ANC Rental Corporation Reports a 54% Increase In Second Quarter Operating Earnings Before Non-Recurring Transition Costs.Business Editors FORT LAUDERDALE Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. , Fla.--(BUSINESS WIRE)--July 26, 2000 In its first quarterly earnings report as a public company, ANC ANC abbr. African National Congress ANC African National Congress: South African political movement instrumental in bringing an end to apartheid ANC n abbr (= Rental RENTAL. A roll or list of the rents of an estate containing the description of the lands let, the names of the tenants, and other particulars connected with such estate. This is the same as rent roll, from which it is said to be corrupted. Corporation (Nasdaq:ANCX) today reported operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. , before non-recurring transition costs, of $39.3 million for the three months ended June June: see month. 30, 2000, compared to $25.5 million last year, an increase of 54.1%. The reported results include non-recurring transition costs associated with ANC Rental Corporation's previously announced consolidation of its headquarters in Ft. Lauderdale Lauderdale is the name of various places:
Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before for the three-month period were $31.0 million, a 21.8% increase compared to last year. Revenue for the three months ended June 30, 2000 was $910.6 million, compared to $892.7 million last year, an increase of 2.0%. Earnings per share for the three months ended June 30, 2000 were $.34 versus $.31 per share in the prior year, an increase of 9.7%. Commenting on ANC Rental Corporation's second quarter performance, President and Chief Executive Officer Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. S. Karsner said, "We are pleased with our performance in this, our first quarter reporting as a public company. Results are in line with our expectations and we continue to achieve the goals we have set for ourselves in our business plan. Our pricing, cost reduction and fleet management initiatives have helped us achieve a significant year to year improvement in second quarter operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. ." For the six months ended June 30, 2000, ANC Rental Corporation reported operating income, before non-recurring transition costs, of $10.2 million, compared to $16.5 million last year. Including these charges of $15.7 million, the Company incurred an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $5.5 million. Revenue for the six months ended June 30, 2000 was $1,721.2 million, compared to $1,683.8 million last year, an increase of 2.2%. For the six months ended June 30, 2000, loss per share was $.20, compared to earnings per share of $.14 for the same period in 1999. ANC Rental Corporation, headquartered in Fort Lauderdale, is one of the world's largest car rental companies with annual revenue of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $3.5 billion in 1999. ANC Rental Corporation, the parent company of Alamo Alamo Eighteenth-century mission in San Antonio, Texas, site of a historic siege of a small group of Texans by a Mexican army (1836) during the Texas war for independence from Mexico. , National, and CarTemps, is the only company in the car rental industry that operates three distinct brands. ANC Rental Corporation has more than 3,000 locations in 69 countries and employs approximately 22,000 associates worldwide. Certain statements and information included in this press release constitute "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Federal Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. in such forward-looking statements. Additional discussion of factors that could cause the actual results to differ materially from management's projection projection, in psychology: see defense mechanism. See rear-projection TV, front-projection TV and LCD panel. (theory) projection - In domain theory, a function, f, which is (a) idempotent, i.e. , forecasts, estimates and expectations is contained in the Company's SEC filings.
ANC Rental Corporation
Consolidated Statements of Income and Other Selected Financial Data
(in millions except per share amounts)
Unaudited
Three months ended June 30,
2000 % 1999 %
Revenue:
Alamo/National North America $751.6 82.6 $731.2 81.9
CarTemps USA 67.7 7.4 67.9 7.6
International 91.3 10.0 93.6 10.5
910.6 100.0 892.7 100.0
Operating expenses 686.1 75.4 684.0 76.6
Gross margin 224.5 24.6 208.7 23.4
SG & A 185.2 20.3 183.2 20.5
Operating income before
non-recurring transition costs 39.3 4.3 25.5 2.9
Non-recurring transition costs 8.3 0.9 - -
Operating income 31.0 3.4 25.5 2.9
Interest expense, net (3.0) (0.3) (3.9) (0.5)
Other income / (expense) (2.6) (0.3) (0.1) -
Income before tax 25.4 2.8 21.5 2.4
Taxes 9.9 1.1 7.7 0.9
Net Income $15.5 1.7 $13.8 1.5
Earnings per share $0.34 $0.31
Weighted average shares 45.1 45.1
Capital expenditures $21.6 $51.6
Non-vehicle depreciation and
amortization $25.4 $21.9
ANC Rental Corporation
Consolidated Statements of Income and Other Selected Financial Data
(in millions except per share amounts)
Unaudited
Six months ended June 30,
2000 % 1999 %
Revenue
Alamo/National
North America $1,406.6 81.7 $1,372.7 81.5
CarTemps USA 137.9 8.0 133.1 7.9
International 176.7 10.3 178.0 10.6
1,721.2 100.0 1,683.8 100.0
Operating expenses 1,341.0 77.9 1,317.3 78.2
Gross Margin 380.2 22.1 366.5 21.8
SG & A 370.0 21.5 350.0 20.8
Operating income before
non-recurring transition
costs 10.2 0.6 16.5 1.0
Non-recurring transition
costs 15.7 0.9 - -
Operating income/ (loss) (5.5) (0.3) 16.5 1.0
Interest expense, net (6.4) (0.4) (7.2) (0.4)
Other income/ (expense) (2.9) (0.2) 0.2 -
Income/ (loss) before tax (14.8) (0.9) 9.5 0.6
Taxes (5.8) (0.4) 3.4 0.2
Net income/ (loss) $(9.0) (0.5) $6.1 0.4
Earnings/ (loss) per share $(0.20) $0.14
Weighted average shares 45.1 45.1
Capital expenditures $41.4 $103.0
Non-vehicle depreciation
and amortization $48.6 $38.0
ANC Rental Corporation
Selected Balance Sheet Data
(in millions)
Unaudited
June 30, 2000 December 31, 1999
Revenue earning vehicles $5,583.2 $4,501.3
Total assets $7,445.5 $6,349.5
Vehicle debt $4,939.0 $4,531.6
Non-vehicle debt $332.8 $107.4
Shareholders' equity $894.3 $726.6
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