SAVAGE, Minn. (May 11) — Tire recycler GreenMan Technologies Inc. reported a net loss of $657,000 for the first half of the fiscal year.
The loss was a 76-percent improvement from the $2.7 million loss the company reported in the same period last year. Sales during the period rose 12 percent to $8.4 million from $7.4 million in the prior period.
For the second quarter ended March 31, the net loss was $648,000 on sales of $3.5 million, compared with a loss of $1.3 million on sales of $3.2 million for the same three-month period in 2006.
Actual processing of scrap tires remained roughly flat at 2.23 million tires in the second quarter of 2007 vs. 2.27 million last year. In the half, GreenMan processed 5.88 million, compared with 5.43 million a year ago.
In a conference call May 10, GreenMan President and CEO Lyle Jensen said the firm is poised to become profitable again, perhaps this fiscal year.
"What the last 90 days have confirmed in my mind is that there is no lack of opportunities for GreenMan to become a successful ´green factor´ company," Jensen said. "I am very confident there are more than enough great opportunities out there. We just have to figure out how to complete them."
Jensen has overseen the sale of the firm´s Georgia and California operations and the relocation of company headquarters to Savage from Lynnfield, Mass.