UPDATE 1-Dollar Thrifty sees multiple issues hurting Q3 results

Tue Sep 23, 2008 7:59am EDT
 
[-] Text [+]

(Recasts, adds details)

Sept 23 (Reuters) - Car rental company Dollar Thrifty Automotive Group Inc (DTG.N) said its third-quarter results continue to suffer from problems in areas of per day revenue and vehicle depreciation costs.

Companies in the car rental industry have been exploring contingency measures from operational improvements and job cuts to partnering with airlines and hotels, in response to the sharp drop in travel spending and high fuel costs.

"Results are also expected to be affected by the bankruptcy of one of the company's tour operators," Dollar Thrifty said in a statement.

The company also said it was seeking an amendment to its senior secured credit facility, failing which it may use a portion of its excess liquidity to repay a portion of the debt.

Shares of the Tulsa, Oklahoma-based company closed at $4.55 Monday on the New York Stock Exchange. (Reporting by Eric Yep in Bangalore; Editing by Amitha Rajan)

 

Featured Broker sponsored link