Greystone Logistics Income Rises in Second Quarter on Improved Sales
TULSA, Okla., Feb. 6, 2012 /PRNewswire/ — Greystone Logistics Inc. (OTCBB: GLGI), Net income at Greystone Logistics Inc. rose to $368,830 in the corporate second quarter ending November 30, 2011 compared to a net loss of $(428,693) for the same period last year.
Tulsa based Greystone Logistics recorded sales for the corporate second quarter 2012 of $6,213,501 compared to $5,052,873 in fiscal year 2011 for an increase of $1,160,628 up 23% for the period. Sales for the six month period ending November 30 were $11,997,125 compared to $10,047,081 in fiscal year 2011 for an increase of $1,950,044 up 19.4%. Greystone recorded net income of $751,141 during the six month period of 2012 compared to a net loss of $(846,335) in fiscal year 2011.
General, selling and administrative expenses were $899,345 in the six month period ending November 30 compared to $988,781 in fiscal year 2011 for a decrease of $89,436.
Warren Kruger, CEO, stated “The first six months of our year was solid reflecting increased pallet sales and improvements in production output plus a great job by our staff of controlling corporate expenses. We are in the right place in the green world to continue to grow our recycled plastic business and market our expanded line of 100% recycled plastic pallets. I anticipate a slower seasonally adjusted third quarter followed by a strong fourth quarter as we bring on a new mold and revenue from our new products.”
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. Greystone’s technology, including that used in its injection molding equipment, proprietary blend of recycled plastic resins and patented pallet designs; allow 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.
This press release includes certain statements that may be deemed “forward-looking statements” within the meaning of the federal securities laws. All statements, other than statements of historical facts that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, including the potential sales of pallets or other possible business developments are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, including the ability of the company to continue as a going concern. Actual results may vary materially from the forward-looking statements. For a list of certain material risks relating to Greystone and its products, see Greystone’s Form 10-Q for the fiscal year ended November 30, 2011.
Warren F. Kruger
1613 East 15th Street
Tulsa, Oklahoma 74120
(918) 583-7442 (FAX)
SOURCE Greystone Logistics Inc.