Please replace the release with the following corrected version due to multiple revisions and the addition of tables.
The corrected release reads:
SPEEDEMISSIONS REPORTS RESULTS FOR THE FIRST QUARTER 2009
Speedemissions, Inc. (OTC Bulletin Board: SPMI - News), a leading vehicle emissions and safety inspection company today announced its financial results for its first quarter ended March 31, 2009. Highlights for the first quarter 2009 compared with first quarter 2008:
- Total revenue increased 1.7% to $2,471,942
- Same store sales increased 2.2%
- General and administrative expenses decreased 37.9%
- Income from continuing operations was $42,152, or $0.00 per diluted share in the first quarter 2009 compared to a loss from continuing operations of ($76,219), or ($0.01) per diluted share in the same period a year ago
Richard Parlontieri, President and CEO, commented “We are very pleased to report revenue growth and profits in the first quarter of 2009. It is a positive start to the year despite the challenges of this difficult economy. We are excited to see the customer growth in stores opened within the last fifteen months at our Mr. Sticker stores in Houston and at our Speedemissions stores in St. Louis. We also continue to focus our efforts on reducing expenses, both at the stores and at our corporate offices.”
Revenue for the first quarter of 2009 was $2,471,942, an increase of $42,188 or 1.7% from $2,429,754 in the same period of 2008. The increase in revenue was mainly attributable to revenue generated from new stores that were not open during the entire prior comparable period and an increase in same store sales of 2.2%, partially offset by a reduction in revenue from the closure of a store in September 2008.
General and administrative expenses for the first quarter of 2009 decreased $184,080, or (37.9%) from the same quarter last year due primarily to a decrease in professional fees and personnel costs.
Income from continuing operations for the first quarter of 2009 was $42,152 or $0.00 per diluted share compared to a loss from continuing operations of ($76,219), or ($0.01) per diluted share in the same quarter last year.
Income (loss) from discontinued operations for the first quarter of 2009 was $0 or $0.00 per diluted share compared to a loss from discontinued operations of ($99,413), or ($0.01) per diluted share in the same quarter last year. The loss from discontinued operations consisted of the operating results for all 12 stores in the Dallas – Ft. Worth area that the Company closed in 2008.
Net income for the first quarter of 2009 was $42,152, or $0.01 per basic and $0.00 per diluted share compared to a net loss of ($175,632), or ($0.03) per basic and diluted share in the same period a year ago.
About Speedemissions, Inc. http://www.speedemissions.com Speedemissions, Inc., based in Atlanta, Georgia, is a leading vehicle emissions testing and safety inspections company with 39 stores in Atlanta, Houston, Salt Lake City and St. Louis.
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 | |||||||
| March 31, | December 31, | ||||||
| 2009 | 2008 | ||||||
| Assets | (unaudited) | ||||||
| Current assets: | |||||||
| Cash | $ | 542,769 | $ | 512,492 | |||
| Other current assets | 145,528 | 137,691 | |||||
| Total current assets | 688,297 | 650,183 | |||||
| Property and equipment, at cost less accumulated depreciation and amortization | 1,141,465 | 1,214,737 | |||||
| Goodwill | 7,100,572 | 7,100,572 | |||||
| Other assets | 97,937 | 100,937 | |||||
| Total assets | $ | 9,028,271 | $ | 9,066,429 | |||
| Liabilities and Shareholders' Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 382,817 | $ | 498,554 | |||
| Accrued liabilities | 275,756 | 237,127 | |||||
| Current portion of capitalized lease obligations | 43,234 | 41,962 | |||||
| Current portion of equipment financing obligations | 16,953 | 16,362 | |||||
| Current portion - deferred rent | 17,949 | 17,949 | |||||
| Total current liabilities | 736,709 | 811,954 | |||||
| Capitalized lease obligations, net of current portion | 129,600 | 140,897 | |||||
| Equipment financing obligations, net of current portion | 59,964 | 64,431 | |||||
| Deferred rent | 229,383 | 230,521 | |||||
| Other long term liabilities | 7,350 | 7,350 | |||||
| Total liabilities | 1,163,006 | 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 outstanding; liquidation preference: $5,133,000 | 4,579,346 | 4,579,346 | |||||
| Shareholders' equity: | |||||||
| Series B convertible preferred stock, $.001 par value, 3,000,000 shares authorized, 2,481,482 shares issued and outstanding; liquidation preference: $6,372,446 | 2,481 | 2,481 | |||||
| Common stock, $.001 par value, 250,000,000 shares authorized, 5,162,108 shares issued and outstanding | 5,162 | 5,162 | |||||
| Additional paid-in capital | 15,761,792 | 15,749,955 | |||||
| Accumulated deficit | (12,483,516 | ) | (12,525,668 | ) | |||
| Total shareholders' equity | 3,285,919 | 3,231,930 | |||||
| Total liabilities and shareholders' equity | $ | 9,028,271 | $ | 9,066,429 | |||
| Speedemissions, Inc. and Subsidiaries | ||||||||
| Consolidated Statements of Operations | ||||||||
| Three Months Ended March 31, | ||||||||
2009 | 2008 | |||||||
| Revenue | $ | 2,471,942 | $ | 2,429,754 | ||||
| Costs of operations: | ||||||||
| Cost of emission certificates | 548,577 | 524,789 | ||||||
| Store operating expenses | 1,572,829 | 1,487,068 | ||||||
| General and administrative expenses | 301,366 | 485,446 | ||||||
| Operating income (loss) | 49,170 | (67,549 | ) | |||||
| Interest income (expense) | ||||||||
| Interest income | 25 | 864 | ||||||
| Interest expense | (7,043 | ) | (9,534 | ) | ||||
| Interest, net | (7,018 | ) | (8,670 | ) | ||||
| Income (loss) from continuing operations | 42,152 | (76,219 | ) | |||||
| Income (loss) from discontinued operations, net of income taxes | - | (99,413 | ) | |||||
| Net income (loss) | $ | 42,152 | $ | (175,632 | ) | |||
| Basic net income (loss) per common share from continuing operations | $ | 0.01 | $ | (0.01 | ) | |||
| Diluted net income (loss) per common share from continuing operations | $ | - | $ | (0.01 | ) | |||
| Basic net income (loss) per share from discontinued operations | $ | - | $ | (0.02 | ) | |||
| Diluted net income (loss) per share from discontinued operations | $ | - | $ | (0.02 | ) | |||
| Basic net income (loss) per share | $ | 0.01 | $ | (0.03 | ) | |||
| Diluted net income (loss) per share | $ | - | $ | (0.03 | ) | |||
| Weighted average common shares outstanding, basic | 5,162,108 | 5,162,108 | ||||||
| Weighted average common shares outstanding, diluted | 9,439,606 | 5,162,108 | ||||||
Contacts:
Michael Shanahan, 770-306-7667
Chief
Financial Officer
