ATLANTA, May 24, 2013 /PRNewswire/
-- Speedemissions, Inc. (OTC Bulletin Board: SPMI),
today announced its financial results for the period ended
March 31, 2013. The Operational
Highlights are detailed below.
First Quarter 2013:
Revenue decreased (1.7%) or $31,992 to $1,889,013 from $1,921,005 versus the first quarter of 2012. This
reduction in revenue was attributed to:
- The sale of two stores in late 2012
- The temporary closing of a store in Salt Lake City due to being relocated
- A promotional discount program
- Combined with the store closings, the drop in revenue was also
affected by an amendment to the State of Utah Safety Inspection
Regulations which became effective January
1, 2013
- Same store sales saw an increase in Georgia, but were mitigated by decreases in
Houston and Salt Lake resulting in
an overall 5.7% decline
- Store operating expenses rose by $45,657 or 3.5%. The change was due to increases
in monthly rents/maintenance, plus the costs of operating the
5 stores acquired in 2012
- General & Administrative expenses were decreased by
2.8%
The Company incurred a net loss of $270,772 compared to $116,782 for the same period in 2012. This
increase was because of the sales discounts, increases in store
operations and interest expense.
"As we reviewed our Q1 operations, there were several
encouraging signs that the business has stabilized with increases
in customers in our Atlanta and
St. Louis stores. It appears the
number of new competitors has leveled off. We have continued
to effectively reduce expenses without impeding our 95% customer
satisfaction rating," added President/CEO, Rich Parlontieri.
About Speedemissions, Inc.
www.speedemissions.com About CARbonga:
www.carbonga.com
Speedemissions, Inc., based in Atlanta, Georgia, is a national brand offering
our customers quick and efficient emissions testing and safety
inspections as required by law. The Company is in the, Atlanta, GA. Houston, TX. Salt
Lake City, UT. and St. Louis,
MO. markets. The Company has expanded its business model
through its newly introduced SpeedEmissions Car Care Stores and
SpeedEmissions Car Care Franchise unit. Speedemissions hopes
to be among the first companies to offer its customers quick and
efficient vehicle emission testing and repair services. In
addition, Speedemissions owns and developed the CARbonga line of
apps for smart phone users. CARbonga is the first app which allows
the average person to detect automotive car problems for their own
vehicle or when buying a used vehicle.
Certain statements contained in this news release regarding
matters that are not historical facts may be forward-looking
statements. Because such forward-looking statements include risks
and uncertainties, actual results may differ materially from those
expressed in or implied by such forward-looking statements. Factors
that could cause actual results to differ materially include, but
are not limited to, uncertainties pertaining to continued market
acceptance for Speedemissions' products and services, its ability
to increase revenues in the near term to attain profitable
operations and generate sufficient cash flow from operations,, the
effect of new competitors in its market, integration of acquired
businesses, and other risk factors identified from time to time in
its filings with the Securities and Exchange Commission, including
Speedemissions' Annual Report on form 10-K, Quarterly Reports on
Form 10-Q and current reports on Form 8-K which are available at
the SEC's website www.sec.gov. Other factors not
currently anticipated may also materially and adversely affect
Speedemisisons results of operations, financial positions and cash
flows. There can be no assurance that future results will meet
expectation. While Speedemissions believes that the forward-looking
statements in this news release are reasonable, the reader should
not place undue reliance on any forward-looking statement. In
addition, these statements speak only as of the date made.
Speedemissions does not undertake, and expressly disclaims any
obligation to update or alter any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by applicable by law.
For Further Information: Contact Danny
Daughtery, Controller (dd@speedemissions.com) or
770-306-7667.
SOURCE Speedemissions, Inc.