SAVAGE, Minn. (Dec. 17, 2007) — GreenMan Technologies Inc. ended fiscal 2007 in the black, the first time in five years the tire recycler has turned a profit.
The company ended the year with net income of $313,000 on net sales of $20.2 million, compared with a net loss of $1.45 million on sales of $17.6 million in 2006. The firm said for the fourth quarter ended Sept. 30 it had net profits of $657,000 on sales of $6.5 million, up from the $38,000 net loss on sales of $5.5 million in the fourth quarter of 2006.
GreenMan's vital statistics were up significantly in every area in fiscal 2007, according to President and CEO Lyle Jensen. The company processed 3.7 million tires in the fourth quarter and 12.8 million during the year, up 12 and 6 percent respectively from the 2006 periods.
Jensen predicted a solid year for GreenMan in fiscal 2008, though probably not as dramatic as 2007. He said GreenMan's recent investments in California and its October acquisition of Carlisle, Iowa-based Welch Products Inc., a manufacturer of playground safety tile and other recycled rubber goods, held great promise to expand GreenMan's business.