GreenMan Technologies Reports Third Quarter Profits

GreenMan Technologies, Lynnfield, Mass, reports that net sales for its third quarter ended June 30, 2002, were $7,176,000, an increase of 24 percent compared to the corresponding figure of $5,795,000 for 2001.

GreenMan processed more than 7 million passenger tire equivalents (PTI) during the third quarter of 2002, an increase of 1 million from the third quarter of 2001.

According to GreenMan, the overall revenue per PTI improved thanks to the impact of several tire pile cleanup projects and increased product sales. Results include GreenMan’s subsidiaries formed in connection with the acquisitions of Tennessee Tire Recyclers Inc., An-Gun Inc., Utah Tire Recycler’s Iowa operations and GreenMan’s interest in its majority-owned joint venture Able Tire of Oklahoma LLC.

GreenMan’s operating profit increased 60 percent to $762,000 during the third quarter of 2002, compared to $477,000 in the third quarter of 2001. GreenMan attributes the increase to its recent acquisitions, continued improvement of its southeastern U.S. operations and abatement projects in the mid-west.

According to the company, net income for the third quarter was $431,000, or $.03 per share.

Bob Davis, president and chief executive officers, says: “As of June 30, 2002, our year to date operating profit and net income lines have exceeded results for all of fiscal 2001, which is a testament to the fact that we are realizing a greater value from each tire we manage. We are realizing both increased product sales and reduced disposal costs…as a result of increasing tires volumes and implementation of our Georgia and Wisconsin waste wire processing equipment lines and the acquisition of over 15 million pounds of crumb rubber processing capacity in Iowa.”