despite "debt extinguishment costs and acquisition-related charges" following the October 2011 purchase of Avis Europe. That acquisition contributed to a $300 million jump in worldwide vehicle revenue to more than $1.3 billion. In North America, rental days increased 6 percent while "time and mileage revenue per day" fell 3 percent to $38.75. "Our second-quarter results reflected rental volume increases across all regions, organic earnings growth, a significant contribution from the
Avis Europe acquisition and continued margin expansion," according to chairman and CEO Ronald Nelson. "Looking ahead, our summer reservation trends have been positive throughout the world, the effects of a weak economy in Europe appear manageable thus far, and the integration of Avis Europe is progressing as expected."