Dollar Thrifty Automotive Group, Inc. (NYSE: DTG) today provided an update on its outlook for the fourth quarter and full year of 2009. The Company announced that it expects fourth quarter Corporate Adjusted EBITDA to be within a range of $10 million to $15 million, up significantly from a loss of $43.4 million in the comparable quarter of 2008. Based on these expected results, the Company’s full year 2009 Corporate Adjusted EBITDA would range from $83 million to $88 million, up from a loss of $2.3 million in 2008. The Company confirmed its prior guidance of an 8 to 10 percent decline in rental revenues for the full year of 2009 compared to 2008.
“Our strategy for 2009 involved a significant number of actions to return the Company to profitability while navigating through the significant challenges of the current economic downturn. We are very pleased with how the company has performed during 2009 and the way the year is ending. We believe the success of the actions taken in 2009, combined with our recent equity offering, position the Company well for 2010 and beyond,” said Scott L. Thompson, Chief Executive Officer and President. “We greatly appreciate the support that we received in 2009 from our manufacturer partners, our lenders and our employees as we worked to significantly change the Company’s direction and competitive position,” said Thompson.
The above data relating to the fourth quarter results are preliminary estimates based on information available at this time, and will be updated in conjunction with the Company’s fourth quarter earnings release.