Tire Business staff report
Savange, Minnesota - Tyre recycler GreenMan Technologies Inc. has reported its third consecutive profitable quarter, at the same time reporting a 20-percent increase in its net sales.
The company's net income after taxes for the first quarter of fiscal 2008, ended 31 Dec 2007, was $18,000 (Euro 12 217), compared with a $9,000 net loss for the same 2006 quarter. Net sales between the quarters also rose, to $5.9 million from $4.9 million.
GreenMan CEO Lyle Jensen credited the Savage-based company's move into the high-value-added playground surfacing business for the improved financial showing. For fiscal 2007 ended 3- Sept, GreenMan reported a net profit of $313,000 on sales of $20.2 million, compared with a loss of $1.46 million on sales of $17.6 million the year before.
From Tire Business (A Crain publication)