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AGENCY RENT-A-CAR, INC. REPORTS REVENUE UP 21 PERCENT

 AGENCY RENT-A-CAR, INC.
 REPORTS REVENUE UP 21 PERCENT
 CLEVELAND, Sept. 2 /PRNewswire/ -- Agency Rent-A-Car, Inc. (NASDAQ: AGNC), the nation's leading automobile insurance replacement company, today reported revenue of $86.4 million for the quarter ended July 31, 1992, a 21 percent increase as compared to $71.5 million last year. Net income was $5.8 million or $.23 per share for the quarter ended July 31, 1992, an increase over the $5.6 million or $.22 per share earned in the same quarter of a year ago. For the six months ended July 31, 1992 the company's net income was $9.0 million or $.36 per share as compared to $8.1 million or $.32 per share in the six months ended July 31, 1991. Revenue increased to $161.2 million in the current year from $132.1 million last year. The significant increase in revenue resulted from the expansion of the company's dealership operations, which commenced in the second quarter of last year, and growth in the company's rental operations.
 Chairman Sam J. Frankino, stated, "Exceeding last year's exceptional second quarter earnings was extremely satisfying and validates Agency Rent-A-Car's commitment to enhancing its growth opportunities. Although dealership start-up expenses have slowed our earnings growth in the current year, the company has expanded its network of rental and dealership locations, positioning the company for much stronger revenue and earnings growth in the future. We are encouraged by recent trends that these activities will meet our objectives and increase shareholder value."
 The company ended the quarter with a rental fleet of approximately 41,000 vehicles, 770 rental locations and 19 dealership locations.
 AGENCY RENT-A-CAR, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF INCOME
 (Thousands of Dollars, Except Per Share Amounts)
 (Unaudited)
 THREE MONTHS ENDED SIX MONTHS ENDED
 JULY 31, JULY 31,
 1992 1991 1992 1991
 REVENUE
 Automobile rentals $72,151 $69,698 $135,789 $130,287
 Dealership and related 14,214 1,847 25,448 1,847
 Total 86,365 71,545 161,237 132,134
 COSTS AND EXPENSES
 Cost of goods sold and operating expenses:
 Rental operations 29,263 29,485 56,623 57,241
 Dealership and related 13,794 1,811 24,877 1,811
 Depreciation and
 amortization 20,282 17,647 39,303 35,442
 Selling, general and
 administrative 11,955 11,652 22,444 20,960
 Interest 1,835 1,660 3,644 3,371
 Total 77,129 62,255 146,891 118,825
 INCOME BEFORE INCOME
 TAXES 9,236 9,290 14,346 13,309
 PROVISION FOR INCOME
 TAXES 3,417 3,664 5,308 5,191
 NET INCOME $ 5,819 $ 5,626 $ 9,038 $ 8,118
 EARNINGS PER SHARE $ .23 $ .22 $ .36 $ .32
 WEIGHTED AVERAGE
 NUMBER OF SHARES
 OUTSTANDING (000's) 25,463 25,305 25,458 25,419
 -0- 9/2/92
 /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: SU: ERN


KK -- CL004 -- 5741 09/02/92 08:12 EDT
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Publication:PR Newswire
Date:Sep 2, 1992
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