Greystone Logistics, Inc. Reports Another Strong Quarter Demonstrating Robust Growth and Impressive Financial Results for the Six and Three Months Ended November 30, 2023

TULSA, Okla., Jan. 17, 2024 (GLOBE NEWSWIRE) -- Greystone Logistics, Inc. (OTCQB:GLGI) Tulsa-based Greystone Logistics, Inc. reports results of operations for the six months ended November 30, 2023 and the three months ended November 30,2023.

Greystone reported earnings per share of common stock for the six months ended November 30, 2023, of $0.09 compared to $0.03 for the six months ended November 30, 2022. Net income was $2,709,045 and $1,186,494 for the six months ended November 30, 2023 and 2022, respectively. EBITDA for the six months ended November 30, 2023, was $7,442,509 compared to $4,672,430 for the six months ended November 30,2022.

Earnings per share of common stock for the three months ended November 30, 2023 were $0.03 per compared to a net loss per share of common stock of $(0.01) per share. Net income (loss) for the three months ended November 30, 2023 and 2022 was $964,826 and $(187,247), respectively.

Sales for the six months ended November 30, 2023, were $33,010,707 compared to sales of $31,055,273 in the prior period. Gross profit margins were 21.8% and 11.9% for the six months ended November 30, 2023 and 2022, respectively. The profit margin for the six months period showed significant improvement over the prior period which was principally impacted by increased volume, productivity improvements, and lower raw material costs.

Sales for the three months ended November 30, 2023, were $15,597,036 compared to sales of $12,101,674 in the prior period. Gross profit margins were 20.1% and 10.1% for the three months ended November 30, 2023 and 2022, respectively. The profit margin for the three months period showed significant improvement over the prior period which was also principally impacted by increased volume, productivity improvements, and lower raw material costs.

“The company experienced yet another great quarter, marked by impressive financial performance and significant milestones,” stated CEO, Warren Kruger. Greystone Logistics has expanded its sales team by adding two in-house salesmen. This strategic move enables the company to enhance its sales efforts, provide personalized service, and cater to the evolving needs of its customers. While Greystone Logistics has traditionally relied on stocking and nonstock distributors to support its sales, the addition of in-house salesmen reflects the company's commitment to delivering exceptional customer service and building strong relationships. Greystone Logistics is also pleased to announce the order for a new tool for an existing customer that is under a three-year contract further strengthening Greystone's relationship with its valued customers and underscoring its dedication to adapt and provide innovative cutting-edge solutions.