ATLANTA, GA. August 14, 2019-- Speedemissions, Inc. (OTCPK: SPMI, the “Company”), a retail brand offering consumers automobile emissions testing and safety inspections, as well as the owner/operator of Auto Recycling of Montgomery today announced its unaudited financial results for the period ended June 30, 2019.
Second Quarter Ended June, 30, 2019 Unaudited Financial Highlights
·For the period ended June 30, 2019 total revenue was $1,707,496 vs $1,710,448 for the same period in 2018. This static revenue was the result of a store lease expiring and not being renewed as the property was sold. Same store emissions testing revenue increased 1.9% or $32,000 while auto recycling revenue increased by $2,000.
·Total operating expenses were reduced 9.3% or $81,328. Consolidated station operating expenses decreased 7.8% or $76,572 with General and Administrative expenses declining 1.5% or $4,756.
·The Company’s net profit for the period-end June 30, 2019 was $108,689, as compared to a net profit of $45,387 for the period- ended June 30, 2018.
·This net profit was attributed to $24,583, in other income from de-recognition of aged payables. This non-recurring gain was partially offset by a $21,904 operating loss from auto recycling, yielding a net profit from continuing emission testing operations of $108, 689, for the period ended June 30, 2019, as compared to 45,387 for the same period last year.
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 its recent announcement of acquiring an auto salvage yard. For more information visit: www.speedemissions.com.
ABOUT AUTO RECYCLING OF MONTGOMERY
Speedy Operations, Inc. (a wholly owned subsidiary of Speedemissions) is an Auto Recycling of Montgomery. Auto Recycling of Montgomery, a full service auto salvage yard, that became operational in November 2017, after being closed for over three years. The company dismantles cars purchased through the insurance auctions and sells the OEM parts to auto repair garages, auto body shops, the general public and is developing an internet based sales platform. In addition, to being an Automotive Dismantler and Parts Recycler, the company is a Motor Vehicle Rebuilder, Used Motor Vehicle Dealer and Motor Vehicle Wholesaler.
For more information, visit www.autorecyclingofmontgomery.com.
FORWARD LOOKING STATEMENTS
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 2016 Annual Report on Form 10-K, 2017 Quarterly Reports on Form 10-Q and 2017 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.
1 EBITDA is a non-GAAP measure and is calculated as earnings before interest, tax, depreciation and amortization and is commonly referred to evaluate company's operating performance. Consequently, EBITDA should not be considered in isolation or as a substitute for net income and loss presented in accordance with GAAP.
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Speedemissions, Inc. Provides Second Quarter 2019 Financial Results