Greystone Logistics Inc

Good day, everyone, and welcome to today's Greystone Logistics Q3 results conference call. At this time, all participants are in a listen-only mode. Later, you'll have the opportunity to ask questions during the question-and-answer session. You may register to ask a question at any time by pressing star 1 on your phone. Please note this call is being recorded, and I'll be standing by should you need assistance. Now, it is my pleasure to turn the conference over to Brendan Hopkins. Please go ahead.

Thanks, Elvis, and thank you all for joining us today. We have a brief safe harbor, and then we'll get going. 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 of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and 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 the CEO of Greystone, Warren Krueger.

Well, hello, everyone, and thank you very much for joining the call today. As most of you know, you've probably seen the queue that was filed last week, and then we had a follow-up press release this morning. And I'll briefly just go over it. We had a nice quarter. We had $14,315,000, almost $316,000 for the quarter, with an EBITDA of $3 million. We're at $6.78 million in EBITDA for the nine-month period. As a lot of you may know, and most of you do know, our year runs June 1 through May 31. So we're in our fourth quarter, and we've started off robustly. I'm very happy about where we are. In the press release, I anticipate much of the same as the third quarter. I'll regress, though. I'll digress. to the previous year, we did have a recessionary period during last year. It just felt that we couldn't get orders in. People weren't ordering as usual. So June, July, August, September, October, for us, they were quite weak. We thought quite weak. And it picked up after the election and has gone well since. We feel good about that. We feel good about what we're seeing in the industry. Walmart has been a big customer for us and a very nice opportunity. And it's all about consistency, getting rid of the wood and the dust and the splinters and the infestation and the wood chips on the floor with the automated guided vehicles and Really, these things that I've been talking about for 20 years, it's reality today. It really is happening in front of our eyes. We are testing cellular devices inside our pallets where we can track and trace and find them anywhere in the country at any time just by pinging them once a day. I've got three or four bids out there right now for leasing pallets in that type of environment. where we would provide the pallet and we would tell the customer where it is and they would pay us on a pallet as a service basis. So we're excited about that also. We have many new products that I've been disappointed in that haven't hit the sales momentum yet. And we have a beautiful new can pallet and a double-sided pallet. But I will tell you, we are working very diligently out there in the marketplace to accomplish our goals. We need momentum. We have been relatively flat on the revenue side and the earnings side, which is not a bad thing because it's good to make money. But we are working very diligently to to fill machinery now because we did put in a lot of new machinery and we have yet to fill it. And the sound of silence on machinery is a deafening sound. So we're working diligently to fill that. That kind of gives you a global picture of where we are. There's a couple other items on the financial side I need to mention. In the article I mentioned in the press release that we'd authorized $2.1 million. We have now redeemed the entire preferred piece in our company, which is a $5 million piece. We've redeemed that now, so we've retired that preferred piece. That piece has been around a long time. That allowed our company to survive in the early days and to grow, and that was owned by another board member and myself, so that has been redeemed. Additionally, as many of you may or may not know, we have the board authorized last year a million dollars in cash to buy back shares. And as of last week, we purchased back 620,052 total shares. So we're trying to do exactly what we say we're going to do. And with that, I'll open it up to questions.