Fiscal Year 2017 Revenues and Earnings for Greystone Logistics, Inc.
August 29 2017 - 6:00AM
Marketwired
Fiscal Year 2017 Revenues and Earnings for Greystone Logistics,
Inc.
TULSA, OK--(Marketwired - Aug 29, 2017) - (OTCQB: GLGI).
Tulsa-based Greystone Logistics, Inc. reports record sales and
income for fiscal year end May 31, 2017.
Sales for the fiscal year ended May 31, 2017 were $40,044,110
compared to $26,340,405 in prior year for an increase of
$13,703,705, a 52% increase. Greystone's sales to its major
customers in fiscal year 2017 were 71% of total sales compared to
56% in the prior year. Greystone's net income was $2,246,908 in
fiscal year 2017 compared to $836,134 in fiscal year 2016.
Greystone recorded net income available to common stockholders for
fiscal year 2017 of $1,660,921, or $.06 per share, compared to
$271,426, or $0.01 per share, in fiscal year 2016.
Warren Kruger CEO stated, "Our board is pleased with the results
of the hard work of the entire organization for our corporate year
ended May 31, 2017. Much of the increase in sales in fiscal year
2017 is demand for the pallet being manufactured and sold to a
lease pool customer that rents the pallets in the U.S. and Canada.
Demand for the Intermediate Bulk Container pallet, 48x45 lipped
pallet, export nestable pallet, and keg pallet showed strong added
sales. During the year, two new machines were placed into
production to accommodate growing demand for Greystone's
products."
"This past year, management has been diligent in zeroing in on
reducing costs while being very aggressive paying down principal on
our debt. We closed a plastics recycling facility in Sand Springs,
OK, moving the equipment to Iowa for better equipment utilization,
management oversight, and cost control. The company acquired two
buildings with 52,000 square feet storage capacity for recycling
equipment and pallets. We will continue to work hard for our
shareholders and look forward to the opportunities and challenges
in fiscal year 2018."
"Going forward, our team will focus on automation that leverages
our ability to consistently produce quality pallets while providing
our employees additional tools to do their jobs. Another new
machine was recently delivered with an additional machine on order.
These machines are projected to be in production in September 2017
and January 2018. We anticipate steady growth in top line sales
during fiscal year 2018. Additionally, our staff continues to
monitor machine and mold depreciation to ensure the correct
allocation of capital is available to maintain top production
levels and maximize efficiencies."
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. 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.
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, 2017.
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.
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Greystone Logistics, Inc.
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Reconciliation of Consolidated Net Income to EBITDA
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For the Years Ended May 31, 2017 and 2016
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2017
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2016
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Net Income
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$2,246,908
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$836,134
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Income Taxes
|
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1,011,990
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495,555
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Depreciation and Amortization
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2,681,706
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1,555,283
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Interest Expense
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1,212,857
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862,428
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EBITDA (A)
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$7,153,461
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$3,749,400
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(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)
583-7441http://www.greystonelogistics.com
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