Greystone Logistics Reports Unaudited Results for Quarter Ended February 28, 2013
TULSA, Okla., May 6, 2013 /PRNewswire/ -- Greystone Logistics, Inc. (OTCQB: GLGI), announced today unaudited results for the quarter ended February 28, 2013.
Greystone recorded net income of $1,227,759 for the nine months ended February 28, 2013 on sales of $16,705,437 compared to net income of $914,939 on sales of $16,872,981 for the comparable prior period. For the quarter ended February 28, 2013 Greystone recorded net income of $174,215 compared to $163,798 for the same period last year. Net income available to common stockholders for the nine months was $882,998, or $0.03 per share, compared to $657,996, or $0.03 per share for the prior period.
"I am pleased with the fiscal year to date results," stated Warren Kruger, CEO. "Our core pallet business was up 4% and pallet demand remains steady. Resin sales, however, were off due to unusual weather conditions affecting sales of plastic pipe-our major market for recycled plastic. While our total sales were flat, our income before income taxes was up 15% due to the increase in pallet sales and lower operating costs. Additionally, the recognition of a tax benefit from net operating losses in the current period resulted in our net income attributable to common stockholders being up 34% over the prior period."
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 Greystone and its products, see Greystone's Form 10-KSB for the year ended May 31, 2012.
Greystone Logistics is a "Green" manufacturing and leasing company that reprocesses and sells recycled plastic and designs, manufactures, sells and leases 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, 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 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. Excess plastic not used in production of pallets is reprocessed for resale.
Warren F. Kruger
1613 East 15th Street
Tulsa, Oklahoma 74120
(918) 583-7442 (FAX)
SOURCE Greystone Logistics, Inc.