UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
Commission File Number: 1-13776
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CUSIP Number: 395379308
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NOTIFICATION OF LATE FILING
(Check One): |_| Form 10-KSB |_| Form 20-F |_| Form 11-K |X| Form 10-QSB
|_| Form N-SAR |_| Form N-CSR
For Period Ended: December 31, 2004
|_| Transition Report on Form 10-K
|_| Transition Report on Form 20-F
|_| Transition Report on Form 11-K
|_| Transition Report on Form 10-Q
|_| Transition Report on Form N-SAR
For the Transition Period Ended: _______________
Read Instruction (on back page) Before Preparing Form. Please Print or Type.
Nothing in this form shall construed to imply that the Commission has verified
any information contained herein.
If the notification relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates:
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PART I -- REGISTRANT INFORMATION
GreenMan Technologies, Inc.
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Full name of Registrant
N/A
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Former name if applicable
7 Kimball Lane, Building A
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Address of Principal Executive Office (Street and Number)
Lynnfield, Massachusetts, 01940
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City, State and Zip Code
PART II - RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following should
be completed. (Check box if appropriate). |X|
(a) The reasons described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense;
(b) The subject annual report, semi-annual report, transition report on
Form 10-K, Form 20-F, 11-K,Form N-SAR or Form N-CSR, or portion
thereof, will be filed on or before the fifteenth calendar day
following the prescribed due date; or the subject quarterly report
of transition report on Form 10-Q, or portion thereof will be filed
on or before the fifth calendar day following the prescribed due
date; and
(c) The accountant's statement of other exhibit required by Rule
12b-25(c) has been attached if applicable.
PART III - NARRATIVE
State below in reasonable detail the reasons why Forms 10-K, 20-F, 11-K, 10-Q,
N-SAR, N-CSR or the transition report portion thereof, could not be filed within
the prescribed time period.
The Registrant requires additional time to finalize the review and processing of
its Form 10-Q for the fiscal quarter ended December 31, 2004 due to unforseen
delays in gathering information for inclusion in the Report associated
therewith. The Registrant further represents that the Form 10-QSB will be filed
by no later than the 5th day following the date on which the Form 10-QSB was
due.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Charles E. Coppa, CFO 781 224-2411
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of the
Securities Exchange Act of 1934 or Section 30 of the Investment Company
Act of 1940 during the preceeding 12 months or for such shorter period
that the registrant was required to file such report(s) been filed? If
answer is no, identify report. |X| Yes |_| No
(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be reflected
by the earnings statements to be included in the subject report or portion
thereof? |X| Yes |_| No
If so attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a
reasonable estimate of the results cannot be made.
Net sales for the three months ended increased 3 percent to $8,046,000 compared
to last year's net sales of $7,799,000.
While overall quality of revenue (total revenue per scrap tire) increased 10
percent during the quarter ended December 31, 2004 our overall inbound tires
decreased 7 percent and total cost of sales increased approximately $1,325,000
or 20 percent primarily due to reduced processing capacity and equipment
reliability issues at our Southeast and Western operations as well as unforeseen
decreases in inbound tire volumes during the quarter which we believe was
attributable to the lingering impact of severe weather conditions experienced in
both regions during the late summer and early fall periods. We are currently
installing equipment which we believe will positively impact the reduced
processing capacity issues in the Southeast and have begun to experience
increased inbound scrap tire volumes. Based on the unforeseen magnitude of the
quarterly loss, we have determined the near-term realizability of the non-cash
deferred tax asset of $270,000 to be questionable and therefore have provided a
valuation allowance on the entire amount in the quarter.
Our net loss after income taxes for the quarter ended December 31, 2004 is
estimated to be $1,807,000, or $.09 per share, including the write off of a
$270,000 deferred income tax asset, as compared to a net loss after taxes of
$178,000 or $.01 per share for the quarter ended December 31, 2003 which
included $113,000 of casualty income associated with the March 31, 2003 Georgia
fire.
GreenMan Technologies, Inc.
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: February 15, 2005 By /s/ Charles E. Coppa
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Name: Charles E. Coppa
Title: Chief Financial Officer
INSTRUCTIONS: The form may be signed by an executive officer of the registrant
or by any other duly authorized representative. The name and title of the person
signing the form shall be typed or printed beneath the signature. If the
statement is signed on behalf of the registrant by an authorized representative
(other than an executive officer), evidence of the representative's authority to
sign on behalf of the registrant shall be filed with the form.
ATTENTION
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Intentional misstatements or omissions of the fact constitute Federal Criminal
Violations (See 18 U.S.C.1001).
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