Tulsa-based Greystone Logistics, Inc. reported sales for the three months ended November 30, 2016 totaled $9,221,711 compared to $4,420,210 for the prior period for an increase of $4,801,501, or 108%. 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 for the three months and six months ended November 30, 2016, were $258,826 and $212,434, and, respectively, compared to $115,151 and $165,547, respectively, for the prior periods. Greystone recorded a net income for the three months ended November 30, 2016, 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. Greystone recorded a net loss available to common stockholders after preferred dividends of $(76,330), compared to $(113,735) for the six months ended November 30, 2016.
Greystone’s 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.
“The addition of the previously announced pallet leasing customer continues to have a significant impact on Greystone’s sales and operations,” stated Warren Kruger, President and CEO.
“The second quarter of our fiscal year 2017 began to show a turnaround in earnings and this trend is expected to continue throughout the remaining part of this year. Unfortunately, our two newest machines were not operating at full capacity and our two oldest injection machines were down awaiting parts during this quarter. These unexpected delays affected our efficiency and margin goals for the quarter.
“To meet the increasing demand for our pallets, we have ordered a Milacron injection molding machine to add to the three similar machines acquired during the past year. We anticipate this machine will become operational during the latter part of this year. Improving the returns for our shareholders is a continuing major goal for Greystone as we review operations for improvements in operating efficiencies and cost containment to achieve better margins.”
Source: Greystone Logistics