Avis Budget reported a $23 million first-quarter net loss,

compared with a $7 million profit for the first three months of 2011, due to "debt extinguishment costs" and charges related to the acquisition of Avis Europe, according to the company. Avis Budget reported that North American rental car revenues grew 4 percent year over year. Quarterly commercial volume grew 3 percent year over year, though pricing declined by 2 percent.