Hertz 2010 Annual Report Download - page 160

HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Note 16—Quarterly Financial Information (Unaudited)
Provided below is a summary of the quarterly operating results during 2010 and 2009 (in millions of
dollars, except per share data).
Earnings per share amounts are computed independently each quarter. As a result, the sum of each
quarter’s per share amount may not equal the total per share amount for the respective year.
First Second Third Fourth
Quarter Quarter Quarter Quarter
2010 2010 2010 2010
Revenues ................................. $1,660.9 $1,879.6 $2,186.3 $1,835.8
Income (loss) before income taxes ............... (157.8) (6.2) 158.3 (7.8)
Net income (loss) attributable to Hertz Global
Holdings, Inc. and Subsidiaries’ common
stockholders .............................. (150.4) (25.1) 156.6 (29.2)
Earnings (loss) per share, basic ................. $ (0.37) $ (0.06) $ 0.38 $ (0.07)
Earnings (loss) per share, diluted ................ $ (0.37) $ (0.06) $ 0.36 $ (0.07)
First Second Third Fourth
Quarter Quarter Quarter Quarter
2009 2009 2009 2009
Revenues ................................. $1,564.9 $1,754.5 $2,041.4 $1,740.7
Income (loss) before income taxes ............... (210.0) 30.7 75.8 (67.4)
Net income (loss) attributable to Hertz Global
Holdings, Inc. and Subsidiaries’ common
stockholders .............................. (163.5) 3.9 64.5 (30.9)
Earnings (loss) per share, basic ................. $ (0.51) $ 0.01 $ 0.16 $ (0.08)
Earnings (loss) per share, diluted ................ $ (0.51) $ 0.01 $ 0.15 $ (0.08)
Note 17—Subsequent Events
In January 2011, Gerald A. Plescia, President, Hertz Equipment Rental Corporation, or ‘‘HERC,’’ retired
from the Company. Mark P. Frissora, our Chairman and Chief Executive Officer is assuming the
temporary senior management responsibility for HERC until a successor is named.
In January 2011, Hertz redeemed in full its outstanding ($518.5 million principal amount) 10.5% Senior
Subordinated Notes due 2016 which resulted in premiums paid of $27.2 million and the write-off of
unamortized debt costs of $8.6 million. In January and February 2011, Hertz redeemed $1,105 million
principal amount of its outstanding 8.875% Senior Notes due 2014 which resulted in premiums paid of
$24.5 million and the write-off of unamortized debt costs of $14.4 million. We used the proceeds from the
September 2010 issuance of $700 million aggregate principal amount of 7.50% Senior Notes, the
December 2010 issuance of $500 million aggregate principal amount of 7.375% Senior Notes and the
February 2011 issuance of $500 million aggregate principal amount of 6.75% Senior Notes (see below)
for these redemptions.
In February 2011, Hertz issued $500 million aggregate principal amount of 6.75% Senior Notes due
2019. The 6.75% Senior Notes are guaranteed on a senior unsecured basis by the domestic subsidiaries
of Hertz that guarantee its Senior Credit Facilities.
In February 2011, Hertz used existing corporate liquidity to pay off the maturing amount of the Brazilian
Fleet Financing Facility.
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