Ultimate retains a 20% ownership in Jreck which started in upstate New York in the late 1960s. Swartz's family operated the chain for several years. The CEO moved the chain's headquarters to Orlando in the late 1990s when the company changed its name to Ultimate Franchise Systems Inc.
The suburban Orlando-based company showed a nine-month profit of $400,549, an improvement from a net loss of $3.4 million for the same 2001 period.
However, in its most recent quarter that ended June 30, Ultimate posted a net loss of $101,000 on sales of $840,000. That performance compared with a loss of $1.5 million on revenue of $878,000 in the same quarter a year ago.
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