LYNNFIELD, Mass. (May 17, 2005) — Tire recycler GreenMan Technologies Inc. posted the latest in a long string of losses in its latest financial statements.
For the second quarter ended March 31, the operating loss grew to $1.2 million from $820,000 for the same quarter in 2004, despite an increase in net sales to $7.6 million from $5.9 million.
GreenMan's six-month operating loss tripled from the first six months of 2004, to $2.3 million from $749,000. Net sales for the period rose to $15.7 million from $13.7 million.
In a statement, GreenMan President and CEO Bob Davis blamed several factors for the continuing losses, such as higher scrap tire collection costs, changes in specifications from tire-derived fuel customers and the continuing poor financial performance of its LaVergne, Tenn., operations.
The company plans a teleconference May 19 to discuss its latest financial results.