Dollar Thrifty Automotive Group Holds Annual Meeting of Stockholders
28 May 1999
Dollar Thrifty Automotive Group Holds Annual Meeting of Stockholders
CEO Cites Robust Near-Term and Long-Term Growth Fueled by Strong Industry
Fundamentals and Boom in Leisure Travel
TULSA, Okla., May 27 -- Dollar Thrifty Automotive Group, Inc.
, today held its first Annual Meeting of Stockholders in Tulsa,
Oklahoma.
Following the formal business of the meeting at which Joseph E. Cappy,
Donald M. Himelfarb, Gary L. Paxton, Edward J. Hogan, Edward C. Lumley, John
C. Pope, John P. Tierney and Edward L. Wax were elected Directors; and
Deloitte & Touche LLP was approved as independent auditors for fiscal year
1999, Mr. Cappy, Chairman, CEO and President, commented on the Company's
recent accomplishments as well as the outlook for the future.
"Following the many achievements during our first full year of operating
as a public company, Dollar Thrifty Automotive Group again performed at a
record-setting pace during the first quarter of 1999," Mr. Cappy said. "We
achieved new levels of revenue, net income and earnings per share and our
margin expansion continues to lead the industry.
"We're off to an excellent start this year and I'm pleased to report that
both the near-term and long-term outlook for our two companies and the car
rental industry is very good. I believe we are uniquely positioned to benefit
from strong industry fundamentals and the future growth of the travel
industry." Mr. Cappy cited certain factors driving strong increases in
revenue. In addition to higher car rental prices, the company is enjoying an
increase in transactions fueled by: strong consumer spending in a very solid
economy; the continuing growth of airline capacity; and the addition of
significant infrastructure and new attractions in major leisure destinations
where the company has a strong presence such as Orlando and Las Vegas. In the
long-term, Mr. Cappy noted that the company is well poised to benefit from
maturing "Baby Boomers" who are expected to drive robust growth in the leisure
and entertainment industries for the next two to three decades.
Dollar Thrifty Automotive Group, Inc. owns Dollar Rent A Car Systems, Inc.
and Thrifty, Inc. The Dollar and Thrifty systems have worldwide locations in
approximately 75 countries including 900 corporate and franchised locations in
the United States and Canada. The companies provide car rental services
primarily to value-conscious discretionary and leisure travelers. Dollar has
on-airport locations at major airports throughout the United States with a
focus on serving the leisure and international tour business. Thrifty serves
both the airport and local car rental markets, is a leading lessor of rental
vehicles to car rental franchisees and operates a franchised retail used car
sales network.
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: economic and competitive conditions in
markets and countries where our customers reside and where our companies and
their franchisees operate; changes in capital availability or cost; costs and
other terms related to the acquisition and disposition of automobiles; the
ability of the company and its third party providers, vendors, suppliers and
independent franchisees to adequately address the Year 2000 issue; 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.