Avis 2006 Annual Report Download - page 32

Table of Contents
PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER
PURCHASES OF EQUITY SECURITIES
Market Price of Common Stock
Our common stock is listed on the New York Stock Exchange (“NYSE”) under the symbol “CAR”. At January 31, 2007, the number of
stockholders of record was approximately 3,298. The following table sets forth the quarterly high and low sales prices per share of CAR
common stock as reported by the NYSE for 2006 and 2005.
2006
(*)
High
Low
First Quarter
$
23.36
$
20.29
Second Quarter
23.71
20.45
Third Quarter
24.40
17.30
Fourth Quarter
22.62
18.59
2005
(*)
High
Low
First Quarter
$
30.57
$
27.05
Second Quarter
29.77
25.51
Third Quarter
29.93
26.14
Fourth Quarter
27.33
21.96
Dividend Policy
Following the declaration of a cash dividend for first quarter 2006, our Board suspended any further cash dividends prior to completion of the
Cendant Separation. We do not anticipate paying dividends on our common stock for the foreseeable future. Our ability to pay dividends to
holders of our common stock is limited as a practical matter by ABCR’s senior credit facilities, the indenture governing our senior notes and
our vehicle financing programs, insofar as we may seek to pay dividends out of funds made available to Avis Budget Group by ABCR and/or
its subsidiaries, because these debt financings directly or indirectly restrict ABCR’
s ability to pay dividends or make loans. The declaration and
payment of future dividends to holders of our common stock will be at the discretion of our Board of Directors and will depend upon many
factors, including our financial conditions, earnings, capital requirements of our businesses, covenants associated with certain debt obligations,
legal requirements, regulatory constraints, industry practice and other factors that the Board of Directors deems relevant.
On July 31, 2006, we distributed 100% of our ownership interest in Realogy and Wyndham, comprising Cendant’
s former Real Estate Services
and Hospitality Services (including Timeshare Resorts) businesses, respectively, to our stockholders. We distributed one share of Realogy
common stock for every four shares of our common stock and one share of Wyndham stock for every five shares of our common stock, in each
case outstanding on the record date for the distribution. On January 31, 2005, we distributed 100% of our ownership interest in PHH
Corporation, comprising our former mortgage, appraisal and fleet management businesses, to our stockholders. We distributed one share of
PHH common stock for every 20 shares of our common stock outstanding on the record date for the distribution.
In 2006, we paid cash dividends of $1.10 per common share in the first quarter. In 2005, we paid cash dividends of $0.90, $0.90, $1.10 and
$1.10 per common share in the first, second, third and fourth quarters, respectively. These dividend amounts have been adjusted to reflect a
one-for-ten reverse stock split, which we completed in September 2006.
Issuer Purchases of Equity Securities
None.
27
(*)
Stock prices reflect the impact of the separation and have been adjusted for the 1-for-10 reverse stock split, which became effective
September 5, 2006.