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CCNI stock symbol changed to HQI !!
AEY up 4+ % , lots of volume. I hope it's good news coming.
BASI.. Anyone watching this one? I didn't buy because I don't want to chase it.
BASi Continues Revenue Growth in Third Quarter of Fiscal 2019
GlobeNewswire•August 14, 2019
WEST LAFAYETTE, Ind., Aug. 14, 2019 (GLOBE NEWSWIRE) -- Bioanalytical Systems, Inc. (BASI) (“BASi”, the “Company”, “We” or “Our”) today announced financial results for the three and nine months ended June 30, 2019.
Robert Leasure, Jr., BASi’s President and Chief Executive Officer commented, “Our financial results for the third quarter met our expectations and we are pleased with our momentum. We saw revenue growth of 16% over the 2nd quarter of 2019 and overall revenue growth of 66.1% over the first nine months of 2018, including growth attributable to both the Seventh Wave acquisition and the Smithers Avanza acquisition. Even though the third fiscal quarter included over $200,000 in acquisition related cost, net income improved as compared to the second quarter. Our quoting activity and services backlog continue to grow as a result of the acquisitions and investments in sales and marketing. We are beginning to see the results we envisioned from our strategic initiatives and the extraordinary hard work across the company.”
Mr. Leasure continued, “During this recent quarter, we completed the acquisition of Smithers Avanza’s toxicology facility in Gaithersburg, Maryland, our second acquisition within one year. We have taken, and continue to anticipate taking, advantage of immediate capacity and further capitalizing on the assets and broadened scientific expertise acquired via the Smithers Avanza acquisition to reach additional clients. The Evansville new building expansion and facility improvements continue to move forward. We obtained funding to support our acquisitions and expansion, and other improvements to our facilities and equipment, to allow for continued growth and to enhance our scientific capabilities and client experiences. We continue to invest in further integrating our facilities to develop existing facilities and services into “Centers of Excellence” to distinguish our services in the industry, and will continue to evaluate additional opportunities for internal and external growth.”
“Our team at BASi is very proud of what we have accomplished over the last year and we look forward to the future that we are building together,” Mr. Leasure concluded.
Third Quarter Results
For the quarter, revenue amounted to $10,861,000, a 79.8% increase from $6,039,000 in the third quarter of fiscal 2018. Revenue growth was mainly driven by the incremental sales associated with the Seventh Wave and Smithers Avanza acquisitions, plus increased organic sales in the Services segment.
Net loss for the third quarter of fiscal 2019 amounted to $426,000, or $0.04 per diluted share, compared to a net loss of $75,000, or $0.01 per diluted share for the third quarter of fiscal 2018.
Net income and earnings per share were impacted by, among other factors, the mix of revenues, recruiting and relocation of management and scientific teams and growing the employee base, acquisition related costs, as well as higher sales and marketing expenses. The higher sales and marketing expenses are driven by our focus on promoting our combined brand and revenue growth.
Adjusted EBITDA for the third quarter of fiscal 2019 amounted to $772,000, compared to Adjusted EBITDA for the third quarter of fiscal 2018 of $376,000.
Third Quarter Segment Results
Service revenue for the third quarter of fiscal 2019 increased 99.1% to $9,689,000 compared to $4,866,000 for the same period in fiscal 2018. Nonclinical services revenues increased $4,521,000 in the third quarter of fiscal 2019 due to additional revenues attributable to the Seventh Wave Laboratories acquisition of $2,845,000 and the Smithers Avanza acquisition of $1,421,000 in the third quarter of fiscal 2019, as well as an overall increase in the number and mix of studies compared to the prior year period. Bioanalytical analysis revenues increased by $373,000 in the third quarter of fiscal 2019, mainly due to additional revenues attributable to the Seventh Wave Laboratories acquisition. Other laboratory services revenues were negatively impacted by lower archive revenues in the second quarter of fiscal 2019 versus the comparable period in fiscal 2018.
Cost of Service revenue as a percentage of Service revenue decreased to 72.3% during the third quarter of fiscal 2019 from 75.7% in the comparable period in fiscal 2018. The principal cause of this decrease was the increase in the nonclinical service revenues that facilitated a higher absorption of fixed cost in the current quarter.
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Sales in our Products segment remained essentially flat in the third quarter of fiscal 2019 from $1,172,000 to $1,173,000 when compared to the same period in the prior fiscal year.
Cost of Products revenue as a percentage of Products revenue in the third quarter of fiscal 2019 decreased to 62.1% from 62.3% in the comparable prior-year period mainly due to the mix of products sold.
First Nine Months’ Results
For the first nine months of fiscal 2019, revenue amounted to $28,830,000, a 66.1% increase from $17,360,000 in the first nine months of fiscal 2018. Revenue growth was mainly driven by incremental sales associated with the Seventh Wave acquisition plus increased sales in both the Services and Products segments.
Net loss for the first nine months of fiscal 2019 amounted to $1,080,000, or $0.10 per diluted share, compared to net income of $6,000, or $0.00 per diluted share for the first nine months of fiscal 2018.
Net income and earnings per share were impacted by, among other factors, the mix of revenues, recruiting and relocation of management and scientific teams and growing the employee base, acquisition related costs, as well as increased sales and marketing expenses.
Adjusted EBITDA for the first nine months of fiscal 2019, amounted to $1,945,000, compared to Adjusted EBITDA for the first nine months of fiscal 2018 of $1,345,000.
First Nine Months’ Segment Results
Service revenue for the first nine months of fiscal 2019 increased 77.2% to $25,555,000 compared to $14,421,000 for the same period in fiscal 2018. Nonclinical services revenues increased $9,485,000 in the first nine months of fiscal 2019 due to additional revenues attributable to the Seventh Wave Laboratories and Smithers Avanza acquisitions of $7,736,000 and $1,421,000, respectively, as well as an overall increase in the number of studies compared to the prior year period. Bioanalytical analysis revenues increased by $1,687,000 in the first nine months of fiscal 2019, mainly due to additional revenues attributable to the Seventh Wave Laboratories acquisition.
Cost of Service revenue as a percentage of Service revenue decreased to 72.6% during the first nine months of fiscal 2019 from 73.6% in the comparable period in fiscal 2018. The principal cause of this decrease was due to the mix of services provided in the first nine months of fiscal 2019.
Sales in our Products segment increased 11.4% in the first nine months of fiscal 2019 from $2,939,000 to $3,275,000 when compared to the same period in the prior fiscal year. The majority of the increase stems from higher sales of our Culex automated in vivo sampling systems and analytical instruments in the current period as compared to the prior year period.
Cost of Products revenue as a percentage of Products revenue in the first nine months of fiscal 2019 increased to 66.2% from 61.1% in the comparable prior-year period. This increase is mainly due to higher material costs and the mix of product sales during the first nine months of fiscal 2019.
Cash Provided by Operating Activities
Cash provided by operating activities was $1,567,000 for the first nine months of fiscal 2019 compared to $2,210,000 for the same period in fiscal 2018.
As of June 30, 2019, the Company had $506,000 in cash and cash equivalents, a $572,000 balance on its general line of credit, a $2,012,000 balance on its $4,445,000 construction line of credit, a $499,000 balance on its $1,429,250 equipment line of credit and a $460,000 balance on its capex line of credit. During fiscal 2019, cash from operations, cash on hand and financing activities funded capital expenditures of approximately $4,530,000 for the expansion of our Evansville facility in addition to laboratory equipment and building improvements as well as computer equipment and software.
Acquisition
On May 1, 2019, the Company acquired from Smithers Avanza Toxicology Services LLC (“Seller”), a consulting-based contract research laboratory located in Gaithersburg, Maryland, substantially all of the assets used by the Seller in connection with the performance of in-vivo mammalian toxicology CRO services for pharmaceuticals (small molecules and biologics), vaccines, agro and industrial chemicals. The consideration for the acquisition consisted of $1,270,646 in cash, subject to certain adjustments, 200,000 of the Company’s common shares and an unsecured promissory note in the initial principal amount of $810,000. The Company funded the cash portion of the purchase price for the acquisition with cash on hand and the net proceeds from the refinancing of its credit arrangements with First Internet Bank.
Non-GAAP to GAAP Reconciliation
This press release contains financial measures that are not calculated in accordance with generally accepted accounting principles in the United States (GAAP). The non-GAAP financial measures are Adjusted EBITDA for the three and nine month periods ended June 30, 2019 and 2018. Adjusted EBITDA as reported herein refers to a financial performance measure that excludes from net income (loss) income statement line items interest expense and income taxes (benefit) expense, as well as non-cash charges for depreciation and amortization, stock option (benefit) expense and non-recurring acquisition and integration costs.
The non-GAAP financial information should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Management, however, believes that Adjusted EBITDA, when used in conjunction with the results presented in accordance with GAAP, may provide a more complete understanding of the Company's results and may facilitate a fuller analysis of the Company's results, particularly in evaluating performance from one period to another.
Management has chosen to provide this supplemental information to investors, analysts, and other interested parties to enable them to perform additional analyses of our results and to illustrate our results giving effect to the non-GAAP adjustments shown in the reconciliation. Management strongly encourages investors to review the Company's consolidated financial statements and publicly filed reports in their entirety and cautions investors that the non-GAAP measures used by the Company may differ from similar measures used by other companies, even when similar terms are used to identify such measures.
About Bioanalytical Systems, Inc.
BASi is a pharmaceutical development company providing contract research services and monitoring instruments to emerging pharmaceutical companies and the world's leading drug development companies and medical research organizations. The Company focuses on developing innovative services supporting its clients’ discovery and development objectives for improved decision-making and accelerated goal attainment. BASi products focus on increasing efficiency, improving data, and reducing the cost of taking new drugs to market. Visit www.BASinc.com for more information about BASi.
This release contains forward-looking statements that are subject to risks and uncertainties including, but not limited to, risks and uncertainties related to our financial condition, changes in the market and demand for our products and services, the development, marketing and sales of products and services, changes in technology, industry standards and regulatory standards, the successful closing, integration and financial impact of acquisitions and various market and operating risks detailed in the Company's filings with the Securities and Exchange Commission. BASi assumes no obligation to update any forward-looking statement except as may be required by law. Actual results may vary, and could differ materially, from those anticipated, estimated, projected or expected in these forward-looking statements for a number of reasons, including, among others, the risk factors disclosed in the Company's most recent Annual Report, as filed, with the Securities and Exchange Commission.
(SEE BELOW FOR CONDENSED CONSOLIDATED FINANCIAL STATEMENTS)
BIOANALYTICAL SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
June 30,
Nine Months Ended
June 30,
2019
2018
2019
2018
Service revenue
$
9,689
$
4,866
$
25,555
$
14,421
Product revenue
1,172
1,173
3,275
2,939
Total revenue
10,861
6,039
28,830
17,360
Cost of service revenue
7,004
3,684
18,552
10,619
Cost of product revenue
728
730
2,168
1,795
Total cost of revenue
7,732
4,414
20,720
12,414
Gross profit
3,129
1,625
8,110
4,946
Operating expenses:
Selling
730
320
2,038
917
Research and development
128
142
397
430
General and administrative
2,521
1,195
6,332
3,510
Total operating expenses
3,379
1,657
8,767
4,857
Operating income (loss)
(250
)
(32
)
(657
)
89
Interest expense
(178
)
(49
)
(426
)
(149
)
Other income
2
1
5
5
Net loss before income taxes
(426
)
(80
)
(1,078
)
(55
)
Income taxes (benefit) expense
-
(5
)
2
(61
)
Net income (loss)
$
(426
)
$
(75
)
$
(1,080
)
$
6
Comprehensive income (loss)
$
(426
)
$
(75
)
$
(1,080
)
$
6
Basic net income (loss) per share
$
(0.04
)
$
(0.01
)
$
(0.10
)
$
0.00
Diluted net income (loss) per share
$
(0.04
)
$
(0.01
)
$
(0.10
)
$
0.00
Weighted common shares outstanding:
Basic
10,493
8,273
10,343
8,274
Diluted
10,493
8,273
10,343
8,652
BIOANALYTICAL SYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
June 30,
2019
September 30,
2018
(Unaudited)
Assets
Current assets:
Cash and cash equivalents
$
506
$
773
Accounts receivable
Trade, net of allowance of $1,783 at June 30, 2019 and $1,948
at September 30, 2018
6,261
4,128
Unbilled revenues and other
1,639
1,012
Inventories, net
1,119
1,182
Prepaid expenses
1,293
966
Total current assets
10,818
8,061
Property and equipment, net
21,056
16,610
Goodwill
3,617
3,072
Other intangible assets, net
2,967
3,318
Lease rent receivable
127
115
Deferred tax asset
31
62
Other assets
28
30
Total assets
$
38,644
$
31,268
Liabilities and shareholders’ equity
Current liabilities:
Accounts payable
$
4,488
$
3,192
Restructuring liability
425
1,117
Accrued expenses
2,499
1,571
Customer advances
6,516
4,925
Revolving line of credit
572
-
Capex line of credit
460
-
Current portion of capital lease obligation
18
87
Current portion of long-term debt
1,050
909
Total current liabilities
16,028
11,801
Capital lease obligation, less current portion
23
37
Long-term debt, less current portion, net of debt issuance costs
12,259
8,546
Total liabilities
28,310
20,384
Shareholders’ equity:
Preferred shares, authorized 1,000,000 shares, no par value:
35 Series A shares at $1,000 stated value issued and
outstanding at June 30, 2019 and at September 30, 2018
35
35
Common shares, no par value:
Authorized 19,000,000 shares; 10,496,669 issued and
outstanding at June 30, 2019 and 10,245,277
at September 30, 2018
2,586
2,523
Additional paid-in capital
25,100
24,557
Accumulated deficit
(17,387
)
(16,231
)
Total shareholders’ equity
10,334
10,884
Total liabilities and shareholders’ equity
$
38,644
$
31,268
BIOANALYTICAL SYSTEMS, INC.
RECONCILIATION OF GAAP TO NON-GAAP EARNINGS
(In thousands)
(Unaudited)
Three Months Ended
Nine Months Ended
June 30,
June 30,
2019
2018
2019
2018
GAAP Net income (loss)
$
(426
)
$
(75
)
$
(1,080
)
$
6
Add back: Interest expense
178
49
426
149
Income taxes (benefit) expense
-
(5
)
2
(61
)
Depreciation and amortization
702
374
2,007
1,149
Stock option expense
72
33
196
102
Acquisition and integration costs
246
-
394
-
Adjusted EBITDA
$
772
$
376
$
1,945
$
1,345
Adjusted EBITDA - Earnings before interest expense, income taxes (benefit) expense, depreciation and amortization, stock option expense and non-recurring acquisition and integration costs.
FOR MORE INFORMATION:
Company Contact:
Jill Blumhoff
Chief Financial Officer & Vice President of Finance
Phone: 765.497.8381
jblumhoff@BASinc.com
Contact:
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Bioanalytical Systems to Release
GREYSTONE LOGISTICS, INC. REPORTS YEAR END RESULTS OF OPERATIONS FOR THE YEAR ENDED MAY 31, 2019
GlobeNewswire•September 3, 2019
Tulsa, OK, Sept. 03, 2019 (GLOBE NEWSWIRE) -- GREYSTONE LOGISTICS, INC. (GLGI). Tulsa-based Greystone Logistics, Inc. reports record sales for fiscal year ended May 31, 2019.
Sales for the fiscal year ended May 31, 2019 were $71,077,116 compared to $48,609,075 in the prior year for an increase of $22,468,041, a 46% increase. Greystone’s net income was $2,057,207 in fiscal year 2019 compared to $1,871,101 in fiscal year 2018. Greystone recorded net income available to common stockholders for fiscal year 2019 of $1,376,636, or $.05 per share, compared to $1,239,678, or $0.04 per share, in fiscal year 2018. EBITDA for fiscal year 2019 was $8,767,769 compared to $7,565,938 in 2018.
“Greystone’s growth has been phenomenal with record-breaking sales during the corporate year ending May 31, 2019,” stated CEO Warren Kruger. Kruger continued, “Existing customers and new clients have driven sales of our top-line pallets, but margin erosion continues to be a concern and profits are not where they should be. We had unusual machine and mold issues during the second half of our corporate year that did not allow us to optimize product throughput thus driving up costs on a per unit basis. I am extremely disappointed that the robot installation on two of our production lines that we contracted for has been delayed as critical aspects of the process were under engineered by our provider. We must deliver additional tools to our employees to enhance their work experience and make us more cost efficient. A series of initiatives are being implemented and we are driven to improve our efficiency and thus increased income levels.”
“Our relationship with a national pallet leasing company has driven dramatic growth and puts our product in almost every industry in America thus bringing market credibility and awareness to the robust nature of Greystone’s 100% recycled plastic pallets nationally and worldwide. This exposure is adding new users from referrals within multiple industries thus mitigating specific customer concentrations. We anticipate sales of our new automotive and super sack pallets to add to this diversification. Customers recognize the numerous long-term benefits of plastic pallets and particularly enjoy being able to get a credit back on broken pallets that we regrind and use again with the knowledge they are helping the environment.”
Hi south,
I'm glad I can help this board. I must give the credit to Mermelstine as he posted a while back about OSS that's when i bought it, and i think KIK had originally posted it after it IPO-ed.
Anyway I sold it right after earnings as I had a profit and the stock was going down, ha ha shows how much I know. Anyway best of luck to you
TULSA, OK, Aug. 05, 2019 (GLOBE NEWSWIRE) -- Greystone Logistics, Inc. (OTC BB: GLGI), recently signed a $6.8 million purchase order with a national food and agribusiness company for the manufacture and delivery of plastic pallets over the next 12 months.
“Greystone’s 100% recycled plastic pallet with innovative cold storage additives provided a solution for our new customer eliminating the constant problem of broken wooden pallets and inconsistencies in sizes within their automated facilities.” stated Warren Kruger, CEO. “This new purchase order of our market-proven pallet adds substantially to our volume over the next 12 months. Our team worked diligently during the testing phase to insure the customer’s satisfaction. The Greystone 100% recycled pallet design was chosen for the ability to withstand blast freezer environments, recyclability, long life cycle, substantial racking strength and tremendous coefficient of friction.”
Greystone Logistics is a "Green" manufacturing company that recycles plastic and designs, manufactures and markets high-quality 100% recycled plastic pallets that provide logistical solutions needed by a wide range of industries such as food and beverage, agricultural, automotive, chemical, consumer products and pharmaceutical. The Company's technology, including its proprietary blend of recycled plastic resins used in the injection molding equipment and patented pallet designs, allows production of high-quality pallets quickly and at lower costs than many processes. The recycled plastic for its pallets helps control material costs while reducing environmental waste and provides cost advantages over users of virgin resin.
This press release includes certain statements that may be deemed "forward-looking statements" within the meaning of the federal securities laws. All statements, other than statements of historical facts that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, including the potential sales of pallets or other possible business developments, are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties. Actual results may vary materially from the forward-looking statements. For a list of certain material risks relating to Greystone and its products, see Greystone's Form 10-KSB for the year ended May 31, 2018.
Contact:
Warren F. Kruger
President/CEO
Corporate Office
1613 East 15th Street
Tulsa, Oklahoma 74120
(918) 583-7441
(918) 583-7442 (FAX)
http://www.greystonelogistics.com
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I called the company, they said RBZ only reports earnings every 6 months and it should be late August or in September. I bought a few because of the low float, I think it has a good chance of the stock popping after earnings. JMO
I bought into AEY after you first posted over on the savvy board, Thanks for the tip.
Earnings are tomorrow before open, I'm planning on holding as I'm in low enough to get out if it drops. I'm hoping for some news on new business.
Any thoughts? TIA
OSS.. lots of good news, earnings today. I bought some before at $1.70 not sure about today. Should be higher with all the volume and low float.
Any thoughts? Thanks in advance.
OSTK.. I bought in also in the $9's , lots of potential here.
RUHN up 35% today. Anyone else own it?
I posted it a few weeks ago.
RUHN.$3.66.. Chinese IPO in April 2019 at $12.. Alibaba has an investment in them. They have over 1 billion in sales. Should release earnings soon.
Seems oversold here. JMO.. I bought a few today.
RBZ $5.66 can you tell me when they report earnings?
I can't find it anywhere. TIA
10q out if anyone cares.
TVTY I can never get in at the bottom or out at the top, However on this one my purchase price was $16.51 so I was very lucky for once.
So what you are saying is you probably would hold through earnings?.
Thanks again
TVTY $20.75 I followed you into this after I saw the insider buys a few weeks ago. Thanks for the tip, Do you have a full value price? Are you planning on holding into earnings? I was hoping for an update on how Nutrisystem was fitting in but I guess it's too early yet.
Any other thoughts ? Thanks in advance.
EVOL $1.27 you still own this one? You buying more ?
Do you know when they report? I can't find it anywhere.
I don't post very often so TIA
Looks like the daughter's in charge now.
I'll hope for the best.
Bought in again today at $5.86 going to soak up the dividend and sell on the pop.
I agree but also I think it shows that Warren thinks the stock is cheap.
Insiders sell stock for a lot of reasons, but they buy for one reason.
I found this, see what you think?
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Blank-Check Companies, a Hot IPO Fad, Contain Pitfalls for Investors; More than half of SPACs that went public in 2015 and 2016 are now trading below their offering price, a WSJ review shows
Today 8:00 AM ET Editor's PicksPrint
By Alexander Osipovich
Blank-check companies are enjoying their highest popularity in more than a decade, raising more than $10 billion in new listings last year.
But investors should still be cautious about the structure, according to a review of the companies' performance by The Wall Street Journal.
Such firms—often called special-purpose acquisition companies, or SPACs—hold initial public offerings to raise cash for acquisitions. They don't have assets or any operating history. They are largely bets on their executives, who seek to do a deal within a specified time period, typically two years.
Of the blank-check companies that went public in 2015 and 2016, more than half are now trading below their IPO price, the Journal's analysis shows.
It is an industry convention for SPACs to go public at $10, and in most cases their shares convert into shares of the target company on a one-to-one basis. So a share price above or below $10 can indicate whether or not the SPAC executed a successful deal.
Thirty-three SPACs held IPOs in 2015 and 2016. Of these, 27 did deals and transformed into oil drillers, trucking companies or other real-world businesses. Eighteen now trade below $10, based on Monday's closing prices and accounting for any unusual stock-conversion factors, in which the SPAC shares didn't just convert directly into shares of the target companies.
Another nine did deals and are now trading at $10 or higher. The remaining six either haven't closed a deal yet, or dissolved without doing a deal and returned money to shareholders. Those that dissolved were delisted by their stock exchange.
"I've been surprised by the staying power of SPACs, given that they haven't been producing big returns for investors," said University of Florida finance professor Jay Ritter , who studies IPOs.
From 2010 to 2017, SPACs underperformed the broader market by about 3% annually in the first three years after their IPO, according to Mr. Ritter's analysis of 92 blank-check listings in that period. Mr. Ritter attributed that underperformance to the fact that these SPACs, before doing their deals, parked their cash in escrow accounts returning low interest rates at a time when the market was rising.
There are SPAC successes: Conyers Park Acquisition Corp ., which went public in 2016, merged with the maker of Atkins protein bars the next year and became the Simply Good Foods Co ., whose stock is up 45% over the past year. It closed on Monday at $19.84.
Then there are stories like that of Quinpario Acquisition Corp. 2 . It raised $350 million in the first blank-check IPO of 2015, with underwriters including Deutsche Bank AG . Led by Jeffry Quinn , a veteran mining and chemicals executive, it initially aimed to make acquisitions in the "specialty chemicals and performance materials industries," according to a 2014 regulatory filing. Instead, in 2017 it acquired two information-technology companies and became Exela Technologies Inc . Shares of Exela tumbled immediately after the deal, and closed Monday at $3.90.
A spokeswoman for Mr. Quinn said he was traveling and unavailable for an interview. Exela declined to comment.
Some SPAC experts say it is unfair to judge blank-check companies by how their shares perform after a deal. The reason: SPACs have a built-in safeguard that allows investors to redeem their shares before an acquisition goes through. That means investors who buy during the IPO, which are often hedge funds or other sophisticated players, can avoid getting hurt by bad deals.
"If SPAC common shareholders don't like the deal a sponsor presents, the overwhelming majority of them will happily take their $10 cash in trust back, plus interest, rather than stick around and hold on to shares in the acquisition target," said Benjamin Kwasnick, founder of data provider SPAC Research. Mr. Kwasnick owns shares of some SPACs as an individual investor.
In the 1980s, blank-check companies were often associated with penny-stock frauds. Laws and regulations implemented in the next decade helped clean up the sector, setting the stage for a surge of SPAC listings in the frothy years before the 2008 financial crisis.
Since 2010 they have enjoyed another resurgence, as well as increased acceptance on Wall Street. The volume of blank-check IPOs grew more than 650% in the five years through 2018, which was the biggest year for SPAC issuance since 2007, according to Dealogic.
Goldman Sachs Group Inc . underwrote its first SPAC IPO in 2016. The New York Stock Exchange welcomed its first blank-check company to the Big Board the next year, after loosening its listing rules for SPACs. Nasdaq Inc . has listed them since 2008.
Wilbur Ross , the billionaire investor turned Commerce Secretary, and entertainment entrepreneur Haim Saban, creator of the Mighty Morphin Power Rangers, are among the executives who have launched SPACs to seek acquisitions in recent years.
To receive our Markets newsletter every morning in your inbox, click here .
Write to Alexander Osipovich at alexander.osipovich@dowjones.com
Thank you. That was very informative. I'm going to put it on the top of my watch list. Have a nice holiday weekend.
Yes I'm still in. I had added a few times I think toward the end of October
This week I sold a few because I'm not sure of the upcoming quarter. I still have a core position and am hoping to add to it is the price goes lower after 2/21. I think this is a 5 + year hold. JMO
Kruger buying again. Just saying
1. Name and Address of Reporting Person *
KRUGER WARREN F
2. Issuer Name and Ticker or Trading Symbol
GREYSTONE LOGISTICS, INC. [ GLGI ]
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
__ X __ Director __ X __ 10% Owner
__ X __ Officer (give title below) _____ Other (specify below)
CEO & President
(Last) (First) (Middle)
1613 EAST 15TH STREET
3. Date of Earliest Transaction (MM/DD/YYYY)
2/11/2019
(Street)
TULSA, OK 74120
(City) (State) (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)
6. Individual or Joint/Group Filing (Check Applicable Line)
_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date
2A. Deemed Execution Date, if any
3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)
7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code
V
Amount
(A) or (D)
Price
Common Stock
2/11/2019
P
96200
A
$0.586
8688426
D
Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security
3. Trans. Date
3A. Deemed Execution Date, if any
4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date
7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)
11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code
V
(A)
(D)
Date Exercisable
Expiration Date
Title
Amount or Number of Shares
WRLS $ 10.24 I'm thinking about buying some shares. My questions are
Yahoo has the shares at 8.5 million OS and 1.16 float.
Is that going to change? Wrls will change name to TPX will the shares cancel ?Will they change their stock symbol? what about the warrant's? What else do you know?
Have you bought an SPAC IPO before? if so what happened?
I have never bought one and just learned about it.
Thanks in advance for any / all information you can give me.
DAIO. You still in ? I'm up quite a bit from when I bought in September / October. I just read the last CC again , not sure if I'm going to trim some shares. They report 2/21 Have any thoughts? TIA
So Budweiser brews with wind power (Super Bowl ad ) But they don't use recycled pallets ?? I think Anheuser Bush will be a customer in the future.
JMO
GREYSTONE LOGISTICS, INC. REPORTS RESULTS OF OPERATIONS FOR THE SIX MONTHS AND QUARTER ENDED NOVEMBER 30, 2018
Press Release | 01/28/2019
Tulsa, OK, Jan. 28, 2019 (GLOBE NEWSWIRE) -- (OTCQB:GLGI). Tulsa-based Greystone Logistics, Inc. reports continued record sales for the six months and quarter ended November 30, 2018.
Sales for the six months ended November 30, 2018 were $32,939,240 compared to $20,009,177 for the six months ended November 30, 2017 for an increase of $12,930,063, a 65% increase. Sales for the three months ended November 30, 2018 were $14,733,130 compared to $9,722,102 for the three months ended November 30, 2017 for an increase of $5,011,028, a 52% increase. Greystone’s sales to major customers during the six months ended November 30, 2018 were 84% of sales compared to 73% in the same period last year.
Greystone’s net income was $1,061,853 and $296,945 in the six months and three months ended November 30, 2018, respectively, compared to $674,353 and $144,071 for comparable periods in the preceding year. Greystone recorded net income (loss) available to common stockholders for the six months and three months ended November 30, 2018 of $730,281, or $.03 per share and $128,893, or $0.005 per share, respectively, compared to $363,371, or $0.01 per share, and $(11,337), or $(0.00) per share, for comparable periods last year. EBITDA for six months ended November 30, 2018 was $4,482,242 compared to $3,140,525 for the prior year.
“We are pleased with the continuation of record-breaking sales in fiscal year 2019”, stated CEO Warren Kruger. Kruger continued, “These sales reflect customer satisfaction with the quality of Greystone’s pallets. We are excited and enthused about the upcoming implementation of automation changes to affect more efficiency and cost control. Wage inflation pressures and spending for our growth have squeezed margins and we are focused on these issues. Our dedicated employees work daily to flatten out these costs, maximize production and implement cost saving initiatives with the goal of improving our margins and provide better returns for our stockholders.”
“Automation on two production lines is expected to be completed in March 2019 which we believe will have a significant and positive impact for our employees and on earnings in the long term. When this first automation is completed and operating satisfactorily, expansion is expected to be applied to all equipment lines. Equipment purchased to increase Greystone’s capacity to refine recycled plastic and thus reduce total resin average price per pound is expected to be operational also by March 2019. Every penny of cost savings from refining material in-house is expected to provide additional improvements on earnings based the large volume of recycled plastic resin utilized by Greystone. Our 48x45 automotive pallet mold has been received and is currently being marketed to potential customers. We now have twelve production machines in operation with the addition of another new machine which will begin producing revenue in February 2019.”
Greystone Logistics is a “Green” manufacturing company that reprocesses recycled plastic and designs, manufactures, sells high quality 100% recycled plastic pallets that provide logistical solutions needed by a wide range of industries such as the food and beverage, automotive, chemical, pharmaceutical and consumer products. The Company’s technology, including that used in its injection molding equipment, proprietary blend of recycled plastic resins and patented pallet designs, allows production of high quality pallets more rapidly and at lower costs than many processes. The recycled plastic for its pallets helps control material costs while reducing environmental waste and provides cost advantages over users of virgin resin.
This press release includes certain statements that may be deemed “forward-looking statements” within the meaning of the federal securities laws. All statements, other than statements of historical facts that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, including the potential sales of pallets or other possible business developments are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, including the ability of the Company to continue as a going concern. Actual results may vary materially from the forward-looking statements. For a list of certain material risks relating to the Company and its products, see Greystone Logistics’ Form 10-K for the fiscal year ended May 31, 2018.
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. A reconciliation of net income to EBITDA, the most comparable GAAP financial measure, as well as additional information concerning EBITDA, are included at the end of this release.
I've been watching this board for a while and you guys seem to understand much of what's going on here. I put in an order to buy for FNMA & FMCC as I think they are oversold due to tax loss selling.
My question to anyone on this board , do you think one is a better buy than the other and for what reason.? I don't post very often so thanks in advance.
The stock is up today because of your awesome write up and Kruger's stock buy, it just goes to show that shares are being held. If we can continue to get the word out then we could have backing and filling in an upward trend. JMO
Congrats on your profit, I think your right it will drop back at some point, I'm also a long term holder and I'm not selling any shares any time soon. Hope I'm right to hold. Good luck to you.
GLGI the CEO bought 95,000 shares on 11-2-18
Kruger buys 95,000 shares at 50 cents.
I'm starting to believe this is going to $5+
Any thoughts ?
Wow awesome post!! Lots of good information.. I was at Wal-Mart getting my oil changed about 6 months ago and there was a IPGS pallet that was clearly a Greystone pallet. You should do a seeking Alpha write up. TIA
ETM.. $6.11 too cheap not to buy, hope I'm right, earnings 11-6-18
Time will tell. JMO
GREYSTONE LOGISTICS, INC. REPORTS RESULTS OF OPERATIONS FOR THE QUARTER ENDED AUGUST 31, 2018
Press Release | 10/22/2018
Tulsa, OK, Oct. 22, 2018 (GLOBE NEWSWIRE) -- (OTCQB:GLGI). Tulsa-based Greystone Logistics, Inc. reports record quarterly sales for the first quarter of fiscal year 2019.
Sales for the three months ended August 31, 2018 were $18,206,110 compared to $10,287,075 for the three months ended August 31, 2017 for an increase of $7,919,035, a 77% increase. Greystone’s sales to major customers in the quarter ended August 31, 2018 were 84% of sales compared to 73% in the same period last year. Greystone’s net income was $764,908 in the three months ended August 31, 2018 compared to $530,282 in the same period last year. Greystone recorded net income available to common stockholders for the current quarter of $601,388, or $.02 per share, compared to $374,708, or $0.01 per share, in the same period last year. EBITDA for current quarter of fiscal year 2019 was $2,562,139 compared to $1,824,727.
“The continuation of record-breaking sales in the first quarter of our fiscal year 2019 was expected based on the burgeoning development of our customer base”, stated CEO Warren Kruger. Kruger continued, “The number of customers with over 15% sales volume increased from two to three over the prior period. Our margins have not developed consistently with the increase in sales as front loading of costs continue to remain high. These costs include equipment, facilities, infrastructure, training, and maintenance costs. Our dedicated employees work daily to flatten out these costs, maximize production and implement cost saving initiatives.”
“In this quest for efficiency, we have ordered automation on two production lines that will begin to roll out in the third quarter which we believe will have a significant positive impact for our employees and on earnings in the long term. We anticipate rolling this automation across all equipment lines in the future. Additionally, equipment is on order to increase Greystone’s capacity to refine recycled plastic and thus reduce total resin average price per pound. Based on the large volume of recycled plastic resin utilized by Greystone, penny reductions in the cost of raw materials should provide significant positive improvements in earnings. Our 48x45 automotive pallet mold has been shipped and this product will be available for sale in December. We have just completed installation of a new production machine that will start producing revenue in November, 2018 with an additional large tonnage machine scheduled for January.”
Greystone Logistics is a "Green" manufacturing company that reprocesses recycled plastic and designs, manufactures, sells high quality 100% recycled plastic pallets that provide logistical solutions needed by a wide range of industries such as the food and beverage, automotive, chemical, pharmaceutical and consumer products. The Company's technology, including that used in its injection molding equipment, proprietary blend of recycled plastic resins and patented pallet designs, allows production of high quality pallets more rapidly and at lower costs than many processes. The recycled plastic for its pallets helps control material costs while reducing environmental waste and provides cost advantages over users of virgin resin.
This press release includes certain statements that may be deemed "forward-looking statements" within the meaning of the federal securities laws. All statements, other than statements of historical facts that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, including the potential sales of pallets or other possible business developments are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, including the ability of the Company to continue as a going concern. Actual results may vary materially from the forward-looking statements. For a list of certain material risks relating to the Company and its products, see Greystone Logistics' Form 10-K for the fiscal year ended May 31, 2018.
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. A reconciliation of net income to EBITDA, the most comparable GAAP financial measure, as well as additional information concerning EBITDA, are included at the end of this release.
Greystone Logistics, Inc.
Reconciliation of Consolidated Net Income to EBITDA
For the Three Months Ended August 31, 2018 and 2017
2018
2017
Net Income
$
764,908
$
530,282
Income Taxes
331,600
220 800
Depreciation and Amortization
1,053,003
748,968
Interest Expense
412,628
324,677
EBITDA (A)
$
2,562,139
$
1,824,727
(A) EBITDA represents income before income taxes plus interest, depreciation and amortization. The EBITDA presented above, while considered the most common definition used by investors and financial analysts, may not be comparable to similarly titled measures reported by other companies. Greystone believes that EBITDA, while providing useful information, should not be considered in isolation or as an alternative to other financial measures determined under GAAP.
Contact:
Warren F. Kruger
President/CEO
Corporate Office
1613 East 15th Street
Tulsa, Oklahoma 74120
(918) 583-7441
(918) 583-7442 (FAX)
http://www.greystonelogistics.com
DAIO Thanks for the heads up. I bought this stock when you were talking about it last year, I bought around $4 and sold around $12.
On this down turn I was only able to get 2,000 shares but I think it's a long term hold from now on, might be able to get more at a lower price if the quarter is really bad. all JMO
Seychelle Reports Results for the Fiscal Quarter and Six Months Ended August 31, 2018
Press Release | 10/16/2018
Seychelle Water Filtration Products, a DBA of Seychelle Environmental Technologies, Inc. (Seychelle, we, us, our or the Company) (OTCQB: SYEV), a worldwide leader in the development, assembly and sale of proprietary portable water filtration bottles, made several announcements today.
For the Fiscal Quarter ended August 31, 2018, Revenue was $735,677, compared to $991,934 in the prior year’s fiscal quarter. Seychelle had Net loss of $129,623 for the fiscal quarter ended August 31, 2018, or ($.00) per share, compared to prior year's fiscal quarter Net income of $85,402, or $.00 per share.
For the Six Months ended August 31, 2018, Revenue was $1,869,578, compared to $2,200,141 in the prior year’s six month period. Seychelle had Net loss of $36,831 for the six months ended August 31, 2018, or ($.00) per share, compared to prior year’s six months’ Net income of $245,384, or $.01 per share.
Seychelle is working on making strong developmental advances to bring new drinking water technologies to expand the current products we have on the market. We believe that as many as four new products could be ready for distribution within the next sixty days. These improvements could favorably impact our earnings and help future sales. Our backorder status remains strong.
The Seychelle Omni Straw (SOS) and 28oz portable advanced products have been specifically improved to reach the national and international military and disaster preparedness markets.
We believe that interest in our international products is increasing, with potential sales to aid in preparations for current disasters and safe drinking water demands. For example, Japan has had a representative visiting Seychelle to preliminarily discuss our Radiation removal products and their concerns with the upcoming Olympics.
Previously we have mentioned continuing potential interest in development of miscible CBD use in conjunction with our products.
"Dedicated to improving the quality of life through the quality of our drinking water.”
Note to Investors
This press release may contain certain forward-looking information about Seychelle's business prospects/projections. These are based upon good-faith current expectations of Seychelle's management. Seychelle makes no representation or warranty as to the attainability of such assumptions/projections. Investors are expected to conduct their own investigation with regard to Seychelle. Seychelle assumes no obligation to update the information in this press release. For more information, please visit www.seychelle.com or call (949) 234-1999.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181016005350/en/
Thanks for your reply. If we stay at $.50 or higher I'm happy because that's way higher than my average cost. I'm not selling until at least $1.5 because I think it's worth more than that. JMO. After the revenue and earnings PR I'll call the company and get some questions answered and let you know.
10Q is out, i'd like to hear your thoughts. TIA