Condensed Consolidated Statements of Operations
Three Months Ended
December 31,
2008 2007
------------ ------------
Net sales $ 662,000 $ 600,000
Cost of sales 493,000 488,000
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Gross profit 169,000 112,000
Selling, general and administrative 1,177,000 738,000
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Operating (loss) from continuing operations (1,008,000) (626,000)
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Other income (expense)
Interest and financing expense (59,000) (45,000)
Other (expenses) income, net (10,000) (19,000)
------------ ------------
(69,000) (64,000)
(Loss) from continuing operations (1,077,000) (690,000)
------------ ------------
Discontinued operations
Gain from sale of discontinued operations 14,347,000 --
Income from discontinued operations 418,000 708,000
------------ ------------
14,765,000 708,000
------------ ------------
Net income $ 13,688,000 $ 18,000
============ ============
(Loss) from continuing operations per share -
basic $ (0.03) $ (0.02)
Income from discontinued operations per share -
basic 0.47 0.02
------------ ------------
Net income per share - basic $ 0.44 $ --
============ ============
Net income per share - diluted $ 0.39 $ --
============ ============
Weighted average shares outstanding - basic 30,880,000 30,880,000
============ ============
Weighted average shares outstanding - diluted 35,500,000 35,788,000
============ ============
Condensed Consolidated Balance Sheet Data
December 31, September 30,
2008 2008
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Assets
Current assets $ 12,818,000 $ 2,960,000
Assets related to discontinued operations,
current -- 10,145,000
Property, plant and equipment (net) 538,000 551,000
Goodwill 2,290,000 2,290,000
Other assets 1,042,000 1,094,000
Assets related to discontinued operations,
non-current -- 6,567,000
------------- ------------
$ 16,688,000 $ 23,607,000
============= ============
Liabilities and Stockholders’ Deficit
Current liabilities $ 1,970,000 $ 3,069,000
Liabilities related to discontinued operations,
current -- 16,140,000
Notes payable, non-current 479,000 483,000
Obligations due under lease settlement 581,000 581,000
Assets related to discontinued operations,
non-current -- 3,396,000
Stockholders’ equity (deficit) 13,658,000 (62,000)
------------- ------------
$ 16,688,000 $ 23,607,000
============= ============
"Safe Harbor" Statement: Under the Private Securities Litigation Reform Act
With the exception of the historical information contained in this news
release, the matters described herein contain "forward-looking" statements
that involve risks and uncertainties that may individually or collectively
impact the matters herein described, including but not limited to the facts
that we have sold the tire recycling operations which have historically
generated substantially all our revenue and that we will be prohibited from
competing in that business on a regional basis until 2013, the risk that we
may not be able to increase the revenue of our Welch division, the risks
that we may not be able to identify and acquire complementary businesses
and that we may not be able successfully to integrate any such acquisitions
with our current businesses, the risk that we may not be able to return to
sustained profitability, the risk that we may not be able to secure
additional funding necessary to grow our business, on acceptable terms or
at all, the risk that, if we have to sell securities in order to obtain
financing, the rights of our current stockholders may be adversely
affected, and the risks of possible adverse effects of economic,
governmental, seasonal and/or other factors outside the control of the
Company, which are detailed from time to time in the Company's SEC reports,
including the Annual Report on Form 10-KSB for the fiscal period ended
September 30, 2008. The Company disclaims any intent or obligation to
update these "forward-looking" statements.
Contact Information: Contacts: Chuck Coppa CFO or Lyle Jensen CEO GreenMan Technologies 781-224-2411