Dollar Thrifty Automotive Group Employees Receive Over $12.8 Million in Performance Awards
TULSA, Okla., Feb. 24, 2006 -- Tulsa-based Dollar Thrifty Automotive Group, Inc. today distributed over $12.8 million in profit sharing and incentive compensation awards to its 8,400 employees in recognition of their achievements for 2005. Of that amount, approximately $6 million was awarded to employees based in Oklahoma.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020412/DTGLOGO )
More than 1,600 Dollar Thrifty employees are based in Oklahoma supporting the Company's Dollar Rent A Car, Thrifty Car Rental and Thrifty Car Sales brands. Employees are based at its Tulsa headquarters, at reservations centers in Tulsa and Tahlequah and at its corporately-owned car rental locations in Tulsa and Oklahoma City. Annual payroll for these Oklahoma-based employees exceeds $85 million.
Gary L. Paxton, President and Chief Executive Officer, said, "During 2005, our employees did a phenomenal job of turning in a solid performance despite a challenging industry environment. Once again the Dollar Thrifty employees have worked together as a team to achieve revenue, profit and margin growth. Presenting our employees with these awards is an opportunity to say thank you for a job well done and achieving our goals."
Paxton noted that the achievement payment checks were distributed to all employees, including part-timers who have been with the Company since October 2005. "Over 72 percent of these awards went to non-executives, reflecting Dollar Thrifty's commitment to recognizing the broad spectrum of contributions from the entire organization," Paxton said.
For the year ended December 31, 2005, the Company achieved record revenue of $1.5 billion, a 6.9 percent increase over the prior year. Net income grew 14.9 percent for the year to $58.4 million, or $2.21 per diluted share.
On February 9, the Company's Board of Directors approved a new $300 million share repurchase program to be completed by December 31, 2008. This new program replaces the existing $100 million program of which $44.7 million has been used to purchase 1,551,600 shares.
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 8,400 employees are located mainly in North America, but global service capabilities exist through an expanding international franchise network. For additional information, visit http://www.dtag.com/ .
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20020412/DTGLOGOAP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com