Greystone Logistics, Inc. Reports Impressive Results of Operations for the Three Months Ended August 31, 2023

TULSA, Okla., Oct. 17, 2023 (GLOBE NEWSWIRE) -- Tulsa-based Greystone Logistics, Inc. (OTCQB:GLGI) reports results of operations for the three months ended August 31, 2023.

Greystone reported earnings per share of common stock for the three months ended August 31, 2023, of $0.06 compared to $0.04 for the prior period. Net income was $1,744,219 and $1,373,741 for the three months ended August 31, 2023 and 2022, respectively. EBITDA for the three months ended August 31, 2023, was $4,228,410 compared to $3,302,499 for the three months ended August 31, 2022.

Sales for the three months ended August 31, 2023, were $17,413,671 compared to sales of $18,953,599 in the prior period. Gross profit margins were 23.2% and 13.0% for the three months ended August 31, 2023 and 2022, respectively. The profit margin for the current period showed significant improvement over the prior period which was principally impacted by lower raw material costs.

“Credit goes to our employees for the robust start in the current fiscal year,” stated CEO Warren Kruger. “Our sales team is working diligently filling our pipeline with business from existing and new customers. The Company’s capital investment in two new large tonnage injection molding machines and a robotic extrusion line to manufacture hollow extrusion pallets, were well timed in preparing Greystone for our next growth cycle. New tooling for expansion of our products for selected markets - grocery, can, nut, cement, tech and beverage industries – is in process. We remain confident that we will fill our machines with aggressive marketing of our creatively designed products.”

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.