<PAGE> 1
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, 2000
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.)
Page 1 of 5 pages.
The Exhibit Index is on page 3.
<PAGE> 2
Item 5. Other Events.
On April 14, 2000, The Hertz Corporation issued a press release with
respect to its first quarter 2000 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 2000 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 17, 2000
-2-
<PAGE> 3
EXHIBIT INDEX
-------------
Exhibit No. Description Page
- - ----------- ----------- ----
(99) Press release relating to The Hertz 4-5
Corporation's first quarter 2000 earnings.
-3-
<PAGE> 1
FOR IMMEDIATE RELEASE CONTACT: Financial--Lauren S. Babus
201-307-2337
Media -- Lauren E. Garvey
201-307-2448
HERTZ REPORTS RECORD FIRST QUARTER EARNINGS OF
$56.3 MILLION, UP 15.5%
PARK RIDGE, NJ, APRIL 14, 2000--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, 2000, earnings of
$56.3 million, up 15.5% from the $48.8 million generated for the same period
last year. Earnings per share on a diluted basis for the quarter were 52 cents,
compared to 45 cents for the first quarter, 1999.
Hertz achieved record revenues for the quarter of $1.135 billion, an
increase of 9.9% from $1.033 billion last year.
The increase for the first quarter of 2000 reflected an improved
pricing environment and strong performance in the domestic car rental market,
while pricing pressure adversely affected profitability for Hertz' worldwide
industrial and construction equipment rental operations.
Hertz President and Chief Executive Officer, Craig R. Koch stated, "We
are pleased with our overall first quarter performance and are confident that we
will produce our seventh consecutive year of record earnings."
Headquartered in Park Ridge, NJ, Hertz operates from approximately
6,500 locations in the U.S. and over 140 foreign countries.
###
-4-
<PAGE> 2
THE HERTZ CORPORATION
CONSOLIDATED STATEMENT OF INCOME
(In Thousands of Dollars)
Unaudited
<TABLE>
<CAPTION>
Three Months As % of
Ended March 31, Total Revenue
--------------- -------------
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenue $ 1,135,205 $ 1,032,955 100.0% 100.0%
------------ ------------ ----------- ------------
Expenses:
Direct operating 539,001 488,288 47.5% 47.3%
Depreciation of revenue earning equipment 304,030 276,725 26.8% 26.8%
Selling, general and administrative 109,613 108,753 9.6% 10.5%
Interest - net 89,275 77,150 7.9% 7.5%
------------ ------------ ----------- ------------
Total expenses 1,041,919 950,916 91.8% 92.1%
------------ ------------ ----------- ------------
Income before income taxes 93,286 82,039 8.2% 7.9%
Income taxes 36,986 33,278 3.2% 3.2%
------------ ------------ ----------- ------------
Net income $ 56,300 $ 48,761 5.0% 4.7%
============ ============ =========== ============
Earnings per share:
Basic $ 0.52 $ 0.45
Diluted $ 0.52 $ 0.45
Weighted average number of shares outstanding:
Basic 107,848,781 107,889,681
Diluted 108,102,461 108,396,939
</TABLE>
BALANCE SHEET DATA
(In Thousands of Dollars)
Unaudited
<TABLE>
<CAPTION>
March 31,
---------
2000 1999
---- ----
<S> <C> <C>
Revenue earning equipment:
Cars $5,491,903 $4,921,176
Other equipment 1,489,886 1,360,321
Total assets 10,360,003 9,292,986
Total debt 6,745,593 6,069,145
Stockholders' equity 1,705,373 1,418,408
</TABLE>
-5-
