Speedemissions, Inc. Announces Unaudited Earnings Results for the First Quarter Ended March 31, 2018
June 04, 2018 at 09:36 am EDT
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Speedemissions, Inc. announced unaudited earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported total revenue decreased from $897,411 to $879,600 or ($17,811) a 2% drop, as compared to 2017 first quarter revenues. However, this decline in revenue is attributed solely to the loss of the lease of the Salt Lake City store. Overall same store sales increased $21,708 or 2.6%, with Atlanta up 2.4% and St. Louis up 4.9%. Net profit for the quarter was $30,166, as compared to $244,807 for the same period ended March 31, 2017. This net profit adjustment was because of the gain on the disposal of non-strategic assets from the Utah store closing and the de-recognition of aged accounts payable for first quarter of 2017.
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.