SCOTTSDALE, Ariz., Nov. 24, 2010 (GLOBE NEWSWIRE) -- Green Planet Group, Inc. (OTCBB:GNPG) announced today results for the fiscal 2011 second quarter ending September 30, 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:
- Revenues for this quarter were $10.3 million, a 3% improvement from the last quarter.
- Gross Margin increased from 13.0% to 15.7% representing an increase of 20.7% from the prior year.
- Selling, General and Administrative Expenses decreased by 56.2% which represent a reduction of approximately $2.19 million from the same period last year.
- Interest Expenses increased by $2.0 million primarily as a result of recording penalties and interest due on payroll taxes and the failure to file return penalties in 2009 and 2010 by prior executives.
- Cash generated from operations was $106,882.
- The Company has successfully negotiated a long term repayment plan regarding past due taxes with the IRS.
CONTACT: Green Planet Group, Inc. Randie Cistone 480.222.6222 firstname.lastname@example.org