LYNNFIELD, Mass. (Aug. 17, 2004) — Tire recycler GreenMan Technologies Inc. posted a 65.4-percent improvement in its net loss in the third quarter on 12.6-percent higher sales.
GreenMan reported a net loss of $336,000, compared with a net loss of $971,000 last year. Net sales rose to $8.06 million from $7.16 million last year. The Lynnfield-based company said the sales increase is primarily due to a 17-percent increase in inbound tire volumes and a 15-percent increase in overall product revenues for the fiscal quarter. GreenMan processed more than 8 million passenger tire equivalents during the quarter, compared with 6.8 million the previous year.
In the quarter, the recycler reported direct costs of about $151,000 after partial insurance recovery relating to damaged equipment and excess disposal costs from a March 2003 fire. GreenMan also reported a net loss of about $112,000 associated with the divestiture of under-performing assets unrelated to the fire. The company said these factors contributed to the net loss in the quarter.
For the fiscal nine months, GreenMan posted net sales of $21.8 million, up from $21.3 million last year. The company posted a net loss of $1.81 million, improved from $2.51 million in 2003. The company said it processed 22.4 million passenger tire equivalents during the nine months vs. 21 million the prior year.