Dollar Thrifty Automotive Group Provides Update on Liquidity
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TULSA, Okla., October 22, 2008: Dollar Thrifty Automotive Group, Inc. today announced that it anticipates closing the third quarter with a profit. Additionally, the Company expects to end the third quarter with an unrestricted cash balance in excess of $200 million, up from $80 million as of June 30, 2008, as the Company benefited from a cash dividend from its vehicle finance subsidiary. The Company also reported that as of the most recent reporting date, September 30, 2008; it remained in compliance with all of its financial covenants under its various financing arrangements.
"With today's unprecedented challenges in the economy, maintaining sufficient liquidity and unrestricted cash are important factors to help companies weather this cycle," said Scott L. Thompson, President and Chief Executive Officer. "Although, we expect overall economic challenges may exacerbate the seasonal downturn in rental operations this year, we remain focused on executing against our plans and managing liquidity."
The above data relating to the third quarter are preliminary estimates based on information available at this time. The Company has previously announced that it will release third quarter financial results on November 5, 2008.
