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Press Release |
Source:
Speedemissions Inc. |
Speedemissions
Reports Results for the First Quarter 2009
·
Total revenue increased 1.7% to $2,471,942
·
Same store sales increased 2.2%
·
General and administrative expenses decreased 37.9%
·
Income from continuing operations was $42,152, or $0.00 per
diluted share in the first quarter 2009 compared to a loss from continuing
operations of ($76,219), or ($0.01) per diluted share in the same period a year
ago
Richard
Parlontieri, President and CEO, commented “We are very pleased to report
revenue growth and profits in the first quarter of 2009. It is a positive start to the year despite
the challenges of this difficult economy.
We are excited to see the customer growth in stores opened within the
last fifteen months at our Mr. Sticker stores in
Revenue
for the first quarter of 2009 was $2,471,942, an increase of $42,188 or 1.7%
from $2,429,754 in the same period of 2008. The increase in revenue was mainly
attributable to revenue generated from new stores that were not open during the
entire prior comparable period and an increase in same store sales of 2.2%,
partially offset by a reduction in revenue from the closure of a store in
September 2008.
General
and administrative expenses for the first quarter of 2009 decreased $184,080,
or (37.9%) from the same quarter last year due primarily to a decrease in
professional fees and personnel costs.
Income
from continuing operations for the first quarter of 2009 was $42,152 or $0.00
per diluted share compared to a loss from continuing operations of ($76,219),
or ($0.01) per diluted share in the same quarter last year.
Income
(loss) from discontinued operations for the first quarter of 2009 was $0 or
$0.00 per diluted share compared to a loss from discontinued operations of
($99,413), or ($0.01) per diluted share in the same quarter last year. The loss from discontinued operations consisted
of the operating results for all 12 stores in the
Net
income for the first quarter of 2009 was $42,152, or $0.01 per basic and $0.00
per diluted share compared to a net loss of ($175,632), or ($0.03) per basic
and diluted share in the same period a year ago.
About
Speedemissions, Inc. http://www.speedemissions.com Speedemissions, Inc., based in
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 succeed in
growing revenue, 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.
For
Further Information: Contact Michael Shanahan, Chief Financial Officer,
770-306-7667.
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Speedemissions, Inc. and
Subsidiaries |
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Consolidated Balance
Sheets |
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March 31, |
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December 31, |
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2009 |
|
2008 |
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Assets |
(unaudited) |
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Current
assets: |
|
|
|
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Cash
|
$542,769 |
|
$512,492 |
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Other
current assets |
145,528 |
|
137,691 |
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Total
current assets |
688,297 |
|
650,183 |
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Property
and equipment, at cost less accumulated depreciation and amortization |
1,141,465 |
|
1,214,737 |
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Goodwill
|
7,100,572 |
|
7,100,572 |
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Other
assets |
97,937 |
|
100,937 |
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Total
assets |
$9,028,271 |
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$9,066,429 |
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Liabilities
and Shareholders' Equity |
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Current
liabilities: |
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Accounts
payable |
$382,817 |
|
$498,554 |
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Accrued
liabilities |
275,756 |
|
237,127 |
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Current
portion of capitalized lease obligations |
43,234 |
|
41,962 |
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Current
portion of equipment financing obligations |
16,953 |
|
16,362 |
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Current
portion - deferred rent |
17,949 |
|
17,949 |
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Total
current liabilities |
736,709 |
|
811,954 |
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Capitalized
lease obligations, net of current portion |
129,600 |
|
140,897 |
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Equipment
financing obligations, net of current portion |
59,964 |
|
64,431 |
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Deferred
rent |
229,383 |
|
230,521 |
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Other
long term liabilities |
7,350 |
|
7,350 |
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Total
liabilities |
1,163,006 |
|
1,255,153 |
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Commitments
and contingencies |
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Series
A convertible redeemable preferred stock, $.001 par value, 5,000,000 shares
authorized, 5,133 shares issued and outstanding; liquidation preference:
$5,133,000 |
4,579,346 |
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4,579,346 |
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Shareholders'
equity: |
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Series B convertible preferred stock, $.001 par
value, 3,000,000 shares
authorized, 2,481,482 shares issued and outstanding; liquidation
preference: $6,372,446 |
2,481 |
|
2,481 |
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Common stock, $.001 par value, 250,000,000 shares
authorized, 5,162,108 shares issued and outstanding |
5,162 |
|
5,162 |
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Additional
paid-in capital |
15,761,792 |
|
15,749,955 |
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Accumulated
deficit |
(12,483,516) |
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(12,525,668) |
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Total
shareholders' equity |
3,285,919 |
|
3,231,930 |
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Total
liabilities and shareholders' equity |
$9,028,271 |
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$9,066,429 |
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Speedemissions,
Inc. and Subsidiaries |
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Consolidated Statements
of Operations |
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Three Months Ended March 31, |
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2009 |
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2008 |
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Revenue
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$ |
2,471,942 |
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$ |
2,429,754 |
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Costs
of operations: |
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Cost
of emission certificates |
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548,577 |
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|
524,789 |
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Store
operating expenses |
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1,572,829 |
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1,487,068 |
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General and administrative
expenses |
|
301,366 |
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|
485,446 |
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Operating
income (loss) |
|
49,170 |
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(67,549) |
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Interest
income (expense) |
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Interest
income |
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25
|
|
|
864 |
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Interest
expense |
|
(7,043) |
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|
(9,534) |
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Interest,
net |
|
(7,018) |
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|
(8,670) |
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Income
(loss) from continuing operations |
|
42,152 |
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(76,219) |
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Income
(loss) from discontinued operations, net of income taxes |
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- |
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(99,413) |
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Net
income (loss) |
$ |
42,152 |
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$ |
(175,632) |
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Basic
net income (loss) per common share from continuing operations |
$ |
$0.01 |
|
$ |
(0.01) |
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Diluted
net income (loss) per common share from continuing operations |
$ |
- |
|
$ |
(0.01) |
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Basic
net income (loss) per share from discontinued operations |
$ |
- |
|
$ |
(0.02) |
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Diluted
net income (loss) per share from discontinued operations |
$ |
- |
|
$ |
(0.02) |
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Basic
net income (loss) per share |
$ |
$0.01 |
|
$ |
(0.03) |
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Diluted
net income (loss) per share |
$ |
- |
|
$ |
(0.03) |
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Weighted
average common shares outstanding, basic |
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5,162,108 |
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5,162,108 |
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Weighted
average common shares outstanding, diluted |
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9,439,606 |
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5,162,108 |
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