|By Marketwired .||
|November 21, 2012 04:30 PM EST||
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.
- 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."
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 =========== ===========
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