LYNNHAVEN, Mass. (Feb. 18)—Tire recycler GreenMan Technologies Inc. reported a $178,000 loss for its first fiscal 2004 quarter ended Dec. 31, exactly half the loss it suffered during the same period a year before.
Net sales for the quarter were $7.8 million, 2 percent less than the $8 million posted in the first quarter ended Dec. 31, 2002. During a Feb. 18 teleconference, GreenMan CEO Robert Davis and Chief Financial Officer Chuck Coppa spoke of the challenges of obtaining capital for its pending expansion projects after its primary lender, Coast Business Credit, was taken over last year by the Federal Deposit Insurance Corp.
"We have the right assets in place," Coppa said. "All we need is the capitalization."