WEST HEMPSTEAD, N.Y. (Aug. 24, 2010) — Tilden Associates Inc. reported net losses for the quarter and six months ended June 30 as revenues dropped 40 and 19 percent, respectively.
Tilden, which has 43 active franchised locations in operation, reported net losses of $91,510 and $74,919 for the quarter and half-year, respectively. Sales revenue in the quarter fell to $267,714 and to $602,030 for the half year.
Tilden attributed the lower revenue to decreases in sales of company-owned locations, rental income, initial franchise acquisition fees and royalty fees. The number of franchises in operation June 30 was down five, Tilden said in its 10-Q filing with the Securities and Exchange Commission.
Tilden said it has been unable to sell a new franchise or enter a new market area this year because of the continued difficulty for small businesses to obtain credit. The company said it believes the auto repair business continues to present opportunities for new locations, but it cannot accurately forecast when it will see an increase in sales of new franchises and market areas.