ATLANTA — Vehicle emissions testing and safety inspection business Speedemissions Inc. has announced its financial results for the fourth quarter and year ended Dec. 31, 2009.

Income from continuing operations, excluding the 2009 goodwill impairment expense of $2.9 million, increased to $86,694 in 2009 compared to a loss from continuing operations of $134,801 in 2008.

Revenue increased 1.4 percent to $9.9 million for the year ended Dec. 31, 2009, compared to revenue of $9.9 million for the year ended Dec. 31, 2008. The increase in revenue was led by a 2.6 percent increase in same store sales over the comparable period of 2008.

Net loss for the year was $2.8 million or (53 cents) per basic and diluted share compared to a net loss of $495,776 or (10 cents) per basic and diluted share in 2008. Excluding the goodwill impairment expense, the company earned 1 cent per diluted share in the year ended Dec. 31, 2009, compared to a loss of (10 cents) per basic and diluted share in 2008.

Since Dec. 31, 2008, the company has used cash provided by operations to decrease its current liabilities by 42 percent and its total liabilities by 34.4 percent.

Richard Parlontieri, president and chief executive officer of Speedemissions, commented, “We’re pleased that we were able to increase revenue, improve our income from continuing operations and reduce our total liabilities in this most challenging economic environment. We expect to use the cash flows provided by operations to open between one and three new stores in 2010 and to enhance our ability to pursue other opportunities to increase our business.”

Revenue in the fourth quarter of 2009 totaled $2.3 million, a decrease of 1.7 percent compared with revenue of $2.3 million in the same period last year. On a same-store basis, Speedemissions, Inc.’s fourth quarter sales were down 2.3 percent. This was in line with the company’s expectations as its fourth quarter revenue from its Texas operations in 2008 included tests postponed in September 2008 as a result of Hurricane Ike.

Excluding the goodwill impairment expense of $2.9 million the company’s net loss in the fourth quarter ended Dec. 31, 2009, was $118,907 or (2 cents) per diluted share compared to a net loss of $171,266 or (3 cents) per basic and diluted share in the comparable period of 2008. Net loss for the fourth quarter was $2,992,673 or (56 cents) per basic and diluted share compared to a loss of $171,266 or (3 cents) per basic and diluted share in the comparable period of 2008.