GreenMan reports profitable second quarter. (Tires/Rubber).

GreenMan Technologies Inc., Lynnfield, Mass., reported a 21 percent increase in profits for its second quarter ended March 31.

Net sales for the quarter totaled $5.5 million compared to $4.6 million in the second quarter of 2001. GreenMan processed 5.6 million passenger tire equivalents (PTEs) in its second quarter, as compared to the corresponding figure of 4.8 million for 2001.

Revenue per PTE improved because of the impact of several tire pile cleanup projects and increased product sales at GreenMan's Georgia operations. Results include subsidiary operations formed in conjunction with GreenMan's acquisition of Tennessee Tire Recyclers Inc. and An-Gun Inc., as well as its majority-owned joint venture Able Tire of Oklahoma LLC.

Operating profit for the quarter increased 138 percent to $418,000 when compared to $175,000 for the corresponding period in 2001. GreenMan attributes this to the continued improvement of its operations in the Southeast and tire abatement in the Midwest.

"We are pleased to report our sixth profitable quarter in a row, especially during a period which is historically slow due to seasonal factors," Bob Davis, GreenMan president and CEO, says. "We are extremely encouraged as we enter the strongest half of our fiscal year with three new size reduction facilities, two new kiln supply relationships ... and our Specialty Waste division starting to perform. In addition, our Georgia and Wisconsin waste wire processing equipment lines are operational, and we are realizing both increased product sales and reduced disposal costs."

GreenMan reported net income of $214,000, or $.02 per share, for the quarter. Additional income of $438,000 resulted from an insurance settlement and an additional casualty loss of $155,000 was associated with a litigation settlement related to an August 1998 fire at GreenMan Technologies of Louisiana.