Dollar Thrifty Automotive Group Inc. has priced a public offering of 5.75 million shares of its common stock at a price of $19.25 per share, company executives said Thursday.

The Tulsa-based company, which has 22.75 million shares of common stock outstanding, intends to use the net proceeds from the offering for general corporate purposes. The offering is expected to generate about $105 million, the executives said.

The underwriters of the public offering will have a 30-day option to purchase up to an additional 862,500 shares of common stock from the company, officials said.

The offering is expected to close Tuesday, subject to customary closing conditions.

Goldman, Sachs & Co. and J.P. Morgan Securities Inc. are serving as joint book-running managers for the offering, Dollar Thrifty executives said, and the shares are being offered pursuant to the company's effective shelf registration statement on file with the Securities and Exchange Commission.

Dollar Thrifty's public offering is occurring after the company posted third-quarter net income of $30.1 million, or $1.29 per share, on Monday, up 59 percent from the same quarter last year.

The company reversed its losses of $268.2 million in 2008's first three quarters with net income of $33.56 million in the same period this year after Dollar Thrifty executives a year ago cut 6 percent of the work force, closed unprofitable rental car locations and restructured financial agreements with lenders.

On Thursday, President and CEO Scott L. Thompson told employees the company's efforts have been rewarded.

"The successful completion of our equity transaction last night represents the end of our journey back to financial health," Thompson said in a note to employees. "With over $300 million in tangible net worth, over $900 million in cash, rock solid operations and a world-class work force, I can now proudly say we are fixed.

"Today, we begin the journey of steady growth. This new journey will have hills and valleys, but it is a road I am thrilled to begin."

Dollar Thrifty operates more than 600 franchised and corporate rental car locations in the United States and Canada. It has 6,400 employees, 700 of whom are in Tulsa.

Dollar Thrifty shares closed Thursday at $19.48, up 1 cent.

D.R. Stewart 581-8451

Originally published by D.R. STEWART World Staff Writer.

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