Greystone Logistics Reports Strong Year-End Earnings

Rhea-AI Summary

Greystone Logistics (OTCQB:GLGI) reports strong year-end earnings for fiscal year ending May 31, 2024. Key highlights include:

• Net income: $5,027,491
• EBITDA: $13,086,091
• Sales: $61,780,715
• Earnings per share: $0.16

The company's new 48x40 warehouse pallet is generating $5 million per year in revenue. With over $50 million in the sales pipeline, Greystone anticipates a robust 2025. Cash on hand at year-end was $5,798,641, ensuring funds for the previously announced share buyback. The company plans to launch a new extruded hollow lumber pallet in the next 90 days, with introduction at Pack Expo in Chicago in November.

Positive

• Strong net income of $5,027,491 for fiscal year 2024
• EBITDA of $13,086,091 on sales of $61,780,715
• Earnings per share of $0.16
• New 48x40 warehouse pallet generating $5 million per year in revenue
• Over $50 million in sales pipeline
• Cash on hand of $5,798,641 at year-end
• Planned launch of new extruded hollow lumber pallet in next 90 days

Negative

• Ongoing recessionary pressures affecting the market
• Notable hesitancy among buyers to issue purchase orders

TULSA, Okla., Sept. 13, 2024 (GLOBE NEWSWIRE) -- Greystone Logistics, (“Greystone Logistics” or the “Company”) (OTCQB:GLGI) the leading manufacturer of recycled plastic pallets providing sustainable logistics solutions, is pleased to announce its year-end earnings for the fiscal year ending May 31, 2024. The company has achieved an impressive net income of $5,027,491, with EBITDA of $13,086,091 on sales of $61,780,715. The $.16 per share earnings highlights its resilience and commitment to innovation in a challenging economic climate.

Despite ongoing recessionary pressures and a notable hesitancy among buyers to issue purchase orders, Greystone has continued to excel in the market for its world-class recycled plastic shipping pallets. The company’s focus on sustainability and quality has allowed it to maintain a competitive edge, meeting the growing demand for eco-friendly shipping solutions.

Warren Kruger, President of Greystone Logistics, expressed his pride in the company’s performance. “We’ve had a tremendous year, demonstrating our ability to adapt and thrive even in the face of economic uncertainty. Our new 48x40 warehouse pallet is already generating sales at a pace of $5 million per year in revenue and with over $50 million in our sales pipeline, I anticipate a robust 2025. Cash on hand at year end was $5,798,641 insuring a level of safety and sufficient funds for our previously announced share buyback. We have now received the new tooling for our extruded hollow lumber pallet with product launch in the next 90 days and introduction at Pack Expo in Chicago in November. Our innovative approach to recycling plastic into durable shipping pallets not only supports our clients’ logistics needs but also helps reduce environmental impact. We are committed to providing sustainable solutions that benefit both our customers and the planet.”

Greystone Logistics remains dedicated to expanding its operations and enhancing its product offerings as it looks ahead to the coming year. The company’s strategic initiatives will focus on increasing production on new equipment with existing customers and closing sales in the pipeline.

As Greystone continues to lead the way in the logistics industry, it remains steadfast in its mission to deliver high-quality, sustainable products while navigating the complexities of the current economic landscape.

For more information about Greystone Logistics and its innovative products, please visit www.greystonepallets.com

About Greystone Logistics

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 a lower cost 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.

Forward-Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical facts included in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by words such as “believe,” “expect,” “anticipate,” “plan,” “potential,” “continue” or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks and uncertainties are discussed in the Company’s filings with the Securities and Exchange Commission. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company’s control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company’s current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Conference Call-Monday, September 16, 2024, at 1:30 PM ET, hosted by Warren Kruger, President and CEO. Conference ID is Greystone. Participant Dial-in information is Toll-Free Number, 888-999-6281, or Direct or International Number, +1-848-280-6550. 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.

Contact

Brendan Hopkins
Investor Relations        
Email: investorrelations@greystonelogistics.com
Phone : (407) 645-5295
https://www.greystonepallets.com

FAQ

What were Greystone Logistics' (GLGI) earnings for fiscal year 2024?

Greystone Logistics reported net income of $5,027,491, with EBITDA of $13,086,091 on sales of $61,780,715 for the fiscal year ending May 31, 2024.

What is the earnings per share for Greystone Logistics (GLGI) in fiscal year 2024?

Greystone Logistics reported earnings per share of $0.16 for the fiscal year ending May 31, 2024.

How much revenue is Greystone Logistics' (GLGI) new 48x40 warehouse pallet generating?

Greystone Logistics' new 48x40 warehouse pallet is generating sales at a pace of $5 million per year in revenue.

What is the value of Greystone Logistics' (GLGI) sales pipeline as of September 2024?

Greystone Logistics reports having over $50 million in their sales pipeline as of September 2024.

When will Greystone Logistics (GLGI) launch its new extruded hollow lumber pallet?

Greystone Logistics plans to launch its new extruded hollow lumber pallet in the next 90 days, with introduction at Pack Expo in Chicago in November 2024.