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AGENCY RENT-A-CAR, INC. REPORTS QUARTERLY NET INCOME UP 36 PERCENT

 AGENCY RENT-A-CAR, INC. REPORTS QUARTERLY NET INCOME UP 36 PERCENT
 CLEVELAND, Dec. 4 /PRNewswire/ -- Agency Rent-A-Car, Inc. (NASDAQ: AGNC), the nation's leading automobile insurance replacement company, today reported net income of $4.8 million or $.19 per share for their third quarter ended Oct. 31, 1991, an increase of 36 percent over the $3.5 million or $.13 per share earned in the same period last year. Net income for the nine month period ended Oct. 31, 1991 was $12.9 million or $.51 per share as compared to $12.1 million or $.46 per share a year ago. Operating margins for the quarter increased to 11.2 percent on revenue of $70.4 million from 8.0 percent on revenue of $72.4 million in the prior year. For the first nine months of fiscal 1992 operating margins increased to 10.5 percent on revenue of $200.7 million from 8.8 percent on revenue of $210.9 million for the similar period of a year ago. The decrease in revenue for the comparable periods resulted from an approximate 8 percent reduction in the average fleet.
 Chairman and chief executive officer, Sam J. Frankino, commented, "we are very pleased with our operating results for the quarter which reflect the success of our program to strategically manage fleet size and control expenses." The company had approximately 38,000 units in fleet at the end of the quarter and expects to end the year with a fleet of approximately 39,000 units. The company's previously disclosed plans to provide insurance replacement rentals throughout the nation's smaller communities, referred to as the "secondary market," and the expansion of its existing subsidiary divisions, Altra Auto Rental and Automate Rent-A-Car, is on schedule with one hundred and ten (110) new office openings projected by January 1993.
 AGENCY RENT-A-CAR, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF INCOME
 (Thousands of Dollars, Except Per Share Amounts)
 (Unaudited)
 THREE MONTHS ENDED NINE MONTHS ENDED
 OCTOBER 31, OCTOBER 31,
 1991 1990 1991 1990
 REVENUE
 Automobile rentals $70,391 $72,372 $200,678 $210,870
 COSTS AND EXPENSES
 Direct operating 12,544 13,450 37,251 36,239
 Depreciation and
 amoritization 19,063 23,488 54,276 69,895
 Salaries and employee
 benefits 15,268 15,616 45,463 45,860
 General and
 administrative 11,066 9,309 31,460 27,460
 Advertising and promotion 2,377 2,034 5,536 5,264
 Interest 2,199 2,706 5,570 7,605
 Total 62,517 66,603 179,556 192,323
 INCOME FROM OPERATIONS 7,874 5,769 21,122 18,547
 Other income 39 19 100 47
 INCOME BEFORE INCOME
 TAXES 7,913 5,788 21,222 18,594
 Provision for income taxes 3,086 2,245 8,277 6,471
 NET INCOME $ 4,827 $ 3,543 $ 12,945 $ 12,123
 EARNINGS PER SHARE $ .19 $ .13 $ .51 $ .46
 WEIGHTED AVERAGE NUMBER OF
 SHARES OUTSTANDING (000s) 25,365 26,529 25,401 26,514
 -0- 12/4/91
 /CONTACT: Peter T. Zackaroff, Executive Vice President/Corporate Secretary of Agency Rent-A-Car, 216-349-1000/
 (AGNC) CO: Agency Rent-A-Car ST: Ohio IN: TRN SU: ERN


KK -- CL002 -- 9019 12/04/91 08:30 EST
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Publication:PR Newswire
Date:Dec 4, 1991
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