Avis Budget Group, Inc. announced that it has signed a new partnership agreement with Spirit Airlines. Under the multi-year agreement, members of FREE SPIRIT(TM), the carrier's frequent flier program, can save money when they rent from Avis Car Rental and Budget Car Rental, and will also have the opportunity to earn miles when renting at Avis and Budget locations around the world. The new partnership agreement includes brand exposure and cross-marketing opportunities for each of the brands. For instance, Avis and Budget will be featured in FREE SPIRIT membership communications and will be listed as a partner on Spirit Airlines' official website, Spirit.com. Similarly, Spirit Airlines will be included in Avis and Budget email communications and listed on the partner pages of Avis.com and Budget.com.

Avis Budget Group, Inc. reported consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported revenue of $1.7 billion, a 4% increase compared with the prior-year first quarter. Excluding certain items, adjusted EBITDA declined 22% to $93 million from $119 million for the same period a year ago. The company reported net income of $9 million, excluding certain items, and a GAAP net loss of $46 million due to debt-extinguishment expenses, transaction-related charges and restructuring costs. Loss before income taxes was $57 million against $26 million for the same period a year ago. Adjusted EBITDA (non-GAAP) was $83 million against $112 million for the same period a year ago. Income before income taxes was $5 million against $19 million for the same period a year ago. Net cash provided by operating activities was $300 million. Free cash flow was $50 million. Capital expenditures were $21 million. The company expects its full-year 2013 revenue to be approximately $7.8 billion to $8.0 billion, a 6% to 9% increase compared to 2012. The company expects its adjusted EBITDA to be approximately $750 million to $855 million, excluding certain items. The changes in the company's expected 2013 revenue and adjusted EBITDA are entirely due to the acquisition of Zipcar. The company expects that its effective tax rate in 2013 will be approximately 37% to 38%, excluding certain items, and that it’s diluted share count will be approximately 118 million. Based on these expectations, the company now estimates that its 2013 diluted earnings per share, excluding certain items, will be approximately $2.00 to $2.60. The company expects capital expenditures to be around $160 million and free cash flow to be in the $300 million range. The company estimates full year corporate interest expense will be approximately $240 million, a decline of $28 million compared to 2012. Non-vehicle depreciation and amortization expense should be $130 million to $135 million, excluding purchase accounting effects. And as a result, the company expects that 2013 pretax income will be $375 million to $485 million.

Avis Budget Group, Inc. announced that they will report Q1, 2013 results at 5:00 PM, Eastern Standard Time on May 01, 2013