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Car/Limo Rentals

 July 26, 2000
ANC Rental Corporation Reports A 54% Increase In Second Quarter

 In its first quarterly earnings report as a public company, ANC Rental Corporation today reported operating income, before non-recurring transition costs, of $39.3 million for the three months ended June 30, 2000, compared to $25.5 million last year, an increase of 54.1%. The reported results include non-recurring transition costs associated with ANC Rental Corporation's previously announced consolidation of its headquarters in Ft. Lauderdale, FL. Including these charges of $8.3 million, operating earnings for the three-month period were $31.0 million, a 21.8% increase compared to last year.

Revenue for the three months ended June 30, 2000 was $910.6 million, compared to $892.7 million last year, an increase of 2.0%. Earnings per share for the three months ended June 30, 2000 were $.34 versus $.31 per share in the prior year, an increase of 9.7%.

Commenting on ANC Rental Corporation's second quarter performance, President and Chief Executive Officer Michael S. Karsner said, "We are pleased with our performance in this, our first quarter reporting as a public company. Results are in line with our expectations and we continue to achieve the goals we have set for ourselves in our business plan. Our pricing, cost reduction and fleet management initiatives have helped us achieve a significant year to year improvement in second quarter operating profit."

For the six months ended June 30, 2000, ANC Rental Corporation reported operating income, before non recurring transition costs, of $10.2 million, compared to $16.5 million last year. Including these charges of $15.7 million, the Company incurred an operating loss of $5.5 million. Revenue for the six months ended June 30, 2000 was $1,721.2 million, compared to $1,683.8 million last year, an increase of 2.2%. For the six months ended June 30, 2000, loss per share was $.20, compared to earnings per share of $.14 for the same period in 1999.

ANC Rental Corporation, headquartered in Fort Lauderdale, is one of the world's largest car rental companies with annual revenue of approximately $3.5 billion in 1999. ANC Rental Corporation, the parent company of Alamo, National, and CarTemps, is the only company in the car rental industry that operates three distinct brands. ANC Rental Corporation has more than 3,000 locations in 69 countries and employs approximately 22,000 associates worldwide.