LYNNFIELD, Mass. (Jan. 19, 2005) — Tire recycler GreenMan Technologies Inc. reported net losses of $963,000 on sales of $30.8 million for the fiscal year ended Sept. 30, compared with losses of $1.7 million on sales of $29.7 million for the previous fiscal year.
For the fourth quarter, the company lost $468,000 on sales of $9 million, compared with a shortfall of $514,000 on revenues of $8.4 million in the same quarter of fiscal 2003.
GreenMan CEO Bob Davis said the tire recycling company had eliminated two of the three obstacles it faced to regaining profitability—lack of an institutional lender and the prolonged closure of its waste wire processing facility in Georgia. The long-planned upgrades to its Tennessee plant are nearing completion, and that will eliminate the transportation costs GreenMan incurs in shipping Tennessee scrap tires to Georgia for processing, he added.