Welcome!

iPhone Authors: Liz McMillan, Pat Romanski, Elizabeth White, Carmen Gonzalez, David H Deans

News Feed Item

Speedemissions, Inc. Reports Results for Third Quarter

ATLANTA, GA -- (Marketwire) -- 11/21/12 -- Speedemissions, Inc. (OTCBB: SPMI), a leading vehicle emissions testing and safety inspections company with stores in Atlanta, Houston, St. Louis and Salt Lake City, today announced its financial results for the third quarter ending 9/30/2012.

Q3 2012:

  • Revenue decreased (5.4%) or $117K to $2,047,458 for the quarter versus $2,164,562 in 2011. Along with a slight drop in same store sales, a decrease in revenue was attributed to promotional discount programs which resulted in increased sales discounts of $75,476 over the prior year period.

  • Same store operating expenses decreased by $58K or (4.2%).

  • General & Administrative expenses increased $31K or 9.1% compared to Q3 2011. This increase was due to higher legal/accounting fees, franchise disclosure documents and development of the CARbonga iPhone application.

  • The Company incurred a net loss of $89,974, or ($0.00) per diluted share in the third quarter of 2012 compared to net loss of $9,132 during the third quarter of 2011. Comparatively, legal/accounting, franchise development and professional fees attributed to CARbonga increased $59K for the quarter.

YTD 9-Months ended September, 2012:

  • Revenue decreased $473K or (7.4%) to $5,955,326 through September, 2012 compared to $6,428,518 for the same period of 2011. During the same period of 2011, the company closed two underperforming stores. The revenue decrease was primarily due to a decline in same store sales of $390K or (6.1%), resulting from increased competition and pricing discounts.

  • Same store operating expenses decreased by $196K or (4.8%).

  • General and administrative expenses were decreased by $94K or (8.6%) compared to the same period in 2011.

  • A net loss of $281,723 was recorded in the nine month period ended September 30, 2012, compared to net loss of $245,551 during the nine month period ended September 30, 2011.

President and CEO, Rich Parlontieri, added, "We continue to be affected by increased competition, discounted test fees and pricing adjustments. However, we believe the investments we've made in the past four to five months by getting our Franchise business model approved, announcing expansion into emission repair for failed vehicles and the next generation of our CARbonga app product line will improve our top line. We, of course, must also continue to manage expenses as a means of returning to profitability."

About Speedemissions Inc. http://www.speedemissions.com;
About CARbonga: http://www.carbonga.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 required by law. The company is expanding the business through its newly introduced SpeedEmissions Car Care franchise unit, its emission repair business segment and its CARbonga app for smart phone users. CARbonga is the first app for direct customer auto diagnostics and safety information for their own vehicle or when buying a used car.

Speedemissions, Inc. is a national brand, offering their customers quick and efficient vehicle emissions testing and emission repair services (limited number of stores at this time). The company is in the Atlanta, Georgia; Houston, Texas; St. Louis, Missouri and Salt Lake City, Utah markets. Speedemissions owns the CARbonga app which allows the average person to detect automotive car problems via their smart phone.

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,
                                                    2012           2011
                                               -------------  -------------
                                                (unaudited)
Assets
Current assets:
  Cash                                         $     133,688  $     129,095
  Note receivable - current portion                   12,000         21,125
  Certificate and merchandise inventory               62,315         59,822
  Other current assets                               120,877         59,320
                                               -------------  -------------
    Total current assets                             328,880        269,362

Note receivable, net of current portion               73,179         79,914
Property and equipment, at cost less
 accumulated depreciation and amortization           408,563        539,673
Goodwill                                           1,240,152      1,240,152
Other assets                                         104,363        104,363
                                               -------------  -------------
    Total assets                               $   2,155,137  $   2,233,464
                                               =============  =============
Liabilities and Shareholders' Deficit
Current liabilities:
  Line of credit                               $     282,965  $      90,000
  Note payable                                        55,000         55,000
  Accounts payable                                   244,601        220,625
  Accrued liabilities                                236,658        200,096
  Current portion of capitalized lease
   obligations                                         6,489         40,659
  Current portion of equipment financing
   obligations                                         6,251         24,780
  Current portion - deferred rent                     14,795         14,795
                                               -------------  -------------
    Total current liabilities                        846,759        645,955
Capitalized lease obligations, net of current
 portion                                                   -            681
Deferred rent                                        124,663        121,390
Other long term liabilities                            7,350          7,350
                                               -------------  -------------
    Total liabilities                                978,772        775,376
                                               -------------  -------------
Commitments and contingencies
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      4,579,346
                                               -------------  -------------
Shareholders' deficit:
  Common stock, $.001 par value, 250,000,000
   shares authorized, 34,688,166 shares issued
   and outstanding at September 30, 2012 and
   December 31, 2011                                  34,618         34,618
  Additional paid-in capital                      15,918,329     15,918,329
  Accumulated deficit                            (19,355,928)   (19,074,205)
                                               -------------  -------------
    Total shareholders' deficit                   (3,402,981)    (3,121,258)
                                               -------------  -------------
    Total liabilities and shareholders'
     deficit                                   $   2,155,137  $   2,233,464
                                               =============  =============


Speedemissions, Inc. and Subsidiaries
Consolidated Statements of Operations
(unaudited)

                            Three Months Ended         Nine Months Ended
                               September 30              September 30
                         ------------------------  ------------------------
                             2012         2011         2012         2011
                         -----------  -----------  -----------  -----------
Revenue                  $ 2,047,458  $ 2,164,562  $ 5,955,326  $ 6,428,518
Costs of operations:
  Cost of emission
   certificates              452,375      469,756    1,321,871    1,420,251
  Store operating
   expenses                1,310,257    1,368,170    3,904,588    4,193,946
  General and
   administrative
   expenses                  365,386      334,822      997,433    1,091,861
  (Gain) loss on sale of
   non-strategic assets            -       (2,660)      (2,458)     (43,282)
                         -----------  -----------  -----------  -----------
  Operating loss             (80,560)      (5,526)    (266,108)    (234,258)
Interest income
 (expense)
  Interest income                756          760        2,265        2,280
  Interest expense            (9,170)      (4,366)     (17,880)     (13,573)
                         -----------  -----------  -----------  -----------
    Interest expense,
     net                      (8,414)      (3,606)     (15,615)     (11,293)
                         -----------  -----------  -----------  -----------
  Net loss               $   (88,974) $    (9,132) $  (281,723) $  (245,551)
                         ===========  ===========  ===========  ===========
Basic and diluted net
 loss per share          $      0.00  $     (0.00) $     (0.01) $     (0.01)
                         ===========  ===========  ===========  ===========
Weighted average common
 shares outstanding,
 basic and diluted        34,688,166   33,764,249   34,688,166   29,813,331
                         ===========  ===========  ===========  ===========


Speedemissions, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(unaudited)

                                                       Nine Months Ended
                                                         September 30,
                                                   ------------------------
                                                       2012         2011
                                                   -----------  -----------
Cash flows from operating activities:
  Net loss                                         $  (281,723) $  (245,551)
  Adjustments to reconcile net loss to net cash
   used in operating activities:
      Depreciation and amortization                    136,666      155,180
      (Gain) loss on sale of assets                     (2,458)     (43,282)
      Stock issued for services                              -        3,000
      Share-based compensation                               -       54,842
      Changes in operating assets and liabilities:
        Certificate and merchandise inventory           (2,493)       8,779
        Other current assets                           (61,557)     (24,283)
        Other assets                                         -          200
        Accounts payable and accrued liabilities        60,538      (45,734)
        Other liabilities                                3,273      (54,552)
                                                   -----------  -----------
    Net cash used in operating activities             (147,754)    (191,401)
                                                   -----------  -----------
Cash flows from investing activities:
  Proceeds from note receivable                         15,860       12,127
  Proceeds from sales of property and equipment          3,100       31,623
  Purchases of property and equipment                   (6,198)     (10,938)
                                                   -----------  -----------
    Net cash provided by investing activities           12,762       32,812
                                                   -----------  -----------
Cash flows from financing activities:
  Net proceeds from warrant exercise                         -       64,000
  Proceeds from line of credit                         622,965      545,280
  Payments on line of credit                          (430,000)    (485,000)
  Payments on equipment financing obligations          (18,529)     (15,043)
  Payments on capitalized leases                       (34,851)     (32,984)
                                                   -----------  -----------
    Net cash provided by financing activities          139,585       76,253
                                                   -----------  -----------
Net (decrease) increase in cash                          4,593      (82,336)
Cash at beginning of period                            129,095      261,600
                                                   -----------  -----------
Cash at end of period                              $   133,688  $   179,264
                                                   ===========  ===========
Supplemental Information:
Cash paid during the period for interest           $    17,644  $    13,573
                                                   ===========  ===========
Supplemental Disclosure of Non-Cash Activity:
Note receivable from sale of assets                $         -  $    15,000
                                                   ===========  ===========

Company Contact
Speedemissions Inc.
(770) 306-7667

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
SYS-CON Events announced today that Harbinger Systems will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Harbinger Systems is a global company providing software technology services. Since 1990, Harbinger has developed a strong customer base worldwide. Its customers include software product companies ranging from hi-tech start-ups in Silicon Valley to leading product companies in the US and large in-house IT organizations.
The only place to be June 9-11 is Cloud Expo & @ThingsExpo 2015 East at the Javits Center in New York City. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT & Big Data companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked for their ability to explore the economic strategies that utility/cloud computing provides. Whether public, private, or in a hybrid form, clo...
SYS-CON Events announces a new pavilion on the Cloud Expo floor where WebRTC converges with the Internet of Things. Pavilion will showcase WebRTC and the Internet of Things. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices--computers, smartphones, tablets, and sensors – connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades.
SYS-CON Events announced today that Gridstore™, the leader in software-defined storage (SDS) purpose-built for Windows Servers and Hyper-V, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Gridstore™ is the leader in software-defined storage purpose built for virtualization that is designed to accelerate applications in virtualized environments. Using its patented Server-Side Virtual Controller™ Technology (SVCT) to eliminate the I/O blender effect and accelerate applications Gridsto...
SYS-CON Events announced today that Red Hat, the world's leading provider of open source solutions, will exhibit at Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Red Hat is the world's leading provider of open source software solutions, using a community-powered approach to reliable and high-performing cloud, Linux, middleware, storage and virtualization technologies. Red Hat also offers award-winning support, training, and consulting services. As the connective hub in a global network of enterprises, partners, a...
As the Internet of Things unfolds, mobile and wearable devices are blurring the line between physical and digital, integrating ever more closely with our interests, our routines, our daily lives. Contextual computing and smart, sensor-equipped spaces bring the potential to walk through a world that recognizes us and responds accordingly. We become continuous transmitters and receivers of data. In his session at Internet of @ThingsExpo, Andrew Bolwell, Director of Innovation for HP’s Printing and Personal Systems Group, will discuss how key attributes of mobile technology – touch input, senso...
The Internet of Things (IoT) is making everything it touches smarter – smart devices, smart cars and smart cities. And lucky us, we’re just beginning to reap the benefits as we work toward a networked society. However, this technology-driven innovation is impacting more than just individuals. The IoT has an environmental impact as well, which brings us to the theme of this month’s #IoTuesday Twitter chat. The ability to remove inefficiencies through connected objects is driving change throughout every sector, including waste management. BigBelly Solar, located just outside of Boston, is trans...
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, will examine three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective storage designed to handle the massive surge in back-end data in a world where timely analytics...
Internet of @ThingsExpo Silicon Valley announced on Thursday its first 12 all-star speakers and sessions for its upcoming event, which will take place November 4-6, 2014, at the Santa Clara Convention Center in California. @ThingsExpo, the first and largest IoT event in the world, debuted at the Javits Center in New York City in June 10-12, 2014 with over 6,000 delegates attending the conference. Among the first 12 announced world class speakers, IBM will present two highly popular IoT sessions, which will take place November 4-6, 2014 at the Santa Clara Convention Center in Santa Clara, Calif...
The Internet of Things (IoT) promises to evolve the way the world does business; however, understanding how to apply it to your company can be a mystery. Most people struggle with understanding the potential business uses or tend to get caught up in the technology, resulting in solutions that fail to meet even minimum business goals. In his session at Internet of @ThingsExpo, Jesse Shiah, CEO / President / Co-Founder of AgilePoint Inc., will show what is needed to leverage the IoT to transform your business. He will discuss opportunities and challenges ahead for the IoT from a market and tec...
SYS-CON Events announced today that TeleStax, the main sponsor of Mobicents, will exhibit at Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. TeleStax provides Open Source Communications software and services that facilitate the shift from legacy SS7 based IN networks to IP based LTE and IMS networks hosted on private (on-premise), hybrid or public clouds. TeleStax products include Restcomm, JSLEE, SMSC Gateway, USSD Gateway, SS7 Resource Adaptors, SIP Servlets, Rich Multimedia Services, Presence Services/RCS, Diame...
From a software development perspective IoT is about programming "things," about connecting them with each other or integrating them with existing applications. In his session at @ThingsExpo, Yakov Fain, co-founder of Farata Systems and SuranceBay, will show you how small IoT-enabled devices from multiple manufacturers can be integrated into the workflow of an enterprise application. This is a practical demo of building a framework and components in HTML/Java/Mobile technologies to serve as a platform that can integrate new devices as they become available on the market.
SYS-CON Events announced today that O'Reilly Media has been named “Media Sponsor” of SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. O'Reilly Media spreads the knowledge of innovators through its books, online services, magazines, and conferences. Since 1978, O'Reilly Media has been a chronicler and catalyst of cutting-edge development, homing in on the technology trends that really matter and spurring their adoption by amplifying "faint signals" from the alpha geeks who are creating the future. An...
SYS-CON Events announced today that Aria Systems, the recurring revenue expert, has been named "Bronze Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Aria Systems helps leading businesses connect their customers with the products and services they love. Industry leaders like Pitney Bowes, Experian, AAA NCNU, VMware, HootSuite and many others choose Aria to power their recurring revenue business and deliver exceptional experiences to their customers.
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce the value of the network in helping organizations to maximize their company’s cloud experience.
As a disruptive technology, Web Real-Time Communication (WebRTC), which is an emerging standard of web communications, is redefining how brands and consumers communicate in real time. The on-going narrative around WebRTC has largely been around incorporating video, audio and chat functions to apps. In his session at Internet of @ThingsExpo, Alex Gouaillard, Founder and CTO of Temasys Communications, will look at a fourth element – data channels – and talk about its potential to move WebRTC beyond browsers and into the Internet of Things.
SYS-CON Events announced today that Gigaom Research has been named "Media Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Ashar Baig, Research Director, Cloud, at Gigaom Research, will also lead a Power Panel on the topic "Choosing the Right Cloud Option." Gigaom Research provides timely, in-depth analysis of emerging technologies for individual and corporate subscribers. Gigaom Research's network of 200+ independent analysts provides new content daily that bridges the gap between break...
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core of our infrastructures. At the same time, we have old approaches made new again like micro-services...
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, data security and privacy.