Dollar Thrifty Automotive Group Provides Update On Share Repurchase Program

TULSA, Okla., Feb. 9, 2012 /PRNewswire/ -- Dollar Thrifty Automotive Group, Inc. (NYSE: DTG) today announced the completion of a $100 million forward stock repurchase agreement that was executed on November 3, 2011.  In conjunction with the agreement, the Company repurchased 1,451,193 shares of stock at an average price of approximately $68.91.  After giving effect to the share repurchase, the Company noted it now has approximately 28.1 million common shares outstanding.

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"We are pleased to announce that we have returned $100 million to shareholders through the   share repurchase agreement that was announced during the fourth quarter of 2011," said Scott L. Thompson, Chairman, President and Chief Executive Officer.  "The Company repurchased approximately 5 percent of its common shares outstanding, thereby reducing a portion of the Company's excess cash on hand in an effort to optimize Dollar Thrifty's capital structure over time," said Thompson.

The Company's previously authorized share repurchase program provides the Company with the ability to repurchase up to an additional $300 million of shares.  The share repurchase program is discretionary and has no expiration date.  The timing and amount of future share repurchases will be based on market conditions and other factors.  The Company may repurchase shares under forward stock repurchase agreements, accelerated stock buyback programs, directly in the open market, in privately negotiated transactions, pursuant to derivative instruments or plans complying with SEC Rule 10b5-1 or other types of transactions and arrangements.  The share repurchase program may be increased, suspended or discontinued at any time.

"The Company continues to have substantial liquidity on hand, has no corporate debt, and based on current market conditions, is expected to generate significant free cash flow in 2012.  Based on these factors, the Company expects to be active in repurchasing shares in 2012," said Thompson.