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Greystone Logistics, Inc. manufactures recycled plastic pallets and reports company developments tied to sustainable logistics, manufacturing operations and capital allocation. The company reprocesses recycled plastic and designs, manufactures, leases and sells 100% recycled plastic pallets for customers in industries such as food and beverage, automotive, chemical, pharmaceutical and consumer products.
Greystone news commonly covers earnings releases, operating discussions, share repurchases, debt reduction and balance sheet actions. Product updates include pallet leasing and rental programs, as well as Palletrip, a cellular-tracked recycled plastic pallet program for closed-loop transfers. Company materials also describe proprietary recycled resin blends, injection molding equipment and patented pallet designs used in its pallet production process.
Greystone Logistics, Inc. (OTCQB: GLGI), a leader in recycled pallets, announced the addition of Brendan Hopkins to its Investor Relations team. With decades of experience, Hopkins will enhance the company's investor communication. He aims to develop a robust investor relations program that effectively conveys Greystone's strategies and growth potential. CEO Warren Kruger expressed excitement about Hopkins' expertise, indicating its importance as the company expands its market presence. Greystone specializes in manufacturing high-quality recycled plastic pallets, offering a durable and eco-friendly alternative to traditional wood pallets.
Greystone Logistics (OTCQB: GLGI) reported a net income of $3,044,535 for the nine months ending February 28, 2022, representing an increase from $2,366,837 in the prior year. However, net income for the three months decreased from $633,456 to $452,458. EBITDA declined to $8,237,357 from $9,392,907 year-over-year. The gross profit margin fell to 9.7% on sales of $53,069,648, attributed to inflationary pressures on raw materials and labor costs. Despite these challenges, the CEO noted stable demand and plans for expanded manufacturing capacity, including new products showcased at Modex.
Greystone Logistics, Inc. (OTCQB:GLGI) reported mixed financial results for the six and three months ended November 30, 2021. Net income for the six months increased to $2,592,077 ($0.09/share) from $1,733,381 ($0.06/share) year-over-year. However, the three months resulted in a net loss of $(378,844) compared to a profit of $873,180 previously. The gross profit margin fell to 8.0% from 18.3%, attributed to inflation and labor shortages. Despite challenges, the company secured a $13.5 million contract and plans to hire more staff to enhance operations.
Greystone Logistics, Inc. (OTCQB: GLGI) has initiated shipments following a $13.5 million order for 100% recycled plastic pallets from a major retailer. This order highlights the retailer's commitment to sustainable practices. CEO Warren Kruger emphasized the advantages of recycled pallets, including cost-effectiveness compared to wood and benefits for environmental sustainability. Greystone aims to deliver high-quality pallets across various sectors, utilizing proprietary technology to keep production costs low while reducing waste.
Greystone Logistics, Inc. (OTCQB:GLGI) reported its fiscal year 2021 earnings, showing a net income of $3,030,165 ($0.11 per share), down from $4,301,585 ($0.15 per share) in 2020. Total sales decreased to $64,925,059 from $76,204,608, primarily due to a client supplying its own raw materials. EBITDA declined slightly from $12,152,793 in 2020 to $12,080,272. The company reduced its debt by approximately $5.9 million, and its $3 million loan under the CARES Act was forgiven, bolstering equity. The CEO cited strong demand for their pallets despite challenges from COVID-19 and rising plastic costs.
Greystone Logistics, Inc. (OTCQB:GLGI) reported its financial results for the nine and three months ending February 28, 2021. The company posted a net income of $2,366,837 ($0.08 per share) for nine months, down from $2,546,483 ($0.09 per share) year-over-year. Sales decreased by $10.3 million to $47.6 million, attributed to customer-driven pricing changes. Despite challenges from COVID-19, EBITDA rose to $9.4 million, reflecting strong demand for recycled plastic pallets. Additionally, Greystone secured $7.8 million in purchase orders in March 2021.