Welcome!

iPhone Authors: Elizabeth White, Pat Romanski, Tim Hinds, Liz McMillan, Andreas Grabner

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
Code Halos - aka "digital fingerprints" - are the key organizing principle to understand a) how dumb things become smart and b) how to monetize this dynamic. In his session at @ThingsExpo, Robert Brown, AVP, Center for the Future of Work at Cognizant Technology Solutions, outlined research, analysis and recommendations from his recently published book on this phenomena on the way leading edge organizations like GE and Disney are unlocking the Internet of Things opportunity and what steps your organization should be taking to position itself for the next platform of digital competition.
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.
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial Cloud.
SYS-CON Media announced that Splunk, a provider of the leading software platform for real-time Operational Intelligence, has launched an ad campaign on Big Data Journal. Splunk software and cloud services enable organizations to search, monitor, analyze and visualize machine-generated big data coming from websites, applications, servers, networks, sensors and mobile devices. The ads focus on delivering ROI - how improved uptime delivered $6M in annual ROI, improving customer operations by mining large volumes of unstructured data, and how data tracking delivers uptime when it matters most.
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, addressed the big issues involving these technologies and, more important, the results they will achieve. Rodney Rogers, chairman and CEO of Virtustream; Brendan O'Brien, co-founder of Aria Systems, Bart Copeland, president and CEO of ActiveState Software; Jim Cowie, chief scientist at Dyn; Dave Wagstaff, VP and chief architect at BSQUARE Corporation; Seth Proctor, CTO of NuoDB, Inc.; and Andris Gailitis, C...
SYS-CON Events announced today that CodeFutures, a leading supplier of database performance tools, has been named a “Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. CodeFutures is an independent software vendor focused on providing tools that deliver database performance tools that increase productivity during database development and increase database performance and scalability during production.
SYS-CON Events announced today that ActiveState, the leading independent Cloud Foundry and Docker-based PaaS provider, has been named “Silver Sponsor” of SYS-CON's DevOps Summit New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. ActiveState believes that enterprises gain a competitive advantage when they are able to quickly create, deploy and efficiently manage software solutions that immediately create business value, but they face many challenges that prevent them from doing so. The Company is uniquely positioned to help address these challenges thro...
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what the future may hold. Mike Kavis is Vice President & Principal Cloud Architect at Cloud Technology Pa...
Dale Kim is the Director of Industry Solutions at MapR. His background includes a variety of technical and management roles at information technology companies. While his experience includes work with relational databases, much of his career pertains to non-relational data in the areas of search, content management, and NoSQL, and includes senior roles in technical marketing, sales engineering, and support engineering. Dale holds an MBA from Santa Clara University, and a BA in Computer Science from the University of California, Berkeley.
SYS-CON Media announced that Cisco, a worldwide leader in IT that helps companies seize the opportunities of tomorrow, has launched a new ad campaign in Cloud Computing Journal. The ad campaign, a webcast titled 'Is Your Data Center Ready for the Application Economy?', focuses on the latest data center networking technologies, including SDN or ACI, and how customers are using SDN and ACI in their organizations to achieve business agility. The Cisco webcast is available on-demand.
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 @ThingsExpo, Jesse Shiah, CEO / President / Co-Founder of AgilePoint Inc., showed what is needed to leverage the IoT to transform your business. He discussed opportunities and challenges ahead for the IoT from a market and technical point of vie...
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Performance is the intersection of power, agility, control, and choice. If you value performance, and more specifically consistent performance, you need to look beyond simple virtualized compute. Many factors need to be considered to create a truly performant environment. In his General Session at 15th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, discussed how to take advantage of a multitude of compute options and platform features to make cloud the cornerstone of your online presence.
In this Women in Technology Power Panel at 15th Cloud Expo, moderated by Anne Plese, Senior Consultant, Cloud Product Marketing at Verizon Enterprise, Esmeralda Swartz, CMO at MetraTech; Evelyn de Souza, Data Privacy and Compliance Strategy Leader at Cisco Systems; Seema Jethani, Director of Product Management at Basho Technologies; Victoria Livschitz, CEO of Qubell Inc.; Anne Hungate, Senior Director of Software Quality at DIRECTV, discussed what path they took to find their spot within the technology industry and how do they see opportunities for other women in their area of expertise.
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
Advanced Persistent Threats (APTs) are increasing at an unprecedented rate. The threat landscape of today is drastically different than just a few years ago. Attacks are much more organized and sophisticated. They are harder to detect and even harder to anticipate. In the foreseeable future it's going to get a whole lot harder. Everything you know today will change. Keeping up with this changing landscape is already a daunting task. Your organization needs to use the latest tools, methods and expertise to guard against those threats. But will that be enough? In the foreseeable future attacks w...
As enterprises move to all-IP networks and cloud-based applications, communications service providers (CSPs) – facing increased competition from over-the-top providers delivering content via the Internet and independently of CSPs – must be able to offer seamless cloud-based communication and collaboration solutions that can scale for small, midsize, and large enterprises, as well as public sector organizations, in order to keep and grow market share. The latest version of Oracle Communications Unified Communications Suite gives CSPs the capability to do just that. In addition, its integration ...
“The age of the Internet of Things is upon us,” stated Thomas Svensson, senior vice-president and general manager EMEA, ThingWorx, “and working with forward-thinking companies, such as Elisa, enables us to deploy our leading technology so that customers can profit from complete, end-to-end solutions.” ThingWorx, a PTC® (Nasdaq: PTC) business and Internet of Things (IoT) platform provider, announced on Monday that Elisa, Finnish provider of mobile and fixed broadband subscriptions, will deploy ThingWorx® platform technology to enable a new Elisa IoT service in Finland and Estonia.
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, shared some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder of TeleStax, a...