GreenMan Reports Profitable Quarter

GreenMan Technologies Inc., a tire recycler based in Savage, Minn., has announced results for its fiscal quarter and fiscal year that ended Sept. 30, 2007.

The company’s income after taxes for the fiscal year ended Sept. 30, 2007 was just $16,000. Although the profit level was minimal, that compares to a net loss of more than $2.2 million in the previous fiscal year.

“Fiscal 2007 was a year of transformation for GreenMan, and we’re very pleased to close our first profitable year since 2002 with solid fourth quarter performance and our second consecutive profitable quarter,” states GreenMan president and CEO Lyle Jensen.

Jensen continues, “Our strategic focus on meeting the increasing demand for higher margin crumb rubber products contributed to a 40 percent and 27 percent increase in overall end product revenue for the quarter and fiscal quarter ended September 30, 2007.”

He also referred to activities that have GreenMan back on a growth footing. “This has been a year of many milestones for GreenMan, including, subsequent to the close of our fiscal year, the acquisition of Welch Products, which we expect to give us the opportunity to leverage our existing operations in the crumb rubber business while establishing a vertically integrated playground safety division within the company. We look forward to continuing this positive momentum as we enter fiscal 2008.”

GreenMan Technologies recycles scrap tires into renewable fuel, alternative energy, recycled feedstock and new products. The company recycles some 12 million tires annually. More information on the company can be found at www.greenman.biz.