updated 11/27/2010 10:15:39 AM ET 2010-11-27T15:15:39

SCOTTSDALE, Ariz., Nov. 24, 2010 (GLOBE NEWSWIRE) -- Green Planet Group, Inc. (OTCBB:GNPG) announced today results for the fiscal 2011 second quarter ending September 30, 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:

  • Revenues for this quarter were $10.3 million, a 3% improvement from the last quarter.
  • Gross Margin increased from 13.0% to 15.7% representing an increase of 20.7% from the prior year.
  • Selling, General and Administrative Expenses decreased by 56.2% which represent a reduction of approximately $2.19 million from the same period last year.
  • Interest Expenses increased by $2.0 million primarily as a result of recording penalties and interest due on payroll taxes and the failure to file return penalties in 2009 and 2010 by prior executives.
  • Cash generated from operations was $106,882.
  • The Company has successfully negotiated a long term repayment plan regarding past due taxes with the IRS.

"This past quarter was a challenging one primarily because we continued to reduce operating expenses, improved margins and therefore improved our overall performance, we incurred significant IRS interest and penalty charges which had a negative impact on earnings," stated Edmond Lonergan, President/CEO. "In addition, revenues from our fuel efficiency and emission reducing technologies are increasing but not as quickly as we had anticipated. Various tests and product evaluations are almost completed which should result in new orders that will have a significant impact on future revenues," concluded Mr. Lonergan.  

For the full 10-Q filing please visit: http://www.sec.gov/Archives/edgar/data/1372533/000107654210000158/p1146_10-q.htm

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.

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

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