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AGENCY RENT-A-CAR, INC. SHIFTS INTO HIGH GEAR REPORTS EPS UP 28 PERCENT

 AGENCY RENT-A-CAR, INC. SHIFTS INTO HIGH GEAR
 REPORTS EPS UP 28 PERCENT
 CLEVELAND, April 2 /PRNewswire/ -- Agency Rent-A-Car, Inc. (NASDAQ: AGNC) the nation's leading automobile insurance replacement company, today reported a 28 percent increase in earnings per share for the fiscal year ended Jan. 31, 1992. Net income for the year increased 25 percent to $17,184,000 or $.68 per share on revenues of $269,003,000, compared with net income of $13,726,000 or $.53 per share on revenues of $278,953,000 last year.
 For the fourth quarter of fiscal 1992 the company reported net income of $4,239,000 or $.17 per share. During the comparable 1991 period, the company reported net income of $1,603,000 or $.07 per share.
 Sam J. Frankino, chairman of the board and chief executive officer, stated that "The substantial earnings improvement of the last three quarters was achieved despite adverse market conditions and is reflective of the overall strength and potential of the company." He added that the year end results provide the necessary momentum for the company to continue its aggressive growth history. The purchase of a record 19,000 new fleet units was required to meet the company's strategic objective of lowering the age of its fleet to 28 months and coincides with the scheduled opening of approximately 96 new locations.
 Frankino continued, "Looking ahead the company will expand the margin improvement programs it implemented in fiscal 1991 while tailoring its fleet distribution and rental rates to address specific geographical market conditions." The company expects to increase its fleet size to approximately 42,000 units by the end of fiscal 1993.
 Following the quarterly meeting of the board of directors, the company announced the approval of the repurchase of an additional one million shares of its common stock, for a total authorization of three million shares. Approximately one million shares have been purchased to date. Frankino indicated that this action was motivated by the current market price of the company stock which, in the opinion of the board of directors, does not reflect the company's inherent value and was undertaken in lieu of a stock dividend.
 The board also set the date of its annual shareholders' meeting to be held on June 17, 1992 at the company's corporate office in Solon, Ohio for shareholders of record May 4, 1992.
 AGENCY RENT-A-CAR, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF INCOME
 (Thousands of Dollars, Except Per Share Amounts)
 THREE MONTHS ENDED YEARS ENDED
 JANUARY 31, JANUARY 31,
 1992 1991 1992 1991
 REVENUE
 Automobile rentals $68,325 $68,083 $269,003 $278,953
 COSTS AND EXPENSES
 Direct operating 11,389 16,313 48,640 52,552
 Depreciation and
 amortization 18,769 18,499 73,045 88,394
 Salaries and employee
 benefits 16,042 15,392 61,505 61,252
 General and
 administrative 10,188 10,543 41,648 38,003
 Advertising and
 promotion 2,881 2,488 8,417 7,752
 Interest 2,072 2,419 7,642 10,024
 Total 61,341 65,654 240,897 257,977
 INCOME FROM OPERATIONS 6,984 2,429 28,106 20,976
 Other income (expense) (36) 29 64 76
 INCOME BEFORE INCOME
 TAXES 6,948 2,458 28,170 21,052
 Provision for income
 taxes 2,709 855 10,986 7,326
 NET INCOME $ 4,239 $ 1,603 $ 17,184 $ 13,726
 EARNINGS PER SHARE $ .17 $ .07 $ .68 $ .53
 WEIGHTED AVERAGE
 NUMBER OF SHARES
 OUTSTANDING (000's) 25,401 26,000 25,401 26,115
 -0- 4/2/92
 /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: TRN SU: ERN


SM -- CL005 -- 4225 04/02/92 09:14 EST
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Date:Apr 2, 1992
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