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.
CONTACT: Green Planet Group, Inc. Patrick Nelson 480.222.6222 firstname.lastname@example.org