Speedemissions, Inc. Reports Third Quarter 2009 Results
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Company reports 144% increase in third quarter net income
ATLANTA--(BUSINESS WIRE)-- Speedemissions, Inc. (OTC Bulletin Board: SPMI - News), 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 third quarter ended September 30, 2009.
Third Quarter Highlights:
-- Revenue increased 2.6% to $2,599,350 for the third quarter of 2009
compared to revenue of $2,532,993 for the third quarter of 2008. The
increase in revenue was led by a 4.6% increase in same store sales over
the comparable period of 2008.
-- General and administrative expenses decreased 13.8% to $378,880 during
the third quarter of 2009 compared to $439,285 in the same period of the
prior year.
-- Net income for the third quarter of 2009 increased 144.4% to $60,531 or
$0.01 per diluted share from net income of $24,769, or $0.00 per diluted
share in the comparable period of 2008.
Year-to-Date Results:
-- Revenue increased 2.4% to $7,657,600 for the nine month period ended
September 30, 2009 compared to revenue of $7,481,467 in the nine month
period ended September 30, 2008. Same store sales increased 4.1% in the
nine month period ended September 30, 2009 over the comparable period of
2008.
-- General and administrative expenses decreased 27.0% to $1,041,299 during
the nine month period ended September 30, 2009 compared to $1,427,368 in
the nine-month period ended September 30, 2008.
-- Net income for the nine-month period ended September 30, 2009 increased
to $205,599 or $0.02 per diluted share from a net loss of $324,509 or
($0.06) per diluted share.
-- Since December 31, 2008, the Company has increased its cash balances by
31.0% and decreased its total liabilities by 20.0%.
Richard A. Parlontieri, President and Chief Executive Officer of Speedemissions commented:
"We're pleased that we were able to increase revenue, increase same store sales and generate net income for the third consecutive quarter. We have increased our cash balance and reduced our liabilities during the quarter and first nine months of 2009. We were able to do all of this with our existing capital resources."
About Speedemissions Inc. http://www.speedemissions.com
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.
Speedemissions, Inc. and Subsidiaries
Consolidated Balance Sheets
September 30, December 31,
2009 2008
(unaudited)
Assets
Current assets:
Cash $ 671,604 $ 512,492
Other current assets 144,038 137,691
Total current assets 815,642 650,183
Property and equipment, at cost less 1,038,627 1,214,737
accumulated depreciation and amortization
Goodwill 7,100,572 7,100,572
Other assets 101,787 100,937
Total assets $ 9,056,628 $ 9,066,429
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $ 227,850 $ 498,554
Accrued liabilities 302,536 237,127
Current portion of capitalized lease 45,896 41,962
obligations
Current portion of equipment financing 18,204 16,362
obligations
Current portion - deferred rent 17,949 17,949
Total current liabilities 612,435 811,954
Capitalized lease obligations, net of current 105,966 140,897
portion
Equipment financing obligations, net of 50,538 64,431
current portion
Deferred rent 227,953 230,521
Other long term liabilities 7,350 7,350
Total liabilities 1,004,242 1,255,153
Commitments and contingencies
Series A convertible, redeemable preferred
stock, $.001 par value, 5,000,000 shares
authorized, 5,133 shares issued and 4,579,346 4,579,346
outstanding; liquidation preference:
$5,133,000
Shareholders' equity:
Series B convertible preferred stock, $.001
par value, 3,000,000 shares authorized, 2,481 2,481
2,481,482 shares issued and outstanding;
liquidation preference: $6,372,446
Common stock, $.001 par value, 250,000,000
shares authorized, 5,162,108 shares issued 5,162 5,162
and outstanding
Additional paid-in capital 15,785,466 15,749,955
Accumulated deficit (12,320,069 ) (12,525,668 )
Total shareholders' equity 3,473,040 3,231,930
Total liabilities and shareholders' equity $ 9,056,628 $ 9,066,429
Speedemissions, Inc. and Subsidiaries
Consolidated Statements of Operations
(unaudited)
Three Months Ended Nine Months Ended
September 30 September 30
2009 2008 2009 2008
Revenue $ 2,599,350 $ 2,532,993 $ 7,657,600 $ 7,481,467
Costs of operations:
Cost of emission 560,042 515,882 1,673,285 1,579,729
certificates
Store operating 1,595,521 1,541,643 4,743,112 4,551,415
expenses
General and
administrative 378,880 439,285 1,041,299 1,427,368
expenses
Gain on disposal of (5,500 ) (51,471 ) (30,330 ) (51,471 )
non-strategic assets
Operating income 70,407 87,654 230,234 (25,574 )
(loss)
Interest income
(expense)
Interest income 34 226 85 1,346
Interest expense (9,910 ) (9,183 ) (24,720 ) (28,160 )
Interest expense, (9,876 ) (8,957 ) (24,635 ) (26,814 )
net
Income (loss) from
continuing 60,531 78,697 205,599 (52,388 )
operations
Loss from
discontinued -- (53,928 ) -- (272,121 )
operations
Net income (loss) $ 60,531 $ 24,769 $ 205,599 $ (324,509 )
Basic net income
(loss) per share $ 0.01 $ 0.02 $ 0.04 $ (0.01 )
from continuing
operations
Diluted net income
(loss) per share $ 0.01 $ 0.01 $ 0.02 $ (0.01 )
from continuing
operations
Basic net income
(loss) per share $ -- $ (0.01 ) $ -- $ (0.05 )
from discontinued
operations
Diluted net income
(loss) per share $ -- $ (0.01 ) $ -- $ (0.05 )
from discontinued
operations
Basic net income $ 0.01 $ 0.00 $ 0.04 $ (0.06 )
(loss) per share
Diluted net income $ 0.01 $ 0.00 $ 0.02 $ (0.06 )
(loss) per share
Weighted average
common shares 5,162,108 5,162,108 5,162,108 5,162,108
outstanding, basic
Weighted average
common shares 9,439,606 9,439,606 9,439,606 5,162,108
outstanding, diluted
Speedemissions, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(unaudited)
Nine Months Ended
September 30,
2009 2008
Operating activities:
Net income (loss) $ 205,599 $ (324,509 )
Adjustments to reconcile net income (loss) to net
cash provided by operating activities:
Depreciation and amortization 240,546 256,340
Gain on disposal of assets (30,330 ) (51,471 )
Share based compensation expenses 35,511 141,422
Changes in operating assets and liabilities:
Other current assets (6,347 ) 31,329
Other assets (850 ) (3,750 )
Accounts payable and accrued liabilities (205,296 ) (138,166 )
Other liabilities (2,568 ) (7,169 )
Net cash provided by (used in) operating 236,265 (95,974 )
activities
Cash flows from investing activities:
Proceeds from disposal of assets 30,330 120,407
Purchases of property and equipment (64,435 ) (184,927 )
Net cash used in investing activities (34,105 ) (64,520 )
Cash flows from financing activities:
Payments on financing obligations (12,051 ) (10,465 )
Payments on capitalized leases (30,997 ) (26,994 )
Net cash used in financing activities (43,048 ) (37,459 )
Net increase (decrease) in cash 159,112 (197,953 )
Cash at beginning of period 512,492 804,662
Cash at end of period $ 671,604 $ 606,709
Supplemental Information:
Cash paid during the period for interest $ 23,288 $ 28,161
Non-cash Investing and Financing activities:
Non-cash asset additions for financed and capital $ -- $ 31,425
leases
Source: Speedemissions, Inc.
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