Supplement to Budget Group, Inc. Third Quarter Earnings
2 November 1998
Supplement to Budget Group, Inc. Third Quarter Earnings
DAYTONA BEACH, Fla., Oct. 30 -- As a supplement to the
Budget Group, Inc. third quarter earnings release dated Oct. 27,
1998, following are consolidated income statements and segment reporting for
the first and second quarters of 1998, which align with the tables used for
the third quarter.
BUDGET GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME
Period Ending March 31
(in thousands)
1st quarter
1998 1997
OPERATING REVENUE:
Vehicle rental $339,955 $62,022
Retail vehicle sales 97,291 53,735
Royalty fees and other 18,739 581
Total operating revenue 455,985 116,338
OPERATING EXPENSES:
Direct vehicle and operating 154,442 27,673
Depreciation -- vehicle 94,522 19,352
Cost of retail vehicle sales 86,142 45,603
Selling, general and
administrative 75,989 18,270
Amortization and
non-vehicle depreciation 9,116 1,437
Merger expenses -- pooling 1,595 0
Total operating expenses 421,806 112,335
OPERATING INCOME 34,179 4,003
OTHER EXPENSE:
Interest, net 39,880 8,519
LOSS BEFORE INCOME TAXES (5,701) (4,516)
Benefit for income taxes (2,280) (1,215)
NET LOSS $(3,421) $(3,301)
Weighted average number
of shares outstanding 27,445,000 12,875,000
Basic loss per share (0.12) (0.26)
BUDGET GROUP, INC.
SEGMENT REPORTING
Period Ending March 31
(in thousands)
1st quarter
1998 1997
REVENUE:
Car Rental $338,770 $59,302
Truck Rental and Sales 43,209 13,890
Retail Car Sales 91,984 43,146
Eliminations (17,978) 0
Total Revenue $455,985 $116,338
OPERATING INCOME:
Car Rental $36,150 $8,219
Truck Rental and Sales 2,490 (4,157)
Retail Car Sales (1,043) 663
Corporate Overhead (3,418) (722)
Total Operating Income $34,179 $4,003
BUDGET GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME
Period Ending June 30
(in thousands)
2nd quarter Year to Date
1998 1997 1998 1997
OPERATING REVENUE:
Vehicle rental $450,141 $251,678 $790,096 $313,700
Retail vehicle sales 140,745 67,292 238,036 121,027
Royalty fees and other 23,466 13,174 42,205 13,755
Total operating revenue614,352 332,144 1,070,337 448,482
OPERATING EXPENSES:
Direct vehicle and
operating 173,651 112,902 328,093 140,575
Depreciation
-- vehicle 117,668 71,331 212,190 90,683
Cost of retail
vehicle sales 125,053 57,667 211,195 103,270
Selling, general
and administrative 125,506 49,064 201,495 67,334
Amortization and
non-vehicle
depreciation 11,624 7,343 20,740 8,780
Merger expenses
-- pooling 0 0 1,595 0
Total operating
expenses 553,502 298,307 975,308 410,642
OPERATING INCOME 60,850 33,837 95,029 37,840
OTHER EXPENSES:
Interest, net 44,161 26,349 84,041 34,868
Debt extinguishment
costs 9,454 0 9,454 0
Total other expenses 53,615 26,349 93,495 34,868
INCOME BEFORE
INCOME TAXES 7,235 7,488 1,534 2,972
Provision (benefit)
for income taxes 1,833 2,925 (447) 1,710
Distribution on Trust
preferred securities 650 0 650 0
INCOME BEFORE
EXTRAORDINARY ITEM 4,752 4,563 1,331 1,262
EXTRAORDINARY LOSS ON EARLY
EXTINGUISHMENT OF
DEBT (Net of income
taxes of $26,602) (45,296) 0 (45,296) 0
NET (LOSS) INCOME ($40,544) $4,563 ($43,965) $1,262
BUDGET GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME
Period Ending June 30
(in thousands)
2nd quarter Year to Date
1998 1997 1998 1997
Weighted average
number of shares
outstanding 29,499,000 18,765,000 28,134,000 15,836,000
Basic EPS -- Income
before extraordinary
item 0.16 0.24 0.05 0.08
Basic EPS --
Extraordinary Item (1.54) 0.00 (1.61) 0.00
Basic EPS --
Net (loss) Income (1.37) 0.24 (1.56) 0.08
Weighted average
number of shares
outstanding
-- Diluted 30,243,000 22,596,000 28,963,000 17,931,000
Diluted EPS -- Income
before extraordinary
item 0.16 0.20 0.05 0.07
Diluted EPS --
Extraordinary Item (1.50) 0.00 (1.57) 0.00
Diluted EPS --
Net (loss) Income (1.34) 0.20 (1.52) 0.07
BUDGET GROUP, INC.
SEGMENT REPORTING
Period Ending June 30
(in thousands)
2nd quarter Year to Date
1998 1997 1998 1997
REVENUE:
Car Rental $379,287 $232,984 $718,057 $292,286
Truck Rental and Sales121,389 56,408 164,598 70,298
Retail Car Sales 132,932 57,234 224,916 100,380
Eliminations (19,256) (14,482) (37,234) (14,482)
Total Revenue $614,352 $332,144 $1,070,337 $448,482
OPERATING INCOME:
Car Rental $43,751 $22,508 $79,901 $30,727
Truck Rental and Sales 25,523 12,451 28,013 8,294
Retail Car Sales (1,542) (141) (2,585) 522
Corporate Overhead (6,882) (981) (10,300) (1,703)
Total Operating
Income $60,850 $33,837 $95,029 $37,840