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EX-99.1 - EX-99.1 - HERTZ GLOBAL HOLDINGS INCa11-4542_1ex99d1.htm
EX-99.2 - EX-99.2 - HERTZ GLOBAL HOLDINGS INCa11-4542_1ex99d2.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549-1004

 

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) January 25, 2011 (January 24, 2011)

 

HERTZ GLOBAL HOLDINGS, INC.

(Exact Name of Registrant as Specified in its Charter)

 

DELAWARE

(State or other jurisdiction of
incorporation)

 

001-33139

(Commission File Number)

 

20-3530539

(I.R.S. Employer Identification
Number)

 

225 Brae Boulevard

Park Ridge, New Jersey 07656-0713

(Address of principal executive
offices, including zip code)

 

(201) 307-2000

(Registrant’s telephone number,
including area code)

 

Not Applicable

(Former name or former address, if changed since last report)

 

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:

 

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17-CFR 240.14a-12)

 

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

ITEM 2.02             RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

 

See the second paragraph under Item 7.01 below.

 

ITEM 5.02(b)        DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.

 

(b)           On January 25, 2011, Hertz Global Holdings, Inc. (“Hertz Holdings”) issued a press release (the “HERC Press Release”) announcing the retirement of Mr. Gerald A. Plescia from his position as President of Hertz Equipment Rental Corporation (“HERC”), effective as of January 25, 2011.  For your convenience, a copy of the HERC Press Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

 

The HERC Press Release shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), except as shall be expressly set forth by specific reference in such a filing.

 

ITEM 7.01             REGULATION FD DISCLOSURE.

 

Hertz Holdings also announced pursuant to the HERC Press Release selected financial expectations for HERC for full year 2011. The copy of the HERC Press Release furnished as Exhibit 99.1 to this Current Report on Form 8-K is incorporated into this Item 7.01 by reference in its entirety.

 

On January 24, 2011, Hertz Holdings issued a separate press release announcing updated earnings guidance for full year 2010 (the “Guidance Press Release”). A copy of the Guidance Press Release is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated into this Item 7.01 by reference in its entirety.

 

The above information under Item 7.01, together with the HERC Press Release and the Guidance Press Release, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or incorporated by reference in any filing under the Securities Act, except as shall be expressly set forth by specific reference in such a filing.

 

CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS

 

Certain statements contained in this report include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include information concerning Hertz Holdings’ outlook, anticipated revenues and results of operations, as well as any other statement that does not directly relate to any historical or current fact. These forward-looking statements often include words such as “believe,” “expect,” “project,” “anticipate,” “intend,” “plan,” “estimate,” “seek,” “will,” “may,” “would,” “should,” “could,” “forecasts” or similar expressions. These statements are based on certain assumptions that Hertz Holdings has made in light of its experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors that Hertz Holdings believes are appropriate in these circumstances. We believe these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and our actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative.

 

Among other items, such factors could include:  overall strength and stability of general economic conditions, both in the United States and in global markets; levels of travel demand, particularly with respect to airline passenger traffic in the United States and in global markets; significant changes in the competitive environment, including as a result of industry consolidation, and the effect of competition in our markets, including on our pricing policies or use of incentives; our ability to achieve cost savings and efficiencies and realize opportunities to increase productivity and profitability; an increase in our fleet costs as a result of an increase in the cost of new vehicles and/or a decrease in the price at which we dispose of used vehicles either in the used vehicle market or under repurchase or guaranteed

 

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depreciation programs; our ability to accurately estimate future levels of rental activity and adjust the size of our fleet accordingly; our ability to maintain sufficient liquidity and the availability to us of additional or continued sources of financing for our revenue earning equipment and to refinance our existing indebtedness; safety recalls by the manufacturers of our vehicles and equipment; a major disruption in our communication or centralized information networks; financial instability of the manufacturers of our vehicles and equipment; any impact on us from the actions of our licensees, dealers and independent contractors; our ability to maintain profitability during adverse economic cycles and unfavorable external events (including war, terrorist acts, natural disasters and epidemic disease); shortages of fuel and increases or volatility in fuel costs; our ability to successfully integrate future acquisitions and complete future dispositions; costs and risks associated with litigation; risks related to our indebtedness, including our substantial amount of debt and our ability to incur substantially more debt; our ability to meet the financial and other covenants contained in our senior credit facilities, our outstanding unsecured senior notes and certain asset-backed funding arrangements; changes in accounting principles, or their application or interpretation, and our ability to make estimates and the assumptions underlying the estimates, which could have an effect on earnings; changes in the existing, or the adoption of new laws, regulations, policies or other activities of governments, agencies and similar organizations where such actions may affect our operations, the cost thereof or applicable tax rates; the effect of tangible and intangible asset impairment charges; and the impact of our derivative instruments, which can be affected by fluctuations in interest rates; our exposure to fluctuations in foreign exchange rates.  Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

 

Hertz Holdings therefore cautions you against relying on these forward-looking statements. All forward-looking statements attributable to Hertz Holdings or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and Hertz Holdings undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

 

ITEM 9.01             FINANCIAL STATEMENTS AND EXHIBITS.

 

(d)           Exhibits.

 

The following two Exhibits are furnished, but not filed, herewith as a part of this Current Report on Form 8-K.

 

99.1

 

Press Release of Hertz Global Holdings, Inc. announcing the retirement of Gerald A. Plescia and announcing selected financial expectations for Hertz Equipment Rental Corporation for full year 2011, dated January 25, 2011 (the HERC Press Release)

 

 

 

99.2

 

Press Release of Hertz Global Holdings, Inc. announcing updated full year 2010 guidance, dated January 24, 2011 (the Guidance Press Release)

 

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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 hereunto duly authorized.

 

 

 

HERTZ GLOBAL HOLDINGS, INC.

 

(Registrant)

 

 

 

 

Date: January 25, 2011

By:

/s/ Jeffrey Zimmerman

 

Name:

Jeffrey Zimmerman

 

Title:

Senior Vice President, General Counsel and Secretary

 

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EXHIBIT INDEX

 

Exhibit

 

 

Number

 

Description

 

 

 

99.1

 

Press Release of Hertz Global Holdings, Inc. announcing the retirement of Gerald A. Plescia and announcing selected financial expectations for Hertz Equipment Rental Corporation for full year 2011, dated January 25, 2011 (the HERC Press Release)

 

 

 

99.2

 

Press Release of Hertz Global Holdings, Inc. announcing updated full year 2010 guidance, dated January 24, 2011 (the Guidance Press Release)

 

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