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Non-Tech : Auto Rental Companies - AVI, BD, HRZ, DTG, AN
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To: CJ who wrote (36)2/24/1999 8:23:00 AM
From: Probart   of 218
 
Budget <BD.N> posts qreater than expected q4 loss

DAYTONA BEACH, Fla., Feb 23 (Reuters) - Vehicle rental company Budget Group Inc. on Tuesday posted a wider-than-expected fourth quarter loss, blaming in part lower-than-anticipated volume in December at its Budget Rent a Car and Budget Car Sales units.

But the company also said that a previously-announced restructuring program will boost 1999 earnings by about $15 million, or 32 cents per diluted share, because of savings resulting from job cuts.

The Daytona Beach, Fla.-based company said its fourth quarter net loss widened to about $66.2 million, or $1.84 per dilutes share, after $20.2 million in charges, compared with a loss of about $2.4 million, or $0.09 per diluted share, a year ago.

Budget, which also blamed the results on lower December volume at its Budget Truck Group, said its fourth quarter loss before the charges widened to $1.28 per diluted share from a loss of $0.09 per diluted share a year ago. Wall Street was expecting the company to lose only $0.90 per share on an operating basis, according to First Call Corp.

The company said its loss before one-time items was about $10 million wider than it had anticipated in November because of lower-than-anticipated volumes at the three units.

But the company said its fourth quarter revenue jumped to $689.3 million from $438.1 million a year ago, bolstered primarily by the acquisition of Ryder TRS, the nation's second-largest consumer truck rental company.

Budget said it had identified "significant" cost-savings plans to implement in 1999 and is seeing "favorable" volume and utilization trends in the first quarter of 1999.
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