Avis 2006 Annual Report Download - page 60

Table of Contents
Avis Budget Group, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
See Notes to Consolidated Financial Statements.
F
-
3
Year Ended December 31,
2006
2005
2004
Revenues
Vehicle rental
$
4,519
$
4,302
$
3,860
Other
1,170
1,098
960
Net revenues
5,689
5,400
4,820
Expenses
Operating
2,887
2,729
2,413
Vehicle depreciation and lease charges, net
1,416
1,238
988
Selling, general and administrative
818
857
784
Vehicle interest, net
320
309
244
Non
-
vehicle related depreciation and amortization
105
116
115
Interest expense related to corporate debt, net:
Interest expense
236
172
251
Early extinguishment of debt
313
-
18
Separation costs
261
15
-
Restructuring charges
10
26
-
Total expenses
6,366
5,462
4,813
Income (loss) before income taxes
(677
)
(62
)
7
Benefit from income taxes
(226
)
(51
)
(64
)
Income (loss) from continuing operations
(451
)
(11
)
71
Income from discontinued operations, net of tax
478
1,088
1,822
Gain (loss) on disposal of discontinued operations, net of tax
(1,957
)
549
198
Income (loss) before cumulative effect of accounting changes
(1,930
)
1,626
2,091
Cumulative effect of accounting changes, net of tax
(64
)
(8
)
-
Net income (loss)
$
(1,994
)
$
1,618
$
2,091
Earnings (loss) per share
Basic
Income (loss) from continuing operations
$
(4.48
)
$
(0.10
)
$
0.69
Net income (loss)
(19.82
)
15.56
20.29
Diluted
Income (loss) from continuing operations
$
(4.48
)
$
(0.10
)
$
0.67
Net income (loss)
(19.82
)
15.56
19.66