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.”