EASTON, PA / ACCESSWIRE / November 9, 2018 / Paragon Technologies, Inc. (OTC PINK: PGNT), a holding company, announced its results for the three and nine months ended September 30, 2018 and 2017 on November 7, 2018.
Paragon Technologies, Inc.'s Unaudited Consolidated Statements of Operations for the three and nine months ended September 30, 2018, and 2017 are summarized below. For further detail on our results, shareholders should carefully review our quarterly report, which can be found at www.pgntgroup.com.
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Three Months Ended | Nine Months Ended | ||||||||||||||
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(In
Thousands)
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September 30, |
September 30, |
September 30, |
September 30, |
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Net
Sales
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$ | 20,996 | $ | 18,824 | $ | 60,125 | $ | 42,993 | ||||||||
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Operating Income (loss)
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573 | 195 | 614 | (129 | ) | |||||||||||
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Other
income (expense)
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Interest Income
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5 | 41 | 21 | 102 | ||||||||||||
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Interest expense
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(116 | ) | (122 | ) | (292 | ) | (258 | ) | ||||||||
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Realized gain (loss) on investment, marketable securities
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(6 | ) | (48 | ) | 145 | 198 | ||||||||||
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Unrealized loss on investment, equity securities
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(5 | ) | - | (6 | ) | - | ||||||||||
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Gain on bargain purchase
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- | - | - | 4,226 | ||||||||||||
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Gain on sale of fixed assets
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0 | - | 1 | - | ||||||||||||
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Total other income (expense), net
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(122 | ) | (129 | ) | (131 | ) | 4,268 | |||||||||
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Income before income taxes and noncontrolling interest
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451 | 66 | 483 | 4,139 | ||||||||||||
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Income tax expense
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194 | 83 | 275 | 97 | ||||||||||||
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Net
income (loss) before noncontrolling interest
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257 | (17 | ) | 208 | 4,042 | |||||||||||
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Net
income attributable to noncontrolling interest
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25 | 834 | 54 | 830 | ||||||||||||
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Net
income (loss) attributable to Paragon Technologies, Inc and
subsidiaries
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$ | 232 | $ | (851 | ) | $ | 154 | $ | 3,212 | |||||||
Analysis of Results and General Business Commentary:
Operations of our distribution business in Latin America are fully included for the three and nine months ended September 30, 2018 and are included from the acquisition date of March 1, 2017 through September 30, 2017 for the three and nine months ended September 30, 2017.
Net income attributable to noncontrolling interest is a result of the 20% interest of SED Colombia not owned by Paragon.
Paragon's investment gains or losses reflect realized gains or losses in the company's investment portfolio on all marketable securities along with unrealized gains or losses on all equity securities.
Paragon utilizes pre-tax operating income, a non-GAAP financial measure, in its analysis of financial results. Paragon Technologies defines pre-tax operating earnings outside of the investment gains/losses of the Company.
As of September 30, 2018, Paragon's book value per share was $3.66/share compared with $3.58/share as of December 31, 2017.
About Paragon Technologies
Paragon Technologies, Inc. is a holding company owning subsidiaries that engage in diverse business activities, including material handling, distribution, real estate and investments.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements concern the Company's operations, financial condition and performance and are based largely on the Company's beliefs and expectations. These statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others, those related to: general economic conditions, including those in the markets in which the Company operates; the Company's ability to expand its revenue streams; technological changes in the Company's industry; the continued acceptance of the Company's distribution channel by vendors and customers; decreased demand for the Company's products and services and the Company's ability to retain or replace its significant customers; factors affecting the capital markets and share prices generally; economic and political risks of selling products in foreign countries, including risks of non-compliance with U.S. and foreign laws and regulations; cybersecurity risks and risks of damage and interruptions of information technology systems; and the Company's ability to complete acquisitions, strategic investments, divestitures, mergers or other transactions on acceptable terms or at all. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors, nor can management assess the impact of all such factors on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. All statements in this press release other than statements that are purely historical are forward-looking statements. The Company does not intend and assumes no obligation, to update any forward-looking statements made in this press release. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release.
CONTACT: [email protected]
SOURCE: Paragon Technologies, Inc.