Revenues and Earnings for Greystone Logistics, Inc.
03 Mayo 2016 - 4:00AM
Marketwired
Revenues and Earnings for Greystone Logistics, Inc.
TULSA, OK-(Marketwired - May 3, 2016) - Tulsa-based Greystone
Logistics, Inc. (OTCQB: GLGI) reported sales for the third quarter
ending February 29, 2016 of $5,280,480 compared to $3,685,044 for
the prior period for an increase of $1,595,436. Pallet sales were
$5,122,785 or 97% of total sales, in the quarter ended February 29,
2016 compared to $3,520,056, or 96% of total sales, in the prior
period for an increase of $1,602,729.
Sales for the nine months ended February 29, 2016 were
$15,270,671 compared to $13,676,492 in the nine months ended
February 28, 2105 for an increase of $1,594,179. Pallet sales were
$14,999,740, or 98% of total sales, in nine months ended February
29, 2016 compared to $12,466,944, or 91% of total sales, in prior
period for an increase of $2,532,796.
Greystone's pallet sales to its major customer in the nine
months ended February 29, 2016 were 31% of total sales (32% of
pallet sales) compared to 40% of total sales (44% of pallet sales)
in prior period. Pallet sales to the major customer decreased by
approximately $0.7 million from nine months ended February 38, 2015
2015 to the nine months ended February 29, 2016, while pallet sales
to new and existing customers provided the basis for the increase
in pallet sales in the current fiscal year.
For the third quarter ended February 29, 2016, Greystone
recorded a net loss available to common stockholders of $(200,528),
or $(0.01) per share, compared to net income of $198,859, or $0.01
per share, in the prior period. For the nine months ended February
29, 2016, Greystone recorded a net loss available to common
stockholders of $(314,263), or $(0.01) per share, compared to
$(382,764), or $(0.01) per share, for the nine months ended
February 28, 2015.
"During the third quarter, Greystone acquired an additional
injection molding machine at a cost of $2.5 million to accommodate
the needs of a new customer", stated Warren Kruger CEO. "There were
substantial costs in preparation for full implementation of the new
equipment which affected the margins for the third quarter. The
equipment became fully operational in March 2016. We anticipate
higher sales and better margins in the fourth quarter ending May
31, 2016. We continue to invest in our company's future."
Greystone Logistics is a "Green" manufacturing and leasing
company that reprocesses and sells 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 that
used in its injection molding equipment, proprietary blend of
recycled plastic resins and patented pallet designs, allows
production of high quality pallets quickly and at lower costs than
many processes. The recycled plastic for its pallets helps control
material costs while reducing environmental waste and provides cost
advantages over users of virgin resin. Excess plastic not used in
production of pallets is reprocessed for resale.
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, 2015.
Contact Information
CONTACT: Greystone Logistics, Inc. Website:
http://www.greystonelogistics.com Phone: (918) 583-7441 Email:
investorrelations@greystonelogistics.com
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