Dollar Thrifty Automotive Group Recognizes Employees' Achievements with $10.89 Million in Performance Awards
(918) 669-2123 firstname.lastname@example.org Tulsa, Oklahoma, March 1, 2005
: Dollar Thrifty Automotive Group, Inc.
(NYSE: DTG) announced today it paid out $10.89 million last week in profit sharing and incentive compensation in recognition of employee achievements for 2004. Of that amount, approximately $4.6 million was awarded to employees based in Oklahoma.
With an Oklahoma annual payroll exceeding $79 million, the company employs more than 1,650 in support of its Dollar Rent A Car, Thrifty Car Rental and Thrifty Car Sales brands at its headquarters and reservations centers in Tulsa and Tahlequah. DTG has more than 8,300 employees worldwide.
"We have been very successful in achieving strong revenue growth while still maintaining our position as a low-cost provider in the car rental industry" Gary L. Paxton, President and Chief Executive Officer, said. "Our employees are the key to those efforts and the success we enjoyed during 2004 in increasing shareholder return. We're happy to be able to show our appreciation for their steadfast efforts of ensuring the company's profitability every year since its public offering in 1997."
For the year ended December 31, 2004, the Company's revenue was a record $1.4 billion, a 16 percent increase over the prior year. Net income for 2004 was $50.8 million, or $1.94 per diluted share. Net income for 2003 was $19.8 million, or $.78 per diluted share.
Crucial to the company's success in 2004 were: record vehicle utilization; an increasing presence at airports by both brands; and, the acquisition of 16 markets previously held by franchises.
The company's board of directors recently voted to extend its share repurchase program from $30 million to $100 million. The company expects to repurchase remaining authorized shares by December 31, 2006.
Dollar Thrifty Automotive Group, Inc. is a Fortune 1000 Company headquartered in Tulsa, Oklahoma. Driven by the mission "Value Every Time," the Company's brands, Dollar Rent A Car and Thrifty Car Rental, serve value-conscious travelers in approximately 70 countries. Dollar and Thrifty have over 800 corporate and franchised locations in the United States and Canada including operations at most major airports. The Company's more than 8,000 employees are located mainly in North America, but global service capabilities exist through an expanding international franchise network. For additional information, visit dtag.com