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.
CONTACT: Green Planet Group, Inc. Randie Cistone 480.222.6222 firstname.lastname@example.org