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):

AUGUST 31, 2010

Greystone Logistics, Inc.

(Exact name of registrant as specified in its charter)

Oklahoma	000-26331	75-2954680
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer 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):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o 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 14, 2010, Greystone Logistics, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended May 31, 2010 (the “Original Earnings Release”).  Subsequently, on August 31, 2010, the Company issued a press release (the “Revised Earnings Release”) to provide additional information regarding certain financial results reported in the Original Earnings Release.  More specifically, the Revised Earnings Release (a) corrects certain financial information contained in the Original Earnings Release, and (b) provides a reconciliation of EBITDA (earnings before interest (including preferred dividends), income taxes, depreciation and amortization) with generally accepted accounting principles (“GAAP”) and certain related information.   The Revised Earnings Release is furnished herewith as Exhibit 99.1.

The information being furnished hereunder discloses EBITDA, a non-GAAP financial measure within the meaning of Regulation G promulgated by the Securities and Exchange Commission.  The Company believes that EBITDA is a useful measure of evaluating its financial performance because of its focus on the Company’s results from operations before interest, income taxes, depreciation and amortization.  EBITDA is utilized for internal analysis of the Company.  EBITDA is not a measure of financial performance under 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 Company may not be comparable to similarly titled measures reported by other companies.

The information in this Form 8-K, including exhibits, 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 Company 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.

(d) Exhibits.

      99.1       Press Release dated August 31, 2010.

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:      August 31, 2010	By:	/s/ William W. Rahhal
		William W. Rahhal
		Interim Chief Financial Officer

EX-99.1

EXHIBIT 99.1

Greystone Logistics Corrects Previously Reported Unaudited Results for Quarter Ended May 31, 2010

TULSA, OK – (Market Wire) – August 31, 2010 – Greystone Logistics, Inc. (OTC BB:GLGI.OB – News), announced today it was correcting previously announced preliminary unaudited results for the quarter ending May 31, 2010.  This press release corrects and restates in its entirety Greystone's earlier press release dated July 14, 2010.

Operating profit for the 4th quarter was $705,137 with a net income before preferred dividends and income attributable to non-controlling interest of $505,517.  Net income available to common after preferred dividends was $404,434 or $.015 per share. Greystone's EBITDA (earnings before interest (including preferred dividends), income taxes, depreciation and amortization) for the quarter ended May 31, 2010 was $950,664.

"I am happy to report a fine fourth quarter to our shareholders to end our corporate year. Sustainability and the use of recycled plastic pallets and recycled resin is increasing at a rapid pace," said Warren Kruger, CEO of Greystone Logistics. Kruger continued, "Our company is well positioned in space we understand and the diligence of our dedicated employees to the success of the firm for the benefit our shareholders and their company is showing. We are seeing an increase in sales in our pallets and our recycled resin sales are in line with previously announced expectations."

Greystone Logistics is a rapidly growing manufacturing and leasing company that reprocesses and sells recycled plastic and designs, manufactures, sells and leases high quality plastic pallets that provide logistical solutions needed by a wide range of industries such as the food and beverage, automotive, chemical, pharmaceutical and consumer product industries. Greystone's technology, including that used in its injection molding equipment, proprietary blend of recycled petrochemical 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.

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-K for the fiscal year ended May 31, 2009. For additional information in relatio n to Greystone and its products see Form 10-Q for the quarterly period ended February 28, 2010.

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 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.

Greystone Logistics, Inc.

Condensed Consolidated Statements of Operations

	Three Months Ended May 31, 2010
Sales		$	5,059,787
Gross Profit			1,315,081
Operating Profit			703,137
Net Income			505,517
Preferred Dividends			(81,028	)
Income to Non-Controlling Interest			(20,055	)
Net Income to Common Shareholders			404,434
Per Share of Common Stock,
Basic and Diluted			(0.015	)
Average Shares of Common Outstanding			26,111,201
Supplemental Statistical Information
Net Income to Common Shareholders		$	404,434
Add Back:
Interest expense, including preferred dividends			287,387
Provision for income taxes			—
Depreciation and amortization			258,843
EBITDA (A)		$	950,664

(A) EBITDA represents income 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 believe s that EBITDA, while providing useful information, should not be considered in isolation or as an alternative to other financial measures determined under GAAP.

Contact:

     Contact:

     CONTACT:

     Warren F. Kruger

     President/CEO

     Corporate Office

     1613 East 15th Street

     Tulsa, Oklahoma  74120

     (918) 583-7441

     (918) 583-7442 (FAX)

     http://www.greystonelogistics.com