-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, T9KGXLd4JOXmkE+G6LrxHEAFonC96IF1Mugkeld2dNw/CHs6YrshNM36ohHskR0h PYA0EoB7T8zD1pXopkulbg== 0001072613-06-001556.txt : 20060720 0001072613-06-001556.hdr.sgml : 20060720 20060720160533 ACCESSION NUMBER: 0001072613-06-001556 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060720 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060720 DATE AS OF CHANGE: 20060720 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GREYSTONE LOGISTICS, INC. CENTRAL INDEX KEY: 0001088413 STANDARD INDUSTRIAL CLASSIFICATION: SPECIAL INDUSTRY MACHINERY, NEC [3559] IRS NUMBER: 752954680 FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-26331 FILM NUMBER: 06971883 BUSINESS ADDRESS: STREET 1: 1613 EAST 15TH STREET CITY: TULSA STATE: OK ZIP: 74120 BUSINESS PHONE: 918-583-7441 MAIL ADDRESS: STREET 1: 1613 EAST 15TH STREET CITY: TULSA STATE: OK ZIP: 74120 FORMER COMPANY: FORMER CONFORMED NAME: PALWEB CORP DATE OF NAME CHANGE: 19990610 8-K 1 form8-k_14496.txt GREYSTONE LOGISTICS, INC. FORM 8-K ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION ------------------------------ WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): JULY 20, 2006 GREYSTONE LOGISTICS, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) OKLAHOMA 000-26331 75-2954680 (STATE OR OTHER JURISDICTION (COMMISSION FILE NUMBER) (I.R.S. EMPLOYER OF INCORPORATION) IDENTIFICATION NO.) 1613 E. 15TH, TULSA, OKLAHOMA 74120 (Address of principal executive offices) (Zip Code) (918) 583-7441 (Registrant's telephone number, including area code) NOT APPLICABLE (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ================================================================================ ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On July 20, 2006, the registrant issued a press release announcing unaudited results for the fiscal year ended May 31, 2006. A copy of such press release is furnished as Exhibit 99.1 hereto. The information being furnished hereunder discloses EBITDA (earnings (loss) before interest (including preferred dividends), taxes, depreciation (including impairments and amortization)), a non-GAAP financial measure within the meaning of Regulation G promulgated by the Securities and Exchange Commission. The registrant believes that EBITDA is a useful measure of evaluating its financial performance because of its focus on the registrant's results from operations before interest, income taxes, depreciation and amortization. EBITDA is utilized for internal analysis of the registrant. EBITDA is not a measure of financial performance under generally accepted accounting principles ("GAAP") and should not be considered in isolation or as an alternative to other financial measures determined under GAAP. However, EBITDA is commonly used by investors, financial analysts and rating agencies as an alternative measure of evaluating, comparing and rating operating performance. EBITDA presented by the registrant may not be comparable to similarly titled measures reported by other companies. The information in this Form 8-K, including the exhibit attached hereto, is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be incorporated by reference into any registration statement filed by the registrant under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits. 99.1 Press Release dated July 20, 2006. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. GREYSTONE LOGISTICS, INC. Date: July 20, 2006 By: /s/ Warren Kruger ----------------------------- Warren Kruger Vice Chairman EX-99.1 2 ech99-1_14496.txt PRESS RELEASE DATED JULY 20, 2006 EXHIBIT 99.1 ------------ GREYSTONE LOGISTICS REPORTS UNAUDITED RESULTS FOR FISCAL YEAR ENDING 2006 Tulsa, OK - July 20, 2006 - Warren F. Kruger, Vice Chairman of Greystone Logistics, Inc. (OTCBB: GLGI), announced today unaudited results for fiscal year ending May 31, 2006. Sales increased to $15,949,400 for the fiscal year ending May 31, 2006 compared to $9,305,500 for fiscal year 2005 for an increase of $6,643,900, or 71%. The increase is primarily attributable to sales from the addition of one production line in fiscal year 2006. Greystone also announced a net loss to common shareholders for the year ended May 31, 2006 of ($2,758,500), or ($0.11) per share. Greystone's EBITDA (earnings (loss) before interest (including preferred dividends), taxes, depreciation (including impairments and amortization)) for the year ended May 31, 2006 is ($429,600) versus ($2,713,200) for the same period last year. The fourth quarter resulted in a positive EBITDA of $218,500. "We have established our physical capacities in production and in our plastic grinding operation to meet expected demand and have continued to bring operating costs inline with company established goals," said Warren Kruger, Vice Chairman of Greystone. Mr. Kruger continued, "We expect the recent delivery of our Grocery Manufacturer's Association standard size 48 inch x 40 inch rackable pallet mold to contribute substantially to sales volume in the next year. The addition expands the Company's product line to meet new inquiries for our unique line of recycled plastic pallets, including significant requests for pallets by cost conscious and environmentally sensitive corporations. " NON-GAAP FINANCIAL MEASURE This release contains disclosure of EBITDA, which is a non-GAAP financial measure within the meaning of Regulation G promulgated by the Securities and Exchange Commission. A reconciliation of EBITDA to net income (loss) available to common shareholders before income taxes, the most directly comparable GAAP financial measure, as well as additional information concerning EBITDA, are included at the end of this release. 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-KSB for the period ended May 31, 2004, which was filed on August 31, 2004. GREYSTONE LOGISTICS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS YEAR ENDED MAY 31, ------------------------------ 2006 2005 ------------ ------------ Sales $ 15,949,400 $ 9,305,500 Gross Profit (Loss) 944,700 (267,500) Operating Profit (Loss) (1,195,900) (9,791,600) Net Loss (2,210,100) (10,421,800) Preferred dividends (548,400) (404,600) Net Loss to Common Shareholders (2,758,500) (10,826,400) Per Share of Common Stock (0.11) (0.60) Average Shares of Common Outstanding 24,061,201 17,950,000 SUPPLEMENTAL STATISTICAL INFORMATION Net Loss to Common Shareholders $ (2,758,500) $(10,826,400) Add Back: Interest expense, including preferred dividends 1,562,200 1,096,900 Provision for income taxes -- -- Depreciation and amortization, Including impairments 766,700 7,016,300 ------------ ------------ EBITDA (A) $ (429,600) $ (2,713,200) CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS THREE MONTHS ENDED MAY 31, ------------------------------ 2006 2005 ------------ ------------ Sales $ 4,711,700 $ 2,717,200 Gross Profit (Loss) 484,800 (303,000) Operating Profit (Loss) 78,100 (7,885,900) Net Loss (244,500) (7,994,300) Preferred dividends (138,800) (113,700) Net Loss to Common Shareholders (383,300) (8,108,000) Per Share of Common Stock (0.02) (0.34) Average Shares of Common Outstanding 24,061,201 23,949,400 SUPPLEMENTAL STATISTICAL INFORMATION Net Loss to Common Shareholders $ (383,300) $ (8,108,000) Add Back: Interest expense, including preferred dividends 379,900 266,600 Provision for income taxes -- -- Depreciation and amortization, Including impairments 221,900 6,668,600 ------------ ------------ EBITDA (A) $ 218,500 $ (1,172,800) (A) EBITDA represents income (loss) before income taxes plus interest, depreciation and amortization. The Company has included preferred dividends with interest expense. The EBITDA presented above while considered the most common definition used by investors and financial analysts, may not be comparable to similarly titled measures reported by other companies. The Company believes that EBITDA, while providing useful information, should not be considered in isolation or as an alternative to other financial measures determined under GAAP. CONTACT: Warren F. Kruger, Vice Chairman Corporate Office 1613 East 15th Street Tulsa, Oklahoma 74120 (918) 583-7441 (918) 583-7442 www.greystonelogistics-glgi.com ------------------------------- -----END PRIVACY-ENHANCED MESSAGE-----