Greystone Logistics Inc. (GLGI)

[Phaedrus77]

Good news / bad news quarter, it seems.

They lost part of the Miller Coors business and overall sales were down 20%.

GM was 20% (!) though so gross margin $ was actually up even with sales down.

Quantity of pallets produced was only down 3%.

Wal-Mart placed another order.

I wonder what the fire retardant issue that they’re spending r&d on is about.

With sales down 20%, they likely qualify for the employee retention credit for Q1 (and Q2, assuming sales are down 20% in Q1). That credit could be worth around $2 million per quarter.

Assuming last year’s sales were due to igps ramping up, I wonder what greystone’s steady state sales will be. It sure looks like last year was peak sales unless they sign another major customer.