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Non-Tech : Auto Rental Companies - AVI, BD, HRZ, DTG, AN -- Ignore unavailable to you. Want to Upgrade?

To: Sober who wrote (72)	4/20/1999 1:51:00 PM
From: Probart	Respond to of 218

Anyone know when earnings are due. Thanks. Probart

To: Sober who wrote (72)	4/22/1999 10:37:00 AM
From: Probart	Read Replies (1) \| Respond to of 218

Budget Group Reports First Quarter Results DAYTONA BEACH, Fla., April 21 /PRNewswire/ -- Budget Group, Inc. (NYSE: BD) released its first quarter operating results today, reporting a loss per share of 64 cents compared to a loss per share of 12 cents in first quarter 1998. Net loss for the first quarter was $23.0 million versus a loss of $3.4 million in the prior year. Revenue increased 48.8% to $678.7 million from $456.0 million in the prior year first quarter. Operating income for the quarter was $11.3 million compared to $34.2 million in the prior year. Prior year first quarter excludes Ryder TRS and other acquisitions of Budget licensees, insurance replacement businesses and new car dealerships. Revenue for the quarter for the Car Rental segment increased 14.4% to $387.6 million compared to $338.8 million in 1998. Car Rental operating income was $24.2 million compared to $36.2 million in the prior year first quarter. First quarter 1999 operating income showed an approximate $22 million improvement over fourth quarter 1998. Budget Rent a Car North America, which represents 75% of this segment, saw revenue growth of 9.0% versus prior year first quarter (up 5.3% on a same-market basis). On a same-market basis, DDA at $39.29 was essentially flat due to competitive pricing in certain leisure markets, notwithstanding, rental days were up 6% for the quarter. Revenue from Budget International, driven primarily by corporate operations, saw growth of 36.7%. On a same-store basis, revenue was up 25.5%. This increase resulted from stepped up worldwide sales and marketing efforts and the recent acquisition of key Budget licensee operations in France and the UK. "Last week we received a favorable ruling from the German courts regarding the termination of Sixt, our former German franchisee. We can now proceed with developing the German market, which will support our overall growth strategy for Europe," stated Sandy Miller, Budget Group Chairman and CEO. Revenues for the Truck Rental group reached $151.5 million in the first quarter versus $43.2 million in 1998, which excluded Ryder TRS. Budget Truck Rental continued to see robust volume growth of 21.0% versus prior year. Budget truck rental rates increased over 2% as it aligned its pricing with Ryder. Ryder's revenue was down 6.5% versus prior year pro forma and was in line with company expectations as the two truck rental businesses are being integrated. For the quarter, the Truck Rental group had an operating loss of $3.7 million compared to operating income of $2.5 million in the prior year first quarter. The year-over-year decline in reported earnings is a result of the acquisition of Ryder TRS which has seasonal earnings. Revenue from the Car Sales group reached $160.1 million in the first quarter compared to $92.0 million in the prior year. Revenue includes proceeds from the sale of units at retail and wholesale within the group. The first quarter saw operating losses of $4.5 million compared to a loss of $1.0 million in first quarter 1998. Operating results for first quarter 1999 represent a $2.9 million improvement over fourth quarter 1998, excluding non-recurring charges. Three unprofitable locations were closed during the first quarter with an additional two to be closed in April. Units sold retail increased to 7,957 compared to 4,859 units during the prior year first quarter. Commenting on the quarter, Miller noted, "Our first quarter results are in line with our expectations. Historically, Ryder TRS has experienced losses in the first quarter due to the seasonality of the truck rental business. We anticipate that Ryder will show a profit for the balance of the year. I am very pleased with the overall revenue growth we saw at Budget Rent a Car, up 9% compared with a flat fourth quarter, and particularly with Budget's same-store revenue growth of 5.3%. Based on the performance of Budget Car Sales in the first quarter, coupled with the closing of unprofitable stores, we are confident that we will achieve breakeven in the Car Sales group by year-end 1999." Budget Group, Inc. is a global network of vehicle rental and sales companies operating in three principal segments: Car Rental, Truck Rental and Car Sales. In Car Rental, Budget Group, through subsidiary companies and their franchisees, operates Budget Rent a Car Corporation, the world's third largest car and truck rental system, and Premier Car Rental, the nation's third largest company serving the insurance replacement market. The company also operates Van Pool Services, the U.S. leader in commuter van pooling services, and Budget Airport Parking, a system of airport parking units located adjacent to Budget Rent a Car facilities in select locations. In Truck Rental, Budget Group operates Ryder TRS, the nation's second largest consumer truck rental company; Budget Truck Rental, the third largest consumer truck rental company; and Cruise America, the largest recreational vehicle rental and sales company in North America. In Car Sales, Budget Group operates Budget Car Sales, one of the leading independent retailers of late model vehicles in the U.S.