142% Revenue Increase for Speedemissions in 2005
ATLANTA--April 3, 2006--Speedemissions, Inc. (OTC Bulletin Board: SPMI), a leading vehicle emissions testing and safety inspections company for cars, SUVs, vans and pick-up trucks announced its year end revenue numbers with the filing of its annual report Form 10-KSB. With its two very key acquisitions as the anchor, Speedemissions revenue rose to $6,952,200.00 up from $2,867,921.00 in 2004 a 142% increase.In 2005 Speedemissions operations reflected a significantly different company than in 2004. The two acquisitions made by the company increased their number of vehicle emissions testing stations to 35, expanded its market share in the Houston market and established its presence in the Salt Lake City market. While net losses were $3,550,715, this included $1,660,538 in non-cash losses for warrant settlement expense. Actual losses from operations were $1,890,177 and were a significant improvement of $1,081,879 over 2005. Just as importantly, the acquisitions and capital raising activities of the company further impacted the net operating losses with substantial increases in both accounting and legal expense.
Rich Parlontieri, President/CEO of Speedemissions added, "Of the 14 new stations brought onboard in July and September of '05, we could only capture revenue for six and three months respectively from those locations. This year we'll be able to realize all their revenue and, coupled with us now operating the 2004 acquisitions in our system, we expect revenues will continue to increase at a faster rate than G&A expenses and these efficiencies will result in a profitable operation in 2006."
About Speedemissions Inc. http://www.speedemissions.com
Speedemissions, Inc., based in Atlanta, Georgia, plans to become the leading vehicle emissions (and safety inspection where required) company in the United States in areas where auto testing is mandated by the Environmental Protection Agency (EPA). Since the emissions testing market is highly fragmented, Speedemissions expects to be the first company to create a national brand offering their customers quick and efficient vehicle emissions testing service. The focus of the company is in the Atlanta, Georgia, Houston, Texas and Slat Lake City markets. The Company expects to continue to rapidly expand store sites.