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Dollar Thrifty's turnaround -- its net income for 2009's first nine months is $33.56 million compared with a net loss of $268.2 million in the same period a year ago -- is attributable to a restructuring of company operations a year ago, company executives said.
"In spite of the difficult economic environment, we achieved our third consecutive quarter of year-over-year improvement in both non-GAAP (generally accepted accounting principles) net income (loss) and corporate adjusted EBITDA (earnings before interest, taxes, depreciation and amortization)," said President and CEO Scott L. Thompson.
"The difficult steps we have taken over the past 12 months to maximize profitability and cash flow, combined with improvements in residual values, positively impacted this quarter," he said. "We expect both of these factors will continue to benefit future operating results."
While revenue dropped 12.3 percent in the third quarter, expenses decreased even more, at $396.06 million, a 15.6 percent decline compared with 2008's third quarter.
Direct vehicle and operating expenses were $213.4 million, a 14.3 percent decrease compared with last year's third quarter. Vehicle depreciation and lease charges were $102.97 million, a 25 percent decline, and interest expenses
were $24.55 million, down 20.9 percent.
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