ATLANTA, March 27, 2019 (GLOBE NEWSWIRE) -- Speedemissions, Inc. (OTCPK: SPMI, the “Company”), a retail brand offering consumers automobile emissions testing and safety inspections, as well as the owner and operator of Auto Recycling of Montgomery, today announced its unaudited financial results for the year ended December 31, 2018.
Full Year 2018 Unaudited Financial Highlights
- For the year ended December 31, 2018 total revenue increased 4.7% to $3,352,789 from, $3,276,246, or $76,543, as compared to 2017 year-end revenues. This increase in revenue was the result of a 4.9% increase in same store sales. Overall store sale improvement was mitigated by $69,000 due to the closing of a store in May due to the lease expiring and the property being sold.
- Station operating expenses decreased 3.0% or $62,614, with General and Administrative expenses down 9.9%, because of a reduction in legal, accounting, professional fees and salary expenses.
- The Company’s net income for the year-end 2018 was $137,484, as compared to a net income of $171,130 for the year ended December 31, 2017.
- This net income was attributed to $130,819 in other income from the de-recognition of aged payables. This non-recurring gain was partially offset by an $82,223 operating loss from auto recycling, which did not become operational until November 2017. Adjusting the 2018 net income of $137,484 for these items yields an adjusted net income of $88,000 for 2018 or a $194,000 improvement over 2017.
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, a Used Motor Vehicle Dealer and a 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 Speedemissions 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.
For more information:
Speedemissions, Inc.
Investor Relations
Email: ir@speedemissions.com