Rent-A-Wreck Net Income Down in 4th Quarter

OWINGS MILLS, Md. -- Rent-A-Wreck of America announced its net income for the fourth quarter of 2001 was $119,000 -- down nearly 32% compared to fourth quarter 2000. Total revenue for the fourth quarter, however, was up 13%. Fourth-quarter revenue in 2001 totaled $1,724,000, compared to $1,505,000 in fourth quarter 2000.

Franchisee revenue was also up for the quarter -- $13,733,000 compared to $12,612,000 in fourth quarter 2000. The number of franchised locations dropped in 2001 -- from 677 to 659.

Operating expenses climbed from $1,240,000 in fourth quarter 2000 to $1,561,000 in fourth quarter 2001.

However, net income for the first nine months of 2001 was up compared to the same period in 2000 -- $871,000 compared to $333,000.

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