“Reportlinker Adds Global and China Automotive Aluminum Wheel Industry ... - PR Inside” plus 4 more |
- Reportlinker Adds Global and China Automotive Aluminum Wheel Industry ... - PR Inside
- 4 expected to bid for dealer's assets - Tampa Bay Online
- Apriso Corporation Reports Results for First Half 2009 - Newswiretoday.com
- Dollar Thrifty Automotive Group Reports Second Quarter Results - CNBC
- Via Licensing Announces Joint Licensing Program for AGORA-C Standard - Newsblaze.com
| Reportlinker Adds Global and China Automotive Aluminum Wheel Industry ... - PR Inside Posted: 04 Aug 2009 11:57 PM PDT 2009-08-05 08:43:03 -
Reportlinker.com announces that a new market research report is available in its catalogue. Reportlinker Adds Global and China Automotive Aluminum Wheel Industry Report, 2008-2009 : www.reportlinker.com/p0135888/Reportlinker-Adds-Global-and-China .. : China has become a manufacturing center of aluminum automotive wheels in the world now. The export of wheels mainly focuses on the retail market. In the recent years, many foreign OEMs have begun to purchase aluminum automotive wheels directly from China because.In the cost structure of Chinese aluminum automotive wheels, raw materials account for 55%-60% of the total cost, and labor cost takes 4%-5%. For developed countries, raw materials account for 50%, and labor cost takes 15%-20%. Therefore, China has competitive advantages in labor cost. At present, the average profit margin of foreign automotive aluminum alloy industry has fallen to 2%, so there is no possibility for the decline of selling price. In order to control the cost, international automobile giants have begun to purchase from China aluminum automotive wheels with price advantage or set up joint ventures in China. Japanese manufacturers have already established joint ventures in China. China also has advantage in upstream resources, but the advantage is reflected in the quantity of alumina manufacturers instead of rich bauxite resources. The competition in the prices of alumina is fierce. After breaking the monopoly of Chinalco, private alumina factories emerged everywhere. To the aluminum wheel industry, raw material cost is the most important factor, in which Chinese manufacturers have advantage. Roaring alumina prices in 2008 made many manufacturers suffer losses. Although alumina price decreased in the second half of 2008, it was kept stable with a slight increase after major manufacturers made efforts to reduce output. China's output of aluminum automotive wheels rises rapidly. In 2001, China exported 3.5 million aluminum automotive wheels; in 2003, nearly 10 million; in 2008, 35 million, 10 times that in 2001. China produced 35 million aluminum automotive wheels in 2008, of which 30 million ones were for OEM sale, 1.5 million for inventory, and 1.5 million for after-market. Aluminum-alloy motorcycle wheel industry is an important branch of China's aluminum wheel industry, with the annual output of 15-20 million. Prosperous automobile industry stimulates a number of cities and enterprises to start aluminum wheel projects. In Baotou, Chongqing, Xining, Luoyang, Fushun, Zunhua, Guangyuan, Yuncheng, Kangping, Tongliao, Baise, Shenyang, Jiamusi, Peixian, Baiyin, Xuzhou and Wenchuan, aluminum wheel projects with the investment of RMB in millions have been under preparation or construction. In fact, aluminum wheels are applied to 68% of passenger cars in the world, so the development space for aluminum wheel hubs is limited. Majority of small Chinese enterprises rely on the after-markets of Europe and America, which get inflicted seriously by the economic crisis. As for the field of OEM, it is hard to enter, and requires efforts and funds for continuous years. Although China has nearly 100 aluminum wheel manufacturers, but few of them have real strength. In China, large aluminum wheel manufacturers are generally supported by foreign investors. Manufacturers funded by Taiwan investors are mostly export-oriented, with the export mainly to Japan, and usually Japanese investors have their shares, for example, Toyota holds shares of Lioho Machinery. Manufacturers funded by Hong Kong investors often cooperate with larger enterprises, aiming at OEM market. Large-scale local enterprises also target OEM market, while small enterprises are engaged in after-market. Citic Dicastal is backed up by the super-large enterprise --- CITIC Group, so it has no difficulty in gathering capital and it has the courage to invest in large scale, which is the key to its success. Besides, Citic Dicastal started to work in aluminum wheel industry earlier than others. Wanfeng Auto is also a pioneer in the industry and was first listed in 2006, and its development depends on financing. Jinfei Machinery is an enterprise restructured from a state-owned enterprise with adequate fund, and motorcycle wheel business takes a large proportion of its business. Jingyuan Heavy Duty Machinery is backed up by the largest tire enterprise --- GITI Tire Group. Shanghai Youfa is a member of Youfa Group and listed in Singapore, aiming at after-sale market. Wuxi Zhenfa is an Indonesian enterprise listed in Indonesia. Currently, European and American manufacturers of aluminum wheels are at the verge of bankruptcy, for example, Hayes Lemmerz filed for bankruptcy on May 11, 2009. In German, the annual sales of the best-known enterprise --- BBS was less than 8 million euros in 2008, declining 40% with huge losses. However, the situation will benefit Chinese enterprises, especially large enterprise like Citic Dicastal. In Japan, the giants --- CMW, ENKEI and TOPY cooperate with Toyota, Honda and Nissan respectively. Asahi Aluminum, Hitachi Metals and UBE that have smaller scale cooperate with Honda, Nissan and Mazda respectively. UBE has less than JPY10 billion. In German, the giants --- BORBET, RONAL and UNIWHEEL are unlisted semi-private family enterprises with a history of one hundred years and they acquired a number of small manufacturers. The scale of UNIWHEEL is relatively smaller, but has much shares in after-market. BORBET and RONAL cooperate with BMW, Mercedes-Benz, Audi and Porsche. American SUPERIOR and Hayes Lemmerz are surviving difficultly. 1. Global Automobile Market 4.2 Output of Major Automobile Manufacturers, 2008-2015 4.3 Finance of Major Automobile Manufacturers 5.3 Advantages of Aluminum-alloy Wheel 5.4 Quality System and Certification for Aluminum-alloy Wheel 6. Aluminum Automotive Wheel Industry & Market Reportlinker Adds Global and China Automotive Aluminum Wheel Industry Report, 2008-2009 : www.reportlinker.com/p0135888/Reportlinker-Adds-Global-and-China .. : More market research reports here! : ReportlinkerNicolas: nbo@reportlinker.com : mailto:nbo@reportlinker.com US: (805)-652-2626Intl: +1 805-652-2626  This posting includes an audio/video/photo media file: Download Now |
| 4 expected to bid for dealer's assets - Tampa Bay Online Posted: 04 Aug 2009 09:05 PM PDT Published: August 5, 2009 TAMPA - Ernie Haire Ford may be going away, but there appears to be hot competition for the franchise's assets. Until the past week, only Elder Automotive Group appeared interested in buying Ernie Haire Ford's assets in bankruptcy court. However, three more groups have emerged as potential bidders in a bankruptcy sale: Crown Automotive Group, Parks Automotive Group and The Walters Group. Elder Automotive, which sells Jaguar, Aston Martin, Saab and other new car brands in Tampa, had signed a deal to make the initial bid on Ernie Haire Ford. According to a document filed in Ernie Haire Ford's bankruptcy case, the three other companies requested due diligence documents relating to the Ford dealer and are considered potential bidders. Parks Automotive owns local dealerships including Northgate Lincoln-Mercury in Tampa, said Robert Elder, president of Elder Automotive Group. Ronald Parks, president of Parks Automotive, could not be reached for comment. Little or no information was immediately available on The Walters Group. Jim Myers, chief operating officer of Crown Automotive, said his company isn't sure it will bid on Ernie Haire Ford. "The prospect of expanding our business to Hillsborough County is enticing," he said. Ernie Haire Ford is expected to be sold in a bankruptcy auction Aug. 17. Reporter Michael Sasso can be reached at (813) 259-7865.  This posting includes an audio/video/photo media file: Download Now |
| Apriso Corporation Reports Results for First Half 2009 - Newswiretoday.com Posted: 04 Aug 2009 11:50 PM PDT Apriso, a leading provider of adaptive software solutions for global Manufacturing Operations Management (MOM), today announced year-to-date revenues remained steady compared to the same period in 2008, despite todays challenging economic climate. A record 15 go-lives were completed in the second quarter 2009, validating the value and market momentum of Aprisos solution for global manufacturers. While companies are cautious with capital investments during times of economic uncertainty, manufacturers continue to deploy Apriso to improve efficiency, increase agility and reduce costs, offered Jim Henderson, president and CEO of Apriso. We remain confident our solution delivers business value directly addressing the very issues that are paramount in todays business climate.
Customer Activity
Product Updates
Industry Recognition By deploying a dual-platform strategy FlexNet as an enterprise platform for MOM and SAPs ERP weve been highly successful integrating our shop floor operations with our business applications at the lowest possible cost, explained Jacques Playe, CIO Operations at LOral.
About Apriso Apriso and FlexNet are registered trademarks of Apriso Corporation. All other trademarks and registered trademarks are the property of their respective owners.  This posting includes an audio/video/photo media file: Download Now |
| Dollar Thrifty Automotive Group Reports Second Quarter Results - CNBC Posted: 04 Aug 2009 01:27 PM PDT TULSA, Okla., Aug 04, 2009 /PRNewswire-FirstCall via COMTEX/ -- Dollar Thrifty Automotive Group, Inc. (NYSE: DTG) today reported results for the second quarter ended June 30, 2009. Net income for the 2009 second quarter was $12.4 million, or $0.55 per diluted share, compared to net income of $10.8 million, or $0.49 per diluted share, for the comparable 2008 quarter. The net income for the second quarter of 2009 included income of $0.24 per diluted share, compared to income of $0.72 per diluted share in last year's second quarter, both of which related to increases in fair value of derivatives. (Logo: http://www.newscom.com/cgi-bin/prnh/20020412/DTGLOGO) Non-GAAP net income for the 2009 second quarter was $6.9 million, or $0.30 per diluted share, compared to a non-GAAP net loss of $5.0 million, or $0.23 loss per diluted share for the 2008 second quarter. Non-GAAP net income (loss) excludes the (increase) decrease in fair value of derivatives, net of related tax impact. A reconciliation of non-GAAP to GAAP results is included in Table 3. "We were pleased with this quarter's operating results, particularly in light of the contracting economy and the bankruptcy of Chrysler, one of our major suppliers," said Scott L. Thompson, Chief Executive Officer and President. "Over the past two quarters, we have taken a number of steps to enhance our operating performance and cash flow, and those actions, combined with improved used vehicle residual values and firmer rental pricing, drove our improved second quarter performance." For the quarter ended June 30, 2009, the Company's total revenue was $399.6 million, as compared to $445.7 million for the comparable 2008 period. The decline in revenue was primarily driven by a 20.3 percent decrease in rental days, partially offset by a 12.1 percent improvement in revenue per day. The second quarter average fleet was down approximately 15 percent compared to last year's second quarter. "Revenue for the quarter was in line with our previously announced expectations and these results are consistent with our focus on maximizing return on assets, rather than on the revenue growth strategy employed in 2008," said Thompson. "As we have previously stated, our focus for 2009 and beyond is on improving the quality of our revenue by concentrating on enhancing rate per day and, at times, sacrificing transaction days as necessary to achieve the optimal revenue mix." Per vehicle depreciation cost of $365 per month in the second quarter of 2009 was approximately 1.1 percent lower than the comparable quarter of 2008. On a sequential basis, per vehicle depreciation cost per month declined approximately 6.9 percent, primarily due to a lower proportion of program vehicles, escalating vehicle residual values and improved fleet management. Vehicle utilization, a measure of fleet efficiency, was 80.6 percent, down 5.1 percentage points from last year's second quarter as normal vehicle dispositions were disrupted by the Chrysler bankruptcy and management focused on enhancing the quality of revenues. Direct vehicle operating expenses and selling, general and administrative expenses were lower in the second quarter of 2009 compared to the same quarter in 2008 as a result of transaction declines and cost reduction initiatives. Interest expense for the second quarter declined due to significant debt reductions year over year. Six Month Results For the six months ended June 30, 2009, net income was $3.5 million, or $0.15 per diluted share, compared to a net loss of $287.2 million, or $13.49 loss per diluted share for the comparable period in 2008. The net income for the six months ended June 30, 2009 included income of $0.38 per diluted share related to an increase in fair value of derivatives, compared to a loss of $0.04 per diluted share for the six months ended June 30, 2008 related to a decrease in fair value of derivatives. In addition, the net loss for the six months ended June 30, 2008 included non-cash charges of $12.45 per diluted share related to the impairment of goodwill and long-lived assets. The non-GAAP loss per diluted share for the six months ended June 30, 2009 was $0.23, compared to a non-GAAP loss per diluted share of $1.00 for the same period in 2008. Non-GAAP net loss excludes the (increase) decrease in fair value of derivatives and the non-cash charges related to the impairment of goodwill and long-lived assets, net of related tax impact. A reconciliation of non-GAAP to GAAP results is included in Table 3. Liquidity and Capital Resources As of June 30, 2009, the Company had $263 million in cash and cash equivalents, including $100 million that represents a required minimum balance to be maintained as part of an amendment to the Company's Senior Secured Credit Facilities. As of June 30, 2009, the Company also had $545 million in restricted cash and investments primarily available for the purchase of vehicles and/or repayment of vehicle financing obligations. The Company is in full compliance with all of the financial covenants under its various financing arrangements with lenders. Outlook The Company expects the overall environment in the rental car industry to remain challenging in the second half of 2009, as economic conditions negatively impact consumer confidence and travel demand. Based on the Company's expected fleet size and projected industry-wide rental day demand, the Company narrowed its prior revenue guidance. The Company now expects rental revenues to decline 8 to 10 percent for the full year of 2009 compared to 2008. Falling rental days are expected to be somewhat mitigated by an increase in rate per day. For the remainder of 2009, management expects the used vehicle market to show year-over-year improvement. "As we have previously stated, our focus for 2009 is on maximizing revenue per day, reducing expenses, de-leveraging our balance sheet and diversifying our fleet investment, all in order to properly position the Company for an expected economic recovery in 2010. This quarter represents another step forward towards our recovery and demonstrates the earnings potential of our new strategy," said Thompson. Web cast and conference call information The Dollar Thrifty Automotive Group, Inc. second quarter 2009 earnings conference call will be held on Wednesday, August 5, 2009, at 9:00 a.m. (CDT). Those interested in listening to the conference call live may access the call via Web cast at the corporate Web site, www.dtag.com, or by dialing 888-946-7608 (domestic) or 630-395-0278 (international) using the pass code "Dollar Thrifty." An audio replay of the conference call will be available through August 19, 2009, by calling 800-944-3317 (domestic) or 402-220-3690 (international). The replay will also be available via the corporate Web site for one year. About Dollar Thrifty Automotive Group, Inc. Dollar Thrifty Automotive Group, Inc. is a Fortune 1000 company headquartered in Tulsa, Oklahoma. Driven by the mission "Value Every Time," the Company's brands, Dollar Rent A Car and Thrifty Car Rental, serve value-conscious travelers in over 70 countries. Dollar and Thrifty have over 700 corporate and franchised locations in the United States and Canada, operating in virtually all of the top U.S. and Canadian airport markets. The Company's approximately 6,800 employees are located mainly in North America, but global service capabilities exist through an expanding international franchise network. For additional information, visit www.dtag.com or the brand sites at www.dollar.com and www.thrifty.com. This press release contains "forward-looking statements" about our expectations, plans and performance. These statements use such words as "may," "will," "expect," "believe," "intend," "should," "could," "anticipate," "estimate," "forecast," "project," "plan" and similar expressions. These statements do not guarantee future performance and Dollar Thrifty Automotive Group, Inc. assumes no obligation to update them. Forward-looking statements should be considered in light of information in this press release and other filings with the Securities and Exchange Commission (the "SEC"). Risks and uncertainties that could materially affect future results include: -- the impact of persistent pricing and demand pressures, particularly in light of the continuing volatility in the global financial markets, constrained credit markets and concerns about global economic prospects, which have continued to depress consumer confidence and spending levels and could affect the ability of our customers to meet their payment obligations to us; -- whether efforts to stabilize and revitalize the U.S. automotive industry are successful and the impact of further federal initiatives to support the U.S. automotive industry, including the potential adverse impact on residual values of vehicles in our fleet of the recently enacted program to promote the replacement of high fuel consumption vehicles with more fuel efficient vehicles; -- the impact of pricing and other actions by competitors, particularly if demand deteriorates further; -- airline travel patterns, including further disruptions or reductions in air travel resulting from airline bankruptcies, industry consolidation, capacity reductions and pricing actions; -- the cost and other terms of acquiring and disposing of automobiles, and whether improved conditions in the used car market will be sustained; -- our ability to defer gain on the disposition of our vehicles under our like-kind exchange program, which will be affected by the recent significant downsizing of our fleet, and the level of increased cash payments for federal and state income taxes we may be required to make if we are unable to defer such gain; -- our ability to manage our fleet mix to match demand and reduce vehicle depreciation costs, particularly as we increase the level of Non-Program Vehicles (those without a guaranteed residual value) and our exposure to the used car market; -- the impact of our strategy to increase holding periods for vehicles in our fleet, including potential adverse customer perceptions of the quality of our fleet and increased servicing costs; -- volatility in gasoline prices; -- our ability to obtain cost-effective financing as needed without unduly restricting operational flexibility, particularly if global economic conditions deteriorate further; -- our ability to comply with financial covenants or to obtain necessary amendments or waivers, and the impact of the terms of those amendments, such as potential reductions in lender commitments; -- our ability to manage the consequences under our financing agreements of an event of bankruptcy with respect to any of the monoline insurers that provide credit support for $1.5 billion of debt under our asset backed financing structures; -- whether counterparties under our derivative instruments will continue to perform as required; -- whether ongoing governmental and regulatory initiatives in the United States and elsewhere to stabilize the financial markets will be successful; -- the effectiveness of other actions we take to manage costs and liquidity and whether further reductions in the scope of our operations will be necessary; -- disruptions in information and communication systems we rely on, including those relating to methods of payment; -- access to reservation distribution channels; -- the cost of regulatory compliance and the outcome of pending litigation; -- local market conditions where we and our franchisees do business, including whether franchisees will continue to have access to capital as needed; and -- the impact of natural catastrophes and terrorism. This release includes certain non-GAAP financial measures as defined under SEC rules. As required by SEC rules, important information regarding such measures is contained on Tables 3 and 4 to this release. Table 1 Dollar Thrifty Automotive Group, Inc. Consolidated Statement of Operations ------------------------------------ (In thousands, except share and per share data) Unaudited Three months ended As % of June 30, Total revenues 2009 2008 2009 2008 ---- ---- ---- ---- Revenues: Vehicle rentals $379,194 $424,366 94.9% 95.2% Other 20,419 21,364 5.1% 4.8% ------- ------- ----- ----- Total revenues 399,613 445,730 100.0% 100.0% ------- ------- ----- ----- Costs and Expenses: Direct vehicle and operating 191,674 224,234 48.0% 50.3% Vehicle depreciation and lease charges, net 122,254 146,567 30.6% 32.9% Selling, general and administrative 52,118 55,011 13.0% 12.3% Interest expense, net 22,922 29,721 5.7% 6.7% ------- ------- ----- ----- Total costs and expenses 388,968 455,533 97.3% 102.2% ------- ------- ---- ----- (Increase) decrease in fair value of derivatives (9,409) (26,793) (2.3%) (6.0%) ------- ------- ----- ----- Income before income taxes 20,054 16,990 5.0% 3.8% Income tax expense 7,650 6,225 1.9% 1.4% ------- ------- ----- ----- Net income $12,404 $10,765 3.1% 2.4% ======= ======= ===== ===== Earnings per share: Basic $0.58 $0.50 Diluted $0.55 $0.49 Weighted average number of shares outstanding: Basic 21,561,578 21,412,826 Diluted 22,719,628 21,851,652 Six months ended As % of June 30, Total revenues 2009 2008 2009 2008 ---- ---- ---- ---- Revenues: Vehicle rentals $724,507 $802,337 95.1% 95.3% Other 37,528 39,899 4.9% 4.7% ------- --------- ----- ----- Total revenues 762,035 842,236 100.0% 100.0% ------- --------- ----- ----- Costs and Expenses: Direct vehicle and operating 376,690 439,597 49.4% 52.2% Vehicle depreciation and lease charges, net 242,238 269,229 31.8% 32.0% Selling, general and administrative 99,005 108,683 13.0% 12.9% Interest expense, net 49,076 51,858 6.5% 6.1% Goodwill and long-lived asset impairment 261 350,144 0.0% 41.6% ------- --------- ----- ----- Total costs and expenses 767,270 1,219,511 100.7% 144.8% ------- --------- ----- ----- (Increase) decrease in fair value of derivatives (14,454) 1,354 (1.9%) 0.2% ------- --------- ----- ----- Income (loss) before income taxes 9,219 (378,629) 1.2% (45.0%) Income tax expense (benefit) 5,755 (91,452) 0.7% (10.9%) ------- --------- ----- ----- Net income (loss) $3,464 $(287,177) 0.5% (34.1%) ======= ========= ===== ===== Earnings (loss) per share: (a) (b) Basic $0.16 $(13.49) Diluted $0.15 $(13.49) Weighted average number of shares outstanding: (a) Basic 21,522,527 21,293,902 Diluted 22,416,229 21,293,902 (a) Because the Company incurred a loss from continuing operations during the six months ended June 30, 2008, outstanding stock options, performance awards and employee and director compensation shares deferred are anti-dilutive. Accordingly, basic and diluted weighted average shares outstanding are equal for such period. (b) The underlying diluted per share information is calculated from the weighted average common and common stock equivalents outstanding during each quarter, which may fluctuate based on quarterly income levels and market prices. Therefore, the sum of the quarters' per share information may not equal the year-to-date amounts. Table 2 Dollar Thrifty Automotive Group, Inc. Selected Operating and Financial Data ------------------------------------- Three months ended Six months ended June 30, 2009 June 30, 2009 ------------------ ---------------- OPERATING DATA: Vehicle Rental Data: Average number of vehicles operated 109,368 104,648 % change from prior year (15.2%) (12.9%) Number of rental days 8,019,299 15,401,477 % change from prior year (20.3%) (16.6%) Vehicle utilization 80.6% 81.3% Percentage points change from prior year (5.1) p.p. (3.2) p.p. Average revenue per day $47.29 $47.04 % change from prior year 12.1% 8.3% Monthly average revenue per vehicle $1,156 $1,154 % change from prior year 5.5% 3.7% Average depreciable fleet 111,727 106,857 % change from prior year (15.7%) (12.6%) Monthly average depreciation (net)per vehicle $365 $378 % change from prior year (1.1%) 3.0% FINANCIAL DATA: (in millions)(unaudited) Non-vehicle depreciation and amortization $7 $14 Non-vehicle interest expense 2 7 Non-vehicle interest income - (1) Non-vehicle capital expenditures 2 4 Cash paid for income taxes 5 10 Selected Balance Sheet Data --------------------------- (In millions) June 30, December 31, 2009 2008 2008 ---- ---- ---- (unaudited) Cash and cash equivalents (c) $263 $80 $230 Restricted cash and investments 545 252 597 Revenue-earning vehicles, net 1,465 2,599 1,946 Vehicle debt 1,685 2,307 2,310 Non-vehicle debt (corporate debt) 158 188 178 Stockholders' equity 228 293 215 Adjusted Tangible Net Worth Calculation --------------------------------------- (In millions) June 30, December 31, 2009 2008 2008 ---- ---- ---- (unaudited) Stockholders' equity $228 $293 $215 Less: Intangible assets, net (28) (35) (30) Plus: Accumulated other comprehensive loss 22 2 29 ---- ---- ---- Adjusted tangible net worth $222 $260 $214 ==== ==== ==== (c) Under the terms of an amendment to the Senior Secured Credit Facilities, the Company is required to maintain a minimum cash balance of $100 million at all times, such minimum balance is included in cash and cash equivalents herein. Table 3 Dollar Thrifty Automotive Group, Inc. Non-GAAP Measures ----------------- Non-GAAP pretax income (loss), Non-GAAP net income (loss) and Non-GAAP EPS exclude the impact of the (increase) decrease in fair value of derivatives and the impact of goodwill and long-lived asset impairments, net of related tax impact (as applicable), from the reported GAAP measure. Due to volatility resulting from the mark-to-market treatment of the derivatives and the nature of the non-cash impairments, the Company believes non-GAAP measures provide an important assessment of year over year operating results. See table below for a reconciliation of non-GAAP to GAAP results. The following table reconciles reported GAAP pretax income (loss) per the income statement to non-GAAP pretax income (loss): Three months ended Six months ended June 30, June 30, 2009 2008 2009 2008 ---- ---- ---- ---- (in thousands) (in thousands) Income (loss) before income taxes -as reported $20,054 $16,990 $9,219 $(378,629) (Increase) decrease in fair value of derivatives (9,409) (26,793) (14,454) 1,354 Goodwill and long-lived asset impairment - - 261 350,144 ------- ------- ------- -------- Pretax income (loss) - non-GAAP $10,645 $(9,803) $(4,974) $(27,131) ======= ======= ======= ======== The following table reconciles reported GAAP net income (loss) per the income statement to non-GAAP net income (loss): Three months ended Six months ended June 30, June 30, 2009 2008 2009 2008 ---- ---- ---- ---- (in thousands) (in thousands) Net income (loss) - as reported $12,404 $10,765 $3,464 $(287,177) (Increase) decrease in fair value of derivatives, net of tax (5,533) (15,746) (8,500) 796 Goodwill and long-lived asset impairment, net of tax - - 114 265,183 ------ ------- ------- -------- Net income (loss) - non-GAAP $6,871 $(4,981) $(4,922) $(21,198) ====== ======= ======= ======== The following table reconciles reported GAAP diluted earnings (loss) per share ("EPS") to non-GAAP diluted EPS: Three months ended Six months ended June 30, June 30, 2009 2008 2009 2008 ---- ---- ---- ---- EPS, diluted - as reported $0.55 $0.49 $0.15 $(13.49) EPS impact of (increase) decrease in fair value of derivatives, net of tax (0.24) (0.72) (0.38) 0.04 EPS Impact of goodwill and long- lived asset impairment, net of tax - - 0.01 12.45 ----- ------ ------ ------ EPS, diluted - non-GAAP (d) $0.30 $(0.23) $(0.23) $(1.00) ===== ====== ====== ====== (d) Since each category of earnings per share is computed independently for each period, total per share amounts may not equal the sum of the respective categories. Table 4 Dollar Thrifty Automotive Group, Inc. Non-GAAP Measures ----------------- Corporate Adjusted EBITDA means earnings, excluding the impact of the (increase) decrease in fair value of derivatives, before non-vehicle interest expense, income taxes, non-vehicle depreciation, amortization, and certain other items specified in the Company's Senior Secured Credit Facilities. The Company believes Corporate Adjusted EBITDA is important as it is utilized in the calculation of financial covenants in the Company's credit agreement and provides investors with a supplemental measure of the Company's liquidity by adjusting earnings to exclude non- cash items consistent with the requirements in the Company's financial covenants. The Company has revised its calculation of Corporate Adjusted EBITDA for all periods presented to be consistent with the Company's credit agreement. EBITDA is not defined under GAAP and should not be considered as an alternative measure of the Company's net income, operating performance, cash flow or liquidity. Corporate Adjusted EBITDA amounts presented may not be comparable to similar measures disclosed by other companies. Three months ended Six months ended June 30, June 30, 2009 2008 2009 2008 ---- ---- ---- ---- (in thousands) (in thousands) Reconciliation of Net Income (Loss) to Corporate Adjusted EBITDA ----------------------------- Net income (loss) - as reported $12,404 $10,765 $3,464 $(287,177) (Increase) decrease in fair value of derivatives (9,409) (26,793) (14,454) 1,354 Non-vehicle interest expense 2,665 4,177 7,419 8,767 Income tax expense (benefit) 7,650 6,225 5,755 (91,452) Non-vehicle depreciation 4,831 5,717 10,171 10,959 Amortization 2,022 1,517 4,020 3,159 Non-cash stock incentives 788 973 1,906 1,841 Goodwill and long-lived asset impairment - - 261 350,144 Other (8) 77 (8) 122 ------- ------ ------- ------- Corporate Adjusted EBITDA $20,943 $2,658 $18,534 $(2,283) ======= ====== ======= ======= Reconciliation of Corporate Adjusted EBITDA to Cash Flows From Operating Activities ------------------------------ Corporate Adjusted EBITDA $20,943 $2,658 $18,534 $(2,283) Vehicle depreciation, net of gains/losses from disposal 121,997 146,229 241,808 268,510 Non-vehicle interest expense (2,665) (4,177) (7,419) (8,767) Change in assets and liabilities, net of acquisitions, and other 12,394 39,317 141,444 82,585 ------ ------ ------- ------ Net cash provided by operating activities $152,669 $184,027 $394,367 $340,045 ======== ======== ======== ======== Memo: Net cash provided by (used in) investing activities $(73,839) $(138,413) $188,987 $(192,293) Net cash used in financing activities $(9,323) $(101,647) $(650,482) $(168,454) SOURCE Dollar Thrifty Automotive Group, Inc. URL: http://www.dtag.com www.prnewswire.com Copyright (C) 2009 PR Newswire. All rights reserved -0- KEYWORD: Oklahoma INDUSTRY KEYWORD: AUT LEI TRA TRN SUBJECT CODE: ERN ERP CCA  This posting includes an audio/video/photo media file: Download Now |
| Via Licensing Announces Joint Licensing Program for AGORA-C Standard - Newsblaze.com Posted: 04 Aug 2009 11:57 PM PDT SAN FRANCISCO - (BUSINESS WIRE) - Via Licensing Corporation announced today the availability of a joint licensing program or "patent pool" for patents essential to the AGORA-C Standard. The AGORA-C joint licensing program is the first patent pool created by Via Licensing for the automotive market. The creation of the patent pool and its development was supported by Panasonic Corporation, Robert Bosch GmbH, Siemens Aktiengesellschaft, and Tele Atlas BV and includes essential patents from these companies.  "The AGORA-C patent pool is Via Licensing's first joint licensing program designed for the automotive market and includes patents from key contributors to the standard," said Helene Jay, Director of Business Development, Europe, Via Licensing Corporation. "We hope to foster the rapid adoption of AGORA-C even beyond the automotive market by providing fair and convenient access to the intellectual property essential to this standard." AGORA-C specifies a method for dynamic encoding and decoding of location references for geographic objects such as road junctions, accidents, and points of interests. One of the key goals driving the creation of AGORA-C was to address the need for location referencing across different map vendors or map sources. The technology enables efficient routing based upon updated traffic information and supports the development of proactive traffic management services aimed at reducing roadway congestion. "AGORA-C technology has the potential to transform driving and traffic dynamics," said Dr. Dirk Hoheisel, Executive Vice President Engineering, Car Multimedia, Robert Bosch GmbH. "By offering non-discriminatory and efficient access to patents from Robert Bosch GmbH that are essential to AGORA-C, we hope to enable the creation of products and services in which comfort, personalization, and security can be vastly enhanced." AGORA-C is the common name of the ISO Standard 17572-3 Intelligent Transport System (ITS)-Location Referencing for Geographic Databases-Part 3: Dynamic Location References. AGORA-C has several potential applications and provides advantages to satellite navigation devices for receipt of traffic information, transportation management, and wireless location services. "Siemens has a broad and valuable patent portfolio for multiple technologies and so we are pleased to participate in the AGORA-C joint licensing program. The patent pool offers a direct approach to licensing intellectual property and facilitates the access to the patented AGORA-C technology. The patent pool complements Siemens' licensing programs and is a significant step forward for the promulgation of the AGORA-C technology," said Dr. Winfried Buttner, Head of Corporate Intellectual Property and Functions, Siemens. Companies that offer end-user products or services and are practicing the AGORA-C Standard can visit www.vialicensing.com to learn more about the joint licensing program and request a sample agreement for review. About Via Licensing Corporation Via Licensing Corporation develops and administers patent licensing programs on behalf of innovative technology companies and for the convenience of licensees. Via Licensing Corporation is a wholly owned subsidiary of Dolby Laboratories, Inc. (NYSE:DLB) and benefits from the expertise, infrastructure, and strategic business relationships that Dolby has developed in more than 35 years of licensing into the consumer electronics and personal computing markets. Via Licensing is involved in the development and operation of licensing programs for both mandated and de facto or emerging standards. For more information about Via Licensing Corporation, please visit www.vialicensing.com. Certain statements in this press release, including statements regarding the benefits of the AGORA-C joint licensing program and the capabilities and benefits of AGORA-C-capable products and services are "forward-looking statements" that are subject to risks and uncertainties. These forward-looking statements are based on management's current expectations, and as a result of certain risks and uncertainties actual results may differ materially from those anticipated. The following important factors, without limitation, could cause actual results to differ materially from those in the forward-looking statements: risks associated with licensing technologies through joint licensing programs; risks associated with licensing industry-standard technologies; market acceptance of AGORA-C-capable devices and technologies; rapid changes in intelligent transportation system technologies; risks associated with the development of markets for AGORA-C-capable products and services; and other risks detailed in Dolby's Securities and Exchange Commission filings and reports, including the risks identified under the section captioned "Risk Factors" in its most recent Periodic Report on Form 10-Q or 10-K. Dolby disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise. S09/21665
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