“The 2022 year-end results show once again the progress the company has made over the past few years. The operation of our business produced a positive EBITDA1 for the sixteenth consecutive quarter,” stated
“While we remain driven on the continual advancement of our core business, we now clearly have a foundation to selectively examine various new strategies within the automotive sector and, just as importantly, potentially leverage the business as it relates to the environment which could broaden revenue channels, grow margins, improve profitability and create more value,” added Parlontieri.
Financial Highlights for the Fourth Quarter Ended
- Revenue increased by approximately
$76,000 to$940,000 in the fourth quarter of 2022 compared to approximately$864,000 in the fourth quarter of 2021. This increase was due to a 9.5% increase in same store sales inAtlanta and a 3.0% increase in theSt. Louis location.
- Store Operating Expenses increased by approximately
$28,000 or 5.7% in the fourth quarter of 2022 compared to the fourth quarter of 2021, primarily due to an increase in store wages.
- General and Administrative Expenses increased by
$16,000 or 11.2% compared to the fourth quarter of 2021, primarily due to an increase in compensation.
- The Company’s Net Income was approximately
$90,000 , an increase of$26,000 , as compared to the fourth quarter of 2021.
Financial Summary for Twelve Month Period Ended
- Revenue increased 13.2%, or
$443,000 , to approximately$3,802,000 in the twelve months endedDecember 31, 2022 , compared to$3,359,000 in the same period of 2021. This increase was achieved despite the closing of a station and the acquisition of a new station.
- Same Store Sales increased by 13.2% for twelve month ended
December 31, 2022 or$443,000 , as compared to same period 2021, including an increase inGeorgia stations and two mobiles of 13.3% and an increase in one Missouri station of 12.3%.
- Store Operating Expenses increased
$121,000 in the twelve months endedDecember 31, 2022 , compared to the same period of 2021. This increase was primarily due to increases in compensation, advertising, and automobile expenses.
- General and Administrative Expenses increased approximately
$121,000 or 22.1%, during the twelve months endedDecember 31, 2022 , compared to the same period of 2021. This increase was due to accounting, legal and compensation expenses.
- The Company had a Net Income of
$392,000 for the twelve months endedDecember 31, 2022 , compared to a Net Income of$770,846 for the same period 2021. After eliminating the PPP loan forgiveness and other accounts payable write-offs of$400,000 from twelve-month period endingDecember 31, 2021 , adjusted net income for 2021 was reduced to$371,000 compared same period 2022 adjusted net income of$457,000 , (adjusted for a landlord settlement of a closed location) an increase of$86,000 or 23.1%. The$86,000 increase was due primarily to a$360,000 increase in gross profit resulting from the$443,000 in revenue.
(1) EBITDA is a non-GAAP measure and is calculated as earnings before interest, tax, depreciation, and amortization and is commonly referred to evaluate a company’s operating performance. Consequently, EBITDA should not be considered in isolation or as a substitute for net income and loss presented in accordance with GAAP.
An analysis of results for the period ended
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FORWARD-LOOKING STATEMENTS
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