SCOTTSDALE, Ariz., July 18, 2011 (GLOBE NEWSWIRE) — Green Planet Group, Inc (OTCBB:GNPG) announced today results for the year ending March 31, 2011 which are detailed in a Form 10-K filing with the Securities & Exchange Commission.
Highlights of the year include:
Gross margin increased from 12.4 % to 16.3 % or an increase of 31.5 % from the prior year.
Selling, General and administrative expenses decreased from .9 Million to .8 Million or a decrease of Million, an improvement of 36.2 %.
Cash provided by operations was 0,000.
Cash in bank increased to 0,000 from ,000 as of the end of last quarter.
Included in the Company’s restructuring, both intangible assets and goodwill were written off totaling .8 Million, reducing future depreciation expense and thereby increasing future profits by like amounts.
Wrote off a research & development liability of 8,659.
Other income increased to 0,000 from ,400 or an increase of 4,000 from the prior year.
Revenues from our staffing business were lower than the previous year primarily because we terminated the previous management team and the resulting disruptive impact on our current operations. In addition, we evaluated each staffing client regarding their safety record, payment record and profitability and we terminated the clients that failed to meet our guidelines. This action was the primary reason gross margin improved so much. Revenues from our fuel efficiency and emissions reduction products were almost the same as the previous year, and although we have numerous significant opportunities to increase sales we still need to increase our efforts to grow revenues significantly this fiscal year.
The first part of our strategy to restructure the company’s finances was completed as of year end, with the write off of both intangible assets and goodwill which increased our loss to .4 Million on revenues of Million. We are now concentrating on various strategies to reduce debt.
Edmond L. Lonergan, President/CEO stated, “During this past year we believe we laid the foundation to improve our future overall performance including revenues, operating costs, profitability and shareholder value.”
For more information, please visit www.SEC.gov.
About Green Planet Group:
Green Planet Group, Inc. (OTCBB: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.
CONTACT: Gabriel (Gabe) Rodriguez
E Relations Group, Inc.
623-255-5750
http://bit.ly/o5yHL3
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