Speedemissions, Inc. Announces Financial Results for the Second Quarter Ended June 30, 2014; Reports Impairment Charges for the Second Quarter Ended June 30, 2014
August 14, 2014 at 04:39 pm EDT
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Speedemissions Inc. announced financial results for the second quarter ended June 30, 2014. For the second quarter of 2014, the company reported an operating loss of $87,864 versus a loss of $211,490 for the same period in 2013. Total revenue declined approximately $170,000 to $1,600,643 compared to $1,770,709 in the second quarter ended June 30, 2013. The decrease in revenue was due to the sale of the Houston stores, plus the closing of one store each in St. Louis in April 2014, and Atlanta in May 2014. After adjusting for non-cash goodwill impairment charge of $365,378, the company realized a 27% decrease in its operating loss over the same period in 2013.
The company reported non-cash goodwill impairment charge of $365,378.
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. Announces Financial Results for the Second Quarter Ended June 30, 2014; Reports Impairment Charges for the Second Quarter Ended June 30, 2014