Speedemissions, Inc. Announces Unaudited Earnings Results for the Year Ended December 31, 2017
April 18, 2018 at 11:41 am EDT
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Speedemissions, Inc. announced unaudited earnings results for the year ended December 31, 2017. For the year, total revenue decreased $163,210 or 4.7% to $3,276,246 from, $3,439,456 as compared to 2016 year-end revenues. This decrease in revenue is directly attributed to the loss of the building lease and subsequent closing of Salt Lake City store. The company’s net profit for the year-end 2017 was $171,130, as compared to a net loss of $220,729 for the year ended December 31, 2016. This 2017 net profit was attributed to $294,706 in other income resulting from de-recognition of certain aged accounts payable and a $76,332 gain on asset disposal, resulting from closing Salt Lake City store. Adjusting the 2017 net profit for these three items yields an adjusted loss of $105,617 from continuing operations in 2017 or about a $115,000 improvement over 2016.
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.