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Green Planet Group Inc. (OTCBB: GNPGE.OB) reported staffing revenue fell 36.1 percent to $35.9 million in its fiscal year ended March 31, 2011, according to a filing with the U.S. Securities and Exchange Commission. The company terminated a previous management team in its staffing division and reported that revenue fell as a result of the disruptive impact. In addition, Green Planet reported it evaluated each staffing client regarding safety record, payment record and profitability, terminating clients that did not meet guidelines.
Green Planet, based in Scottsdale, Ariz., provides light industrial staffing as well as other staffing services. It also produces energy products and fuel additives. Its staffing division, Lumea, operates 14 offices in six states with 1,155 temporary employees.
Total revenue for the fiscal year ended March 31 was $37.1 million, down 35.4 percent from revenue of $57.4 million in the previous fiscal year. Gross margin improved to 16.3 percent from 12.4 percent.
The company posted a net loss of $15.4 million in the fiscal year compared to a net loss of $15.7 million in the previous year. Green Planet reported a charge for impairment of goodwill and intangibles of $7.0 million in the fiscal year and a similar charge of $4.4 million in the previous fiscal year.
Green Planet Group Inc. (OTCBB: GNPGE.OB)
Results for the fiscal year ended March 31, 2011, compared with the previous fiscal year.
Revenue: $37.1 million, -35.4 percent
Net loss: $15.4 million vs. net loss of $15.7 million