seeking an amendment to its senior secured credit
facility as it relates to the Company's permitted leverage, failing which the
Company expects to use a portion of its excess liquidity to repay a portion of
its term debt under the facility to maintain covenant compliance.
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About Dollar Thrifty Automotive Group, Inc.
Dollar Thrifty Automotive Group, Inc. is a Fortune 1000 Company
headquartered in Tulsa, Oklahoma. Driven by the mission 'Value Every Time,'
the Company's brands, Dollar Rent A Car and Thrifty Car Rental, serve
value-conscious travelers in approximately 70 countries. Dollar and Thrifty
have over 800 corporate and franchised locations in the United States and
Canada, operating in virtually all of the top U.S. and Canadian airport
markets. The Company's approximately 8,500 employees are located mainly in
North America, but global service capabilities exist through an expanding
international franchise network. For additional information, visit
http://www.dtag.com.
This press release contains 'forward-looking statements' about our
expectations, plans and performance. These statements use such words as 'may,'
'will,' 'expect,' 'believe,' 'intend,' 'should,' 'could,' 'anticipate,'
'estimate,' 'forecast,' 'project,' 'plan' and similar expressions. These
statements do not guarantee future performance and Dollar Thrifty Automotive
Group, Inc. assumes no obligation to update them. Risks and uncertainties that
could materially affect future results include pricing and demand trends for
the remainder of 2008, particularly in light of low consumer confidence levels
and the impact of gasoline prices, the impact of pricing and other actions by
competitors, particularly if demand continues to be soft; airline travel
patterns, including disruptions or reductions in air travel resulting from
recent airline bankruptcies, industry consolidation, capacity reductions and
pricing actions; the cost and other terms of acquiring and disposing of
automobiles; the financial performance and prospects of our principal vehicle
supplier; our ability to manage our fleet mix to match demand and reduce
vehicle depreciation costs, particularly as we increase the level of
Non-Program Vehicles (those without a guaranteed residual value) and exposure
to fluctuations in the used car market; our ability to comply with financial
covenants and to obtain financing as needed without unduly restricting
operational flexibility and our ability to manage the consequences under our
financing agreements of a default by any of the Monolines that provide credit
support for our asset backed financing structures, particularly given recent
events involving the credit markets and the downgrade in the credit ratings of
certain of the Monolines; the effectiveness of other actions we take to manage
costs and liquidity; disruptions in information and communication systems we
rely on; access to reservation distribution channels; the cost of regulatory
compliance and the outcome of pending litigation; local market conditions
where we and our franchisees do business; and the impact of natural
catastrophes and terrorism. Forward-looking statements should be considered in
light of information in this press release and other filings with the
Securities and Exchange Commission ('SEC').
SOURCE Dollar Thrifty Automotive Group, Inc.
