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):

JANUARY 17, 2024

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):

☐ 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 270.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 270.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 270.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
NONE	GLGI	NONE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02. Results of Operations and Financial Condition.

On January 17, 2024, Greystone Logistics, Inc. (the “Company”) issued a press release regarding results of operations for the six and three months ended November 30, 2023. A copy of the press release dated January 17, 2024, is attached hereto 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 7.01. Regulation FD Disclosure.

As noted above in Item 2.02 of this Current Report on Form 8-K, the registrant issued a press release on January 17, 2024. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is being furnished pursuant to Regulation FD.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99.1  Press Release dated January 17, 2024.

104  Cover Page Interactive Data File (embedded within the Inline XBRL document)

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.
January 17, 2024	By:	/s/ Curtis B. Crosier
		Curtis B. Crosier Chief Financial Officer

EX-99.1

Exhibit 99.1

GREYSTONE LOGISTICS, INC. REPORTS ANOTHER STRONG QUARTER DEMONSTRATING ROBUST GROWTH AND IMPRESSIVE FINANCIAL RESULTS FOR THE SIX AND THREE MONTHS ENDED NOVEMBER 30, 2023

Tulsa, OK—01/17/2024—Greystone Logistics, Inc. (OTCQB:GLGI) Tulsa-based Greystone Logistics, Inc. reports results of operations for the six months ended November 30, 2023 and the three months ended November 30,2023.

Greystone reported earnings per share of common stock for the six months ended November 30, 2023, of $0.09 compared to $0.03 for the six months ended November 30, 2022. Net income was $2,709,045 and $1,186,494 for the six months ended November 30, 2023 and 2022, respectively. EBITDA for the six months ended November 30, 2023, was $7,442,509 compared to $4,672,430 for the six months ended November 30,2022.

Earnings per share of common stock for the three months ended November 30, 2023 were $0.03 per compared to a net loss per share of common stock of $(0.01) per share. Net income (loss) for the three months ended November 30, 2023 and 2022 was $964,826 and $(187,247), respectively.

Sales for the six months ended November 30, 2023, were $33,010,707 compared to sales of $31,055,273 in the prior period. Gross profit margins were 21.8% and 11.9% for the six months ended November 30, 2023 and 2022, respectively. The profit margin for the six months period showed significant improvement over the prior period which was principally impacted by increased volume, productivity improvements, and lower raw material costs.

Sales for the three months ended November 30, 2023, were $15,597,036 compared to sales of $12,101,674 in the prior period. Gross profit margins were 20.1% and 10.1% for the three months ended November 30, 2023 and 2022, respectively. The profit margin for the three months period showed significant improvement over the prior period which was also principally impacted by increased volume, productivity improvements, and lower raw material costs.

“The company experienced yet another great quarter, marked by impressive financial performance and significant milestones,” stated CEO, Warren Kruger. Greystone Logistics has expanded its sales team by adding two in-house salesmen. This strategic move enables the company to enhance its sales efforts, provide personalized service, and cater to the evolving needs of its customers. While Greystone Logistics has traditionally relied on stocking and nonstock distributors to support its sales, the addition of in-house salesmen reflects the company's commitment to delivering exceptional customer service and building strong relationships. Greystone Logistics is also pleased to announce the order for a new tool for an existing customer that is under a three-year contract further strengthening Greystone's relationship with its valued customers and underscoring its dedication to adapt and provide innovative cutting-edge solutions.

Greystone Logistics is a green manufacturing company providing innovative logistics solutions, specializing in manufacturing 100% recycled plastic shipping pallets. With a commitment to excellence, the company's customer-centric approach and dedication to delivering exceptional value have made it a trusted partner for businesses across various industries including food and beverage, automotive, chemical, pharmaceutical and consumer products. The Company's technology, including a proprietary blend of recycled plastic resins used in the injection molding equipment and patented pallet designs, allows production of high-quality pallets at lower costs than many other processes. The recycled plastic in Greystone’s pallets helps control material costs while reducing environmental waste and provides cost advantages over producers who use 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 the Company and its products, see Greystone Logistics' Form 10-K for the fiscal year ended May 31, 2023.

Conference Call - Wednesday, January 17, 2024, at 2:00 PM ET, hosted by Warren Kruger, President, and CEO. Conference ID is Greystone. Dial-in information is Toll-Free Number, 800-579-2543, or Direct or International Number, 785-424-1789. A Q&A session will be available.

Non-GAAP Financial Measure

This press 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 net income to EBITDA, the most comparable GAAP financial measure, as well as additional information concerning EBITDA, are included at the end of this release.

Greystone Logistics, Inc.

Reconciliation of Consolidated Net Income to EBITDA

For the Six Months Ended November 30, 2023 and 2022

	2023		2022
Net Income	$	2,709,045	$	1,186,494
Income Taxes		1,217,000		256,000
Depreciation and Amortization		2,844,103		2,722,174
Interest Expense		672,361		507,762
EBITDA (A)	$	7,442,509	$	4,672,430

(A) EBITDA represents income before income taxes plus interest, depreciation, and amortization. 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. Greystone 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:

Brendan Hopkins

Investor Relations

Email: investorrelations@greystonelogistics.com

Phone: (407) 645-5295

https://www.greystonepallets.com

XML

Document And Entity Information	Jan. 17, 2024
Document Information [Line Items]
Entity, Registrant Name	Greystone Logistics, Inc.
Document, Type	8-K
Document, Period End Date	Jan. 17, 2024
Entity, Incorporation, State or Country Code	OK
Entity, File Number	000-26331
Entity, Tax Identification Number	75-2954680
Entity, Address, Address Line One	1613 E. 15th
Entity, Address, City or Town	Tulsa
Entity, Address, State or Province	OK
Entity, Address, Postal Zip Code	74120
City Area Code	918
Local Phone Number	583-7441
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity, Emerging Growth Company	false
Amendment Flag	false
Entity, Central Index Key	0001088413