CALGARY, ALBERTA--(Marketwired - May 24, 2013) - FRANCHISE SERVICES OF NORTH AMERICA INC. (TSX VENTURE:FSN) ("FSNA" or the "Company") announced its financial results for the second quarter ended March 31, 2013. Revenue and net loss for the quarter ended March 31, 2013 were $2,496,687 and $921,775 respectively, as compared to revenue of $2,606,795 and net loss of $92,766 for the quarter ended March 31, 2012. Net loss includes non-recurring expenses related to the proposed acquisition of the Advantage® Rent-A-Car brand ("Advantage") of approximately $1,099,000 for the quarter ended March 31, 2013 and $149,000 for the quarter ended March 31, 2012.
FSNA's previously announced acquisition of the Advantage brand by way of merger (the "Merger") between a wholly-owned subsidiary of FSNA and Adreca Holdings Corp. ("Adreca"), a subsidiary of Macquarie Capital, was completed in May 2013.
Tom McDonnell, the Company's Chairman and Chief Executive Officer, stated: "We continue to make progress on the integration of the Advantage Rent A Car brand into our company. Our team is focused on our growth strategies and we look forward to a great summer season."
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, Practicar, 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 30 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 31 airport markets in 12 different states and 7 countries. 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® and the PractiCar® trademarks for all of Canada. The Rent-A-Wreck® system operates a network of 57 franchises from coast-to-coast in Canada, providing a range of vehicle rental, leasing and sales options to its customers. The Rent-A-Wreck® system has been in continuous operation in Canada since 1976.