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Green Planet Staffing Revenue Drops 42%

February 25 2011

The Green Planet Group Inc. (OTCBB: GNPG.OB) reported staffing revenue of $9.0 million in its fiscal third quarter ended Dec. 31, 2010, a 41.6 percent year-over-year drop. An energy conservation company, Green Planet Group bought the Lumea staffing brand in 2009.

The company reported a net loss from its Lumea staffing business of $203,450, an improvement over the net loss of $896,131 in the prior year's third quarter. 

The company noted in its earnings report that it has initiated legal proceedings against Easy Staffing Services Inc.,  the seller of its staffing business, in an effort to  cancel the deal and gain equitable relief. The company has stopped making scheduled payments on the bank notes stemming from its purchase and has received garnishments as a result. Green Planet Group is resisting those efforts in court as well.

Total third-quarter revenue at Green Planet, including its energy division, was $9.3 million, a year-over-year decline of 41.1 percent. The company posted third-quarter net income of $167,814 compared with a net loss of $2.7 million in the year-ago quarter.

Green Planet Group Inc. (OTCBB: GNPG.OB)

Fiscal results for the third quarter ended Dec. 31, 2010, compared with the same quarter in 2009
Revenue: $9.3 million, -41.1 percent
Net income: $167,814, vs. a net loss of $2.7 million

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