Greystone Logistics Reports Pallet Uptick on Flat Total Sales

Greystone Logistics, Inc. has announced 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.”

Source: Greystone

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