Rent-A-Wreck of America (RAWA.PK)

Rent-A-Wreck of America Inc. (RAWA) markets and administers the Rent-A-Wreck and PRICELE$$ vehicle rental franchise programs and related services. The Company conducts its operations primarily through its wholly owned subsidiary, Bundy American Corporation (Bundy), and Bundy s subsidiary, Priceless Rent-A-Car, Inc. (Priceless). RAWA's franchisees offer rentals of cars, trucks and vans. The Company also formed a new subsidiary, Consolidated American Rental Insurance Company, Ltd. (CAR Insurance), on March 1, 1997, to offer automobile liability and physical damage reinsurance to its franchisees RAWA also has franchisees in Europe.

For the three months ended 6/30/02, revenues fell 17% to $1.7 million. Net income applicable to Common fell 92% to $29 thousand. Results reflect lower continuing license fees due to reduced travel demand and an increased reserve for bad debts.