Avis 2007 Annual Report Download - page 66

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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,
2007
2006
2005
Revenues
Vehicle rental
$
4,667
$
4,519
$
4,302
Other
1,319
1,170
1,098
Net revenues
5,986
5,689
5,400
Expenses
Operating
3,033
2,887
2,729
Vehicle depreciation and lease charges, net
1,571
1,416
1,238
Selling, general and administrative
658
818
857
Vehicle interest, net
315
320
309
Non
-
vehicle related depreciation and amortization
84
105
116
Interest expense related to corporate debt, net:
Interest expense
127
236
172
Early extinguishment of debt
-
313
-
Separation costs, net
(5
)
261
15
Restructuring charges
-
10
26
Goodwill impairment
1,195
-
-
Total expenses
6,978
6,366
5,462
Loss before income taxes
(992
)
(677
)
(62
)
Benefit from income taxes
(45
)
(226
)
(51
)
Loss from continuing operations
(947
)
(451
)
(11
)
Income (loss) from discontinued operations, net of tax
(2
)
478
1,088
Gain (loss) on disposal of discontinued operations, net of tax
33
(1,957
)
549
Income (loss) before cumulative effect of accounting changes
(916
)
(1,930
)
1,626
Cumulative effect of accounting changes, net of tax
-
(64
)
(8
)
Net income (loss)
$
(916
)
$
(1,994
)
$
1,618
Earnings (loss) per share
Basic
Loss from continuing operations
$
(9.18
)
$
(4.48
)
$
(0.10
)
Net income (loss)
(8.88
)
(19.82
)
15.56
Diluted
Loss from continuing operations
$
(9.18
)
$
(4.48
)
$
(0.10
)
Net income (loss)
(8.88
)
(19.82
)
15.56