Greystone Logistics, Inc., a plastic pallet manufacturer based in Tulsa, has released its operational results for the three and nine months ending on February 28, 2023.
For the nine months ending on February 28, 2023, Greystone achieved a net income of $4,471,124 available to common stockholders (net income minus preferred dividends and income from non-controlling interests), translating to $0.16 per share. This is an improvement compared to $3,044,535, or $0.11 per share, recorded in the corresponding period of the previous year. The net income for the nine months ending on February 28, 2023, was $4,881,990, whereas it was $3,496,217 for the nine months ending on February 28, 2022. EBITDA for the nine months ending on February 28, 2023, was $10,109,572, whereas it was $8,237,357 for the nine months ending on February 28, 2022.
For the three months ending on February 28, 2023, the company generated net income to common stockholders of $3,562,996, or $0.13 per share, compared to $452,458, or $0.02 per share, for the previous quarter. The net income for the three months ending on February 28, 2023, was $3,695,496, whereas it was $603,244 for the same period of the previous year.
The sales for the nine months ending on February 28, 2023, and 2022, were $44,633,542 and $53,069,648, respectively. The sales for the three months ending on February 28, 2023, and 2022, were $13,578,269 and $22,450,682, respectively.
“Greystone continues to show improvements in its operations,” said CEO Warren Kruger. “Gross profit margins demonstrate significant improvements. The company’s top line was partially impacted by a large customer providing their own raw materials and other customers delaying deliveries. We are anticipating a robust fourth quarter continuing to the next fiscal year. We believe the company is well positioned for growth as demonstrated by equity equal to approximately 40% of total assets as of February 28, 2023.”
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