Speedemissions Inc. is a leading vehicle emissions testing and safety inspections company. The company provides vehicle testing of emissions in areas where testing is mandated by the Environmental Protection Agency (EPA).
The goal of the company is to create a national brand, offering their customers quick and efficient vehicle emissions testing service. Speedemissions believes they can reach that goal because the integrity of their tests isnâ€™t compromised by trying to sell another service. The company does not repair failed vehicles and does not sell mufflers, catalytic converters, brakes or other products.
Speedemissions has announced their financial results for the second quarter and year-to-date for the period ended June 30, 2009.
â€¢ Revenues for the second quarter increased by 2.7% to $2,586,308 and by 2.2% year-to-date to $5,058,250.
â€¢ Same store sales for the second quarter increased by 5.5% and by 2.2% year-to-date.
â€¢ Net income for the second quarter increased to $102,916 or $0.01 per diluted share versus a net loss of $173,646 or ($0.03) per diluted share in the same period last year.
â€¢ Net income year-to-date increased to $145,068 or $0.02 per diluted share versus a net loss of $349.278 or ($0.07) per diluted share in the same period last year.
â€¢ General and administrative expenses decreased by 28.2% in the second quarter and by 33% year-to-date versus the same periods last year.
So far in 2009, the company has greatly improved its balance sheet â€“ Speedemissions has increased its cash balance by 17.9% and decreased its total liabilities by 15.2%.
President and CEO of Speedemissions, Richard A. Parlontieri, commented on the results stating â€œWe’re encouraged that despite the most severe recession in recent history, we were able to increase revenue, increase same store sales, generate net income for the second consecutive quarter, increase our cash balance and reduce our liabilities during the quarter and first six months of 2009.â€