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SCOTTSDALE, Ariz., July 15, 2010 (GLOBE NEWSWIRE) --
Green Planet Group, Inc. (OTCBB:GNPG), today announced results for the year ending March 31, 2010 which are detailed in a Form 10-K filing with the Securities & Exchange Commission.
Highlights of the Year Include:
Revenues increased 526% to $57.4 million up from $9.2 million for the year ended March 31, 2009.
Cash on hand increased from $470,000 to $881,000 or 87% from the prior year.
Cash generated from operations increased to $2.3 million from a negative $13.5 million or an improvement of $15.8 million over the prior year.
The past year has been the most challenging year in the Company's history. Not only was business activity substantially reduced across the U.S., Green Planet Group's businesses suffered not only from the downturn but from internal problems relating to both our rapid growth and the integration of the staffing subsidiary into our core business. The staffing business experienced significant losses which increased our liabilities, particularly relating to payroll taxes. As a result, we wrote down $4.4 million of goodwill and are in negotiations with the IRS to negotiate an Installment Payment Agreement. The Company replaced the management team in March, reduced operating expenses significantly and as a result, Lumea became profitable last month.
Revenues were lower in our high tech lubrication subsidiary Xentx Lubricants reflecting the overall drop in U.S. business activity, although, business is beginning to increase again. We are completing numerous field tests and expect to have significant news releases within the next 30 days. A a result, revenues are expected to grow rapidly.
As previously noted, the past year has been very difficult battling both the overall decline in the U.S. economy and assimilating new businesses. However, we feel we have reduced operating costs and eliminated unprofitable operations which will allow us to achieve profitability and enhance shareholder value in the months to come.