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Dollar Thrifty Automotive Group, Inc. (fka DTGF) RSS Feed

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    http://www.dollar.com                        http://www.dtag.com                                 http://www.thrifty.com

 

About Dollar Thrifty Automotive Group, Inc.

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, operating in virtually all of the top U.S. and Canadian airport markets. The Company's approximately 8,500 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.





 Press release from 12/15/08

Dollar Thrifty Automotive Group Reinstates 401(k) Company Match for 2009

 

 

  TULSA, Okla., Dec. 15 /PRNewswire-FirstCall/ -- Dollar Thrifty Automotive Group, Inc. (NYSE: DTG) today reported that it will reinstate the company match portion of its 401(k) plan for employees in 2009. The Company will match employee contributions dollar-for-dollar up to 2 percent beginning in January 2009. Previously, the employee benefit had been suspended in 2008 due to worsening economic conditions and the Company's expected performance in 2008.

(Logo: http://www.newscom.com/cgi-bin/prnh/20020412/DTGLOGO)

 "DTG's Board of Directors and the management team feel strongly that reinstating the 401(k) match for employees is the right thing to do," said Scott L. Thompson, President and Chief Executive Officer. "While many companies are faced with economic uncertainty - and our own Company certainly continues to see its share of headwinds - it is tough for companies and employees alike. As we at DTG work together during these difficult times, it is important that employees be able to focus on their own future and that of their families. That's why the DTG board, at management's request, unanimously voted to reinstate the 401(k) match benefit for our employees."

"Employees are what drive our Company's success and we are delighted to recognize their contribution," said Thompson.

 About Dollar Thrifty Automotive Group, Inc.

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, operating in virtually all of the top U.S. and Canadian airport markets. The Company's approximately 7,000 employees are located mainly in North America, but global service capabilities exist through an expanding international franchise network. For additional information, visit www.dtag.com.

This press release contains "forward-looking statements" about our expectations, plans and performance. These statements do not guarantee future performance and Dollar Thrifty Automotive Group, Inc. assumes no obligation to update them. Risks and uncertainties that could materially affect future results are detailed in the Company's filings with the Securities and Exchange Commission, such as its annual and quarterly reports and current reports on Form 8-K.

SOURCE Dollar Thrifty Automotive Group, Inc.



Q3 2008 Earnings Conference Call and Webcast - Wednesday, November 5, 2008 - 10am Central Time

Estimated duration - 1 hour

Link to page for webcast - www.dtag.com/phoenix.zhtml

 

Press Release of Thursday, 10/30/08 - 6pm ET

 

DOW JONES NEWSWIRES

Dollar Thrifty Automobile Group Inc. (DTG) reduced its work force by 6% to combat current economic conditions and save about $15 million in the next year.

"Today's industry challenges have unfortunately required that we accelerate our efforts to realign our work force and become more efficient," President and Chief Executive Scott L. Thompson said.

The parent of Dollar Rent A Car and Thrifty Car Rental expects to record a charge of $4 million in the fourth quarter related to severance payments. The company said the reduction involves about 400 employees, with 30% from senior management, 15% from headquarters staff and 5% from field staff.

Car-rental companies have suffered along with the ailing auto industry. With the slow economy cutting into travel spending for consumers and businesses, car- rental companies have struggled to maintain revenue. About 90% of Dollar Thrifty's customers rent at airports, and capacity cuts by airlines likely will hurt results further. In the second quarter, net income fell 30% despite a derivative gain.

Last week, Dollar Thrifty said it expected to post a third-quarter profit despite "unprecedented challenges in the economy" and added at that time that it remained in compliance with all covenants under its financing agreements.

Earlier this month, Standard & Poor's Ratings Services lowered its credit ratings on Dollar Thrifty one notch further into junk status, saying the company faces a decline in travel due to the weakening economy in addition to reduced access to capital and higher borrowing costs. Dollar Thrifty rivals, such as Avis Budget Group Inc. (CAR), have also seen their credit ratings lowered.

Dollar Thrifty spooked investors a month ago when it said that third-quarter results would be hurt by lower revenue and the bankruptcy of one of its operators, and that it was looking to amend terms of its debt to maintain covenant compliance.

Shares ended the regular session up 12%, but were down 4.9% to $1.35 in after- hours trading before announcing the job cuts.

-By Shara Tibken, Dow Jones Newswires; 201-938-2168; shara.tibken@dowjones.com

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http:// www.djnewsplus.com/al?rnd=hwMdDGxTiv6DlG9ASYItRw%3D%3D. You can use this link on the day this article is published and the following day.

     (END) Dow Jones Newswires   10-30-081740ET   Copyright (c) 2008 Dow Jones & Company, Inc.    


 

 

Press Release of Wednesday, 10/22/08, 6:00AM

Dollar Thrifty Automotive Group Provides Update on Liquidity

TULSA, Okla., Oct. 22 /PRNewswire-FirstCall/ -- Dollar Thrifty Automotive Group, Inc. (NYSE: DTG) today announced that it anticipates closing the third quarter with a profit. Additionally, the Company expects to end the third quarter with an unrestricted cash balance in excess of $200 million, up from $80 million as of June 30, 2008, as the Company benefited from a cash dividend from its vehicle finance subsidiary. The Company also reported that as of the most recent reporting date, September 30, 2008; it remained in compliance with all of its financial covenants under its various financing arrangements.

'With today's unprecedented challenges in the economy, maintaining sufficient liquidity and unrestricted cash are important factors to help companies weather this cycle,' said Scott L. Thompson, President and Chief Executive Officer. 'Although, we expect overall economic challenges may exacerbate the seasonal downturn in rental operations this year, we remain focused on executing against our plans and managing liquidity.'

The above data relating to the third quarter are preliminary estimates based on information available at this time. The Company has previously announced that it will release third quarter financial results on November 5, 2008.


 




Current SEC filings as of 10/22/08:
http://www.sec.gov/cgi-bin/browse-edgar?company=&CIK=dtg&filenum=&State=&SIC=&owner=include&action=getcompany

 



 

  

 

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Dollar Thrifty Automotive Group Reinstates 401(k) Company Match for 2009
 

 

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