GREYSTONE LOGISTICS, INC. REPORTS RESULTS OF OPERATIONS FOR THE NINE MONTHS AND THREE MONTHS ENDED FEBRUARY 28, 2023
Tulsa, OK, April 17, 2023 (GLOBE NEWSWIRE) -- (OTCQB:GLGI). Tulsa-based Greystone Logistics, Inc. reports results of operations for the nine and three months ended February 28, 2023.
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, 2023, of $4,471,124, or $0.16 per share, compared to $3,044,535, or $0.11 per share, for the prior nine months. Net income was $4,881,990 and $3,496,217 for the nine months ended February 28, 2023 and 2022, respectively. EBITDA for the nine months ended February 28, 2023, was $10,109,572 compared to $8,237,357 for the nine months ended February 28, 2022.
Operations for the three months ended February 28, 2023, resulted in net income to common stockholders (net income less preferred dividends and income from non-controlling interests) of $3,562,996, or $0.13 per share, compared to $452,458, or $0.02 per share, in the prior period. Net income was $3,695,496 and $603,244 for the three months ended February 28, 2023 and 2022, respectively.
Sales for the nine months ended February 28, 2023 and 2022, were $44,633,542 and $53,069,648, respectively, and $13,578,269 and $22,450,682 for the three months ended February 28, 2023 and 2022, respectively.
“Greystone continues to show improvements in its operations, stated CEO Warren Kruger. “Gross profit margins demonstrate significant improvements. The company’s top line was partially impacted by a large customer providing their own raw materials and other customers delaying deliveries. We are anticipating a robust fourth quarter continuing to the next fiscal year. We believe the company is well positioned for growth as demonstrated by equity equal to approximately 40% of total assets as of February 28, 2023.”
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, 2022.
Conference Call - Monday, April 17, 2023, at 2:00 PM ET, hosted by Warren Kruger , President and CEO. Dial-in information is Toll-Free Number, 800-225-9448, or Direct or International Number, 203-518-9708. A Q&A session will be available.
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 EBITDA
For the Nine months Ended February 28, 2023 and 2022
| 2023 | 2022 | |||||||
| Net Income | $ | 4,881,990 | $ | 3,496,217 | ||||
| Income Taxes (Benefit) | 452,000 | 99,000 | ||||||
| Depreciation and Amortization | 3,954,444 | 4,011,025 | ||||||
| Interest Expense | 821,138 | 631,115 | ||||||
| $ | 10,109,572 | $ | 8,237,357 | |||||
(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:
Brendan Hopkins
Investor Relations
(407) 645-5295
