'We are pleased to report another record quarter, and the highest first quarter profit in the Company's history,' said Scott L. Thompson, chairman, president and chief executive officer of Dollar Thrifty. 'A strong used car market, combined with continued emphasis in the areas of cost control, productivity initiatives, fleet utilization and balance sheet management enabled us to achieve another record quarter, in spite of a competitive rate environment,' he added.

For the quarter ended March 31, 2012, the Company's vehicle rental revenue was $339.1m, compared with $332.3m for the same period in 2011. The increase in vehicle rental revenue for the quarter was driven by a 6.5% increase in rental days, partially offset by a 4.2% decrease in revenue per day. Vehicle utilisation for the first quarter of 2012 was 81.0%, up from 79.7% during last year's first quarter. Revenue per unit per month for the first quarter of 2012 was $1,115, compared to $1,131 per unit per month in the first quarter of 2011.

'Demand for our value-oriented product offerings is strong, as evidenced by our rental day growth this quarter,' added Thompson. 'The recovery in the leisure travel market continues to show steady improvement, and as we head into the peak season we are pleased with the strength of our forward reservation bookings.'

Fleet cost per vehicle was $136 per month in the first quarter of 2012, compared to $251 per month in the first quarter of 2011. The decrease in fleet cost per vehicle per month resulted primarily from lower overall depreciation rates on the Company's fleet due to the ongoing strength of the used vehicle market and improved fleet strategies. Additionally, the Company noted that vehicle remarketing volumes increased significantly on a year-over-year basis due to a substantial fleet refresh cycle currently underway. The Company sold approximately 14,400 risk vehicles at a total gain of $14.3m during the first quarter of 2012, compared to approximately 6,900 risk vehicles at a total gain of $7.9m in the first quarter of 2011. The average fleet for the quarter was up 3.6% compared to the prior-year period.

Direct vehicle and operating expenses and selling, general and administrative expenses (operating expenses) for the first quarter of 2012 totalled 64.5% of revenues, compared to 65.3% of revenues in the first quarter of 2011. The decrease was primarily attributable to $3.5m of merger-related expenses incurred in 2011 that did not recur in 2012. Interest expense, net, declined to $17.1m in the first quarter of 2012, down from $21m in the first quarter of 2011. The decrease in interest expense primarily reflects the Company's refinancing of its legacy fleet financing facilities at lower interest rates in the second half of 2011.