Debt & expenses.
Other expenses for the year ended May 31, 1998 include $2,279,332 of interest and financing costs associated with the issuance of convertible debentures. As of May 31, 1998, $441,465 of deferred financing costs associated with convertible debentures remain to be amortized. The company reported a $660,954 loss from discontinued operations and a $1,100,000 loss on the disposal of the discontinued operations for the year ended May 31, 1998.
The net loss of $6,324,986, or $2.44 per share-basic for the year ended May 31, 1998 compares to a net loss of $7,006,479, or $6.24 per share-basic for the comparable 1997 period.
Davis concluded, ''Anyone simply looking at the year-to-date bottom line will not comprehend the major progress by GreenMan in fiscal 1998. The discontinued operations and financing costs incurred to initiate our growth along with our investment in crumb rubber research and development were all purposeful and strategic. Shareholders and investors should focus on the improved operations, lowered operating losses and all the positive trends from year-to-year. This company is properly postured.''
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