Pangaea Logistics Solutions Financials

$385.1 M

Revenue FY, 2017

$105.1 M

Mkt cap, 31-Oct-2017
Net income (FY, 2017)9.1 M
EBIT (FY, 2017)15.2 M
Closing share price, 2017-10-312.4
Cash, 31-Dec-201734.5 M

Revenue/Financials

Income Statement

Annual

usdFY, 2010FY, 2011FY, 2012FY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

30.5 m61.3 m83.2 m146.6 m191 m191 m198.9 m385.1 m

Revenue growth, %

101%36%76%30%0%4%

Cost of goods sold

888 k3.7 m4.5 m28.9 m41.3 m63 m26.3 m

Gross profit

29.7 m57.6 m78.7 m117.8 m149.7 m128 m172.6 m

Gross profit Margin, %

97%94%95%80%78%67%87%

R&D expense

42.7 m

General and administrative expense

32.9 m15.2 m

Operating expense total

75.6 m369.9 m

Depreciation and amortization

15.6 m

EBIT

38.2 m58.6 m32.3 m68.4 m15.2 m

EBIT margin, %

26%31%17%34%4%

Interest expense

27 k50 k48 k47 k70 k54 k8 m

Interest income

811 k837 k

Pre tax profit

39 m33.1 m68.6 m

Income tax expense

(134 k)(714 k)5.2 m(35 m)17.5 m18.4 m(20.5 m)

Net Income

74.1 m41.9 m14.7 m48.1 m9.1 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017

Revenue

37.8 m64.1 m31.2 m58.1 m39.4 m29.7 m64.4 m30.2 m55.6 m102.5 m107 m

Cost of goods sold

13 m11.3 m

Gross profit

42.6 m91.2 m

Gross profit Margin, %

77%89%

R&D expense

10.2 m10.5 m9.9 m10.6 m11.4 m10.5 m11 m10.1 m11.8 m10.7 m

General and administrative expense

6.4 m6.5 m6.2 m6.7 m7.2 m6.7 m7.7 m8.5 m10.1 m9.8 m

Operating expense total

31.2 m35.3 m29.5 m62.6 m31.1 m27.2 m30.4 m33.2 m30.5 m30.7 m97 m

EBIT

6.6 m28.8 m1.8 m(4.5 m)8.4 m2.5 m34 m(3 m)12.1 m60.5 m10 m

EBIT margin, %

18%45%6%(8%)21%9%53%(10%)22%59%9%

Interest expense

17 k21 k12 k12 k7 k8 k8 k5 k

Interest income

218 k193 k173 k188 k232 k332 k661 k573 k652 k802 k

Pre tax profit

6.8 m29 m1.9 m(4.3 m)8.6 m2.9 m32.8 m(2.5 m)12.7 m61.3 m

Income tax expense

(2.8 m)(8.6 m)(618 k)(7.5 m)(1.5 m)(921 k)(11 m)1 m(2.3 m)(14.1 m)

Net Income

5.5 m4 m20.4 m4.3 m1.3 m(11.8 m)7 m1.9 m21.8 m(1.5 m)10.4 m47.2 m8.8 m

Balance Sheet

Annual

usdY, 2009Y, 2010Y, 2011Y, 2012Y, 2013Y, 2014Y, 2015FY, 2016FY, 2017

Cash

22.7 m111.8 m111.8 m85.9 m70.6 m45.4 m97.5 m139.4 m34.5 m

Accounts Receivable

15.7 m22.1 m24.7 m25 m21.1 m

Inventories

10.6 m37.1 m12.7 m17.3 m

Current Assets

327 m370.5 m447.7 m385.4 m83 m

PP&E

306.3 m

Goodwill

15.5 m

Total Assets

462.8 m489.8 m559.4 m627.6 m423.3 m

Accounts Payable

5.3 m9.3 m6.8 m8.1 m

Short-term debt

Current Liabilities

23.2 m26.8 m34.5 m40.2 m

Long-term debt

Total Liabilities

99.1 m

Additional Paid-in Capital

572.4 m581.1 m589.9 m604.4 m154.9 m

Retained Earnings

(130.2 m)(88.3 m)(73.6 m)(25.6 m)(9.6 m)

Total Equity

466.8 m528.5 m210.7 m

Financial Leverage

1.2 x1.2 x2 x

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017

Cash

35.9 m75.6 m37.4 m125.2 m109.3 m90 m110.1 m69.9 m54.4 m96.1 m109.4 m29.3 m

Accounts Receivable

24.5 m20.5 m22.1 m18.2 m17.4 m28.4 m20.9 m18 m22.5 m36.3 m39.7 m30.9 m

Inventories

14.6 m20.7 m29.8 m39 m17 m13.7 m14.7 m16.5 m16.1 m16.7 m24.4 m

Current Assets

337.7 m363.4 m351 m407.3 m410.2 m423.9 m432.4 m366.3 m342 m383.7 m436.9 m94.2 m

Goodwill

15.5 m15.5 m15.5 m

Total Assets

466 m487.4 m472.2 m525.5 m525.2 m534.3 m556 m580 m584.8 m655.4 m707.6 m415.3 m

Accounts Payable

8.4 m12.2 m7 m6.2 m6.7 m10.3 m7.3 m6.4 m5.5 m11.1 m17.8 m

Current Liabilities

19.7 m25.7 m19.9 m39.4 m45.2 m44.2 m25.2 m27.7 m30.6 m33.2 m41.4 m71.8 m

Total Liabilities

33 m39 m32.4 m76.1 m84.2 m82.9 m85.2 m86.1 m88.9 m90.3 m99.8 m

Additional Paid-in Capital

573.6 m575.5 m578 m580.3 m583.3 m586.5 m592.8 m593.2 m596.5 m605.3 m603.4 m154.8 m

Retained Earnings

(126.1 m)(105.7 m)(101.4 m)(87 m)(98.8 m)(91.7 m)(71.7 m)(49.9 m)(51.4 m)9.8 m55.6 m(13.6 m)

Total Equity

440.9 m451.5 m470.9 m493.9 m495.8 m565.2 m607.8 m204.6 m

Financial Leverage

1.2 x1.2 x1.2 x1.2 x1.2 x1.2 x1.2 x2 x

Cash Flow

Annual

usdFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

74.1 m41.9 m14.7 m48.1 m9.1 m

Depreciation and Amortization

13 m13.1 m14.1 m20.8 m15.6 m

Accounts Receivable

(7 m)(6.4 m)(2.7 m)1.2 m(5.6 m)

Inventories

424 k(27 m)(8.6 m)(4.5 m)

Accounts Payable

3.6 m3.1 m790 k4.4 m

Cash From Operating Activities

45 m47.3 m113.6 m80.3 m29.2 m

Purchases of PP&E

(4.7 m)(6.2 m)(5.1 m)(7.3 m)

Cash From Investing Activities

(54.8 m)(42.3 m)(58.6 m)(38.5 m)(64.6 m)

Long-term Borrowings

(25.3 m)

Cash From Financing Activities

(5.5 m)(30.1 m)(2.9 m)(14 k)47.5 m

Interest Paid

7 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017

Net Income

16.2 m4 m24.4 m28.7 m1.3 m(10.5 m)(3.4 m)1.9 m23.8 m22.3 m10.4 m57.6 m8.8 m

Depreciation and Amortization

9.7 m3.3 m6.4 m9.7 m3.5 m6.9 m10.5 m3.7 m7.4 m14 m6.7 m13.4 m

Accounts Receivable

(9.1 m)(8.9 m)(4.8 m)(6.5 m)3.9 m4.7 m(6.3 m)3.9 m6.7 m3.7 m(11.3 m)(14.7 m)30.9 m

Inventories

3.2 m(4 m)(10.1 m)(19.2 m)(1.9 m)(12.9 m)(9.6 m)(2 m)(3.7 m)(3.2 m)646 k(7.1 m)

Accounts Payable

265 k(4.6 m)1.9 m(3.1 m)(8.6 m)826 k1.2 m(9.1 m)(5.6 m)(5.1 m)(8.3 m)(1.9 m)

Cash From Operating Activities

22.6 m(7.3 m)25 m18.8 m47 m75.2 m80.6 m210 k36.2 m40.3 m1.6 m56.6 m13.7 m

Purchases of PP&E

(4.2 m)(917 k)(3 m)(4.2 m)(2 m)(3.1 m)(4.7 m)(516 k)(2.2 m)(4.4 m)(631 k)(9.7 m)

Cash From Investing Activities

(34.1 m)(25.3 m)(11 m)(27.9 m)37 m(7.6 m)(32.7 m)14.1 m(59.4 m)(79.1 m)(40.1 m)(75.6 m)(48.2 m)

Long-term Borrowings

(20.6 m)

Dividends Paid

(1.4 m)(2.8 m)

Cash From Financing Activities

(7.3 m)(2 m)(9 m)(24.1 m)(4.2 m)(3.7 m)(3.4 m)(1.8 m)(4.4 m)(4.3 m)(4.8 m)(11 m)41.4 m

Interest Paid

5.1 m

Ratios

USDY, 2017

Financial Leverage

2 x
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