ATLANTA — Speedemissions, a vehicle emissions testing and safety inspections company with testing stores in Atlanta, Houston, St. Louis and Salt Lake City, has announced its financial results for the third quarter ended Sept. 30, 2009.
Revenue increased 2.6 percent to $2.6 million for the third quarter of 2009 compared to revenue of $2.5 million for the third quarter of 2008. The increase in revenue was led by a 4.6 percent increase in same store sales over the comparable period of 2008.
General and administrative expenses decreased 13.8 percent to $378,880 during the third quarter of 2009 compared to $439,285 in the same period of the prior year.
Net income for the third quarter of 2009 increased 144.4 percent to $60,531 or 1 cent per diluted share from net income of $24,769, or 0 cents per diluted share in the comparable period of 2008.
Revenue increased 2.4 percent to $7.7 million for the nine month period ended Sept. 30, 2009, compared to revenue of $7.5 million in the nine month period ended Sept. 30, 2008. Same store sales increased 4.1 percent in the nine month period.
General and administrative expenses decreased 27 percent to $1.04 million during the nine month period ended Sept. 30, 2009, compared to $1.4 million in the nine-month period ended Sept. 30, 2008.
Net income for the nine-month period ended Sept. 30, 2009, increased to $205,599 or 2 cents per diluted share from a net loss of $324,509 or (6 cents) per diluted share.
Since Dec. 31, 2008, the company has increased its cash balances by 31 percent and decreased its total liabilities by 20 percent.
Richard Parlontieri, president and chief executive officer of Speedemissions, commented, “We’re pleased that we were able to increase revenue, increase same store sales and generate net income for the third consecutive quarter. We have increased our cash balance and reduced our liabilities during the quarter and first nine months of 2009. We were able to do all of this with our existing capital resources.”
