GREYSTONE LOGISTICS, INC. REPORTS RESULTS OF OPERATIONS FOR THE NINE MONTHS AND THREE MONTHS ENDED FEBRUARY 28, 2021

Tulsa, OK, April 20, 2021 (GLOBE NEWSWIRE) -- GREYSTONE LOGISTICS, INC. (OTCQB:GLGI). Tulsa-based Greystone Logistics, Inc. reports results of operations for the nine months and three months ended February 28, 2021.

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, 2021 of $2,366,837, or $0.08 per share, compared to $2,546,483, or $0.09 per share, for the prior period. Net income available to common stockholders for the three months ended February 28, 2021 was $633,456, or $0.02 per share, compared to $1,799,805, or $0.06 per share, in the prior period. Net income was $2,814,728 and $782,497 for the nine months and three months ended February 28, 2021, respectively, compared to $3,056,926 and $1,964,942 in the prior periods, respectively. EBITDA for the nine months ended February 28, 2021 was $9,392,907 compared to $9,109,657 for the nine months ended February 29, 2020.

The gross profit margin was 18.1% on sales of $47,602,690 for the nine months ended February 28, 2021 compared to a gross profit margin of 14.9% on sales of $57,906,777 in the prior period. The decrease of $10,304,087 in sales from the prior year was primarily due to lowered pricing resulting from a customer delivering a portion of their own raw materials used in the manufacturing process of certain pallets.

“Everyone in the United States has somehow been affected by the pandemic and Greystone most certainly has had challenges. Yet due to the unquenched demand for our great product line of recycled plastic shipping pallets and our extremely dedicated and fantastic employees, we forged through the market headwinds. We had great earnings during this arduous period despite not being able to fully staff employees which did affect numbers of pallets produced,” stated CEO Warren Kruger. Kruger continued, “The EBITDA of $9.4 million for nine months of the current nine-month period reflects continued financial performance as compared to the prior period EBITDA of $9.1 million. Our deleveraging goal is being achieved as our total of long-term debt and financing leases continued to decline by $6.5 million during the current nine-month period.”