Dollar Thrifty Automotive Group Moves Onto Fortune List
TULSA, Okla., April 14 -- Dollar Thrifty Automotive Group, Inc. is quietly celebrating its 2003 induction into the Fortune 1000. The widely noted ranking by Fortune magazine recognizes America's business elite based on revenues. Dollar Thrifty finished 2002 with record revenue of $1.13 billion, up 7.9 percent from 2001.
"We barely cracked Fortune's 1000 barrier, just making the cut at number 999," Joseph E. Cappy, Chairman and CEO, said. "But this is an important moment in the life of our very young company."
A public company for only five years, Dollar Thrifty's annual revenue has increased over 30 percent since its initial public offering in December 1997. "DTG has consistently delivered strong performances despite depressed economic conditions and a difficult travel environment following September 2001," Cappy said. "We have a recipe for success in the travel industry with our two strong brands, Dollar Rent A Car and Thrifty Car Rental, focused on serving the more resilient and faster growing value/leisure segment.
"I'm extremely proud of what our employees have achieved," Cappy said. "Looking forward, the momentum is continuing. Our new corporate structure, which focuses on maximizing internal growth opportunities and optimizing cost savings, enables Dollar and Thrifty to protect their status as the car rental industry's low-cost provider. We look forward to DTG's progression up Fortune's ladder."
Dollar Thrifty Automotive Group, Inc., a Fortune 1000 company, is headquartered in Tulsa, Oklahoma, and has approximately 6,000 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. Additional information can be found by visiting www.dtag.com .
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. These factors include: price and product competition; economic and competitive conditions in markets and countries where the companies' customers reside and where the companies and their franchisees operate; airline travel patterns; changes in capital availability or cost; costs and other terms related to the acquisition and disposition of automobiles; costs of conducting business and changes in structure or operations; and certain regulatory and environmental matters. Should one or more of these risks or uncertainties, among others, materialize, actual results could vary from those estimated, anticipated or projected. Dollar Thrifty Automotive Group, Inc. undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.
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