LYNNFIELD, Mass. (Aug. 7, 2002)—GreenMan Technologies Inc.'s net income for the fiscal third quarter that ended June 30 soared 104.7 percent to $431,005 on sales of $7.17 million.
Third-quarter net sales rose 23.8 percent from 2001, while operating income jumped 59.8 percent to $762,069.
For the nine-month period, net earnings surged 115.1 percent to $891,860. Sales climbed 26.4 percent to $19 million, while operating profit jumped 83.9 percent.
GreenMan attributed the gains to the impact of several tire pile cleanups and increased product sales throughout GreenMan. The results include the operations of new subsidiaries formed in connection with the acquisitions of Tennessee Tire Recyclers Inc., An-Gun Inc., Utah Tire Recycler's Iowa operations and GreenMan's majority-owned joint venture, Able Tire of Oklahoma L.L.C.
“We are realizing both increased product sales and reduced disposal costs corporate-wide, as a result of increasing tire volumes and implementation of our Georgia and Wisconsin waste wire processing equipment lines….” said Bob Davis, GreenMan president and CEO.