GreenMan Technologies reports revenue increases 14 percent
GreenMan Technologies, Inc. a recycler of over 12 million scrap tires per year in the United States, announced results for the quarter ended December 31, 2006.
Lyle Jensen, GreenMan’s president and chief executive officer stated, “Overall revenue was up 14 percent from the same period last year with inbound tire volume up over half a million tires during the December 2006 quarter as a result of ongoing efforts to increase market share and the commencement of several Iowa based tire cleanup projects. Included in this increase, crumb rubber revenue was up 43 percent during the December 2006 quarter primarily due to strong demand for product produced by our new Des Moines powderizer equipment. Gross margins for the quarter remained above 30 percent despite higher operating costs associated with increased volumes and increased repairs and maintenance costs during the December 2006 quarter. Earnings before interest, tax, depreciation and amortization (EBITDA) exceeded $900,000 for the quarter and, at 18.5 percent of revenue, reflects another positive milestone in our progress towards sustained profitability.”