Greystone Logistics, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended November 30, 2016
January 24, 2017 at 06:00 am EST
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Greystone Logistics, Inc. reported earnings results for the second quarter and six months ended November 30, 2016. For the quarter, the company's sales totaled $9,221,711 compared to $4,420,210 for the prior period for an increase of $4,801,501, or 108%. Net income before preferred dividends were $258,826 compared to $115,151 a year ago. Net income available to common shareholders after preferred dividends of $41,109 compared to a net loss available to common shareholders of $22,420 for the prior period.
The company's sales for the six months ended November 30, 2016 of $17,065,972 compared to $9,990,191 for the prior period for an increase of $7,075,781, or 71%. Net income before preferred dividends were $212,434 compared to $165,547 a year ago. Net loss available to common stockholders after preferred dividends of $76,330 compared to $113,735 for the six months ended November 30, 2016. EBITDA (net income before stock compensation costs, interest expense, income taxes, depreciation and amortization) for the six months ended November 30, 2016 was $2,004,389 compared to $1,294,750 for the prior period.
Greystone Logistics, Inc. is engaged in the business of manufacturing and selling plastic pallets. The Companyâs primary business is the manufacturing of plastic pallets utilizing recycled plastic and selling the pallets through its wholly owned subsidiary, Greystone Manufacturing, L.L.C. The Company sells its pallets through a network of independent contractor distributors and direct sales by its President and sales department. Its product line includes 37 X 32 rackable pallet, 40 X 32 rackable pallet, 37 X 37 rackable pallet, 44 X 56 can pallet, 48 X 48 rackable pallet, 48 X 40 rackable pallet, 48 X 44 rackable pallet, 48 X 40 nestable pallet with or without detachable runners, 24 X 40 display pallet, 48 X 40 monoblock (one-piece) pallet, Half-barrel keg stackable pallet, Half-barrel keg stackable pallet, Slim keg stackable pallet and 36 X 36 rackable pallet, 48 X 45 monoblock pallet, 48 X 45 drum pallet, and 48 X 40 mid duty pallet.