Greystone Logistics, Inc. (OTCMKTS:GLGI) Files An 8-K Results of Operations and Financial Condition
Item 2.02. Results of Operations and Financial Condition.
On January 24, 2017, Greystone Logistics, Inc. (the Company)
issued a press release regarding revenues and earnings for
Greystone Logistics, Inc. for the six months and three months
ended November 30, 2016. A copy of the press release dated
January 24, 2017 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 Companys
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 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 24, 2017. A copy
of the press release is attached to this Current Report on Form
8-K as Exhibit 99.1 and is being furnished to Regulation FD.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press Release dated January 24, 2017.
About Greystone Logistics, Inc. (OTCMKTS:GLGI)
Greystone Logistics, Inc. (Greystone), through its subsidiaries, is engaged in the manufacture and marketing of plastic pallets and pelletized recycled plastic resin. The Company is a leasing company that is engaged in the beverage, pharmaceutical and other industries, among others. Greystone processes recycled plastic into pellet form which may be sold or used in Greystone’s production of pallets. Greystone also provides tolling services whereby it grinds and pelletizes a customer’s plastic material for a fee. The Company sells its pallets through a network of independent contractor distributors and direct sales. Its offerings include beverage pallets, display pallets, drum pallets, mid-duty pallets, nestable and export pallets and runners, and rackable pallets. As of May 31, 2016, Greystone had an aggregate in-house production capacity of approximately 85,000 pallets per month for its medium and heavy-duty pallets, and 20,000 for its lightweight nestable pallets. Greystone Logistics, Inc. (OTCMKTS:GLGI) Recent Trading Information
Greystone Logistics, Inc. (OTCMKTS:GLGI) closed its last trading session down -0.018 at 0.212 with 22,666 shares trading hands.
