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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) APRIL 14, 1999
THE HERTZ CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-7541 13-1938568
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation) File Number) Identification No.)
225 Brae Boulevard, Park Ridge, New Jersey 07656-0713
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (201) 307-2000
Not Applicable
(Former name or former address, if changed since last report.)
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Item 5. Other Events.
On April 14, 1999, The Hertz Corporation issued a press release with
respect to its first quarter 1999 earnings.
A copy of such press release is attached as Exhibit 99 hereto and
incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
(c) EXHIBITS.
The following Exhibit is filed as part of this Report.
(99) Press release relating to The Hertz Corporation's first
quarter 1999 earnings.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE HERTZ CORPORATION
(Registrant)
By: /s/ Richard J. Foti
-----------------------------------
Richard J. Foti
Staff Vice President and Controller
(Principal Accounting Officer)
Date: April 15, 1999
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Exhibit Index
<TABLE>
<CAPTION>
Exhibit No. Description Page
- ----------- ----------- ----
<S> <C> <C>
(99) Press release relating to The Hertz 4-5
Corporation's first quarter 1999
earnings.
</TABLE>
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FOR IMMEDIATE RELEASE CONTACT: FINANCIAL - LAUREN S. BABUS
- --------------------- (201) 307-2100
MEDIA - JOE RUSSO
(201) 307-2486
HERTZ REPORTS RECORD FIRST QUARTER EARNINGS
OF $48.8 MILLION, UP 38%
PARK RIDGE, NJ, APRIL 14, 1999 -- The Hertz Corporation (NYSE:HRZ), the world's
largest car rental company and a leading industrial and construction equipment
rental business, reported record first quarter 1999 earnings of $48.8 million,
up 38 percent from the $35.4 million generated for the same period last year.
Earnings per share on a diluted basis for the quarter were 45 cents, up from 33
cents for the first quarter 1999.
Hertz achieved record revenues for the quarter of $1.033 billion, up 15
percent from $898.8 million for the same period last year.
Hertz Chairman and Chief Executive Officer, Frank A. Olson, stated, "This
beginning of 1999 comforts our belief we will produce our eighth consecutive
year of increased earnings."
Headquartered in Park Ridge, New Jersey, Hertz operates from over 6,100
locations in the U.S. and over 140 foreign countries.
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THE HERTZ CORPORATION
CONSOLIDATED STATEMENT OF INCOME
(In Thousands of Dollars)
Unaudited
<TABLE>
<CAPTION>
Three Months As % of
Ended March 31, Total Revenue
1999 1998 1999 1998
---- ---- ---- ----
Revenue $1,032,955 $ 898,796 100.0% 100.0%
---------- ---------- ------- -------
Expenses:
<S> <C> <C> <C> <C>
Direct operating 488,288 441,301 47.3% 49.1%
Depreciation of revenue earning equipment 276,725 225,300 26.8% 25.1%
Selling, general and administrative 108,753 102,837 10.5% 11.4%
Interest - net 77,150 68,632 7.5% 7.6%
---------- ---------- ------- -------
Total expenses 950,916 838,070 92.1% 93.2%
---------- ---------- ------- -------
Income before income taxes 82,039 60,726 7.9% 6.8%
Income taxes 33,278 25,319 3.2% 2.9%
---------- ---------- ------- -------
Net income $ 48,761 $ 35,407 4.7% 3.9%
========== ========== ======= =======
Earnings per share
Basic $ 0.45 $ 0.33
Diluted $ 0.45 $ 0.33
Weighted average number of shares
outstanding:
Basic 107,889,681 108,173,721
Diluted 108,396,939 108,684,210
</TABLE>
BALANCE SHEET DATA
(In Thousands of Dollars)
Unaudited
<TABLE>
<CAPTION>
March 31,
---------
1999 1998
---- ----
Revenue earning equipment:
<S> <C> <C>
Cars $4,921,176 $4,425,975
Other equipment 1,360,321 865,223
Total assets 9,292,986 7,665,073
Total debt 6,069,145 4,822,861
Stockholders' equity 1,418,408 1,162,309
</TABLE>
Note: Certain prior year amounts have been reclassified to conform to current
year presentation.
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