“The fourth quarter and the year-end results clearly demonstrate the considerable progress the company has made over the past 36 months. The operation of our business produced a positive EBITDA1 for the twelfth consecutive quarter,” stated
“Without question, we remain driven on the continual advancement of our core business. With that though, we now have the foundation to actively review and carefully examine various new strategies within the automotive and related technologies sector which could potentially allow us to diversify our revenue channels and grow overall margins and profitability,” added Parlontieri.
Financial Highlights for the Fourth Quarter Ended
- Revenue increased by approximately
$95,000 to$864,000 in the fourth quarter of 2021 compared to approximately$769,000 in the fourth quarter of 2020. This increase was due to a 12.3% increase in same store sales inAtlanta and a 67.6% increase in theSt. Louis location.
- Store Operating Expenses increased by approximately
$57,000 or 14% in the fourth quarter of 2021 compared to the fourth quarter of 2020, primarily due to an increase in store wages, credit card fees and store maintenance.
- General and Administrative Expenses increased by
$14,000 compared to the fourth quarter of 2020 and is attributed to a tax preparation charge.
- The Company’s Net Income was approximately
$91,000 , an increase of$11,000 , or 13.75% as compared to the fourth quarter of 2020.
Financial Summary for Twelve Month Period Ended
- Revenue increased 2.4%, or
$79,000 , to approximately$3,359,000 in the twelve months endedDecember 31, 2021 , compared to$3,280,000 in the same period of 2020. The increase was achieved despite the closing of a station due to a lost lease.
- Same Store Sales increased by 4.5%, or
$145,000 , in the eighteenGeorgia locations, including two mobile testing units, and in theSt. Louis location. This increase was achieved despite a system wide shut down due to a ransomware attack of theGeorgia Clean Air Force (GCAF) contract company.
- Store Operating Expenses increased
$76,000 in the twelve months endedDecember 31, 2021 , compared to the same period of 2020, primarily due to the adjustment of store employee payroll in 2021.
- General and Administrative Expenses decreased approximately
$23,000 or 4.1%, during the twelve months endedDecember 31, 2021 , compared to the same period of 2020.
- For the year Total Net Expenses have been reduced by
$174,000 or 7.56% versus the same period in 2020.
- The Company had a Net Income of
$599,000 for the twelve months endedDecember 31, 2021 , compared to a Net Income of$360,000 for the same period 2020. The increase is attributed partly to the forgiveness of the PPP loan, plus$88,000 as the result of the write-off of certain accounts payable and accrued expenses. These were partially offset by the recognition of$130,000 in accumulated penalty and interest costs resulting from our settlement of prior years’ 941 issues with theIRS . Without this net other income differential of$198,000 for year-to-date 2021, net operating income for the twelve months 2021 would be$394,000 . This represents a$41,000 or 11.6% increase over the$353,000 net operating income recorded for the same period in 2020.
(1)EBITDA is a non-GAAP measure and is calculated as earnings before interest, tax, depreciation, and amortization and is commonly referred to evaluate a company’s operating performance. Consequently, EBITDA should not be considered in isolation or as a substitute for net income and loss presented in accordance with GAAP.
An analysis of results for the period ended
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Company Contact:
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FORWARD-LOOKING STATEMENTS
Certain statements contained in this news release regarding matters that are not historical facts may be forward-looking statements. Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, uncertainties pertaining to market acceptance for
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