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Greystone Logistics Inc (GLGI+0.98%). has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in sales to $12,135,247 from $15,597,036 in the same quarter the previous year. The decrease is attributed to a reduction in demand from one significant customer.
Cost of sales for the quarter was $10,754,713, representing 89% of sales, compared to 80% in the same quarter of the previous year. This increase in cost ratio is due to a decrease in production volume.
The company reported a gross profit of $1,380,534 for the quarter, compared to $3,137,466 in the previous year, with the decline attributed to reduced production.
A gain of $741,821 was recorded from involuntary conversion related to insurance settlements on previous casualty losses.
Selling, general, and administrative expenses were $1,360,957, consistent with the previous year's $1,374,024.
Net loss for the quarter was $(204,714), down from a net income of $964,826 in the previous year. After preferred dividends, net loss attributable to common stockholders was $(345,297), compared to $818,354 in the previous year.
Cash provided by operating activities was $5,043,635, while cash used in investing and financing activities was $4,521,755 and $1,429,217, respectively.
Greystone had a working capital of $6,986,685 as of November 30, 2024. The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
The filing also details various financial agreements, including a restated loan agreement with International Bank of Commerce and a loan agreement with First Interstate Bank.
Greystone does not anticipate cash dividend payments to common stockholders in the near future.
The company identified a material weakness in its internal controls over financial reporting due to a lack of resources with SEC financial reporting experience.
Greystone continues to focus on marketing its plastic pallets to a broader customer base and highlights its dependence on a few large customers for a significant portion of its sales.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Greystone Logistics Inc quarterly 10-Q report dated January 14, 2025. To report an error, please email earnings@qz.com.