Fiscal Year 2016 Revenues and Earnings for Greystone Logistics, Inc.
September 07 2016 - 6:00AM
Marketwired
Fiscal Year 2016 Revenues and Earnings for Greystone Logistics,
Inc.
TULSA, OK-(Marketwired - Sep 7, 2016) - Tulsa-based Greystone
Logistics, Inc. (OTCQB: GLGI) reporting record sales for fiscal
year end May 31, 2016.
Sales for the fiscal year ended May 31, 2016 were $26,340,405
compared to $22,293,922 in fiscal year 2015 for an increase of
$4,046,483, an 18.2% increase. Greystone's sales to its major
customer in fiscal year 2016 were 41% of total sales compared to
51% in the prior year. Pallet sales to a new major customer
increased from zero to 15% of total sales in fiscal year 2016.
Greystone's net income was $836,134 in fiscal year 2016 compared to
$609,569 in fiscal year 2015. Greystone recorded net income
available to common stockholders for fiscal year 2016 of $271,426,
or $.01 per share, compared to $57,565, or $0.00 per share, in
fiscal year 2015.
Warren Kruger CEO stated, "We anticipate driving top line sales
during the next fiscal year and will continue to be diligent and
cognizant of our need to drive down costs of production through
innovation, automation, and scale focusing on providing returns
that our shareholders' expect. Since last quarter's announcement of
a new machine, two additional new machines have been placed into
production to accommodate growing demand for Greystone's products.
Much of this demand is for a newly designed pallet being
manufactured and sold to a lease pool customer that rents the
pallets. The combination of strength, standardization, ease of
cleaning, and recyclability are driving customer conversion from
wood to plastic. Greystone has the best engineered injection molded
pallet line in the world with innovative designs allowing superior
racking strength, high coefficient of friction anti-skid solutions,
proprietary freezer additives allowing for use in environments of
-30 degrees Fahrenheit, and utilizing 100% recycled and recyclable
plastic content."
Greystone Logistics is a "Green" manufacturing 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, 2016.
Contact Information
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
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