A few weeks ago, Psycho sent out an alert on the penny stock of Speedemissions Inc. (SPMI) which peaked within 4 minutes of the open. They say ex-sex is the best sex so it may be worth looking at SPMI stock again after the vehicle emissions testing and safety inspections company announced their Q2 results.
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SPMI Stock Chart
Percent Change: 108.33%
Moving Average: 0.0117
Average Volume: 468,327
Shares Authorized: 250,000,000
Shares Outstanding: 34,688,166
According to SEC filings, revenues decreased to $1,986,863 in Q2 versus $2,152,831 for the same period last year due to a drop in same store sales and the closing of an underperforming store. The Company claims that the decline in same store sales is mainly attributable to increased competition at their Texas and Utah locations.
On a much brighter note, general and administrative expenses decreased by 20.1% compared to the prior year Q2 via the cost-cutting measures implemented during the middle of Q1. Furthermore, the Company reported a net loss of $76,000 for Q2 versus a net loss of $92,000 for the same period last year stating that a large majority of the operating loss was due to one-time legal fees.
Psycho already put a banana in the tail pipe of SPMI stock once, but the long term outlook indicates that Speedyemissions could be in the black come this time next year.
About SPMI Stock
Speedemissions, Inc., based in Atlanta, Georgia, is a leading vehicle emissions testing and safety inspections company in the United States. We provide services in certain areas where auto testing is mandated by the Environmental Protection Agency. Since the emissions testing market is highly fragmented, Speedemissions expects to be the first company to create a national brand offering their customers quick and efficient vehicle emissions testing service.
Click here to view the SEC filings for SPMI.
Bottom Line: SPMI at 0.0125 doesn’t seem too high of a price fr the penny stock when you consider the fact that there is only 34.69 million shares outstanding. With revenues are on track to reach $8 million again for the calendar year and net income on the verge of being recorded, it may be a perfect long set up for SPMI investors.
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