LYNNFIELD, Mass. (May 24, 2006) — Tire recycler GreenMan Technologies Inc. suffered lower sales and higher losses in the first six months and second quarter of its fiscal year 2006.
According to figures released by the company, for the six months ended March 31,2006, GreenMan had net losses of $1.9 million on sales of $9 million, compared with losses of $1.7 million on sales of $9.9 million for the six months ended March 31, 2005.
For the second quarter ended March 31, 2006, the company lost $1.3 million on sales of $3.9 million compared with a loss of $1 million on sales of $4.7 million for the same quarter a year earlier.
The company blamed the dire financial figures on generally lower inbound tire volumes and the completion of a scrap tire cleanup contract in Iowa.