SCOTTSDALE, Ariz., June 28, 2012 (GLOBE NEWSWIRE) -- Green Planet Group, Inc. (Pink Sheets:GNPG) is providing an update regarding the current status of its ongoing financial activities, including the ongoing impact of the reorganization of two of its five Lumea subsidiaries.
Green Planet's third fiscal quarter (ending December 31, 2011) highlights are summarized below:
- As previously announced, we have deconsolidated the two Lumea subsidiaries that have filed Chapter 11 and this has resulted in a one-time gain of approximately $18.5 million. It's this gain that has provided an $.08/share earnings for the nine months ending December 31, 2011.
- Current liabilities have been reduced by $15.5 million which is a 42% reduction from March 31, 2011.
- Gross margin increased from 15.7% to 17.6% or an increase of 12.1%. This improvement is primarily due to more aggressive pricing and lower raw material costs.
- Interest expense decreased by 89.5% to $266,670 which is a reduction of $2.27 million primarily due to the deconsolidation.
- Consolidated annual revenues for the fiscal year that ended this past March 31, 2012, are approximately $37 million.
Edmond L. Lonergan, President and Chief Executive Officer stated, "The past six months have been the most difficult in Green Planet's history and we continue to address these challenges one at a time. Over the next three months we expect to resolve the majority of these issues and then Green Planet will be prepared to meet its revenue and profit expectations." Lonergan continues, "The best is yet to come."
About Green Planet Group
Green Planet Group, Inc. (Pink Sheets: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.