Zipcar, Inc. (ZIP) reported net income for the fourth quarter of $13.8 million or $0.34 per share, compared to $3.9 million or $0.09 per share for the year-ago quarter.
The latest quarter results include a non-cash net tax benefit of $10.9 million or $0.27 per share mainly related to the release of valuation allowance against U.S. net deferred tax assets as well as $1.3 million from the unanticipated sale of ZEV Credits,which were partially offset by about $1.0 million in previously anticipated costs associated with Hurricane Sandy, including vehicle damages and increased operating costs, and $0.8 million in costs tied to the merger agreement with Avis Budget Group, Inc. (CAR).
Fourth quarter revenue increased 12% to $70.7 million from $62.9 million in the prior year quarter.
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