Fri, Sep 13, 8:24 PM (178 days ago)
Greystone Logistics, Inc. reported a modest increase in sales for FY 2024, totaling $61,781, up 2% from $60,759 in FY 2023. The company's net income decreased to $5,027 from $6,388, reflecting a decline in profitability attributed to increased operating expenses and a significant gain from involuntary conversion in the previous year. Cost of sales improved to 81% of revenue, down from 85%, driven by lower raw material prices. Greystone's major customers accounted for 81% of sales, raising customer concentration risk. Operating expenses rose slightly, while interest expenses increased due to higher prime rates. The company reported a gain of $593,647 from an insurance claim related to a warehouse fire. Greystone's cash flow from operations was strong at $12,395, but financing activities resulted in a net outflow of $4,491. The company ended FY 2024 with a working capital of $9,608 and a total debt of $13,534. Looking ahead, Greystone faces risks including reliance on a limited customer base and potential fluctuations in raw material availability. The company continues to focus on expanding its market position and product offerings in the plastic pallet sector, amidst a growing trend towards sustainability.