Speedemissions, Inc. Reports Financial Results for First Quarter 2015
ATLANTA, GA - (Marketwired - Jul 20, 2015) - Speedemissions, Inc. (OTC PINK: SPMI) (the "Company"), a national brand offering quick and efficient automobile emissions testing and safety inspections as required by law, with locations in Atlanta, GA. and St. Louis, MO., today announced its financial results for its first quarter ended March 31, 2015.
Financial and Operational Highlights for Quarter-End March 31st, 2015
- First quarter revenue decreased 53.7% to $832,803, compared to $1,797,811 in same quarter ended March 31, 2014. This reduction in revenue is almost entirely related to the permanent closing of ten stores, plus the sale of eleven stores during 2014.
- Same store sales in St. Louis improved 35.1%, Salt Lake 3.6%, with Atlanta experiencing a 3.5% drop in sales.
- Net store operating expenses decreased by 57.7% with approximately $710,000 due to the closed/sold locations. Actual same store operating expenses declined approximately $39,000. General and administrative expenses decreased 35.6% or approximately $114,000 compared to 2014, due primarily to decreases in corporate employee compensation of approximately $59,000, a decrease in financing charges of $28,000 and a $21,000 decrease in shareholder expenses.
- The Company incurred a net loss for the first quarter ended March 31, 2015 of $112,596 as compared to a net loss of $241,620 in the first quarter ended March 31, 2014.
"We continue to examine every facet of our business as we seek ways to improve revenue and reduce operating costs," stated Rich Parlontieri, President and CEO of Speedemissions, Inc.
"Our BuyCarSafety.com website and e-commerce business featuring the Automobile Date Vehicle Information Safety Report, or ADVISR, continues to get positive reviews. We remain focused on increasing the exposure regarding the benefits of our ADVISR reports and its value in keeping car owners informed on their vehicles recalls and Technical Service Bulletins. We highly encourage all car owners to visit BuyCarSafety.com and consider learning more about the vehicle that they are driving every day," added Parlontieri.
About Speedemissions, Inc.
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. and St. Louis, MO. markets. The Company hopes to expand its business model by selling Expresso Car Care Café Store concept and franchise unit which may require substantive capital investments. Speedemissions intends to offer its customers quick and efficient vehicle emissions testing and repair services in convenient locations. For more information visit: www.speedemissions.com.
Speedemissions owns and developed the BuyCarSafety.com website and e-commerce business featuring the Automobile Date Vehicle Information Safety Report or ADVISR. BuyCarSafety.com and the ADVISR are intended to keep the car owner informed about what's really happening under the hood of their vehicle.
For more information, visit www.BuyCarSafety.com and for BuyCarSafety.com news updates follow us on Twitter: @BuyCarSafety.com
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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 Speedemisisons 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 Speedemissions results of operations, financial position 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 law.
SOURCE Speedemissions, Inc.