FSNA Narrows Q3 Loss
Franchise Services North America, parent company of U-Save Car and Truck Rental, reported revenue and net loss of $3.9 million and $22,775 for its third quarter period that ended June 30, 2011, as compared to revenue of $4 million and a net loss of $191,839 for the same period in 2010.
Franchise Services North America (FSNA), parent company of U-Save Car and Truck Rental, announced the sale of an Elliot Lake, Ontario franchise under the Practicar Systems Inc. brand. The sale isn’t included in the company’s report for the third quarter that ended on June 30, where the company reported revenue and net loss of $3.9 million and $22,775, respectively. In comparison to the same period in 2010, the company reported revenue of $4 million and a net loss of $191,839, according to an Aug. 26 press release.
“While we continue to experience some unanticipated incremental run-off claims from the insurance portfolio that was moved to a first dollar program, overall the company has performed in line with our own internal expectations,” stated FSNA President and CEO Bob Barton in the release. “Without these run-off claims, the company would have been profitable for the quarter.” Barton continued citing the challenges of franchise sales and credit markets for fleet financing.
Practicar Systems Inc., a wholly owned subsidiary of FSNA, provides vehicle rental, leasing and sales options through Rent-A-Wreck of Canada. FSNA is a publicly traded company based in Canada, and also includes companies such as Auto Rental Resource Center (ARRC). Between ARRC and U-Save, the company has more than 1,100 locations in the United States.
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