Speedemissions Inc. Announces Earnings Results for the Second Quarter and Six Months Ended June 30, 2017
August 15, 2017 at 07:02 am EDT
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Speedemissions Inc. announced earnings results for the second quarter and six months ended June 30, 2017. For the quarter, the company's total revenue decreased 7.4% or $54,531 to $1,677,817 as compared to revenue of $1,727,348 for the quarter ended June 30, 2016. The decline in revenue is directly attributed to the lease termination and permanent closing of Utah emission testing station in March 2017. The company reported an improvement of $216,518 in its adjusted EBITDA (a non-GAAP financial measurement) to $298,790 as compared to adjusted EBITDA of 82,273 for the quarter ended June 30, 2016. The company realized a net loss of $67,434 compared to $29,282 for the quarter ended June 30, 2016. This increase in operating loss for the quarter was related to the Utah store closing, the absence of debt forgiveness and the expense of adding 25 emission testing machines as mandated by the States of Georgia and Missouri.
For the six months, net income was $160,185 as compared to a net loss of $54,289 for the same period in 2016.
Speedemissions, Inc. (Speedemissions) is a retail brand emissions testing and safety inspections company. The Company is operating approximately 19 stores and three mobile testing units in the Atlanta and St. Louis markets. The Company has performed over 2.5 million vehicle emission inspections and nearly 1.25 million vehicle safety inspections. Its emission testing store does not repair cars that fail the emission and/or safety inspection, nor does it offer any other repair services, such as oil changes, brakes, or mufflers. The Company is in the Atlanta, Georgia and St. Louis, MO markets. The Company also offers its customers vehicle emissions testing and repair services in convenient locations.