Market Overview

Speedemissions, Inc. Announces Year-End 2017 Financial Results


ATLANTA, April 18, 2018 (GLOBE NEWSWIRE) -- Speedemissions, Inc. (OTC:SPMI) (the "Company"), a national retail brand offering consumers automobile emissions testing and safety inspections, and owner/operator of Auto Recycling of Montgomery today announced its unaudited financial results for the year ended December 31, 2017.

"With the closing of our 2017 fiscal year, we have now posted two consecutive years of positive EBITDA1, which we believe demonstrates the progress made in the overall management and operation of our business," stated Rich Parlontieri, Speedemissions President and CEO.  "While much has been achieved, we'll continue to work on operational efficiency and expense reduction in 2018," added Parlontieri.

Full Year 2017 Unaudited Financial Highlights

  • For the year ended December 31, 2017 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 our Salt Lake City store.  Our Atlanta and St. Louis stores experienced same store sales increases of 1.9% and 1.6%, respectively. 
  • General and Administrative expenses were down 7.2%, due to a reduction in legal, accounting, professional fees and salary expenses, while store operating expenses decreased 2.8%
  • 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 our Salt Lake City store.  These non-recurring gains were partially offset by a $94,291 loss from our auto recycling location, which did not become operational until November 2017.  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., 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:

Auto Recycling of Montgomery is a full-service auto salvage yard which became operational in November 2017, after being closed for over three years.  The company dismantles vehicles purchased primarily through insurance auctions and sells the OEM parts to auto repair garages, auto body shops, the 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.  Auto Recycling of Montgomery is owned by Speedy Operation's Inc., a wholly-owned subsidiary of Speedemissions, Inc. For more information, visit

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, integration of acquired businesses, and other risk factors identified from time to time in its filings with the Securities and Exchange Commission, including Speedemissions 2016 Annual Report on Form 10-K, 2017 Quarterly Reports on Form 10-Q and 2017 reports on Form 8-K which are available at the SEC's website 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.

1 EBITDA is a non-GAAP measure and is calculated as earnings before interest, tax, depreciation and amortization and is commonly referred to evaluate company's operating performance.  Consequently, EBITDA should not be considered in isolation or as a substitute for net income and loss presented in accordance with GAAP. 

For more information:

Speedemissions, Inc.
Investor Relations

Primary Logo

View Comments and Join the Discussion!
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at