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AGENCY RENT-A-CAR, INC. REPORTS FIRST QUARTER EARNINGS

 CLEVELAND, June 3 /PRNewswire/ -- Agency Rent-A-Car, Inc. (NASDAQ: AGNC), the nation's leading automobile insurance replacement company, today reported earnings per share of $.14 for the quarter ended April 30, 1993. Net income for the quarter amounted to $3.5 million. These amounts compare to net income of $3.7 million or $.14 per share for the comparable quarter of a year ago. The solid operating results for the quarter can be attributed to revenue growth in both the company's rental and dealership operations. Overall, revenue rose to $81.5 million in the current quarter versus $74.9 million last year - an increase of 9 percent. The company operated during the first quarter of fiscal 1994 with an average of 36,000 vehicles as compared to 37,000 vehicles in the first quarter of fiscal 1993. This reduction in fleet is a result of the company's previous decision to cease operations in New York state and certain other unprofitable markets.
 Chairman of the Board Sam J. Frankino stated, "Overall we are pleased with the results achieved during the first quarter. Our office closing and realignment plan has and will enable us to consolidate our resources and distribute them in a more profitable manner. The growth in National Auto Credit, Inc. has exceeded our expectations with contracts currently financed in excess of $23,000,000 and the dealer/ member group approximating 400. We are very optimistic about the enhanced profit opportunities within our rental operations and National Auto Credit."
 AGENCY RENT-A-CAR, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF INCOME
 (Thousands of Dollars, Except Per Share Amounts)
 (Unaudited)
 THREE MONTHS ENDED
 APRIL 30,
 1993 1992
 REVENUE
 Automobile rentals $64,831 $63,638
 Dealership and related 16,708 11,234
 Total 81,539 74,872
 COSTS AND EXPENSES
 Cost of goods sold and operating expenses:
 Automobile rentals 28,783 28,043
 Dealership and related 16,074 11,083
 Depreciation and amortization 18,532 17,773
 Selling, general and administrative 11,212 10,316
 Interest 1,408 1,809
 Total 76,009 69,024
 INCOME BEFORE INCOME TAXES 5,530 5,848
 PROVISION FOR INCOME TAXES 2,046 2,184
 NET INCOME $ 3,484 $ 3,664
 EARNINGS PER SHARE $ .14 $ .14
 WEIGHTED AVERAGE NUMBER OF
 SHARES OUTSTANDING (000's) 25,406 25,454
 -0- 6/3/93
 /CONTACT: Peter T. Zackaroff, executive vice president/corporate secretary, 216-349-1000/
 (AGNC)


CO: Agency Rent-A-Car ST: Ohio IN: AUT SU: ERN

AR -- CL003 -- 4760 06/03/93 08:27 EDT
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Publication:PR Newswire
Date:Jun 3, 1993
Words:409
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