glgi_8k.htm
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 20, 2015
Greystone Logistics, Inc.
(Exact name of registrant as specified in its charter)
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Oklahoma
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000-26331
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75-2954680
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(State or other jurisdiction
of incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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| 1613 E. 15th, Tulsa, Oklahoma |
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74120 |
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(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 January 20, 2015, Greystone Logistics, Inc. (the “Company”) issued a press release regarding its unaudited financial results for the six-month period ended November 30, 2014. A copy of the press release dated January 20, 2015 is attached hereto as Exhibit 99.1.
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 20, 2015. 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 20, 2015.
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.
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GREYSTONE LOGISTICS, INC. |
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Date: January 20, 2015
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By:
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/s/ William W. Rahhal |
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William W. Rahhal |
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Chief Financial Officer |
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EXHIBIT INDEX
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99.1
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Press Release dated January 20, 2015.
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glgi_ex991.htm
Exhibit 99.1
Greystone Logistics Reports Unaudited Results for Quarter Ended November 30, 2014
TULSA, OK -- (Marketwire) – 01/20/15 -- Greystone Logistics, Inc. (OTCBB: GLGI) Greystone had gross revenue of $9,991,448 for the six months ended November 30, 2014 compared to $10,872,407 for the comparative period of the prior year. Pallet sales were $8,946,888 in the current year compared to $10,500,967 in the comparative period of the prior year.
Greystone’s net income (loss) for the six-month and three-month periods ended November 30, 2014 is $(305,379) and $(658,052), respectively, compared to $1,572,154 and $(12,724) for the corresponding periods of the prior year. Net income (loss) available to common stockholders for the six-month and three-month periods ended November 30, 2014 is $(581,623), or $(0.02) per share, and $(796,121), or $(0.03) per share, respectively, compared $1,298,026, or $0.05 per share, and $(150,626), or $(0.01) per share, for the corresponding periods of the prior year.
This decline is primarily attributable to the timing of delivery of pallets to customers. A significant portion of Greystone’s production costs are fixed. Total pallet sales were down 14.8% compared to the prior year same period. Because
of the inflexibility of the production costs, the decrease in sales had a significant impact on the operating results.
“In the first six months of our corporate year, we saw some of our customers push back their normal expenditures for pallets, stated Warren Kruger, CEO. “I anticipate increased demand for the balance of the year which would include seasonal upward adjustments and the start of production and delivery on a significant purchase order from a wine manufacturer. Additionally, we also have two new molds being delivered over the next 60 days that should add to revenue this year. The platform for growth is in place and Greystone expects production and corresponding sales to be significantly higher for the remaining two quarters ending May 31, 2015 which will normalize production costs as a percentage of sales and produce income for our shareholders.”
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 year ended May 31, 2014.
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 food and beverage, agricultural, 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.
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