SAVAGE, Minn. (Feb. 9) — GreenMan Technologies Inc. posted 14.3-percent improved sales in the first quarter of the fiscal year as the firm´s net loss also improved.
GreenMan´s sales rose to $4.89 million from $4.28 million last year. The net loss improved to $9,000 from $1.41 million a year ago. The net loss from continuing operations also improved to $19,000 from $428,000 in the prior period.
The Savage-based firm said it processed about 3.65 million passenger tire equivalents in the first quarter compared with 3.1 million passenger tire equivalents during the same period last year.
"I am very pleased with the continued positive trend in operating results across the board," said Lyle Jensen, president and CEO. "Overall revenue was up 14 percent from the same period last year with inbound tire volume up over half a million tires during the December 2006 quarter as a result of ongoing efforts to increase market share and the commencement of several Iowa-based tire cleanup projects."
GreenMan collects and recycles about 12 million tires annually into alternative fuel, alternative energy and other products.