NEWPORT, R.I., March 21,
2018 /PRNewswire/ -- Pangaea Logistics Solutions Ltd.
("Pangaea" or the "Company") (NASDAQ: PANL), a global provider of
comprehensive maritime logistics solutions, announced today its
results for the three months and year ended December 31,
2017.
2017 Highlights
- 39% increase in net revenue(1) from 2016 to
$55.2 million.
- $40.1 million adjusted
EBITDA(2) in 2017 as compared to $27.0 million in 2016.
- Net income of $7.8 million or
$0.20 per share and adjusted
EPS(3) of $0.39 per share,
as drybulk market rates improve from 2016 levels.
- Income from operations of $15.2
million including the effect of losses incurred on two sale
and leaseback financing transactions.
- Cash flow from operations of $29.2
million representing a significant increase over the prior
year.
- Cash and cash equivalents totaling $34.5
million at December 31,
2017.
- Improved working capital resulting from cash generated by
operations, debt extinguishment and conversion of dividends payable
to common stock.
4th Quarter 2017 Highlights
- Revenue up 54% to $102.2 million
from $66.3 million in Q4 of
2016.
- Total shipping days increased to 5,036, a 38% increase over the
Q4 2016 total of 3,654.
- TCE of $12,510 per day for the
three months ended December 31, 2017
compared to $10,159 for the three
months ended December 31, 2016.
- Adjusted EBITDA of $10.7 million
for the fourth quarter of 2017 versus $4.4
million for the same period in 2016.
- The Company operated an average of 55 vessels during the fourth
quarter of 2017 versus an average of 40 vessels in the same period
of 2016.
Ed Coll, said "We came through
the toughest dry bulk market the industry has ever experienced in
excellent shape. We generated $67
million of adjusted EBITDA during this two year span, and
deployed capital to expand our fleet and grow our business in ways
that better serve our customers, spread shipping risks, and provide
steady returns to our shareholders. We did this while
recording positive net earnings, paying down debt and keeping our
promises to our lenders by improving our balance sheet and leverage
ratios. These actions helped us expand our credit capabilities to
borrow for expansion at reasonable rates and terms. I am very
thankful and proud of our entire organization, our customers and
partners, and all of our employees for the hard work in difficult
times. We look forward to even greater success as the drybulk
market continues to improve."
(1) Net revenue represents total revenue less the
total direct costs of transportation and services, which includes
charter hire, voyage and vessel operating expenses.
(2) Adjusted EBITDA is a non-GAAP measure and
represents income or loss from operations before depreciation and
amortization, loss on sale and leaseback of vessel and, when
applicable, loss on impairment of vessels and certain non-recurring
items. See Reconciliation of Income from
Operations to Adjusted EBITDA.
(3) Adjusted earnings per share represents net income
attributable to Pangaea Logistics Solutions Ltd. plus, when
applicable, loss on sale and leaseback of vessel, loss on
impairment of vessel and certain non-recurring charges, divided by
the weighted average number of shares of common stock.
Results for the three months and year ended December 31,
2017
For the year ended December 31,
2017, the Company reported net income of $7.8 million or $0.20 per common share compared to net income of
$7.5 million, or $0.21 per common share for the previous year. Net
income reflects a $9.3 million loss
on two sale and leaseback financing transactions executed to
acquire two vessels.
The Baltic Dry Index, a measure of drybulk market performance,
averaged 1,137 in 2017, up from an average of 692 in 2016 and rose
288% from February 2016 (the lowest
point on record) to December 31,
2017. The market improvement resulted in an increase in
revenue to $385.1 million, up from
$238.0 million in 2016 and a
corresponding increase in charter hire expense, from $63.7 million in 2016 to $132.9 million in 2017 which put modest pressure
on the gross margin percentage. Adjusted EBITDA in 2017 was
$40.1 million as compared to
$27.0 million in 2016. The Company
operated an average of 53 vessels in the year ended December 31, 2017 as compared to an average of 38
in 2016.
During the year, the Company completed a private placement of
6,533,443 shares of common stock issued for aggregate net proceeds
of $14.1 million, of which
$4.3 million was issued as in-kind
payment of accrued dividends.
For the fourth quarter of 2017, the Company reported net income
of $4.0 million, compared to net
income of $0.1 million in the fourth
quarter of 2016. Drybulk market demand improved considerably in the
fourth quarter as compared to the same period of 2016, which helped
push total shipping days up 38% to 5,036 for the three months ended
December 31, 2017, compared to 3,654
for the three months ended December 31,
2016. This increase in market demand, together with higher
market rates during the same period, drove total revenue up to
$102.2 million for the three months
ended December 31, 2017, compared to $66.3 million for the three months ended
December 31, 2016. However, charter hire rates increased at a
higher rate as the Company took in additional tonnage to meet its
obligations. Charter hire expense represented 38% of total revenue
in the three months ended December 31, 2017 as compared to 31%
in the same period of 2016. Adjusted EBITDA for the quarter
was $10.7 million, compared with
$4.4 million for the fourth quarter
of 2016. The Company operated an average of 55 vessels during the
fourth quarter of 2017 versus an average of 40 vessels in the same
period of 2016.
Liquidity and Cash Flows
Cash and cash equivalents were $34.5
million as of December 31, 2017, compared with
$22.3 million on December 31, 2016.
At December 31, 2017 and December 31, 2016, the
Company had working capital of $13.0
million and a working capital deficit of $9.3 million, respectively. The improvement in
working capital is due to the acquisition of noncontrolling
interest in a consolidated joint venture in January 2017 and the resulting reduction in
related party debt, to the increase in cash from proceeds of a
common stock issuance, and to cash generated from operations. For
the twelve months ended December 31,
2017, the Company's net cash provided by operating
activities was $29.2 million,
compared to $19.2 million for the
twelve months ended December 31,
2016.
For the twelve months ended December 31,
2017 and 2016, net cash used in investing activities was
$64.6 million and $10.3 million, respectively. Net cash
provided by financing activities was $47.5
million for the twelve months ended December 31, 2017 and net cash used for financing
activities was $24.2 million for the
twelve months ended December 31,
2016. These changes reflect the Company's investment in and
purchase of vessels, including the m/v Bulk Destiny and m/v Bulk
Beothuk, which were financed under sale and leaseback
arrangements; and the m/v Bulk Endurance and the m/v Bulk Freedom,
which were financed under commercial loan facilities.
Conference Call Details
The Company's management team will host a conference call to
discuss the Company's financial results on March 22, 2018 at
8:00 a.m., Eastern Time (ET).
To access the conference call, please dial (888) 895-3561
(domestic) or (904) 685-6494 (international) approximately ten
minutes before the scheduled start time and reference ID#
5090958.
A supplemental slide presentation will accompany this quarter's
conference call and can be found attached to the Current Report on
Form 8-K that the Company filed concurrently with this press
release. This document will be available at
http://www.pangaeals.com/company-filings or at sec.gov.
A recording of the call will also be available for two weeks and
can be accessed by calling (800) 585-8367 (domestic) or (404)
537-3406 (international) and referencing ID# 5090958.
Pangaea Logistics
Solutions Ltd.
|
Consolidated
Statements of Income
|
|
|
Three months ended
December 31,
|
|
Years ended December
31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Revenues:
|
|
|
|
|
|
|
|
Voyage
revenue
|
$
|
86,075,085
|
|
|
$
|
60,606,537
|
|
|
$
|
337,683,383
|
|
|
$
|
222,116,152
|
|
Charter
revenue
|
16,111,189
|
|
|
5,726,845
|
|
|
47,404,826
|
|
|
15,900,346
|
|
Total
revenue
|
102,186,274
|
|
|
66,333,382
|
|
|
385,088,209
|
|
|
238,016,498
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
Voyage
expense
|
39,184,807
|
|
|
29,212,870
|
|
|
160,577,816
|
|
|
103,647,127
|
|
Charter hire
expense
|
38,931,048
|
|
|
20,492,162
|
|
|
132,852,712
|
|
|
63,691,892
|
|
Vessel operating
expenses
|
9,625,888
|
|
|
8,626,622
|
|
|
36,435,959
|
|
|
30,904,039
|
|
General and
administrative
|
3,744,452
|
|
|
3,622,173
|
|
|
15,163,352
|
|
|
12,773,781
|
|
Depreciation and
amortization
|
4,010,403
|
|
|
3,531,599
|
|
|
15,614,571
|
|
|
14,107,822
|
|
Loss on sale and
leaseback of vessels
|
—
|
|
|
—
|
|
|
9,275,042
|
|
|
—
|
|
Total
expenses
|
95,496,598
|
|
|
65,485,426
|
|
|
369,919,452
|
|
|
225,124,661
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
6,689,676
|
|
|
847,956
|
|
|
15,168,757
|
|
|
12,891,837
|
|
|
|
|
|
|
|
|
|
Other (expense)
income:
|
|
|
|
|
|
|
|
Interest expense,
net
|
(1,972,889)
|
|
|
(1,264,914)
|
|
|
(7,954,126)
|
|
|
(5,423,057)
|
|
Interest expense,
related party
|
(79,712)
|
|
|
(79,713)
|
|
|
(316,250)
|
|
|
(314,925)
|
|
Unrealized gain on
derivative instruments
|
(70,553)
|
|
|
951,050
|
|
|
360,316
|
|
|
2,163,484
|
|
Other (income)
expense
|
(43,843)
|
|
|
(115,774)
|
|
|
1,841,958
|
|
|
(158,528)
|
|
Total other expense,
net
|
(2,166,997)
|
|
|
(509,351)
|
|
|
(6,068,102)
|
|
|
(3,733,026)
|
|
|
|
|
|
|
|
|
|
Net income
|
4,522,679
|
|
|
338,605
|
|
|
9,100,655
|
|
|
9,158,811
|
|
Income attributable
to noncontrolling interests
|
(500,798)
|
|
|
(272,724)
|
|
|
(1,287,861)
|
|
|
(1,701,856)
|
|
Net income
attributable to Pangaea Logistics Solutions Ltd.
|
$
|
4,021,881
|
|
|
$
|
65,881
|
|
|
$
|
7,812,794
|
|
|
$
|
7,456,955
|
|
|
|
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
Basic
|
$
|
0.10
|
|
|
$
|
—
|
|
|
$
|
0.20
|
|
|
$
|
0.21
|
|
Diluted
|
$
|
0.09
|
|
|
$
|
—
|
|
|
$
|
0.20
|
|
|
$
|
0.21
|
|
|
|
|
|
|
|
|
|
Weighted average
shares used to compute earnings per common share
|
|
|
|
|
|
|
|
Basic
|
41,941,300
|
|
|
35,189,068
|
|
|
38,414,383
|
|
|
35,158,917
|
|
Diluted
|
42,619,933
|
|
|
35,581,897
|
|
|
38,925,745
|
|
|
35,376,950
|
|
Pangaea Logistics
Solutions Ltd.
|
Consolidated
Balance Sheets
|
|
|
December 31,
2017
|
|
December 31,
2016
|
Assets
|
|
|
|
Current
Assets
|
|
|
|
Cash and cash
equivalents
|
$
|
34,531,812
|
|
|
$
|
22,322,949
|
|
Accounts receivable
(net of allowance of $2,135,877 and $4,752,265 at
December 31, 2017 and 2016, respectively)
|
21,089,425
|
|
|
15,990,219
|
|
Bunker
inventory
|
15,356,712
|
|
|
13,202,937
|
|
Advance hire, prepaid
expenses and other current assets
|
12,032,272
|
|
|
10,928,161
|
|
Total current
assets
|
83,010,221
|
|
|
62,444,266
|
|
|
|
|
|
Restricted
cash
|
4,000,000
|
|
|
6,100,000
|
|
Fixed assets,
net
|
306,292,655
|
|
|
275,265,672
|
|
Investment in
newbuildings in-process
|
—
|
|
|
18,383,964
|
|
Vessels under capital
lease
|
29,994,212
|
|
|
—
|
|
Total
assets
|
$
|
423,297,088
|
|
|
$
|
362,193,902
|
|
|
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
Current
liabilities
|
|
|
|
Accounts payable,
accrued expenses and other current liabilities
|
$
|
29,181,276
|
|
|
$
|
23,231,179
|
|
Related party
debt
|
7,009,597
|
|
|
15,972,147
|
|
Deferred
revenue
|
5,815,924
|
|
|
6,422,982
|
|
Current portion of
long-term debt
|
18,979,335
|
|
|
19,627,846
|
|
Current portion of
capital lease obligation
|
1,785,620
|
|
|
—
|
|
Dividends
payable
|
7,238,401
|
|
|
12,624,825
|
|
Total current
liabilities
|
70,010,153
|
|
|
77,878,979
|
|
|
|
|
|
Secured long-term
debt, net
|
117,615,634
|
|
|
107,637,851
|
|
Obligations under
capital lease
|
25,015,659
|
|
|
—
|
|
|
|
|
|
Commitments and
contingencies - Note 10
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
Preferred stock,
$0.0001 par value, 1,000,000 shares authorized and no share
issued or outstanding
|
—
|
|
|
—
|
|
Common stock, $0.0001
par value, 100,000,000 shares authorized,
43,794,526 and 36,590,417 shares issued and outstanding at December
31,
2017 and 2016, respectively
|
4,379
|
|
|
3,659
|
|
Additional paid-in
capital
|
154,943,728
|
|
|
133,677,321
|
|
Accumulated
deficit
|
(9,596,785)
|
|
|
(17,409,579)
|
|
Total Pangaea
Logistics Solutions Ltd. equity
|
145,351,322
|
|
|
116,271,401
|
|
Non-controlling
interests
|
65,304,320
|
|
|
60,405,671
|
|
Total stockholders'
equity
|
210,655,642
|
|
|
176,677,072
|
|
Total liabilities
and stockholders' equity
|
$
|
423,297,088
|
|
|
$
|
362,193,902
|
|
Pangaea Logistics
Solutions Ltd.
|
Consolidated
Statements of Cash Flows
|
|
|
Years ended
December 31,
|
|
2017
|
|
2016
|
Operating
activities
|
|
|
|
Net income
|
$
|
9,100,655
|
|
|
$
|
9,158,811
|
|
Adjustments to
reconcile net income to net cash provided by operations:
|
|
|
|
Depreciation and
amortization expense
|
15,614,571
|
|
|
14,107,822
|
|
Amortization of
deferred financing costs
|
681,279
|
|
|
662,724
|
|
Amortization of
prepaid rent
|
121,938
|
|
|
—
|
|
Unrealized gain on
derivative instruments
|
(360,316)
|
|
|
(2,163,484)
|
|
Income from equity
method investee
|
(256,478)
|
|
|
—
|
|
Provision for
doubtful accounts
|
543,621
|
|
|
922,414
|
|
Loss on sales of
vessels
|
9,275,042
|
|
|
—
|
|
Drydocking
costs
|
(3,775,393)
|
|
|
(42,478)
|
|
Recognized cost for
restricted stock issued as compensation
|
1,074,038
|
|
|
601,921
|
|
Change in operating
assets and liabilities:
|
|
|
|
Restricted
cash
|
—
|
|
|
1,503,341
|
|
Accounts
receivable
|
(5,642,755)
|
|
|
(1,781,268)
|
|
Bunker
inventory
|
(2,153,775)
|
|
|
(5,712,347)
|
|
Advance hire, prepaid
expenses and other current assets
|
(1,368,584)
|
|
|
(3,708,549)
|
|
Accounts payable,
accrued expenses and other current liabilities
|
6,976,446
|
|
|
3,690,569
|
|
Deferred
revenue
|
(607,058)
|
|
|
1,974,187
|
|
Net cash provided by
operating activities
|
29,223,231
|
|
|
19,213,663
|
|
|
|
|
|
Investing
activities
|
|
|
|
Purchase of
vessels
|
(64,029,798)
|
|
|
(319,433)
|
|
Deposits
on newbuildings in-process
|
—
|
|
|
(9,618,964)
|
|
Purchase of building
and equipment
|
—
|
|
|
(315,918)
|
|
Proceeds from sale of
building and equipment
|
306,968
|
|
|
—
|
|
Acquisition of
noncontrolling interest in consolidated subsidiary
|
(830,906)
|
|
|
—
|
|
Net cash used in
investing activities
|
(64,553,736)
|
|
|
(10,254,315)
|
|
|
|
|
|
Financing
activities
|
|
|
|
Proceeds of related
party debt
|
—
|
|
|
4,836,300
|
|
Payments on related
party debt
|
—
|
|
|
(2,500,497)
|
|
Proceeds from
long-term debt
|
35,000,000
|
|
|
1,375,971
|
|
Payments of financing
and issuance costs
|
(1,022,549)
|
|
|
(45,755)
|
|
Payments on long-term
debt
|
(25,329,458)
|
|
|
(23,722,658)
|
|
Proceeds from sale
and leaseback of vessels
|
28,000,000
|
|
|
—
|
|
Payments on capital
lease obligation
|
(1,198,721)
|
|
|
—
|
|
Common stock accrued
dividends paid
|
(1,001,424)
|
|
|
(100,000)
|
|
Decrease (increase)
in restricted cash
|
2,100,000
|
|
|
(5,600,000)
|
|
Contributions from
noncontrolling interests
|
1,359,990
|
|
|
1,600,000
|
|
Proceeds from private
placement of common stock
|
9,631,530
|
|
|
—
|
|
Net cash provided by
(used in) financing activities
|
47,539,368
|
|
|
(24,156,639)
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
12,208,863
|
|
|
(15,197,291)
|
|
Cash and cash
equivalents at beginning of period
|
22,322,949
|
|
|
37,520,240
|
|
Cash and cash
equivalents at end of period
|
$
|
34,531,812
|
|
|
$
|
22,322,949
|
|
Pangaea Logistics
Solutions Ltd.
|
Reconciliation of
Non-GAAP Measures
|
|
|
Three Months
Ended
December
31,
|
|
Years Ended December
31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Net
Revenue
|
|
|
|
|
|
|
|
Income from
operations
|
6,689,676
|
|
|
847,956
|
|
|
15,168,757
|
|
|
12,891,837
|
|
General and
administrative
|
3,744,452
|
|
|
3,622,173
|
|
|
15,163,352
|
|
|
12,773,781
|
|
Depreciation and
amortization
|
4,010,403
|
|
|
3,531,599
|
|
|
15,614,571
|
|
|
14,107,822
|
|
Loss on sale and
leaseback of vessels
|
—
|
|
|
—
|
|
|
9,275,042
|
|
|
—
|
|
Net
Revenue
|
14,444,531
|
|
|
8,001,728
|
|
|
55,221,722
|
|
|
39,773,440
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
(in millions)
|
|
|
|
|
|
|
|
Income from
operations
|
6,689,676
|
|
|
847,956
|
|
|
15,168,757
|
|
|
12,891,837
|
|
Depreciation and
amortization
|
4,010,403
|
|
|
3,531,599
|
|
|
15,614,571
|
|
|
14,107,822
|
|
Loss on sale and
leaseback of vessel
|
—
|
|
|
—
|
|
|
9,275,042
|
|
|
—
|
|
Adjusted
EBITDA
|
$
|
10,700,079
|
|
|
$
|
4,379,555
|
|
|
$
|
40,058,370
|
|
|
$
|
26,999,659
|
|
|
|
|
|
|
|
|
|
Earnings Per
Common Share
|
|
|
|
|
|
|
|
Net Income
attributable to Pangaea Logistics
Solutions Ltd.
|
$
|
4,021,881
|
|
|
$
|
65,881
|
|
|
$
|
7,812,794
|
|
|
$
|
7,456,955
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares - basic
|
41,941,300
|
|
|
35,189,068
|
|
|
38,414,383
|
|
|
35,158,917
|
|
Weighted average
number of common shares - diluted
|
42,619,933
|
|
|
35,581,897
|
|
|
38,925,745
|
|
|
35,376,950
|
|
|
|
|
|
|
|
|
|
Earnings per common
share - basic
|
$
|
0.10
|
|
|
$
|
—
|
|
|
$
|
0.20
|
|
|
$
|
0.21
|
|
Earnings per common
share - diluted
|
$
|
0.09
|
|
|
$
|
—
|
|
|
$
|
0.20
|
|
|
$
|
0.21
|
|
|
|
|
|
|
|
|
|
Adjusted
EPS
|
|
|
|
|
|
|
|
Net Income
attributable to Pangaea Logistics Solutions Ltd.
|
$
|
4,021,881
|
|
|
$
|
65,881
|
|
|
$
|
7,812,794
|
|
|
$
|
7,456,955
|
|
Non-GAAP
|
|
|
|
|
|
|
|
Add: loss on sale and
leaseback of vessels
|
—
|
|
|
—
|
|
|
9,275,042
|
|
|
—
|
|
less: loss on sale
and leaseback of vessels
attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
(2,157,633)
|
|
|
—
|
|
Non-GAAP adjusted net
income attributable to
Pangaea Logistics Solutions Ltd.
|
$
|
4,021,881
|
|
|
$
|
65,881
|
|
|
$
|
14,930,203
|
|
|
$
|
7,456,955
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares - basic
|
41,941,300
|
|
|
35,189,068
|
|
|
38,414,383
|
|
|
35,158,917
|
|
Weighted average
number of common shares - diluted
|
42,619,933
|
|
|
35,581,897
|
|
|
38,925,745
|
|
|
35,376,950
|
|
|
|
|
|
|
|
|
|
Adjusted EPS -
basic
|
$
|
0.10
|
|
|
$
|
—
|
|
|
$
|
0.39
|
|
|
$
|
0.21
|
|
Adjusted EPS -
diluted
|
$
|
0.09
|
|
|
$
|
—
|
|
|
$
|
0.38
|
|
|
$
|
0.21
|
|
INFORMATION ABOUT NON-GAAP FINANCIAL MEASURES. As
used herein, "GAAP" refers to accounting principles generally
accepted in the United States of
America. To supplement our consolidated financial statements
prepared and presented in accordance with GAAP, this earnings
release discusses non-GAAP financial measures, including non-GAAP
net revenue and non-GAAP adjusted EBITDA. This is considered
a non-GAAP financial measure as defined in Rule 101 of Regulation G
promulgated by the Securities and Exchange Commission.
Generally, a non-GAAP financial measure is a numerical measure of a
company's historical or future performance, financial position, or
cash flows that either excludes or includes amounts that are not
normally excluded or included in the most directly comparable
measure calculated and presented in accordance with GAAP. The
presentation of this non-GAAP financial information is not intended
to be considered in isolation or as a substitute for, or superior
to, the financial information prepared and presented in accordance
with GAAP.
We use non-GAAP financial measures for internal financial and
operational decision making purposes and as a means to evaluate
period-to-period comparisons of the performance and results of
operations of our core business. Our management believes that
non-GAAP financial measures provide meaningful supplemental
information regarding the performance of our core business by
excluding charges that are not incurred in the normal course of
business. Non-GAAP financial measures also facilitate management's
internal planning and comparisons to our historical performance and
liquidity. We believe certain non-GAAP financial measures are
useful to investors as they allow for greater transparency with
respect to key metrics used by management in its financial and
operational decision making and are used by our institutional
investors and the analyst community to help them analyze the
performance and operational results of our core business.
Net revenue. Net revenue represents total revenue less
the total direct costs of transportation and services, which
includes charter hire, voyage and vessel operating expenses. Net
revenue is included because it is used by management and certain
investors to measure performance by comparison to other logistic
service providers. Net revenue is not an item recognized by the
generally accepted accounting principles in the United States of America, or U.S. GAAP,
and should not be considered as an alternative to net income,
operating income, or any other indicator of a company's operating
performance required by U.S. GAAP. Pangaea's definition of net
revenue used here may not be comparable to an operating measure
used by other companies.
Adjusted EBITDA and adjusted EPS. Adjusted EBITDA
represents income or loss from operations before depreciation,
amortization and, when applicable, loss on sale and leaseback of
vessel, loss on impairment of vessels and certain non-recurring
charges. Earnings per share represents net income divided by the
weighted average number of common shares outstanding. Adjusted
earnings per share represents net income attributable to Pangaea
Logistics Solutions Ltd. plus, when applicable, loss on sale and
leaseback of vessel, loss on impairment of vessel and certain
non-recurring charges, divided by the weighted average number of
shares of common stock.
There are limitations related to the use of net revenue versus
income from operations, adjusted EBITDA versus income from
operations, and adjusted EPS versus EPS calculated in accordance
with GAAP. In particular, Pangaea's definition of adjusted
EBITDA used here are not comparable to EBITDA.
The table set forth above provides a reconciliation of the
non-GAAP financial measures presented to the most directly
comparable financial measures prepared in accordance with GAAP.
About Pangaea Logistics Solutions Ltd.
Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) provides
logistics services to a broad base of industrial customers who
require the transportation of a wide variety of dry bulk cargoes,
including grains, pig iron, hot briquetted iron, bauxite, alumina,
cement clinker, dolomite, and limestone. The Company
addresses the transportation needs of its customers with a
comprehensive set of services and activities, including cargo
loading, cargo discharge, vessel chartering, and voyage
planning. Learn more at www.pangaeals.com.
Investor Relations Contacts
Thomas Rozycki
Prosek Partners
212-279-3115
trozycki@prosek.com
Sean Silva
Prosek Partners
212-279-3115
ssilva@prosek.com
Forward-Looking Statements
Certain statements in this press release are "forward-looking
statements" within the meaning of the Private Securities Litigation
Act of 1995. These forward-looking statements are based on
our current expectations and beliefs and are subject to a number of
risk factors and uncertainties that could cause actual results to
differ materially from those described in the forward-looking
statements. The Company disclaims any obligation to publicly
update or revise these statements whether as a result of new
information, future events or otherwise, except as required by
law. Such risks and uncertainties include, without
limitation, the strength of world economies and currencies, general
market conditions, including fluctuations in charter rates and
vessel values, changes in demand for dry bulk shipping capacity,
changes in our operating expenses, including bunker prices,
dry-docking and insurance costs, the market for our vessels,
availability of financing and refinancing, charter counterparty
performance, ability to obtain financing and comply with covenants
in such financing arrangements, changes in governmental rules and
regulations or actions taken by regulatory authorities, potential
liability from pending or future litigation, general domestic and
international political conditions, potential disruption of
shipping routes due to accidents or political events, vessels
breakdowns and instances of off-hires and other factors, as well as
other risks that have been included in filings with the Securities
and Exchange Commission, all of which are available at
www.sec.gov.
View original
content:http://www.prnewswire.com/news-releases/pangaea-logistics-solutions-ltd-reports-financial-results-for-the-three-months-and-year-ended-december-31-2017-300617777.html
SOURCE Pangaea Logistics Solutions Ltd.