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Greystone Logistics, Inc. specializes in manufacturing plastic pallets for industrial, agricultural, food processing, and beverage applications worldwide. These pallets are crafted from 100% recycled plastic, ensuring sustainability and eco-friendliness. With a focus on high-density polyethylene (HDPE), Greystone's pallets guarantee strength, lightweight design, corrosion resistance, and durability. Their cost-effective nature and low maintenance requirements make them a preferred choice over traditional wood, metal, and cardboard pallets. Whether it's heavy-duty industrial use, FDA-approved food applications, or one-way export needs, Greystone offers unmatched performance, quality, and affordability in their product lineup.
Greystone Logistics (OTCQB: GLGI), a leading manufacturer of recycled plastic pallets, has released its financial results for the three and six months ending November 30, 2024. The company reported quarterly revenue of $12,135,247 and six-month revenue of $25,595,894, with EBITDA of $1,658,336 and $3,831,028 respectively.
The company experienced lower top-line revenue during the quarter due to a significant customer reaching their budget limit. However, management anticipates stronger performance in the upcoming third and fourth quarters, driven by expected revenue growth from existing accounts and new customers. The company maintains a strong working capital position with significant cash reserves and reports increased optimism and buying signals from customers in both the US and Mexico markets.
Greystone Logistics (OTCQB: GLGI), a manufacturer of recycled plastic pallets, has partnered with Forvis Mazars, LLP for accounting and CFO services. The agreement encompasses quarterly and annual public filing services along with CFO-level support. CEO Warren Kruger highlighted Forvis's expertise in public company reporting and financial management as key benefits for executing their growth strategy.
The company also confirmed the implementation of a mandatory 30-day waiting period for their previously announced stock buyback program, which will commence on December 20, 2024.
Greystone Logistics announces a conference call scheduled for October 24, 2024 to discuss Q1 results. The call will begin at 2:00 PM Eastern Time with a duration of 30 minutes, preceded by a 15-minute pre-conference period. Participants can join via toll-free number 888-999-6281 or international number 848-280-6550. For additional information, investors can contact Brendan Hopkins from Investor Relations.
Greystone Logistics (OTCQB:GLGI) reports strong year-end earnings for fiscal year ending May 31, 2024. Key highlights include:
- Net income: $5,027,491
- EBITDA: $13,086,091
- Sales: $61,780,715
- Earnings per share: $0.16
The company's new 48x40 warehouse pallet is generating $5 million per year in revenue. With over $50 million in the sales pipeline, Greystone anticipates a robust 2025. Cash on hand at year-end was $5,798,641, ensuring funds for the previously announced share buyback. The company plans to launch a new extruded hollow lumber pallet in the next 90 days, with introduction at Pack Expo in Chicago in November.
Greystone Logistics (OTCQB: GLGI) announced a $1 million stock repurchase program authorized by its Board of Directors. The program will commence in the second fiscal quarter of 2024 and span 12 months. Shares may be repurchased in the open market under Rule 10b5-1 or through other methods, adhering to Rule 10b-18 and applicable regulations.
The number and value of shares repurchased will depend on factors such as the stock's intrinsic value, market conditions, liquidity, and legal requirements. The program is discretionary and can be altered or stopped at any time. Funding for the buybacks will come from existing cash reserves and future free cash flow. CEO Warren Kruger emphasized that the buyback reflects the Board's confidence in the company's future and aims to enhance shareholder value.
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