Speedemissions, Inc. Announces Unaudited Financial Results for the Year Ended December 31, 2018
March 27, 2019 at 07:30 am EDT
Share
Speedemissions, Inc. announced its unaudited financial results for the year ended December 31, 2018. For the year ended December 31, 2018 total revenue increased 4.7% to $3,352,789 from, $3,276,246, or $76,543, as compared to 2017 year-end revenues. This increase in revenue was the result of a 4.9% increase in same store sales. Overall store sale improvement was mitigated by $69,000 due to the closing of a store in May due to the lease expiring and the property being sold. The Company’s net income for the year-end 2018 was $137,484, as compared to a net income of $171,130 for the year ended December 31, 2017. This net income was attributed to $130,819 in other income from the de-recognition of aged payables. This non-recurring gain was partially offset by an $82,223 operating loss from auto recycling, which did not become operational until November 2017. Adjusting the 2018 net income of $137,484 for these items yields an adjusted net income of $88,000 for 2018 or a $194,000 improvement over 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.