Speedemissions, Inc. Announces Financial Results for Third Quarter Ended September 30,2023

ATLANTA, Oct. 26, 2023 (GLOBE NEWSWIRE) -- Speedemissions, Inc. (OTC Expert Market: SPMI) (the “Company”) a retail brand offering consumers automobile emissions testing and safety inspections, announced its unaudited financial results for the nine-month period ending September 30, 2023.

“With the closing of our 2023 third quarter, we are pleased to report that the Company continues to focus on building financial strength as it has again posted positive EBITDA¹ and net income which demonstrates the noteworthy progress made in the overall management and operation of our business. These gains are most impressive as they have been achieved in an environment of uncertainty caused by the post COVID-19 pandemic employment challenge. Our business has been affected, as we have faced unparallel issues with turnover and recruiting. To that end we have increased hourly pay rates and introduced sign-on bonuses to stabilize the matter,” stated Rich Parlontieri, Speedemissions, President and CEO.

“What is important to note is that our employees continue to work diligently and tirelessly in providing our over 150,000 customers with quality customer service. The improvement in our financials is also allowing us the tactical flexibility to begin seeking and evaluating strategic growth opportunities with which we can strengthen and expand the business, not only organically, but also with potential acquisition candidates,” added Parlontieri.

Third Quarter End September 30, 2023 Unaudited Financial Highlights

• Revenue for the period ended September 30, 2023, decreased $44,582 or 4.5% to $953,222, versus $997,808 for the same period in 2022. This reduction is directly attributed to staffing issues in both Atlanta and St, Louis, and to a decline in our mobile unit division which services the used car industry.
   
• Store operating expenses dropped $11,079 or 2.1% with general and administration expenses up $19,599 or 8.8%, primarily due to accounting and consulting fees.
   
• The Company’s net income for the third quarter was $40,099 as compared to net income of $13,295 for the same period ended September 30, 2022. The net income increase was attributed to a $75,000 expense settlement with a landlord from 2014 and recorded in the third quarter of 2022.

Nine Months End September 30, 2023 Unaudited Financial Highlights