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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 10-K/A
[x] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the fiscal year ended December 31, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ___________ to ________________
Commission file number 1-13647
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DOLLAR THRIFTY AUTOMOTIVE GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware 73-1356520
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
5330 East 31st Street, Tulsa, Oklahoma 74135
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (918) 660-7700
Securities registered pursuant to Section 12(b) of the Act:
Title of each class: Name of each exchange on which registered:
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Common Stock, $.01 par value New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days: Yes X No __
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K: [ ]
The aggregate market value of the voting and non-voting common equity held
by non-affiliates of the registrant as of March 1, 1999 was $192,975,696.
The number of shares outstanding of the registrant's Common Stock as of
March 1, 1999 was 24,125,941.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the definitive Proxy Statement for the Annual Meeting of
Stockholders to be held on May 27, 1999, are incorporated by reference in Part
III.
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2
The registrant hereby amends and restates in its entirety, Item 6 of Part
II of its Annual Report on Form 10-K for the year ended December 31, 1998 to
restate the System-Wide Data to conform to the classifications used in 1998.
ITEM 6. SELECTED FINANCIAL DATA
Selected Consolidated Financial Data of the Group
The selected consolidated statement of operations and balance sheet data
were derived from the audited consolidated financial statements of the Group.
References to system-wide vehicle rental revenue include revenue received from
the Group company-owned stores and by franchisees from the rental of vehicles.
<TABLE>
<CAPTION>
Years Ended December 31,(b)
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1994 1995 1996 1997 1998
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<S> <C> <C> <C> <C> <C>
STATEMENT OF OPERATIONS
(IN THOUSANDS):
Revenues:
Vehicle rental ................................ $ 413,424 $ 372,508 $ 497,239 $ 620,045 $ 635,033
Vehicle leasing ............................... 172,999 177,836 149,713 164,701 202,371
Fees and services ............................. 58,966 49,382 47,597 49,143 51,770
Other ........................................... 8,614 9,653 9,342 9,899 9,234
----------- ----------- ----------- ---------- ----------
Total revenues .............................. 654,003 609,379 703,891 843,788 898,408
----------- ----------- ----------- ---------- ----------
Costs and expenses:
Direct vehicle and operating .................. 234,370 190,577 242,466 281,485 285,457
Vehicle depreciation, net ..................... 210,975 196,367 213,143 277,276 288,443
Selling, general and administrative ........... 143,155 123,439 140,089 149,697 161,471
Interest expense, net ......................... 83,526 78,817 72,868 87,852 88,726
Amortization of cost in excess of net
assets acquired .............................. 11,517 10,456 8,169 6,010 5,417
Intangible asset impairment losses ............ - - 157,758 - -
Restructuring charge (reversal) ............... (7,000) - - - -
Loss on sale of Snappy ........................ 40,893 - - - -
----------- ----------- ----------- ---------- ----------
Total costs and expenses .................... 717,436 599,656 834,493 802,320 829,514
----------- ----------- ----------- ---------- ----------
Income (loss) before income taxes ............... (63,433) 9,723 (130,602) 41,468 68,894
Income tax expense (benefit) .................... (12,755) 9,753 16,682 23,427 31,229
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Net income (loss)(a) ............................ $ (50,678) $ (30) $ (147,284) $ 18,041 $ 37,665
=========== =========== =========== ========== ==========
Basic and diluted earnings (loss)
per share (a) ................................... $ (2.53) $ 0.00 $ (7.36) $ 0.90 $ 1.56
=========== =========== =========== ========== ==========
BALANCE SHEET DATA (IN THOUSANDS):
Revenue-earning vehicles, net ................... $ 991,276 $ 958,799 $ 1,120,346 $1,319,490 $1,342,066
Total assets .................................... 1,585,651 1,657,823 1,647,951 1,942,210 1,865,300
Total debt ...................................... 1,047,065 1,128,811 1,241,558 1,418,687 1,313,799
Stockholders' equity ............................ 331,159 331,189 183,883 268,426 315,433
</TABLE>
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3
<TABLE>
<CAPTION>
Years Ended December 31 ,
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1994 1995 1996 1997 1998
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<S> <C> <C> <C> <C> <C>
System-Wide Data (U.S. and Canada)(c):
Vehicle rental revenue (in thousands)(b):
Company-owned stores .............................. $ 360,000 $ 373,000 $ 497,000 $ 620,000 $ 635,000
Franchisee locations .............................. 558,000 556,000 502,000 516,000 620,000
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Total vehicle rental revenue .................. $ 918,000 $ 929,000 $ 999,000 $1,136,000 $1,255,000
========== ========== ========== ========== ==========
Rental locations:
Company-owned stores .............................. 169 162 156 139 139
Franchisee locations .............................. 773 720 729 752 763
---------- ---------- ---------- ---------- ----------
Total rental locations ........................ 942 882 885 891 902
========== ========== ========== ========== ==========
Average number of vehicles
operated during the period
by company-owned stores
and franchisees ..................................... 98,974 93,989 94,992 103,417 111,652
Peak number of vehicles
operated during the period
by company-owned stores
and franchisees ..................................... 117,906 108,447 110,771 122,286 134,407
Company-Owned Stores Data
(U.S. and Canada)(c):
Average number of vehicles
operated ............................................ 40,083 36,246 45,037 53,719 53,983
Number of rental
transactions ........................................ 2,230,076 2,196,611 2,817,269 3,300,420 3,320,294
Average revenue per
transaction ........................................ $ 161 $ 170 $ 176 $ 187 $ 191
Monthly average revenue
per vehicle ......................................... $ 748 $ 856 $ 917 $ 959 $ 980
Vehicle Leasing Data (U.S. and Canada)(c):
Average number of vehicles
leased ............................................. 41,072 34,373 30,583 32,814 37,709
Average monthly lease revenue
per unit ........................................... $ 349 $ 400 $ 409 $ 420 $ 447
</TABLE>
(a) Management believes it is important to note that net income (loss) and
earnings per share for the year ended December 31, 1996 include intangible
asset impairment losses of $157,758,000, related to DaimlerChrysler's
decision in 1996 to dispose of Thrifty as a non-core asset ($155,000,000)
and an impairment loss related to TCL ($2,758,000).
(b) Certain reclassifications have been made in the selected consolidated
financial data to conform to the classifications used in 1998.
(c) Excludes 1994 data for Snappy, which was sold in September 1994.
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4
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this amendment to the
report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: March 31, 1999 DOLLAR THRIFTY AUTOMOTIVE GROUP, INC.
By: /s/ STEVEN B. HILDEBRAND
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Name: Steven B. Hildebrand
Title:Vice President, Principal Financial
Officer and Principal Accounting Officer
