An increase in sales of recently introduced new lines of recycled plastic pallets led to a strong third quarter revenue boost for Greystone Logistics, Inc.
Tulsa-based Greystone Logistics recorded sales for the corporate third quarter ending February 29, 2012 of $4,875,856 compared to $4,206,092 in fiscal year 2011 for an increase of $669,764 or 16% from the previous year. Sales for the nine month period ending February 29, 2012 were $16,872,981 compared to $14,253,173 in fiscal year 2011 for an increase of $2,619,808 or 18.4%. Greystone Logistics recorded net income of $914,939 during the nine month period ended February 29, 2012 compared to a net loss of $(947,894) in fiscal year 2011, a turnaround of $1,862,833. Net income available to the common shareholders of Greystone Logistics for the nine month period ended February 29, 2012 was $657,996 or $.03 per share compared to a net loss of $(1,269,364) or ($.05) for the same period last year.
Bill Rahhal, CFO, commented, “Purchase orders for our Intermediate Bulk Container Pallet (IBC) and our 56×44 Bottle and Can pallet drove sales higher during our third quarter of fiscal year 2012 as revenue from new customers was approximately $1,055,000. The third quarter is historically our slowest time of the year yet we managed to continue our momentum of growth while at the same time implementing changes to our manufacturing practices with emphasis on cost controls. Our EBITDA for the nine month period ended February 29, 2012 was $2,462,424. Based on the closing price of $0.08 per share for the Company’s common stock as of the market’s close on May 4, 2012, this is more than the market capitalization value of $2,088,896 of the Company. Over the next year, I will be working with our CEO to make the market aware of our great product lines and the incredible job our employees are doing for our shareholders and customers. We believe our business plan of redirecting recycled plastic into American made products is exactly the right direction at the right time.”
Greystone Logistics is a “Green” manufacturing and leasing company that reprocesses and sells recycled plastic and designs, manufactures, sells and leases high quality 100% recycled plastic pallets that provide logistical solutions needed by a wide range of industries such as the food and beverage, automotive, chemical, pharmaceutical and consumer products. The Company’s technology, including that used in its injection molding equipment, proprietary blend of recycled plastic resins and patented pallet designs, allows 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.