Greenman reports increase in revenue for Q1.Tire recycling Tire recycling is the process of recycling vehicles tires (or tyres) that are no longer suitable for use on vehicles due to wear or irreparable damage (such as punctures). company GreenMan Technologies Inc., Savage, Minn., has announced results for the three months ended Dec. 31, 2006, the first quarter of its fiscal year. The company's revenue was up a reported 14 percent compared to the same quarter in 2005, and inbound in·bound 1 adj. Bound inward; incoming: inbound commuter traffic. Adj. 1. inbound tire volume also increased by more than half a million tires thanks to several tire pile cleanups in Iowa. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the three months ended Dec. 31, 2006, increased $611,000, or 14 percent, to $4.89 million as compared to the first quarter of last year's net sales from continuing operations of $4.28 million. In addition to the 18 percent increase in overall inbound tire volume, the tipping fee GreenMan charges to collect and dispose of dis·pose v. dis·posed, dis·pos·ing, dis·pos·es v.tr. 1. To place or set in a particular order; arrange. 2. a scrap tire increased 2 percent compared to last year's rate. Gross profit for the three months ended Dec. 31, 2006, was $1.48 million, or 30.4 percent of net sales, compared to $1.3 million, or 30.5 percent of net sales, for the three months ended Dec. 31, 2005. The company's net loss for the first quarter decreased $1.44 million, or 99 percent, to $9,000 ($0.00 per basic share) as compared to a net loss of $1.4 million, or $0.07 per basic share, for first quarter of 2006. |
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