Welcome!

iPhone Authors: Michael Shaulov, Shelly Palmer, Elizabeth White, Kevin Benedict, Yeshim Deniz

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
Software AG helps organizations transform into Digital Enterprises, so they can differentiate from competitors and better engage customers, partners and employees. Using the Software AG Suite, companies can close the gap between business and IT to create digital systems of differentiation that drive front-line agility. We offer four on-ramps to the Digital Enterprise: alignment through collaborative process analysis; transformation through portfolio management; agility through process automation and integration; and visibility through intelligent business operations and big data.
There will be 50 billion Internet connected devices by 2020. Today, every manufacturer has a propriety protocol and an app. How do we securely integrate these "things" into our lives and businesses in a way that we can easily control and manage? Even better, how do we integrate these "things" so that they control and manage each other so our lives become more convenient or our businesses become more profitable and/or safe? We have heard that the best interface is no interface. In his session at Internet of @ThingsExpo, Chris Matthieu, Co-Founder & CTO at Octoblu, Inc., will discuss how these devices generate enough data to learn our behaviors and simplify/improve our lives. What if we could connect everything to everything? I'm not only talking about connecting things to things but also systems, cloud services, and people. Add in a little machine learning and artificial intelligence and now we have something interesting...
Last week, while in San Francisco, I used the Uber app and service four times. All four experiences were great, although one of the drivers stopped for 30 seconds and then left as I was walking up to the car. He must have realized I was a blogger. None the less, the next car was just a minute away and I suffered no pain. In this article, my colleague, Ved Sen, Global Head, Advisory Services Social, Mobile and Sensors at Cognizant shares his experiences and insights.
We are reaching the end of the beginning with WebRTC and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will want to use their existing identities, but these will have credentials already that are (hopefully) irreversibly encoded. In his session at Internet of @ThingsExpo, Peter Dunkley, Technical Director at Acision, will look at how this identity problem can be solved and discuss ways to use existing web identities for real-time communication.
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. It also ensured scalability and better service for customers, including MUY! Companies, one of the country's largest franchise restaurant companies with 232 Pizza Hut locations. This is one example of WebRTC adoption today, but the potential is limitless when powered by IoT. Attendees will learn real-world benefits of WebRTC and explore future possibilities, as WebRTC and IoT intersect to improve customer service.
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 Internet of @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, will share 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, an Open Source Cloud Communications company that helps the shift from legacy IN/SS7 telco networks to IP-based cloud comms. An early investor in multiple start-ups, he still finds time to code for his companies and contribute to open source projects.
The Internet of Things (IoT) promises to create new business models as significant as those that were inspired by the Internet and the smartphone 20 and 10 years ago. What business, social and practical implications will this phenomenon bring? That's the subject of "Monetizing the Internet of Things: Perspectives from the Front Lines," an e-book released today and available free of charge from Aria Systems, the leading innovator in recurring revenue management.
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges.
There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at 6th Big Data Expo®, Hannah Smalltree, Director at Treasure Data, to discuss how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other machines.
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. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be!
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at Internet of @ThingsExpo, Erik Lagerway, Co-founder of Hookflash, will walk through the shifting landscape of traditional telephone and voice services to the modern P2P RTC era of OTT cloud assisted services.
While great strides have been made relative to the video aspects of remote collaboration, audio technology has basically stagnated. Typically all audio is mixed to a single monaural stream and emanates from a single point, such as a speakerphone or a speaker associated with a video monitor. This leads to confusion and lack of understanding among participants especially regarding who is actually speaking. Spatial teleconferencing introduces the concept of acoustic spatial separation between conference participants in three dimensional space. This has been shown to significantly improve comprehension and conference efficiency.
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, will discuss single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example to explain some of these concepts including when to use different storage models.
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 Gridstore delivers vmOptimized™ Storage that self-optimizes to each application or VM across both virtual and physical environments. Leveraging a grid architecture, Gridstore delivers the first end-to-end storage QoS to ensure the most important App or VM performance is never compromised. The storage grid, that uses Gridstore’s performance optimized nodes or capacity optimized nodes, starts with as few a...
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. These technological reforms have not only changed computers and smartphones, but are also changing the data processing model for all information devices. In particular, in the area known as M2M (Machine-To-Machine), there are great expectations that information with a new type of value can be produced using a variety of devices and sensors saving/sharing data via the network and through large-scale cloud-type data processing. This consortium believes that attaching a huge number of devic...
Innodisk is a service-driven provider of industrial embedded flash and DRAM storage products and technologies, with a focus on the enterprise, industrial, aerospace, and defense industries. Innodisk is dedicated to serving their customers and business partners. Quality is vitally important when it comes to industrial embedded flash and DRAM storage products. That’s why Innodisk manufactures all of their products in their own purpose-built memory production facility. In fact, they designed and built their production center to maximize manufacturing efficiency and guarantee the highest quality of our products.
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. Download Slide Deck: ▸ Here
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. Over the summer Gartner released its much anticipated annual Hype Cycle report and the big news is that Internet of Things has now replaced Big Data as the most hyped technology. Indeed, we're hearing more and more about this fascinating new technological paradigm. Every other IT news item seems to be about IoT and its implications on the future of digital business.
BSQUARE is a global leader of embedded software solutions. We enable smart connected systems at the device level and beyond that millions use every day and provide actionable data solutions for the growing Internet of Things (IoT) market. We empower our world-class customers with our products, services and solutions to achieve innovation and success. For more information, visit www.bsquare.com.
With the iCloud scandal seemingly in its past, Apple announced new iPhones, updates to iPad and MacBook as well as news on OSX Yosemite. Although consumers will have to wait to get their hands on some of that new stuff, what they can get is the latest release of iOS 8 that Apple made available for most in-market iPhones and iPads. Originally announced at WWDC (Apple’s annual developers conference) in June, iOS 8 seems to spearhead Apple’s newfound focus upon greater integration of their products into everyday tasks, cross-platform mobility and self-monitoring. Before you update your device, here is a look at some of the new features and things you may want to consider from a mobile security perspective.