“With the closing of our 2023 third quarter, we are pleased to report that the Company continues to focus on building financial strength as it has again posted positive EBITDA1 and net income which demonstrates the noteworthy progress made in the overall management and operation of our business. These gains are most impressive as they have been achieved in an environment of uncertainty caused by the post COVID-19 pandemic employment challenge. Our business has been affected, as we have faced unparallel issues with turnover and recruiting. To that end we have increased hourly pay rates and introduced sign-on bonuses to stabilize the matter,” stated
“What is important to note is that our employees continue to work diligently and tirelessly in providing our over 150,000 customers with quality customer service. The improvement in our financials is also allowing us the tactical flexibility to begin seeking and evaluating strategic growth opportunities with which we can strengthen and expand the business, not only organically, but also with potential acquisition candidates,” added Parlontieri.
Third Quarter End
- Revenue for the period ended
September 30, 2023 , decreased$44,582 or 4.5% to$953,222 , versus$997,808 for the same period in 2022. This reduction is directly attributed to staffing issues in bothAtlanta and St, Louis, and to a decline in our mobile unit division which services the used car industry.
- Store operating expenses dropped
$11,079 or 2.1% with general and administration expenses up$19,599 or 8.8%, primarily due to accounting and consulting fees.
- The Company’s net income for the third quarter was
$40,099 as compared to net income of$13,295 for the same period endedSeptember 30, 2022 . The net income increase was attributed to a$75,000 expense settlement with a landlord from 2014 and recorded in the third quarter of 2022.
Nine Months End
- Total revenue for nine months ended
September 30, 2023 has increased 2.8% or$81,041 to$2,943,523 from$2,862,482 as compared to the same period in 2022. - Store operating expenses increased
$94,087 or 6.5% compared to same period in 2022. The increase was primarily due to increases in employee compensation, station equipment rent, and business insurance.
- General and administrative expenses increased
$98,122 or 19.3% versus corresponding period 2022. This increase is related to accounting, legal, consulting, and shareholders’/directors’ expenses.
- Net Income was
$242,625 , compared to$293,548 , a 20.9% decline versus same period 2022. The operating expenses noted above resulted in the decrease in net income.
(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. |
ABOUT
For more information:
Investor Relations
info@speedemissions.com
FORWARD-LOOKING STATEMENTS
On
Source:
2023 GlobeNewswire, Inc., source