UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 9, 2012 (February 9, 2012)
Avis Budget Group, Inc.
(Exact name of registrant as specified in its charter)
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Delaware
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001-10308
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06-0918165
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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer Identification Number)
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6 Sylvan Way
Parsippany, NJ
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07054
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(Address of Principal Executive Offices)
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(Zip Code)
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(973) 496-4700
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(Registrant’s telephone number, including area code)
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N/A
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(Former name or former address, if changed since last report)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02
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Results of Operations and Financial Condition.
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On February 9, 2012, we announced that we plan to report our fourth quarter and full-year 2011 results after the market close on February 15, 2012 and to host a conference call to discuss such results on February 16, 2012 at 9:00 a.m. Eastern time. The Company expects to discuss during the call its fourth quarter and full-year 2011 results and its plan to record a non-cash charge of approximately $120 million related to the unfavorable license rights reacquired by the Company in conjunction with its acquisition of Avis Europe plc.
Our conference call announcement is discussed in more detail in the press release attached hereto as Exhibit 99.1, which is incorporated herein by reference.
The information in this item, including Exhibit 99.1, is being furnished, not filed. Accordingly, the information in this item will not be incorporated by reference into any registration statement filed by Avis Budget Group, Inc., under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.
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Item 7.01
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Regulation FD.
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A copy of the Company’s press release discussed in “Item 2.02 Results of Operations and Financial Condition” is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
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Item 9.01
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Financial Statements and Exhibits.
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(d) Exhibits.
The following exhibits are filed as part of this report:
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Exhibit No.
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Description
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99.1
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Press Release dated February 9, 2012.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereto duly authorized.
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By:
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AVIS BUDGET GROUP, INC.
/s/ Izilda P. Martins
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Izilda P. Martins
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Vice President and Acting Chief Accounting Officer
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Date: February 9, 2012
EXHIBIT INDEX
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Exhibit No.
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Description
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99.1
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Press Release dated February 9, 2012.
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Exhibit 99.1
Press Release
AVIS BUDGET GROUP TO ANNOUNCE FOURTH QUARTER
AND FULL-YEAR 2011 RESULTS ON FEBRUARY 15
Conference Call to Discuss Results Scheduled for February 16, 2012
PARSIPPANY, N.J., February 9, 2012 — Avis Budget Group, Inc. (NASDAQ: CAR) announced today that it plans to report its fourth quarter and full-year 2011 results after the market close on February 15, 2012 and to host a conference call to discuss such results on February 16, 2012 at 9:00 a.m. Eastern time.
Investors may access the call live at ir.avisbudgetgroup.com or by dialing (210) 234-0038, and providing the access code “Avis Budget.” Investors are encouraged to dial in approximately 10 minutes prior to the call. A web replay will be available at ir.avisbudgetgroup.com following the call. A telephone replay will be available from 12:00 noon Eastern time on February 16, 2012 until 8:00 p.m. on March 2, 2012 at (402) 220-6459.
Fourth quarter 2011 will be the first reporting period for which the Company has consolidated the results of Avis Europe plc, which the Company acquired on October 3, 2011. In conjunction with the acquisition, the Company expects to record a non-cash charge of approximately $120 million related to the unfavorable license rights reacquired by the Company. This charge is required under generally accepted accounting principles (GAAP).
About Avis Budget Group, Inc.
Avis Budget Group, Inc. is a leading global provider of vehicle rental services through its Avis and Budget brands, with 10,000 rental locations in approximately 175 countries around the world. Avis Budget Group operates most of its car rental offices in North America, Europe and Australia directly, and operates primarily through licensees in other parts of the world. Avis Budget Group has approximately 28,000 employees and is headquartered in Parsippany, N.J. For more information, visit www.avisbudgetgroup.com.
Forward-Looking Statements
Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words "believes," "expects," "anticipates," "intends," "projects," "estimates," "plans," "may increase," "forecast" and similar expressions or future or
conditional verbs such as "will," "should," "would," "may" and "could" are generally forward-looking in nature and not historical facts. Any statements that refer to expectations or other characterizations of future events, circumstances or results, including all statements related to future results are forward-looking statements. Important assumptions and other important factors that could cause actual results to differ materially from those in the forward-looking statements are specified in Avis Budget Group's Annual Report on Form 10-K for the year ended December 31, 2010, and the Company’s most recently filed Quarterly Report on Form 10-Q for the quarter ended September 30, 2011. The Company undertakes no obligation to update any forward-looking statements, to report events or to report the occurrence of unanticipated events unless required by law.
Contacts
Media Contact: Investor Contact:
John Barrows Neal Goldner
(973) 496-7865 (973) 496-5086
PR@avisbudget.com IR@avisbudget.com
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