Speedemissions, Inc. Announces First Quarter 2014 Financial Results
ATLANTA, GA--(Marketwired - May 15, 2014) - Speedemissions, Inc.
(OTCQB: SPMI) (the "Company"), a leading vehicle emissions and
safety inspection company with locations in Atlanta, Houston, St.
Louis and Salt Lake City and the developer of CARbonga-SRI and
CARbonga, the revolutionary automobile diagnostic iPhone apps and
the BuyCarSafety.com (www.BuyCarSafety.com) vehicle inspections
safety report, today announced its financial results for its first
quarter ended March 31, 2014.
During the first quarter 2014, the Company was able to reduce
its net loss by 12.5% to ($241,000), as compared to a net loss of
($271,000) for the same period in 2013.
Total revenue declined approximately $91,000 to $1,797,811 as
compared to $1,889,013 for the same period 2013. The revenue drop
was due to the closing of four Houston stores in 2013, plus the
closing of a store in St. Louis in January 2014. In addition, for a
period of 7 business days during the first quarter, the Company was
forced to close all of its stores in Atlanta, St. Louis and Houston
because of the severe winter weather conditions. This was the first
time in the Company's 14-year history this occurred.
Part of the revenue reduction was mitigated by the acquisition
of the seven stores in Atlanta in late 2013. Same store sales
saw a (0.6%) drop, with increases in Atlanta and St. Louis
offsetting the declines in Houston and Salt Lake. In addition same
store operating expenses decreased 4.4%, while G&A increased by
approximately $29,000 due to finance charges and a change in the
company-wide phone/data system.
Rich Parlontieri, President and CEO, commented, "There's more
work to be done both at the store operations and the G&A level
as we continue to focus on measures toward profitability. The cost
saving initiatives in these areas, along with analysis of marginal
stores, continues to be aggressively pursued".
During the first quarter, Speedemissions also announced the
undertaking of rebranding the company with the Expresso Car Care
Café name, logo and store design as it looks to expand its
emissions and light automotive repair model. Coupled with the
news that the Company has entered into a joint venture to develop
vehicle registration services for retail outlets in several new
markets, Speedemissions is keenly focused on adding new and
innovative revenue channels to its business model.
"On the revenue side we're also working hard to capitalize on
the recently introduced BuyCarSafety.com Vehicle Inspection Safety
Report or VISR (www.buycarsafety.com), which is a product of the
CARbonga-SRI data base. Given the early results from the pilot
program tested in 12 of our stores over the past three weeks, we're
very encouraged by the potential of the VISR. When you
consider there are 40+ million used cars sold in the U.S. annually,
the job now is to expose the used-car buyer, or any car owner, to
the benefits and features of the VISR, and to show the consumer
market that our VISR is a tool they need before making a
purchase. In addition, it's the one report that provides
owners with Technical Service Bulletins, or TSBs, thereby giving
them the full story on what the manufacturer is telling the dealer
about every make and model they produce," added Parlontieri.
A full analysis of results for the period ended March 31st, 2014
is available in the Company's Form 10-Q, which is available on the
Speedemissions website at www.speedemissions.com or through the
Securities and Exchange Commission's Edgar database at
www.sec.gov.
ABOUT SPEEDEMISSIONS, INC. Speedemissions, Inc., based in
Atlanta, Georgia, is a national brand offering customers quick and
efficient emission testing and/or safety inspection 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 emissions testing
and repair services. For more information, visit:
www.speedemissions.com
ABOUT CARBONGA Speedemissions, Inc. 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. The CarBonga-SRI app provides a quick and easy way
for consumers to stay on top of the safety of their vehicle by
providing the most current safety-related recalls and service
bulletins for their vehicles. For more information, visit
www.carbonga.com and for CARbonga news updates follow @CarbongaApp
on Twitter.
"Like Us" on our Facebook pages!
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https://www.facebook.com/pages/Speedemissions-Inc/522270047828743
CARbonga Facebook
https://www.facebook.com/pages/CARbonga/167142293336305
Get all our updates on Twitter
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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 market acceptance for Speedemissions' products and
services, its ability to succeed in increasing revenues in the near
term to attain profitable operations and generate sufficient cash
flow from operations, the effect of new competitors in its markets,
its 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 Speedemissions' results of operations, financial
position, and cash flows. There can be no assurance that
future results will meet expectations. 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.
For more information: Speedemissions, Inc. Investor Relations
Email: ir@speedemissions.com
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