TULSA, Okla., Nov. 5, 2012 /PRNewswire/ -- Greystone Logistics, Inc. (OTCBB: GLGI). Greystone Logistics announced record revenue and earnings for the first quarter ending August 31, 2012.
Sales for the quarter ended August 31, 2012 were $7,128,866 compared to $5,783,624 for the quarter August 31, 2011 for an increase of $1,345,252 or 23%. Net income available to common shareholders was $832,005, or $0.03 per share, compared to $479,735, or $.02 per share, for the quarters ended August 31, 2012 and 2011, respectively. Bill Rahhal, CFO, commented, "Management is emboldened by the strong quarter but temper our enthusiasm for the next two quarters based on historically slower sales of beer case goods pallets. However, demand for our keg pallet and Intermediate Bulk Container (IBC) pallet continue to look good over the next six months. Additionally, one of the pelletizing lines which has been down for necessary maintenance will be placed back in service during next quarter and we may see resurgence in resin sales back to historical levels. All other product lines continue to hold steady and work also continues on promising new pallet opportunities with existing and new customers."
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.
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 the Company and its products, see Greystone Logistics' Form 10-K for the fiscal year ended May 31, 2012.
Warren F. Kruger
1613 East 15th Street
Tulsa, Oklahoma 74120
(918) 583-7442 (FAX)
SOURCE Greystone Logistics, Inc.