Speedemissions Inc., a national brand offering customers quick and efficient emissions testing and safety inspections and the developer of CARbonga-SRI app, has announced its financial results for its second quarter ended June 30, 2017.
“In posting positive EBITDA for the second quarter of 2017, we have now produced positive EBITDA in seven of our past eight quarters, going back to September 2015. This past March, we executed the first strategic opportunity for diversified expansion with the asset purchase of Auto Recycling of Montgomery. When fully operational the auto salvage recycling business is expected to steadily increase Speedemissions’ revenue and contribute to our bottom line. Our central focus continues to be about obtaining sustainable profitability and creating equity value for our shareholders,” said Rich Parlontieri, CEO of Speedemissions.
Total revenue decreased 7.4 percent or $54,531 to $1,677,817 for the quarter ended June 30, 2017, as compared to revenue of $1,727,348 for the quarter ended June 30, 2016. The decline in revenue is directly attributed to the lease termination and permanent closing of the company’s Utah emission testing station in March 2017.
The company reported an improvement of $216,518 in its adjusted EBITDA (a non-GAAP financial measurement) to $298,790 for the quarter end June 30, 2017, as compared to adjusted EBITDA of 82,273 for the quarter ended June 30, 2016.
The company realized a net loss of ($67,434) for the quarter ended June 30, 2017, compared to a Net loss of ($29,282) for the quarter ended June 30, 2016. This increase in operating loss for the quarter was related to the Utah store closing, the absence of debt forgiveness and the expense of adding 25 emission testing machines as mandated by the States of Georgia and Missouri.
Net income for the six months ended June 30, 2017, was $160,185 as compared to a Net loss of ($54,289) for the same period in 2016.
