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Greystone Logistics, Inc. (GLGI)

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Previous Close1.3200
Open1.3000
Bid0.0700 x 5000
Ask0.0750 x 5000
Day's Range1.2500 - 1.3000
52 Week Range0.6600 - 1.4700
Volume11,000
Avg. Volume15,403
Market Cap35.452M
Beta (5Y Monthly)1.83
PE Ratio (TTM)9.26
EPS (TTM)0.1350
Earnings DateJan 19, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
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  • GREYSTONE LOGISTICS, INC. REPORTS RESULTS OF OPERATIONS FOR THE NINE MONTHS AND THREE MONTHS ENDED FEBRUARY 28, 2021
    GlobeNewswire

    GREYSTONE LOGISTICS, INC. REPORTS RESULTS OF OPERATIONS FOR THE NINE MONTHS AND THREE MONTHS ENDED FEBRUARY 28, 2021

    Tulsa, OK, April 20, 2021 (GLOBE NEWSWIRE) -- GREYSTONE LOGISTICS, INC. (OTCQB:GLGI). Tulsa-based Greystone Logistics, Inc. reports results of operations for the nine months and three months ended February 28, 2021. Greystone recorded net income available to common stockholders (net income less preferred dividends and income from non-controlling interests) for the nine months ended February 28, 2021 of $2,366,837, or $0.08 per share, compared to $2,546,483, or $0.09 per share, for the prior period. Net income available to common stockholders for the three months ended February 28, 2021 was $633,456, or $0.02 per share, compared to $1,799,805, or $0.06 per share, in the prior period. Net income was $2,814,728 and $782,497 for the nine months and three months ended February 28, 2021, respectively, compared to $3,056,926 and $1,964,942 in the prior periods, respectively. EBITDA for the nine months ended February 28, 2021 was $9,392,907 compared to $9,109,657 for the nine months ended February 29, 2020. The gross profit margin was 18.1% on sales of $47,602,690 for the nine months ended February 28, 2021 compared to a gross profit margin of 14.9% on sales of $57,906,777 in the prior period. The decrease of $10,304,087 in sales from the prior year was primarily due to lowered pricing resulting from a customer delivering a portion of their own raw materials used in the manufacturing process of certain pallets. “Everyone in the United States has somehow been affected by the pandemic and Greystone most certainly has had challenges. Yet due to the unquenched demand for our great product line of recycled plastic shipping pallets and our extremely dedicated and fantastic employees, we forged through the market headwinds. We had great earnings during this arduous period despite not being able to fully staff employees which did affect numbers of pallets produced,” stated CEO Warren Kruger. Kruger continued, “The EBITDA of $9.4 million for nine months of the current nine-month period reflects continued financial performance as compared to the prior period EBITDA of $9.1 million. Our deleveraging goal is being achieved as our total of long-term debt and financing leases continued to decline by $6.5 million during the current nine-month period.” “We are pleased to announce that in March 2021, Greystone received purchase orders from one of its major customers totaling $7.8 million. We then unexpectedly received a purchase order from a major beer customer with an expectation of additional volume.” “As is known, the impact of COVID-19 created much uncertainty in the workplace. To date, the demand for Greystone’s products has not been materially affected as Greystone’s pallets are generally used logistically by essential entities. The limitations on employment as a result of the virus appear to be waning as a result of the introduction of vaccines to protect against COVID-19, but it is too early to confirm especially with the introduction of the recent variants of the virus. Management is optimistic, but the longer the virus or its variants stays active, the greater the uncertainty.” Greystone Logistics is a "Green" manufacturing company that reprocesses recycled plastic and designs, manufactures and sells high quality 100% recycled plastic pallets that provide logistical solutions for a wide range of industries such as the food and beverage, automotive, chemical, pharmaceutical and consumer products. The Company's technology, including a proprietary blend of recycled plastic resins used in the injection molding equipment and patented pallet designs, allows production of high-quality pallets more rapidly and at lower costs than many other processes. The recycled plastic for Greystone’s pallets helps control material costs while reducing environmental waste and provides cost advantages over users of virgin resin. This press release includes certain statements that may be deemed "forward-looking statements" within the meaning of the federal securities laws. All statements, other than statements of historical facts that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, including the potential sales of pallets or other possible business developments are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, including the ability of the Company to continue as a going concern. Actual results may vary materially from the forward-looking statements. For a list of certain material risks relating to the Company and its products, see Greystone Logistics' Form 10-K for the fiscal year ended May 31, 2020. Non-GAAP Financial Measure This press release contains disclosure of EBITDA, which is a non-GAAP financial measure within the meaning of Regulation G promulgated by the Securities and Exchange Commission. A reconciliation of net income to EBITDA, the most comparable GAAP financial measure, as well as additional information concerning EBITDA, are included at the end of this release. Greystone Logistics, Inc.Reconciliation of Consolidated Net Income to EBITDAFor the Nine Months Ended February 28(29), 2021 and 2020 2021 2020 Net Income $2,814,728 $3,056,926 Income Taxes 1,257,000 807,000 Depreciation and Amortization 4,397,890 3,911,904 Interest Expense 923,289 1,333,827 EBITDA (A) $9,392,907 $9,109,657 (A)EBITDA represents income before income taxes plus interest, depreciation and amortization. The EBITDA presented above, while considered the most common definition used by investors and financial analysts, may not be comparable to similarly titled measures reported by other companies. Greystone believes that EBITDA, while providing useful information, should not be considered in isolation or as an alternative to other financial measures determined under GAAP. Contact: Warren F. KrugerPresident/CEOCorporate Office1613 East 15th StreetTulsa, Oklahoma 74120(918) 583-7441(918) 583-7442 (FAX) http://www.greystonelogistics.com

  • GlobeNewswire

    GREYSTONE LOGISTICS, INC. REPORTS RESULTS OF OPERATIONS FOR THE THREE MONTHS AND SIX MONTHS ENDED NOVEMBER 30, 2020

    Tulsa, OK, Jan. 19, 2021 (GLOBE NEWSWIRE) -- GREYSTONE LOGISTICS, INC. (OTCQB:GLGI). Tulsa-based Greystone Logistics, Inc. reports results of operations for the three months and six months ended November 30, 2020. Greystone recorded net income available to common stockholders (net income less preferred dividends and income from non-controlling interests) for the three months ended November 30, 2020 of $873,180, or $0.03 per share, compared to $304,428, or $0.01 per share, in the prior period. Net income available to common stockholders for the six months ended November 30, 2020 was $1,733,381, or $0.06 per share, compared to $746,678, or $0.03 per share for the prior period. EBITDA for the six months ended November 30, 2020 was $6,614,164 compared to $4,886,619 for the six months ended November 30, 2019. Sales for the three months and six months ended November 30, 2020 were $15,523,318 and $33,091,494, respectively, compared to $19,503,462 and $38,167,971 in the prior periods, respectively. Greystone’s net income was $1,023,073 and $2,032,231 for the three months and six months ended November 30, 2020, respectively, compared to $472,685 and $1,091,984 in the prior periods, respectively. “Greystone achieved significant increases in earnings for both the three months and six months ended November 30, 2020 compared to the comparable prior periods,” stated CEO Warren Kruger. Kruger continued, “These increased earnings resulted primarily from restructuring the pricing for certain pallets. This restructuring of pricing resulting from changes in the manufacturing process led to the decline in dollar sales, despite comparable unit sales for the periods. A major beer customer has notified us that beginning January 1, 2021, they will be diversifying purchases of case pallets between Greystone and another vendor; however, Greystone will continue to be the sole provider for the keg pallet. We have evaluated this impact in conjunction with other adjustments that were made with the customer and do not expect that it will have a material adverse effect on Greystone’s consolidated financial statements.”“During the six months ended November 30, 2020, Greystone continued to show substantial improvement in its ratio of equity to total assets from 17.6% as of May 31, 2020 to 24.3% as of November 30, 2020. The net reduction in debt and financing leases from May 31, 2020 to November 30, 2020 was $4.6 million. The debt includes $3,034,000 funding from the Paycheck Protection Program (“PPP”) under the Coronavirus Aid, Relief and Economic Security Act (“CARES”). The CARES act includes provisions to apply for forgiveness of the PPP loan, and Greystone plans to submit the application.” “The impact of COVID-19 has created much uncertainty in the workplace. The major issue that Greystone has faced is maintaining adequate workforce to meet demand for pallets. The virus has affected the overall workforce in our operating area as well as our own workforce. Employees electing to say at home for protection from COVID-19 and reductions in recruitment of new employees continues to impact the Company’s pallet production. Going forward, we anticipate that the new COIVD-19 vaccine will have a positive impact but are unable to predict the stability of our workforce as long as the virus stays active.” Greystone Logistics is a "Green" manufacturing company that reprocesses recycled plastic and designs, manufactures and sells high quality 100% recycled plastic pallets that provide logistical solutions for a wide range of industries such as the food and beverage, automotive, chemical, pharmaceutical and consumer products. The Company's technology, including a proprietary blend of recycled plastic resins used in the injection molding equipment and patented pallet designs, allows production of high-quality pallets more rapidly and at lower costs than many other processes. The recycled plastic for Greystone’s pallets helps control material costs while reducing environmental waste and provides cost advantages over users of virgin resin. This press release includes certain statements that may be deemed "forward-looking statements" within the meaning of the federal securities laws. All statements, other than statements of historical facts that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, including the potential sales of pallets or other possible business developments are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, including the ability of the Company to continue as a going concern. Actual results may vary materially from the forward-looking statements. For a list of certain material risks relating to the Company and its products, see Greystone Logistics' Form 10-K for the fiscal year ended May 31, 2020. Non-GAAP Financial Measure This press release contains disclosure of EBITDA, which is a non-GAAP financial measure within the meaning of Regulation G promulgated by the Securities and Exchange Commission. A reconciliation of net income to EBITDA, the most comparable GAAP financial measure, as well as additional information concerning EBITDA, are included at the end of this release. Greystone Logistics, Inc.Reconciliation of Consolidated Net Income to EBITDAFor the Six Months Ended November 30, 2020 and 2019 2020 2019 Net Income $2,032,231 $1,091,984 Income Taxes 911,000 320,000 Depreciation and Amortization 3,017,873 2,557,936 Interest Expense 653,060 913,699 EBITDA (A) $6,614,164 $4,883,619 (A)EBITDA represents income before income taxes plus interest, depreciation and amortization. The EBITDA presented above, while considered the most common definition used by investors and financial analysts, may not be comparable to similarly titled measures reported by other companies. Greystone believes that EBITDA, while providing useful information, should not be considered in isolation or as an alternative to other financial measures determined under GAAP. Contact: Warren F. KrugerPresident/CEOCorporate Office1613 East 15th StreetTulsa, Oklahoma 74120(918) 583-7441(918) 583-7442 (FAX)http://www.greystonelogistics.com

  • GlobeNewswire

    GREYSTONE LOGISTICS, INC. REPORTS RESULTS OF OPERATIONS FOR THE YEAR ENDED MAY 31, 2020

    Tulsa, OK, Aug. 25, 2020 (GLOBE NEWSWIRE) -- GREYSTONE LOGISTICS, INC (OTCQB:GLGI). Tulsa-based Greystone Logistics, Inc. reports record earnings for fiscal year ended May 31, 2020.Greystone recorded net income available to common stockholders (net income less preferred dividends and income from non-controlling interests) for fiscal year 2020 of $4,301,585, or $0.15 per share, compared to $1,376,636, or $0.05 per share, in fiscal year 2019. EBITDA for fiscal year 2020 was $12,152,73 compared to $8,767,769 in 2019. Sales for the fiscal year ended May 31, 2020 were $76,204,608 compared to $71,077,116 in the prior year for an increase of $5,127,492, a 7% increase. Greystone’s net income was $4,962,570 in fiscal year 2020 compared to $2,057,207 in fiscal year 2019.“Greystone achieved record-breaking earnings of $0.15 per share of common stock for the corporate year ending May 31, 2020,” stated CEO Warren Kruger. Kruger continued, “Existing customers and new clients have driven sales of our top-line pallets. Price changes accompanied with a series of initiatives to improve efficiency have contributed to improved profit margins. Further, earnings were benefitted by a reduction in the provision for income taxes as Greystone was able to recognize additional deferred tax assets relating to a reduction in the valuation allowance for estimated utilization of our net operating losses for income tax purposes.”“During fiscal year 2020, Greystone showed substantial improvement in its ratio of debt to equity from 13% in fiscal year 2019 to 29% in fiscal year 2020. The Company incurred additional debt of $2,180,000 for the purchase of production equipment and $3,034,000 funding from a Paycheck Protection Program (“PPP”) loan under the Coronavirus Aid, Relief and Economic Security Act (“CARES”). The CARES act includes provisions to apply for forgiveness of the PPP loan and Greystone plans to submit the application. Payments on outstanding debt and financing leases totaled approximately $6,560,000. It is our goal to continue to improve the relationship of debt to equity.”“The impact of COVID-19 has created much uncertainty in the workplace. The major issue that Greystone has faced is maintaining adequate workforce to meet demand for pallets. The virus has affected the overall workforce in our operating area as well as our own workforce. Employees electing to say at home for protection from COVID-19 and reductions in recruitment of new employees has impacted the Company’s pallet production resulting in an approximate 11% decline during the fourth quarter of fiscal year 2020. Going forward, we are unable to predict the stability of our workforce as the longer the virus stays active, the greater the uncertainty.”Greystone Logistics is a “Green” manufacturing company that reprocesses recycled plastic and designs, manufactures, sells high quality 100% recycled plastic pallets that provide logistical solutions needed by a wide range of industries such as the food and beverage, automotive, chemical, pharmaceutical and consumer products. The Company’s technology, including a proprietary blend of recycled plastic resins used in the injection molding equipment and patented pallet designs, allows production of high-quality pallets more rapidly and at lower costs than many processes. The recycled plastic for Greystone’s pallets helps control material costs while reducing environmental waste and provides cost advantages over users of virgin resin.This press release includes certain statements that may be deemed “forward-looking statements” within the meaning of the federal securities laws. All statements, other than statements of historical facts that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, including the potential sales of pallets or other possible business developments are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, including the ability of the Company to continue as a going concern. Actual results may vary materially from the forward-looking statements. For a list of certain material risks relating to the Company and its products, see Greystone Logistics’ Form 10-K for the fiscal year ended May 31, 2020.Non-GAAP Financial MeasureThis press release contains disclosure of EBITDA, which is a non-GAAP financial measure within the meaning of Regulation G promulgated by the Securities and Exchange Commission. A reconciliation of net income to EBITDA, the most comparable GAAP financial measure, as well as additional information concerning EBITDA, are included at the end of this release.Greystone Logistics, Inc. Reconciliation of Consolidated Net Income to EBITDA For the Years Ended May 31, 2020 and 2019  2020  2019  Net Income $4,962,570  $2,057,207  Income Taxes  209,000   435,677  Depreciation and Amortization  5,275,872   4,438,591  Interest Expense  1,705,351   1,836,294  EBITDA (A) $12,152,793  $8,767,769   (A)EBITDA represents income before income taxes plus interest, depreciation and amortization. The EBITDA presented above, while considered the most common definition used by investors and financial analysts, may not be comparable to similarly titled measures reported by other companies. Greystone believes that EBITDA, while providing useful information, should not be considered in isolation or as an alternative to other financial measures determined under GAAP. Contact:Warren F. Kruger President/CEO Corporate Office 1613 East 15th Street Tulsa, Oklahoma 74120 (918) 583-7441 (918) 583-7442 (FAX) http://www.greystonelogistics.com