TULSA, Okla., Oct. 18, 2011 /PRNewswire/ -- (OTCBB: GLGI) Greystone Logistics announced preliminary financial results for the quarter ending August 31, 2011.
Sales for the quarter were $5,784,000 with quarterly operating profits of $727,000, depreciation of $277,000 and net income of $458,000. Net income available to common stockholders was $463,000 or $0.02 per share.
Company CFO Bill Rahhal commented, "Greystone is on track with our business plan for corporate year 2012. Reducing our bank debt and all obligations while making prudent and necessary capital expenditures for continued growth are paramount in our management plan. A recent $1.2 million dollar purchase order for the Intermediary Bulk Container pallet will buoy our 2nd quarter's revenue. Plant operations, finance and accounting, and senior management are working diligently to provide innovative solutions to logistical challenges with world class recycled plastic pallets for our customers and achieve consistent results our shareholders have waited patiently for."
Greystone Logistics is a growing manufacturing and leasing company that reprocesses and sells recycled plastic and designs, manufactures, sells and leases high quality plastic pallets that provide logistical solutions needed by a wide range of industries such as the food and beverage, automotive, chemical, pharmaceutical and consumer product industries. Greystone's technology, including that used in its injection molding equipment, proprietary blend of recycled petrochemical resins and patented pallet designs allow 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