Speedemissions, Inc. Announces Financial Results for First Quarter Ended March 31, 2017
May 16, 2017 at 09:00 am EDT
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Speedemissions, Inc. announced financial results for first quarter ended March 31, 2017. Total revenue increased 1.3%, to $897,411 for the quarter ended March 31, 2017 as compared to revenue of $885,551 for the quarter ended March 31, 2016. First quarter 2017 revenue was negatively impacted by $22,000 due to the termination of the store lease in Utah. Company reported a 550% improvement in its adjusted EBITDA to $294,450 for the quarter end March 31, 2017, as compared to adjusted EBITDA of $53,569 for the quarter ended March 31, 2016. Net Income was $244,807 compared to a net loss of $25,007, due to the $74,000 disposal of non-strategic assets and an adjustment of $199,910 certain accounts payable.
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.
SPEEDEMISSIONS, INC. 
