LYNNFIELD, Mass. (Feb. 28, 2005) — Tire recycler GreenMan Technologies Inc. posted a loss of $1.1 million on sales of $8 million for its fiscal 2005 first quarter ended Dec. 31.
This compared with a profit of $71,000 on sales of $7.8 million for the first quarter of 2004.
GreenMan President and CEO Bob Davis blamed the loss on reduced processing capacity and equipment problems at the company's southeastern and western operations, as well as reduced volume of incoming tires caused by bad weather in both regions in the late summer and early fall. Both problems are being addressed, he said in a press release.
The Lynnfield-based company plans a teleconference Feb. 28 to discuss first-quarter results and its future plans.