Speedemissions Reports Results for the First Quarter 2009
ATLANTA--Speedemissions, Inc. (OTC Bulletin Board: SPMI News), a leading vehicle emissions and safety inspection company today announced its financial results for its first quarter ended March 31, 2009. Highlights for the first quarter 2009 compared with first quarter 2008:
Richard Parlontieri, President and CEO, commented “We are very pleased to report revenue growth and profits in the first quarter of 2009. It is a positive start to the year despite the challenges of this difficult economy. We are excited to see the customer growth in stores opened within the last fifteen months at our Mr. Sticker stores in Houston and our Speedemissions stores in St. Louis. We also continue to focus our efforts on reducing expenses, both at the stores and at our corporate offices.”
Revenue for the first quarter of 2009 was $2,471,942, an increase of $42,188 or 1.7% from $2,429,754 in the same period of 2008. The increase in revenue was mainly attributable to revenue generated from new stores that were not open during the entire prior comparable period and an increase in same store sales of 2.2%, partially offset by a reduction in revenue from the closure of a store in September 2008.
General and administrative expenses for the first quarter of 2009 decreased $184,080, or (37.9%) from the same quarter last year due primarily to a decrease in professional fees and personnel costs.
Income (loss) from continuing operations for the first quarter of 2009 was $42,152 or $0.00 per diluted share compared to a loss from continuing operations of ($76,219), or ($0.01) per diluted share in the same quarter last year.
Income (loss) from discontinued operations for the first quarter of 2009 was $0 or $0.00 per diluted share compared to a loss from discontinued operations of ($99,413), or ($0.01) per diluted share in the same quarter last year. The loss from discontinued operations consisted of the operating results for all 12 stores in the Dallas – Ft. Worth area that the Company closed in 2008.
Net income for the first quarter of 2009 was $42,152, or $0.01 per basic and $0.00 per diluted share compared to a net loss of $175,632, or ($0.03) per basic and diluted share in the same period a year ago.