GreenMan Technologies Inc.'s net income for the second quarter ended March 31 jumped 11.4 percent to $214,018.
Sales for the quarter climbed 21.4 percent to $5.56 million. For the first six months of GreenMan's 2002 fiscal year, net income surged 125.8 percent to $460,860, while sales jumped 28.1 percent to $11.9 million.
GreenMan's operating profit for the second quarter skyrocketed 139 percent to $418,000 and was up 109.2 percent to $931,983 for the half.
The company said it processed 5.6 million passenger tire equivalents during the quarter vs. 4.8 million in last year's period. This is the result of several tire pile cleanup projects and increased product sales at GreenMan's Georgia operations. The results also include the operations of new subsidiaries formed in connection with the acquisitions of Tennessee Tire Recyclers Inc., An-Gun Inc. and GreenMan's interest in a joint venture-company, Able Tire of Oklahoma L.L.C.
GreenMan also recorded other income of $438,000 during the second quarter due to an insurance settlement and an additional casualty loss of $155,000 associated with a litigation settlement related to the August 1998 fire the company experienced in Louisiana.
``We are pleased to report our sixth profitable quarter in a row, especially during a period which is historically our slowest due to seasonal factors,'' said Bob Davis, GreenMan's president and CEO.