Hertz 2008 Annual Report Download - page 144

HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands of Dollars, except share data)
Years ended December 31,
2008 2007 2006
Revenues:
Car rental .................................. $6,730,349 $6,800,657 $6,273,612
Equipment rental ............................. 1,657,277 1,755,330 1,672,093
Other ..................................... 137,429 129,644 112,700
Total revenues ............................. 8,525,055 8,685,631 8,058,405
Expenses:
Direct operating .............................. 4,930,018 4,644,148 4,475,974
Depreciation of revenue earning equipment .......... 2,194,164 2,003,360 1,757,202
Selling, general and administrative ................ 769,632 775,881 723,921
Interest, net of interest income of $24,802, $41,303 and
$42,553 .................................. 845,148 875,422 900,657
Impairment charges ........................... 1,168,900 — —
Total expenses ............................. 9,907,862 8,298,811 7,857,754
Income (loss) before income taxes and minority interest . . (1,382,807) 386,820 200,651
(Provision) benefit for taxes on income ............... 196,847 (102,571) (67,994)
Minority interest ............................... (20,786) (19,690) (16,714)
Net income (loss) .............................. $(1,206,746) $ 264,559 $ 115,943
Weighted average shares outstanding (in thousands)
Basic ..................................... 322,701 321,185 242,460
Diluted .................................... 322,701 325,487 243,354
Earnings (loss) per share
Basic ..................................... $ (3.74) $ 0.82 $ 0.48
Diluted .................................... $ (3.74) $ 0.81 $ 0.48
The accompanying notes are an integral part of these financial statements.
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