Speedemissions Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016
November 11, 2016 at 08:00 am EST
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Speedemissions Inc. reported earnings results for the third quarter and nine months ended September 30, 2016. Revenue increased $54,378 to $900,640 in the third quarter of 2016 compared to $846,082 in the third quarter of 2015. The increase was attributed to the growth of same store sales in Atlanta of 6.7% and St. Louis of 11.55% while Salt Lake had a 1% decline. A reduction in the Company's net loss of $31,075 in the third quarter 2016 compared to a $61,016 in the third quarter of 2015.
Company reported positive EBITDA for the nine months ended of $131,151, compared to negative EBITDA of $217,695 for the same period of 2015, an improvement of $348,846 or 160.25%. The Company had net loss of $85,364 compared to net loss of $420,444 for the same period 2015, an improvement of $335,080 or 79.7%.
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.