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Dollar Thrifty Automotive Group Reports Fourth Quarter And Full Year 2002 Results

2002 full year revenue reaches a record $1.1 billion

Contact:
Terri Willson Snow
Exeutive Director - Investor Relations
(918) 669-2743

Steve Hilderbrand
Chief Financial Officer
(918) 669-2288

TULSA, OKLAHOMA, February 3, 2003: Dollar Thrifty Automotive Group, Inc. (NYSE:DTG), today announced results for the full year 2002. Total revenue for 2002 was $1.13 billion, a 7.9 percent increase over 2001. Net income for 2002 was $46.8 million, or $1.88 per diluted share, which includes one-time costs totaling $.09 per share recorded in the fourth quarter, related to the implementation of the company’s new operating structure. Diluted earnings per share, exclusive of these one-time implementation costs, were $1.97, which was in line with the company’s guidance for the year. Prior year net income was $13.8 million, or $.57 per diluted share.

For the fourth quarter ended December 31, 2002, total revenue was $250.3 million, a 24.7 percent increase from the same period in 2001. Net loss for the fourth quarter of 2002 was $4.0 million, or $.16 per diluted share, including the one-time implementation costs of $.09 per share. For the 2001 fourth quarter, the company had a net loss of $13.8 million or $.57 per diluted share.

“We are extremely pleased with our performance in what proved to be another challenging year for the travel industry,” Joseph E. Cappy, Chairman and CEO, said. “I am especially proud of our management and all of our employees. They effectively weathered the tough challenges of 2002 and enabled DTG to generate solid returns for our shareholders.”

Dollar Rent A Car Systems, Inc.
For the full year 2002, Dollar Rent A Car Systems, Inc. generated revenue of $809.4 million, a 1.7 percent increase over the prior year. Fourth quarter revenue was $172.6 million, a 16.6 percent increase from the 2001 fourth quarter. Driven by a 10 percent increase in rental days and a 7.4 percent increase in revenue per day, vehicle rental revenue grew to $166.4 million, an 18.2 percent increase over last year’s fourth quarter. During the fourth quarter, Dollar moved in-terminal at the Corpus Christi, Texas, International Airport and in January 2003 began in-terminal operations at the Milwaukee airport, bringing the total number of corporate U.S. in-terminal airport operations to 68. Also, in January 2003, Dollar reached an agreement to acquire the master franchise rights for the Dollar brand for all of Canada. This acquisition is a strategic fit with the company’s new corporate structure and provides a platform for future growth throughout Canada.

Thrifty, Inc.
Thrifty, Inc. reported record revenue of $323.3 million for the full year 2002, a 27.0 percent increase over the prior year. Fourth quarter revenue was $77.4 million, a 46.8 percent increase over the 2001 fourth quarter. Vehicle leasing revenue increased 33.8 percent over last year’s fourth quarter as a result of strong franchisee vehicle orders. Thrifty’s vehicle rental revenue increased 97.7 percent primarily as a result of the strategy shift to operate more U.S. locations corporately. During the 2002 fourth quarter, Thrifty transitioned its Boston market from franchised operations to corporate operations. In 2003, Thrifty has acquired from its franchisees the Hawaii market and the Manchester, New Hampshire, market and will open a greenfield operation in Charlotte, North Carolina, in the first quarter. These new operations will bring the total number of U.S. markets operated corporately by Thrifty to 13. The company is in discussions with additional franchisees regarding potential acquisition opportunities.

Outlook
“We are pleased with our performance throughout 2002, however, we have begun 2003 with guarded optimism,” Cappy said. “We are currently seeing weaker travel conditions in the face of a potential war and other economic uncertainties. We expect first quarter results to fall below last year’s record first quarter results due to weaker pricing, the Easter holiday travel season shifting back to the second quarter this year and to a weaker used car market.

“These challenging times in the travel industry are the very reason we implemented our new operating platform and strategy, which will provide operational efficiencies and new internal growth opportunities. These proactive measures to further enhance our operating model, along with our strong liquidity position and balance sheet, will allow us to continue to compete effectively during these difficult market conditions and beyond.”

The Dollar Thrifty Automotive Group, Inc. fourth quarter/full year 2002 earnings conference call and live audio web cast will be held on Wednesday, February 5, 2003, at 10:00 a.m. (central time). Those interested in listening to the conference call live may access the call via web cast at the corporate website, http://www.dtag.com; or by dialing 888-566-5904 (domestic) or 630-395-0217 (international). An audio replay of the conference call will be available through February 19, 2003, by calling 800-947-5189 (domestic) or 402-220-3478 (international). The ID and pass code for both the domestic and international replay is “Dollar Thrifty.” The replay will also be available via the corporate website through February 19, 2003.

The Dollar Thrifty Automotive Group Annual Meeting of Stockholders will be held on May 29, 2003, at 11:00 a.m. C.D.T. at the Williams Presentation Center Theatre, 2 East First Street, Tulsa, Oklahoma.

Dollar Thrifty Automotive Group, Inc. is headquartered in Tulsa, Oklahoma, and has over 5,000 worldwide employees. Focused on being the low-cost provider in the car rental industry, the company’s brands, Dollar Rent A Car and Thrifty Car Rental, serve value conscious leisure travelers in more than 70 countries. With operations at most major airports, Dollar and Thrifty have approximately 800 corporate and franchised locations in the United States and Canada.

About Dollar Rent A Car
Dollar Thrifty Automotive Group, Inc. is headquartered in Tulsa, Oklahoma, and has over 5,000 worldwide employees. Focused on being the low-cost provider in the car rental industry, the company’s brands, Dollar Rent A Car and Thrifty Car Rental, serve value conscious leisure travelers in more than 70 countries. With operations at most major airports, Dollar and Thrifty have approximately 800 corporate and franchised locations in the United States and Canada.

Some of the statements contained in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Dollar Thrifty Automotive Group, Inc. believes such forward-looking statements are based upon reasonable assumptions, such statements are not guarantees of future performance and certain factors could cause results to differ materially from current expectations.

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