Payless Announces Record Revenue

ST. PETERSBURG, Fla.-- Payless Car Rental System Inc. announced company revenue and profit figures representing the largest in the 30-year history of the company. Payless Car Rental System and subsidiaries posted $7.2 million in revenue for 2001, a 22% increase over the prior year. Net income before taxes was $1.1 million, representing a 100% increase. Payless' 2001 fiscal year ended on June 30. "This tremendous increase can be attributed to a growth in locations and continuing market penetration," said Richard L. Stevens, chief financial officer of Payless Car Rental System. "We are one of the few car rental companies with major growth potential into major markets." Payless Car Rental Systems Inc. is a privately held corporation headquartered in St. Petersburg, Fla. Over the past 30 years, Payless has grown to an international company servicing major airports, metropolitan cities and suburban areas.

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