SCOTTSDALE, Ariz., Aug. 24, 2010 (GLOBE NEWSWIRE) -- Green Planet Group, Inc. (OTCBB:GNPG) announced today results for the fiscal 2011 first quarter ending June 30, 2010. The results are detailed in the company's quarterly report on Form 10-Q filed today with the Securities & Exchange Commission.
Highlights for the Quarter include:
- Gross Margin increased from 11.8% to 15.4% representing an increase of 30.4% from the prior year.
- Selling, General and Administrative Expenses decreased by 32.2% which represent a reduction of approximately $1.15 million from the same period last year.
- Interest Expenses decreased by 50% as compared to the same quarter last year.
- Cash used in operations was $113,000 for this quarter versus cash provided by operations of $1,378,000 for the prior quarter while reducing the net loss from the prior quarter by $5,325,000 to $1,979,000.
- The Company has successfully negotiated an interim repayment plan regarding past due taxes with the IRS.
"The Company is now transitioning into profitability," stated Edmond Lonergan, Green Planet Group CEO. "Even though the staffing industry has seen a reduction in business activity of approximately 40%, and Lumea's revenues were similarly impacted, Gross Margins increased by 30% primarily because we terminated low margin clients. S, G & A expenses also improved substantially which reflected our efforts to reduce overhead, close unprofitable locations and improve overall efficiency," continued Mr. Lonergan. "In addition, the projected revenues from our high tech, fuel efficiency and emission reducing technologies will begin to positively impact Green Planet's revenues in September and subsequent months."For the full 10-Q filing please visit: http://www.sec.gov/Archives/edgar/data/1372533/000107654210000126/p0852.htm About Green Planet Group Green Planet Group, Inc. (OTCBB:GNPG) is based in Scottsdale, Arizona and engages in ongoing research and development to create products and services that enhance our environment. The Company's revenues are currently derived from the production and distribution of fuel-based energy conservation and clean-air products, as well as through the placement of members of the growing ranks of the unemployed into meaningful "green collar" careers. For additional information, please visit www.greenplanetgroup.com . SAFE HARBOR: Certain information included herein may contain statements that are forward looking, such as statements relating to plans for future expansion and other business development activities. Such forward-looking information is subject to changes and variations which are not reasonably predictable and which could significantly affect future results.
CONTACT: Green Planet Group, Inc. Patrick Nelson 480.222.6222 email@example.com