$147.6 M

PANL Mkt cap, 15-Oct-2018

$175.8 M

Pangaea Logistics Solutions Revenue Q2, 2018
Pangaea Logistics Solutions Net income (Q2, 2018)12.4 M
Pangaea Logistics Solutions EBIT (Q2, 2018)16.2 M
Pangaea Logistics Solutions Cash, 30-Jun-201848.9 M
Pangaea Logistics Solutions EV102.2 M

Pangaea Logistics Solutions Income Statement

Annual

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

Revenue

30.5m61.3m83.2m146.6m191.0m191.0m198.9m385.1m

Revenue growth, %

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

Cost of goods sold

888.0k3.7m4.5m28.9m41.3m63.0m26.3m

Gross profit

29.7m57.6m78.7m117.8m149.7m128.0m172.6m

Gross profit Margin, %

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

R&D expense

42.7m

General and administrative expense

32.9m15.2m

Operating expense total

75.6m369.9m

Depreciation and amortization

15.6m

EBIT

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

EBIT margin, %

26%31%17%34%4%

Interest expense

27.0k50.0k48.0k47.0k70.0k54.0k8.0m

Interest income

811.0k837.0k

Pre tax profit

39.0m33.1m68.6m

Income tax expense

(134.0k)(714.0k)5.2m(35.0m)17.5m18.4m(20.5m)

Net Income

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

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Revenue

37.8m64.1m31.2m58.1m39.4m29.7m64.4m30.2m55.6m102.5m107.0m79.0m175.8m

Cost of goods sold

13.0m11.3m

Gross profit

42.6m91.2m

Gross profit Margin, %

77%89%

R&D expense

10.2m10.5m9.9m10.6m11.4m10.5m11.0m10.1m11.8m10.7m

General and administrative expense

6.4m6.5m6.2m6.7m7.2m6.7m7.7m8.5m10.1m9.8m4.1m8.5m

Operating expense total

31.2m35.3m29.5m62.6m31.1m27.2m30.4m33.2m30.5m30.7m97.0m71.2m159.6m

Depreciation and amortization

4.3m

EBIT

6.6m28.8m1.8m(4.5m)8.4m2.5m34.0m(3.0m)12.1m60.5m10.0m7.8m16.2m

EBIT margin, %

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

Interest expense

17.0k21.0k12.0k12.0k7.0k8.0k8.0k5.0k2.1m4.2m

Interest income

218.0k193.0k173.0k188.0k232.0k332.0k661.0k573.0k652.0k802.0k

Pre tax profit

6.8m29.0m1.9m(4.3m)8.6m2.9m32.8m(2.5m)12.7m61.3m

Income tax expense

(2.8m)(8.6m)(618.0k)(7.5m)(1.5m)(921.0k)(11.0m)1.0m(2.3m)(14.1m)

Net Income

5.5m4.0m20.4m4.3m1.3m(11.8m)7.0m1.9m21.8m(1.5m)10.4m47.2m8.8m5.5m12.4m

Pangaea Logistics Solutions Balance Sheet

Annual

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

Cash

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

Accounts Receivable

15.7m22.1m24.7m25.0m21.1m

Inventories

10.6m37.1m12.7m17.3m

Current Assets

327.0m370.5m447.7m385.4m83.0m

PP&E

306.3m

Goodwill

15.5m

Total Assets

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

Accounts Payable

5.3m9.3m6.8m8.1m

Short-term debt

Current Liabilities

23.2m26.8m34.5m40.2m

Long-term debt

Total Liabilities

99.1m

Additional Paid-in Capital

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

Retained Earnings

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

Total Equity

466.8m528.5m210.7m

Financial Leverage

1.2 x1.2 x2 x

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Cash

35.9m75.6m37.4m125.2m109.3m90.0m110.1m69.9m54.4m96.1m109.4m29.3m28.2m48.9m

Accounts Receivable

24.5m20.5m22.1m18.2m17.4m28.4m20.9m18.0m22.5m36.3m39.7m30.9m21.7m18.4m

Inventories

14.6m20.7m29.8m39.0m17.0m13.7m14.7m16.5m16.1m16.7m24.4m

Current Assets

337.7m363.4m351.0m407.3m410.2m423.9m432.4m366.3m342.0m383.7m436.9m94.2m74.0m99.9m

PP&E

304.1m288.6m

Goodwill

15.5m15.5m15.5m

Total Assets

466.0m487.4m472.2m525.5m525.2m534.3m556.0m580.0m584.8m655.4m707.6m415.3m411.8m434.4m

Accounts Payable

8.4m12.2m7.0m6.2m6.7m10.3m7.3m6.4m5.5m11.1m17.8m

Short-term debt

24.6m3.5m

Current Liabilities

19.7m25.7m19.9m39.4m45.2m44.2m25.2m27.7m30.6m33.2m41.4m71.8m59.7m70.6m

Total Debt

24.6m3.5m

Total Liabilities

33.0m39.0m32.4m76.1m84.2m82.9m85.2m86.1m88.9m90.3m99.8m

Additional Paid-in Capital

573.6m575.5m578.0m580.3m583.3m586.5m592.8m593.2m596.5m605.3m603.4m154.8m155.6m155.6m

Retained Earnings

(126.1m)(105.7m)(101.4m)(87.0m)(98.8m)(91.7m)(71.7m)(49.9m)(51.4m)9.8m55.6m(13.6m)(7.7m)(1.9m)

Total Equity

440.9m451.5m470.9m493.9m495.8m565.2m607.8m204.6m214.4m221.3m

Financial Leverage

1.2 x1.2 x1.2 x1.2 x1.2 x1.2 x1.2 x2 x1.9 x2 x

Pangaea Logistics Solutions Cash Flow

Annual

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

Net Income

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

Depreciation and Amortization

13.0m13.1m14.1m20.8m15.6m

Accounts Receivable

(7.0m)(6.4m)(2.7m)1.2m(5.6m)

Inventories

424.0k(27.0m)(8.6m)(4.5m)

Accounts Payable

3.6m3.1m790.0k4.4m

Cash From Operating Activities

45.0m47.3m113.6m80.3m29.2m

Purchases of PP&E

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

Cash From Investing Activities

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

Long-term Borrowings

(25.3m)

Cash From Financing Activities

(5.5m)(30.1m)(2.9m)(14.0k)47.5m

Interest Paid

7.0m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Net Income

16.2m4.0m24.4m28.7m1.3m(10.5m)(3.4m)1.9m23.8m22.3m10.4m57.6m8.8m5.5m12.4m

Depreciation and Amortization

9.7m3.3m6.4m9.7m3.5m6.9m10.5m3.7m7.4m14.0m6.7m13.4m4.3m8.7m

Accounts Receivable

(9.1m)(8.9m)(4.8m)(6.4m)3.9m4.7m(6.3m)3.9m6.7m3.7m(11.3m)(14.7m)30.9m(593.5k)2.9m

Inventories

3.2m(4.0m)(10.1m)(19.2m)(1.9m)(12.9m)(9.6m)(2.0m)(3.7m)(3.2m)646.0k(7.1m)

Accounts Payable

265.0k(4.6m)1.9m(3.1m)(8.6m)826.0k1.2m(9.1m)(5.6m)(5.1m)(8.3m)(1.9m)

Cash From Operating Activities

22.6m(7.3m)25.0m18.8m47.0m75.2m80.6m210.0k36.2m40.3m1.6m56.6m13.7m2.8m20.8m

Purchases of PP&E

(4.2m)(917.0k)(3.0m)(4.2m)(1.9m)(3.1m)(4.6m)(516.0k)(2.2m)(4.4m)(631.0k)(9.7m)

Cash From Investing Activities

(34.1m)(25.3m)(11.0m)(27.9m)37.0m(7.6m)(32.7m)14.1m(59.4m)(79.1m)(40.1m)(75.6m)(48.2m)(377.2k)(2.8m)

Long-term Borrowings

(20.6m)(4.8m)(12.1m)

Dividends Paid

(1.4m)(2.8m)

Cash From Financing Activities

(7.3m)(2.0m)(9.0m)(24.1m)(4.2m)(3.7m)(3.4m)(1.8m)(4.4m)(4.3m)(4.8m)(10.9m)41.4m(8.7m)(4.1m)

Interest Paid

5.1m1.8m3.8m

Pangaea Logistics Solutions Ratios

USDY, 2018

EV/EBIT

6.3 x

EV/CFO

4.9 x

Financial Leverage

2 x
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