Dollar Thrifty Automotive Group, Inc. (DTAG), which last year was the subject of takeover bids by both Hertz and Avis, reported income for the 2011 fourth quarter was $33.9 million, compared to net income of $12.5 million in the fourth quarter of 2010. Non-GAAP net income for the 2011 fourth quarter was $34.1 million, compared to non-GAAP net income of $8.3 million for the 2010 fourth quarter.

DTAG reported Corporate Adjusted EBITDA for the fourth quarter of 2011 was $63.5 million, an increase of 110 percent compared to $30.2 million reported for the fourth quarter of 2010.  The company noted that Corporate Adjusted EBITDA in the fourth quarter of 2010 was negatively impacted by $2.1 million of merger-related expenses, while no such expenses were incurred in the fourth quarter of 2011. Those merger related costs involved efforts by both Hertz and Avis to acquire DTAG. Hertz is reportedly still interested in a deal, but for its part DTAG also announced new shareholder rights provisions that could deter such a second takeover attempt.

"We are pleased to announce that for the second consecutive year, the Company is reporting record earnings," said Scott Thompson, chairman, president and XWO. "During 2011, we benefitted from a robust used vehicle market, a recovering travel market with increasing demand for value-oriented product offerings, and our ongoing focus on expense control and productivity initiatives."

For the quarter ended Dec. 31, 2011, DTAG’s total revenue was $353.7 million compared with $349.1 million for the comparable 2010 period. Vehicle rental revenues for the quarter were up 1 percent, driven primarily by a 5.2 percent increase in rental days that was partially offset by a 4 percent decrease in revenue per day. Vehicle utilization for the fourth quarter of 2011 was 81.1 percent, up from 79.7 percent during last year's fourth quarter. The average fleet for the quarter was up 3.4 percent.

For the year ended Dec. 31, 2011, net income was $159.6 million compared to $131.2 million for the year ended Dec. 31, 2010. The company noted that net income for the full year of 2011 was negatively impacted by $2.7 million of after-tax merger-related expenses compared with $13.2 million for the full year of 2010. DTAG also noted that rental revenue increased approximately 1 percent on a year-over-year basis, driven by a 3.8 percent increase in rental days, partially offset by a 2.9 percent decrease in revenue per day.