ATLANTA, June 04, 2018 (GLOBE NEWSWIRE) -- Speedemissions, Inc. (OTCPK:SPMI) (the "Company"), a national retail brand offering consumers automobile emissions testing and safety inspections, as well as the owner/operator of Auto Recycling of Montgomery today announced its Unaudited Financial results for the quarter ended March 31, 2018.
"The operation of our business continues to improve," stated Rich Parlontieri, Speedemissions President and CEO. "In addition, Auto Recycling of Montgomery is now steadily increasing its salvage vehicle inventory, thereby adding more salvaged OEM parts for sale. Another plus is that a few select salvaged title vehicles are being rebuilt for sell in the used car market. We expect this secondary sales channel to accelerate revenue and net profit," added Parlontieri.
2018 First Quarter Unaudited Financial Highlights
- For the period ended March 31, 2018 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%.
- Both store operating expenses at $19,000 (3.7%), and general & administrative expenses at $57,000 (27.8%) were down versus Q1 of 2017. This is due to a reduction in legal, accounting, professional fees and salary expenses.
- 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 Q1 of 2017.
- Current liabilities have continued downward and declined $142,409 (11.1%) to $1,282,003 from $1,424,412 versus March 31, 2017.
ABOUT SPEEDEMISSIONS, INC.
Speedemissions, Inc., based in Atlanta, Georgia, is a national brand offering our customers quick and efficient emissions testing and safety inspections as required by law. The Company is in the, Atlanta, GA. and St. Louis, MO. markets. The Company hopes to expand its business model by its recent announcement of acquiring an auto salvage yard. For more information visit: www.speedemissions.com.
ABOUT AUTO RECYCLING OF MONTGOMERY
Speedy Operations, Inc. (a wholly owned subsidiary of Speedemissions) is an Auto Recycling of Montgomery. Auto Recycling of Montgomery, a full service auto salvage yard, that became operational in November 2017, after being closed for over three years. The company dismantles cars purchased through the insurance auctions and sells the OEM parts to auto repair garages, auto body shops, the general public and is developing an internet based sales platform. In addition, to being an Automotive Dismantler and Parts Recycler, the company is a Motor Vehicle Rebuilder, Used Motor Vehicle Dealer and Motor Vehicle Wholesaler. For more information, visit www.autorecyclingofmontgomery.com.
FORWARD LOOKING STATEMENTS
Certain statements contained in this news release regarding matters that are not historical facts may be forward-looking statements. Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, uncertainties pertaining to continued market acceptance for Speedemissions' products and services, its ability to increase revenues in the near term to attain profitable operations and generate sufficient cash flow from operations, the effect of new competitors in its market and the integration of acquired businesses. Other factors not currently anticipated may also materially and adversely affect Speedemissions results of operations, financial position and cash flows. There can be no assurance that future results will meet expectation. While Speedemissions believes that the forward-looking statements in this news release are reasonable, the reader should not place undue reliance on any forward-looking statement. In addition, these statements speak only as of the date made. Speedemissions does not undertake, and expressly disclaims any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
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