Pangaea Logistics Solutions Ltd. · NASDAQ:PANL
Pangaea Logistics Solutions — FY2016 Earnings Presentation
9 slides from Pangaea Logistics Solutions's earnings presentation, Mar 23, 2017
Slide 1: Fourth Quarter and Full Year 2016 Results
Fourth Quarter and Full Year 2016 Results March 2017
Slide 2: Safe Harbor
2 Safe Harbor This presentation includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, future growth and future acquisitions. These statements are based on Pangaea’s and mana
Slide 3: Full Year 2016 Highlights
3 Full Year 2016 Highlights • Net income of $7.5 million in a year being characterized as one of the worst in drybulk shipping history. • Income from operations of $12.9 million, which highlights the Company's unique ability to remain profitable during a weak market by minimizing excess vessel capac
Slide 4: Fourth Quarter 2016 Highlights
4 Fourth Quarter 2016 Highlights • Net income of $0.1 million in the fourth quarter of 2016 as compared to a net loss of $4.8 million in the same period of 2015. • Income from operations of $0.8 million as compared to a loss from operations of $1.3 million in the fourth quarter of 2015. • Total reve
Slide 5: Financial Performance Q1 through Q4 2016
5 Financial Performance Q1 through Q4 2016 1) Adjusted EBITDA is a non-GAAP measure and represents operating earnings before interest expense, income taxes, depreciation and amortization, and other non-operating income and/or expense, if any. 2) TCE is defined as total revenues less voyage expenses
Slide 6: Drivers of 2016 Performance
6 • Operating margin held steady at 5.4% as compared to 7.1% in 2015. • Vessel operating expenses were $5,656 per day as compared to $6,377 in 2015. • General and administrative expenses decreased $2.2 million (15%) due to concerted efforts by Company management to curtail costs. • Cost of bunker fu
Slide 7: Defensible Pillars of Profitability
7 Defensible Pillars of Profitability • Execution specialization: - Material cost savings & enhanced profit through granular operating knowledge & risk sensitive approach - Secured & defended by 200+ years of expertise & embedded relationships; key managers average 20 years in the industry • Backhau
Slide 8: Selected Income Statement Data
8 Selected Income Statement Data 2016 2015 2016 2015 (unaudited) (unaudited) Revenues: Voyage revenue 60,606,537$ 50,591,815$ 222,116,152$ 266,673,105$ Charter revenue 5,726,845 5,334,701 15,900,346 20,660,136 66,333,382 55,926,516 238,016,498 287,333,241 Expenses: Voyage expense 29,212,870 21,788,8
Slide 9: Selected Balance Sheet and Cash Flow Data
9 Selected Balance Sheet and Cash Flow Data December 31, 2016 December 31, 2015 Current Assets Cash and cash equivalents 22,322,949$ 37,520,240$ Accounts receivable, net 20,476,797 19,617,943 Other current assets 25,744,520 12,173,223 Total current assets 68,544,266 69,311,406 Fixed assets, net 275,
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