2024 Q4 Form 10-Q Financial Statement

#000143774924031556 Filed on October 18, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q3
Revenue $13.46M $17.41M
YoY Change -22.7% -8.12%
Cost Of Revenue $11.56M $13.37M
YoY Change -13.55% -18.93%
Gross Profit $1.903M $4.045M
YoY Change -52.95% 64.21%
Gross Profit Margin 14.14% 23.23%
Selling, General & Admin $1.820M $1.213M
YoY Change 50.06% 9.71%
% of Gross Profit 95.65% 29.99%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.265M $1.402M
YoY Change -9.8% 2.42%
% of Gross Profit 66.47% 34.67%
Operating Expenses $1.820M $1.213M
YoY Change 50.06% 9.71%
Operating Profit $824.5K $2.832M
YoY Change -70.88% 108.6%
Interest Expense -$294.7K $342.2K
YoY Change -186.12% -255.93%
% of Operating Profit -35.74% 12.08%
Other Income/Expense, Net $19.39K $1.600K
YoY Change 1111.88% -71.63%
Pretax Income $549.2K $2.491M
YoY Change -77.95% 45.37%
Income Tax $213.8K $747.0K
% Of Pretax Income 38.92% 29.99%
Net Earnings $335.5K $1.744M
YoY Change -80.77% 26.97%
Net Earnings / Revenue 2.49% 10.02%
Basic Earnings Per Share $0.01 $0.06
Diluted Earnings Per Share $0.01 $0.05
COMMON SHARES
Basic Shares Outstanding 28.28M 28.28M 28.28M shares
Diluted Shares Outstanding 28.78M 32.11M

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.885M $3.057M
YoY Change 27.08% 4.15%
Cash & Equivalents $3.885M $3.057M
Short-Term Investments
Other Short-Term Assets $2.372M $525.9K
YoY Change 351.09%
Inventory $3.722M $5.308M
Prepaid Expenses $590.6K $501.5K
Receivables $3.946M $3.805M
Other Receivables $1.782M $24.43K
Total Short-Term Assets $13.93M $12.70M
YoY Change 9.69% -11.14%
LONG-TERM ASSETS
Property, Plant & Equipment $32.26M $32.61M
YoY Change -1.09% 10.94%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $37.58M $37.88M
YoY Change -0.79% 8.49%
TOTAL ASSETS
Total Short-Term Assets $13.93M $12.70M
Total Long-Term Assets $37.58M $37.88M
Total Assets $51.51M $50.58M
YoY Change 1.84% 2.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.939M $4.148M
YoY Change -5.06% -49.67%
Accrued Expenses $239.5K $238.3K
YoY Change 0.54% -2.59%
Deferred Revenue $22.96K $23.01K
YoY Change -0.19%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.337M $2.261M
YoY Change 3.35% -13.19%
Total Short-Term Liabilities $6.604M $6.844M
YoY Change -3.52% -47.38%
LONG-TERM LIABILITIES
Long-Term Debt $10.53M $12.86M
YoY Change -18.1% -7.82%
Other Long-Term Liabilities $5.144M $5.061M
YoY Change 1.65% -4.08%
Total Long-Term Liabilities $10.53M $12.86M
YoY Change -18.1% -7.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.604M $6.844M
Total Long-Term Liabilities $10.53M $12.86M
Total Liabilities $17.14M $19.70M
YoY Change -13.03% -26.91%
SHAREHOLDERS EQUITY
Retained Earnings -$29.37M -$32.40M
YoY Change -9.35% -16.12%
Common Stock $2.828K $2.828K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $24.17M $21.14M
YoY Change
Total Liabilities & Shareholders Equity $51.51M $50.58M
YoY Change 1.84% 2.79%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income $335.5K $1.744M
YoY Change -80.77% 26.97%
Depreciation, Depletion And Amortization $1.265M $1.402M
YoY Change -9.8% 2.42%
Cash From Operating Activities $2.100M $5.230M
YoY Change -59.84% -258.27%
INVESTING ACTIVITIES
Capital Expenditures $3.336M $673.1K
YoY Change 395.62% -41.56%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$3.336M -$673.1K
YoY Change 395.62% -41.7%
FINANCING ACTIVITIES
Cash Dividend Paid $96.58K $134.4K
YoY Change -28.15% 57.44%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$678.4K -$2.196M
YoY Change -69.1% -151.66%
NET CHANGE
Cash From Operating Activities $2.100M $5.230M
Cash From Investing Activities -3.336M -$673.1K
Cash From Financing Activities -$678.4K -$2.196M
Net Change In Cash -$1.914M $2.361M
YoY Change -181.07% -1233.05%
FREE CASH FLOW
Cash From Operating Activities $2.100M $5.230M
Capital Expenditures $3.336M $673.1K
Free Cash Flow -$1.236M $4.556M
YoY Change -127.12% -202.25%

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Note 1. Basis of Financial Statements</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">In the opinion of Greystone Logistics, Inc. (“Greystone” or the “Company”), the accompanying unaudited consolidated financial statements contain all adjustments and reclassifications, which are of a normal recurring nature, necessary to present fairly its financial position as of August 31, 2024, and the results of its operations and cash flows for the three months ended August 31, 2024 and 2023. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the fiscal year ended May 31, 2024, and the notes thereto included in Greystone’s Annual Report on Form 10-K for such period, as filed with the Securities and Exchange Commission. The results of operations for the three months ended August 31, 2024 and 2023 are not necessarily indicative of the results to be expected for the full fiscal year.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The unaudited consolidated financial statements of Greystone include its wholly owned subsidiaries, Greystone Manufacturing, L.L.C. (“GSM”) and Plastic Pallet Production, Inc. (“PPP”). All material intercompany accounts and transactions have been eliminated in the unaudited consolidated financial statements.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
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