Speedemissions, Inc Reports First Quarter Results
(firmenpresse) - ATLANTA, GA -- (Marketwire) -- 05/15/12 -- (OTCBB: SPMI), a leading vehicle emissions testing and safety inspections company with testing stores in Atlanta, Houston, St. Louis and Salt Lake City today announced its financial results for the first quarter ended March 31, 2012.
Revenue decreased 9.0% to $1,921,005 in the first quarter of 2012 compared to $2,111,126 in the comparable period of 2011. The decrease in revenue over the same period was due to the closure of two underperforming stores and a decrease in same store sales of 6.8%. The decrease in same store sales was mainly attributable to revisions in emission testing laws in both Texas and Utah, resulting in an increase in the number of testing competitors.
Store operating expenses decreased 9.0% or $129,336 to $1,312,551 in the first quarter of 2012 compared to $1,441,887 in the first quarter of 2011. The decrease in store operating expenses was due to the closure of the two stores, a decrease in same store operating expenses of $83K, and a reduction in personnel. General and administrative expenses decreased 12.1% or $41K mainly due to lower service fees and a reduction in corporate staff.
The Company incurred a net loss of $116,782, or ($0.00) per basic and diluted share in the first quarter of 2012 compared to a net loss of $143,951, or ($0.01) per basic and diluted share in the first quarter of 2011.
Richard A. Parlontieri, President and Chief Executive Officer of Speedemissions added:
"While the first quarter historically is one of our slowest, this year it was impacted even more by the increased level of competition brought about by law changes in both Houston and Salt Lake City. To mitigate the plethora of new competitors, we launched three initiatives. First, operating expenses at both the corporate and store level have been significantly reduced. Concurrent to that, we expect to close additional underperforming stores. Lastly, we have stepped up efforts in the selling of our limited product line (windshield wipers, light bulbs, etc.). We continue to see strong growth in this area despite a decrease in overall tests. And, to bolster same store sales even more, we expect to add other automotive services sometime this year."
About Speedemissions Inc.
Speedemissions, Inc., based in Atlanta, Georgia, is a leading vehicle emissions testing and safety inspections company in the United States. We provide services in certain areas where auto testing is mandated by the Environmental Protection Agency (EPA). Since the emissions testing market is highly fragmented, Speedemissions expects to be the first company to create a national brand offering their customers quick and efficient vehicle emissions testing service. The current focus of the company is in the Atlanta, Georgia; Houston, Texas; St. Louis, Missouri and Salt Lake City, Utah markets.
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.
Contact
Larry Cobb
Chief Financial Officer
770-306-7667
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Datum: 15.05.2012 - 14:30 Uhr
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