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Tuesday, March 15, 2011

GreenMan Technologies Reports First Quarter Fiscal 2011 Results -- American Power Group to Thank

And get this...the best part of Greenman is a little company called APG... American Power Group.
They have successfully designed a dual fuel engine that can run on mostly natural gas and a little diesel.

Three Months ended December 31, 2010 Compared to the Three Months ended December 31, 2009
Net sales from continuing operations for the three months ended December 31, 2010 increased $352,000 or 80 percent to $792,000 as compared to net sales of $440,000 for the three months ended December 31, 2009. The increase is primarily attributable to increased revenue associated with our dual fuel subsidiary "APG" (American Power Group) during the three months ended December 31, 2010 and a $57,000 increase in our molded products subsidiary.
During the three months ended December 31, 2010, we incurred a negative gross profit of $22,000 as compared to a negative gross profit of $254,000 for the three months ended December 31, 2009. The reduction in the negative gross profit was primarily attributable to a $295,000 increase in dual fuel related revenue as compared to only $65,000 of revenue during the three months ended December 31, 2009. Due to lower playground tile production during the three months ended December 31, 2010 we were unable to fully absorb all manufacturing overhead costs, which contributed to the negative gross profit during the quarter.
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