McClellan to lead Goodyear North American tire business

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McClellan to lead Goodyear North American tire business

Monday, August 22, 2011
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El Segundo, CA - Cereplast reported second quarter net sales grew to $7.6 million, compared to $646,000 for the second quarter of 2010. This increase reflects the anticipated growth in order flow. Gross profit for the second quarter of 2011 was $923,000, or 12.1% of net sales, compared to 30.8% for the second quarter of 2010 and 9.7% in the first quarter of 2011. The expected year-over-year gross margin decrease reflects the company’s stated strategy to offer introductory pricing to certain key customers while Cereplast strives to gain critical mass, and the sequential gross margin improvement reflects operational efficiencies, and positive pricing trends. Second quarter 2011 net loss was $2.4 million, or $0.15 per share, compared to a net loss of $1.7 million, or $0.15 per share in the same period a year ago. Net sales for the first six months of 2011 were $14.9 million, compared to $936,000 for the same period a year ago. Gross profit was $1.6 million, or 10.9% of net sales, compared to $291,000, or 31.1% for the same period a year ago. Net loss was $4.1 million, or $0.27 per share, compared to a net loss of $3.4 million, or $0.32 per share in the same period a year ago.