Dollar Thrifty Automotive Group, Inc. today announced that, based on preliminary estimated results, it ended the year with an unrestricted cash balance in excess of $210 million, approximately the same balance the Company reported on September 30, 2008. During the fourth quarter, operating losses and changes in working capital were offset by the benefit of a $100 million cash dividend from the Company’s vehicle finance subsidiary that was paid in November 2008.
“These are uncertain times in the overall economy and particularly in the automobile and travel industries. Ending the quarter with estimated unrestricted cash of over $210 million and tangible net worth provides us with financial capacity to continue to execute our strategic plans over the coming months as we, and the entire rental car industry, deal with a less robust overall economy and a difficult used vehicle market,” said Scott L. Thompson, President and Chief Executive Officer.
Consistent with its previously disclosed outlook, the Company estimates that it will incur a fourth quarter non-GAAP pre-tax loss significantly in excess of the prior year’s fourth quarter loss, resulting in a non-GAAP pre- tax loss for the year.