Greystone Logistics Inc

Welcome to the Greystone Logistics year-end results conference call. At this time, all participants will be in a listen-only mode. Later, we will conduct the question-and-answer session. I would now like to turn it over to our host, Brendan Hopkins. You may begin.

Great. Thank you, and thank you all for joining us today. We have a brief safe harbor, and then I'll be handing it over to Warren. Except for historical information contained herein, the statements in this conference call are forward-looking statements that are made pursuant to the safe harbor provisions with the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known unknown risks and uncertainties that may cause our actual results in future periods to differ materially from forecasted results. With that said, I would like to turn the call over to Warren Krueger, CEO of Greystone.

Good morning, and thank you very much for listening in on this call this morning. I want to, first of all, apologize that we were late in our filing. Unfortunately, life got in the way this year. Our controller, who's been with us for 20 years, he went into the hospital and had to have a tube put down his throat, and it put us a little wacky. And so Bryce had to work diligently without him to get things accomplished. So I apologize that we were late. That's something that has not occurred in the past, and I'm going to take steps to ensure that that doesn't happen in the future. That being said, I'm very happy to announce that we had a really – Good year for Greystone. Our revenue was $61,787,015, $0.16 a share earnings. We had EBITDA of over $13 million this year, and our net income is $5,027,491. It was a very good year, yet it wasn't up to what I had projected. I was, we have spent a lot of money as you well know, or you may or may not know, we've spent a lot of money on equipment over the last couple of years and molds gearing up for additional sales. At one time, a couple of years ago, we had no capacity whatsoever. We were overwhelmed and it was concerned if something large came along that we wouldn't be able to handle it. In that period of time since then, we now have the capacity to do another $40 million in revenue with equipment that we have and with our extrusion line that we acquired down in Jasper, Indiana. And so I want to talk about what's happened. I am out there every single week, and I will tell you that in the manufacturing sector, it is soft, and we – a lot of orders in the pipeline, but people are holding off. And I think that it's just a sign of the economy right now. And I think there's some uncertainty about what's happening this year in the political spectrum. So I'm not going to make this a political call, but I do believe that there is almost a recession-like feeling out there in the marketplace. So I anticipated Walmart we put on with a new tool that we worked in concert with them on. And we've got about a pace of about $6 million a year with them. And I anticipated much more than that with them. But even they are holding off a little bit. And they're doing a lot of automation in all their distribution centers. And so they really, it bodes well for Greystone in the future because they need consistency and they need exactly what we've designed. So I'm excited about that. But it is, they're holding back. So I anticipate that we will see more of that. I've actually, I'm so bold that I've ordered another tool. Then it'll be in about five months. That emulates exactly what we produce for them. And it's a warehouse. We call it a warehouse tool because it's for their warehouses. And we did it in concert. We can use it for any customer, but we did it in concert with them. They had suggested some ergonomics that would help their valued associates. And so we helped them with handholds in the correct spots and easy to grip We dropped some weight out of the product. And where they were having some damage with walkies, they call them walkies, or where they're moving the pallet around, we've eliminated some of the damage points that they had. So I'm very excited about that product. And let me also talk about the – we've got a 4343 pallet that's for – Southwest Wire, a big opportunity. So we're looking at that. It's ordering that tool. We have another keg pallet for Yingling. We did a prototype with them, a three-dimensional. We designed it and then made a three-dimensional product for their kegs. And it worked in their system. We ran it through the system, the prototype. And so that tool is now on order. And then we have a 4337 that with some beverage companies that I'm looking to get a purchase order first before I order up that tool. And if I get a purchase order, that's another product that we'll have online. We've also, our extruded lumber product, we now have the tooling back. That's probably six months behind schedule as so many things happen. But I anticipate that by the end of this month, we'll get samples out to customers, including Toyota, who's been waiting patiently to view this for export purposes. So I want to dig a little bit deeper into the numbers. So I'm going to turn it over to Bryce that he can kind of review a few things off the income statement balance sheet. And then I can answer questions about sales later or operations later. or Bryce and I can handle your financial calls. Bryce?