CALGARY, June 13 /PRNewswire-FirstCall/ -- Franchise Services of North America Inc. ("FSNA" or the "Company") announced today that it has filed its Q2 report for the period ending March 31, 2008. The report may be found on the Company's website (http://www.fsna-inc.com/) as well as on SEDAR (http://www.sedar.com/).
For the six months ended March 31, 2008, the Company reported net income of $273,638 as compared to a net loss of $(69,838) for the restated seven-month period ending March 31, 2007. Total revenue for the six-month period ending March 31, 2008 was $8,104,701 as compared to the seven-month period ended March 31, 2007 of $10,397,920.
Bob Barton, the Company's Chief Operating Officer, stated, "We are quite pleased with the results of operations for the first six months of the fiscal year. Operating expenses fell in line with expectations, and the Company experienced a significant reduction in its claims experience for vehicles insured under its programs."
About FSNA ----------
FSNA is a publicly traded company listed on the TSX Venture Exchange. The Company and its subsidiaries own the following brands: U-Save Car & Truck Rental, U-Save Car Sales, Rent-A-Wreck of Canada, Auto Rental Resource Center ("ARRC"), Xpress Rent A Car and Peakstone Financial Services.
U-Save, together with its subsidiary ARRC, has over 1,100 locations throughout the United States and is one of North America's largest franchise car rental companies. Having primarily serviced the local market for the past 25 years, the Company is expanding into the airport market with plans for the opening of airport locations in the top 30 markets in the United States and the major airports in Canada. U-Save currently services 27 airport markets in 14 different states. U-Save Car Sales is an expansion of the U-Save brand into the car sales market, and provides goods and services to car sales operators looking to affiliate with a national brand.
Practicar Systems Inc. (a wholly owned subsidiary of FSNA) owns the rights to the Rent-A-Wreck(R) trademark for all of Canada. The Rent-A-Wreck(R) system operates a network of 53 franchises from coast-to-coast in Canada, providing a range of vehicle rental, leasing and sales options to its customers. The Rent-A-Wreck(R) system has been in continuous operation in Canada since 1976.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
