Green Planet Group Reports Profitable Third Quarter
SCOTTSDALE, Ariz., Feb. 23, 2011 (GLOBE NEWSWIRE) -- Green Planet Group, Inc. (OTCBB:GNPG) announced today results for the fiscal 2011 third quarter ending December 31, 2010. The results are detailed in the company's quarterly report on Form 10-Q filed yesterday with the Securities & Exchange Commission.
Highlights for the Quarter include:
- Net Income (Profit) for this quarter was $167,814 versus a loss of $2.7 million from the same period last year.
- Cash generated from operations was $924,838.
- Selling, General and Administration Expenses decreased by 41% to $1.9 million which represents an improvement of $1.3 million from the prior year.
- Income from operations was $93,460 which is an improvement of $1.8 million from the prior year.
- Current Liabilities were reduced to $18.2 million from $32.1 million or an improvement of $13.9 million.
- Interest Expense decreased by $.97 million primarily as a result of interest forgiveness and adjustments to derivatives and accruals.
- The Company successfully negotiated a conversion of $1,575,723 of debt to preferred stock.
"We continue the effort from the previous quarter to reduce operating expenses and improve margins which resulted in a modest profit of $168,000," stated Edmond Lonergan, President/CEO. "In addition, we improved our Balance Sheet in numerous ways including converting debt to equity as preferred stock. Lastly, we expect to announce new orders for our fuel efficiency and emission reducing technologies within the next sixty days which should have significant impact on future revenues," concluded Mr. Lonergan.For the full 10-Q filing please visit: http://www.sec.gov 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. Randie Cistone 480.222.6222 firstname.lastname@example.org
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