Welcome!

Wearables Authors: Yeshim Deniz, Pat Romanski, Liz McMillan, Elizabeth White, Carmen Gonzalez

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
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Analytic. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in compute, storage and networking technologies, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/...
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
Judith Hurwitz is president and CEO of Hurwitz & Associates, a Needham, Mass., research and consulting firm focused on emerging technology, including big data, cognitive computing and governance. She is co-author of the book Cognitive Computing and Big Data Analytics, published in 2015. Her Cloud Expo session, "What Is the Business Imperative for Cognitive Computing?" is scheduled for Wednesday, June 8, at 8:40 a.m. In it, she puts cognitive computing into perspective with its value to the busin...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
NHK, Japan Broadcasting, will feature the upcoming @ThingsExpo Silicon Valley in a special 'Internet of Things' and smart technology documentary that will be filmed on the expo floor between November 3 to 5, 2015, in Santa Clara. NHK is the sole public TV network in Japan equivalent to the BBC in the UK and the largest in Asia with many award-winning science and technology programs. Japanese TV is producing a documentary about IoT and Smart technology and will be covering @ThingsExpo Silicon Val...
Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the USA and Europe, we work with a variety of customers from emerging startups to Fortune 1000 companies.
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
SYS-CON Events announced today that CollabNet, a global leader in enterprise software development, release automation and DevOps solutions, will be a Bronze Sponsor of SYS-CON's 20th International Cloud Expo®, taking place from June 6-8, 2017, at the Javits Center in New York City, NY. CollabNet offers a broad range of solutions with the mission of helping modern organizations deliver quality software at speed. The company’s latest innovation, the DevOps Lifecycle Manager (DLM), supports Value S...
NHK, Japan Broadcasting, will feature the upcoming @ThingsExpo Silicon Valley in a special 'Internet of Things' and smart technology documentary that will be filmed on the expo floor between November 3 to 5, 2015, in Santa Clara. NHK is the sole public TV network in Japan equivalent to the BBC in the UK and the largest in Asia with many award-winning science and technology programs. Japanese TV is producing a documentary about IoT and Smart technology and will be covering @ThingsExpo Silicon Val...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
The age of Digital Disruption is evolving into the next era – Digital Cohesion, an age in which applications securely self-assemble and deliver predictive services that continuously adapt to user behavior. Information from devices, sensors and applications around us will drive services seamlessly across mobile and fixed devices/infrastructure. This evolution is happening now in software defined services and secure networking. Four key drivers – Performance, Economics, Interoperability and Trust ...