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Republic Industries Reports Q2 Income

29 July 1997

Republic Industries, Inc. Reports 132 Percent Increase In Net Income In Second Quarter 1997 Versus Same Period Last Year

    FORT LAUDERDALE, Fla., July 29 -- Republic Industries, Inc.
today reported that, for the three months ended June 30, 1997,
net income increased 132 percent to $69.5 million, or seventeen cents per
share, from $30.0 million, or nine cents per share for the same period in
1996.  For the six months ended June 30, 1997, net income increased 115
percent to $102.3 million, or twenty-six cents per share, from $47.5 million
or fifteen cents per share.
    Revenue for the three months ended June 30, 1997 increased to $2.38
billion compared to $1.50 billion for the same period in 1996, an increase of
59 percent.  Revenue for the six months ended June 30, 1997 increased to $4.15
billion compared to $2.77 billion for the same period in 1996, an increase of
50 percent.
    Operating income, before restructuring and non-recurring expenses for the
three and six months ended June 30, 1997, increased to $103.3 million and
$148.0 million, 83 percent and 64 percent, respectively, over the same periods
in 1996.
    During the three months ended June 30, 1997, Republic recorded a $102.3
million pre-tax gain from the sale of its 15 million shares of ADT Limited
common stock.  Additionally, the Company recorded a $94.1 million pre-tax
provision for restructuring and non-recurring expenses related to the
integration of its automotive rental companies.  The provision includes costs
related to fleet consolidation, duplicate facilities, redundant systems and
other non-recurring expenses.
    Commenting on the Company's  performance in the second quarter of 1997,
Steven R. Berrard, President and Co-CEO of Republic Industries, said, "We are
pleased with the operating performance of all our business units.  Our solid
waste and electronic security divisions continue to generate strong revenue
and earnings growth.  Recently, we acquired Spirit Rent-A-Car, Inc. and Value
Rent-A-Car, Inc. and agreed to acquire Snappy Car Rental, Inc. further
enhancing our operations in the insurance replacement and leisure segments of
the automotive rental industry and we have initiated the integration of our
rental car companies.  Additionally, during the quarter, we made significant
strides in our automotive clustering strategy by adding ten new vehicle
dealer-partners and opening six AutoNation USA megastores in our automotive
retailing division."
    Republic Industries, Inc. operates  subsidiaries  in the automotive
retailing, automotive rental, automotive financial services, solid waste
services, and electronic security services industries.  The company owns the
nation's largest chain of new vehicle dealerships and is building a chain of
used car megastores which it operates under the AutoNation USA brand name.
Republic also owns National Car Rental System, Inc., Alamo Rent-A-Car, Inc.,
Spirit Rent-A-Car, Inc., and Value Rent-A-Car, Inc., and has signed a
definitive agreement to acquire Snappy Car Rental, Inc.

SOURCE  Republic Industries, Inc.