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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.;
About CARbonga:

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
                                               -------------  -------------
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

                            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
   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
  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

                                                       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

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