LYNNFIELD, Mass. (Jan. 18)—Tire recycler GreenMan Technologies Inc. reported net losses of $963,000 on sales of $30.8 million for the fiscal year ended Sept. 30, compared with losses of $1.7 million on sales of $29.7 million for the previous fiscal year.
For the fourth quarter, the company lost $468,000 on sales of $9 million, compared with a shortfall of $514,000 on revenues of $8.4 million in the same quarter of fiscal 2003.
GreenMan CEO Bob Davis said the company had eliminated two of the three obstacles it faced to regaining profitability: lack of an institutional lender and the prolonged closure of its waste wire processing facility in Georgia. The long-planned upgrades to its Tennessee plant are nearing completion, and that will eliminate the third obstacleùtransportation costs GreenMan incurs in shipping Tennessee scrap tires to Georgia for processing, he added.