GreenMan Sees Strong Quarterly Numbers

GreenMan Technologies, Inc. announced results for its second quarter ended March 31, 2002. Net sales for the second quarter were $5.561 million, a 21 percent increase as compared to net sales of $4.579 million the second quarter last year.

GreenMan processed 5.6 million passenger tire equivalents during the quarter, compared to 4.8 million passenger tire equivalents the same time last year. The overall quality of revenue (revenue per passenger tire equivalent) improved due to the impact of several tire pile cleanup projects and increased product sales at GreenMan's Georgia operations.

The results include the operations of its new subsidiaries formed in connection with the acquisitions of Tennessee Tire Recyclers, Inc., An-Gun, Inc., and GreenMan's interest in its majority owned joint venture, Able Tire of Oklahoma, LLC.

GreenMan's operating profit for the quarter increased 138 percent to $418,000 as compared to an operating profit of $175,000 for the second quarter last year. The increase is primarily attributable to the continued improvement of GreenMan's southeastern U.S. operations and tire pile cleanup projects in the mid-west.

Net sales for the six months ended March 31 were $11.869 million, an increase of 28 percent, compared to net sales of $9.269 million for the six months ended March 31, 2001.

"We are pleased to report our sixth profitable quarter in a row, especially during a period which is historically our slowest due to seasonal factors" said Bob Davis, president and CEO of GreenMan.