Speedemissions, Inc. Announces First Quarter EBITDA
May 25 2004 - 4:34PM
PR Newswire (US)
Speedemissions, Inc. Announces First Quarter EBITDA ATLANTA, May 25
/PRNewswire-FirstCall/ -- Speedemissions, Inc. (BULLETIN BOARD:
SPEM) a vehicle emissions testing and safety inspection company
announced that it's first quarter of store acquisitions and organic
growth produced EBITDA margins of 26%. "This result is before we
begin to significantly drive customer volume through our stores
under the Speedemissions brand," said CEO Rich Parlontieri. For the
March quarter, revenue was $618,000 and reflected only two months
of the newly acquired stores. EBITDA was $160,000. While the
company had a loss of $1,238,000, or $.07 a share, over $920,000 of
the loss can be attributed to other one-time charges for the
acquisitions, debt conversion and discount on issuance of common
stock. SPEM closed the quarter with 17 stores and right after the
quarter ended opened its 18th store. The company has targeted 35
stores to be operational by year-end 2004. "We expect to expand our
foothold in the Atlanta and Houston markets, and will be opening
our first Dallas, Texas location in July," continued Mr.
Parlontieri. About Speedemissons: Speedemissions, Inc. based in
Atlanta, Georgia, plans to become the leading vehicle emissions
(and safety inspection where required) company in the United States
in areas where vehicle emission testing is mandated by the U.S.
Environmental Protection Agency (EPA). The market is highly
fragmented. Speedemissions expects to be the first company to
create a national brand offering their customers fast, courteous
and efficient vehicle emission testing service. The initial focus
of the company is in the Atlanta, Georgia and Houston, Texas
markets. The company plans to rapidly expand store sites in these
and other markets. Certain information contained in this news
release may include forward- looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. While these statements are made to
convey the company's progress, business opportunities and growth
prospects, readers are cautioned that such forward-looking
statements represent management's opinion. Actual company results
may differ materially from those described. The company's
operations and business prospects are always subject to risk and
uncertainties. A more extensive listing of risks and factors that
may affect the business prospects of the company and cause actual
results to differ materially from those described in the
forward-looking statements can be found in the reports and other
documents filed by the company with the Securities and Exchange
Commission. DATASOURCE: Speedemissions, Inc. CONTACT: Richard
Parlontieri, President of Speedemissions, +1-770-306-7667 Web site:
http://www.speedemissions.com/
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