Thrifty Car Rental 2006 Annual Report Download - page 48

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DOLLAR THRIFTY AUTOMOTIVE GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
YEAR ENDED DECEMBER 31, 2006, 2005 AND 200
4
(
In Thousands Except Per Share Data
)
2006 2005 200
4
REVENUES:
Vehicle rentals 1,538,673$ 1,380,172$ 1,255,890$
Vehicle leasing 56,798 63,465 80,456
Fees and services 46,806 49,450 54,176
Other 18,400 14,467 13,325
Total revenues 1,660,677 1,507,554 1,403,847
COSTS AND EXPENSES:
Direct vehicle and operating 827,440 787,714 692,803
Vehicle depreciation and lease charges, net 380,005 294,757 316,199
Selling, general and administrative 259,474 236,055 223,109
Interest expense, net of interest income of
$29,387, $18,388 and $6,929 95,974 88,208 90,868
Total costs and expenses 1,562,893 1,406,734 1,322,979
(Increase) decrease in fair value of derivatives 9,363 (29,725) (24,265)
INCOME BEFORE INCOME TAXES 88,421 130,545 105,133
INCOME TAX EXPENSE 36,729 54,190 42,390
INCOME BEFORE CUMULATIVE EFFECT OF
A CHANGE IN ACCOUNTING PRINCIPLE 51,692 76,355 62,743
CUMULATIVE EFFECT OF A CHANGE IN
ACCOUNTING PRINCIPLE - - 3,730
NET INCOME 51,692$ 76,355$ 66,473$
BASIC EARNINGS PER SHARE:
Income before cumulative effect of a change
in accounting principle 2.14$ 3.04$ 2.51$
Cumulative effect of a change in accounting
principle - - 0.15
Net income 2.14$ 3.04$ 2.66$
DILUTED EARNINGS PER SHARE:
Income before cumulative effect of a change
in accounting principle 2.04$ 2.89$ 2.39$
Cumulative effect of a change in accounting
principle - - 0.14
Net income 2.04
$ 2.89$ 2.53$
See notes to consolidated financial statements.
42