IATLANTA, Ga. – Speedemissions Inc., a leading vehicle emissions and safety inspection company with locations in Atlanta, St. Louis and Salt Lake City, and the developer of CARbonga-SRI and CARbonga automobile diagnostic iPhone apps, has announced its financial results for its quarter ended June 30, 2014.
President and CEO, Rich Parlontieri commented, "We still have much more work to do regarding the results at the store operations level in addition to managing our general and administrative expenses, as we look toward profitability. We continue to seek cost-saving measures in every area of the business along with pursuing additional sources of revenue."
After adjusting for non-cash goodwill impairment charge of $365,378, Speedemissions realized a 27 percent decrease in its operating loss over the same period in 2013. For the second quarter 2014, the company reported an operating loss of ($87,864) versus a loss of ($211,490) for the same period in 2013. Total revenue declined approximately $170,000 to $1.6 million compared to $1.8 million in the second quarter ended June 30, 2013. The decrease in revenue was due to the sale of the Houston stores, plus the closing of one store each in St. Louis in April 2014, and Atlanta in May 2014.
A portion of the reduction in revenue, however, continued to be offset by the acquisition of the seven stores in Atlanta in late 2013, the company noted.
