Greystone Logistics Reports 2nd Quarter Earnings

Rhea-AI Summary

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.

Positive

• Strong EBITDA performance: $1.66M quarterly and $3.83M six-month
• Healthy working capital position with significant cash reserves
• Expected revenue growth in upcoming quarters from existing and new customers
• Increasing market demand signals from US and Mexico customers

Negative

• Decreased quarterly revenue due to major customer reaching spending limit

TULSA, Okla., Jan. 21, 2025 (GLOBE NEWSWIRE) -- Greystone Logistics (OTCQB: GLGI), the leading manufacturer of recycled plastic pallets and providing sustainable logistics solutions, announces three- and six-month results for the period ending November 30, 2024. Revenue for the quarter was $12,135,247 and for the six-month period $25,595,894 with EBITDA of $1,658,336 and $3,831,028 for the respective periods.

Warren Kruger, President of Greystone Logistics, commented “Greystone saw lower top line revenue during the last quarter as a significant customer hit their budget for expenditures for their fourth quarter. Greystone anticipates a strong third and even better fourth quarter as revenues ramp up from existing accounts and new customers. As of the end of the quarter, the company continued a strong working capital position with significant cash on hand. We are seeing increased optimism and buying signs from a broad range of customers both in the US and Mexico”.
For more information about Greystone Logistics and its innovative products, please visit www.greystonepallets.com

About Greystone Logistics

Greystone Logistics is a “green” manufacturing company that reprocesses recycled plastic and designs, manufactures and sells high-quality 100% recycled plastic pallets that provide logistical solutions for a wide range of industries such as the food and beverage, automotive, chemical, pharmaceutical and consumer products. The Company’s technology, including a proprietary blend of recycled plastic resins used in the injection molding equipment, extrusion lines and patented pallet designs, allows production of high-quality pallets more rapidly and at a lower cost than many other processes. The recycled plastic for Greystone’s pallets helps control material costs while reducing environmental waste and provides cost advantages over users of virgin resin. For more information about Greystone Logistics and its innovative products, please visit www.greystonepallets.com

Forward-Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical facts included in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by words such as “believe,” “expect,” “anticipate,” “plan,” “potential,” “continue” or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks and uncertainties are discussed in the Company’s filings with the Securities and Exchange Commission. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company’s control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company’s current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Conference Call-Thursday, January 23, 2025 at 2:00 PM ET, hosted by Warren Kruger, President and CEO.

Conference ID is Greystone. Participant Dial-in information is Toll-Free Number, 888-999-6281, or Direct/International Number, +1-848-280-6550. A Q&A session will be available.

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.

Contact

Brendan Hopkins

Investor Relations

Email: investorrelations@greystonelogistics.com

Phone : (407) 645-5295

https://www.greystonepallets.com

FAQ

What was Greystone Logistics (GLGI) revenue for Q2 2024?

Greystone Logistics reported revenue of $12,135,247 for the quarter ending November 30, 2024.

What was GLGI's EBITDA for the six months ending November 30, 2024?

GLGI reported EBITDA of $3,831,028 for the six-month period ending November 30, 2024.

Why did Greystone Logistics experience lower revenue in Q2 2024?

The company experienced lower revenue because a significant customer reached their budget limit for their fourth quarter expenditures.

What is Greystone Logistics' outlook for Q3 and Q4 2024?

The company anticipates a strong third quarter and even better fourth quarter, with expected revenue growth from existing accounts and new customers.

Which markets is GLGI seeing increased buying signals from?

Greystone Logistics is seeing increased optimism and buying signals from customers in both the US and Mexico markets.