Business
Pangaea Logistics Solutions Ltd. Reports Financial Results for the Three Months and Year Ended December 31, 2019
NEWPORT, R.I., March 23, 2020 /PRNewswire/ -- Pangaea Logistics Solutions Ltd. ("Pangaea" or the "Company") (NASDAQ: PANL), a global provider of comprehensive
About this update from Pangaea Logistics Solutions Ltd.
[{"type":"text","content":"NEWPORT, R.I., March 23, 2020 /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, 2019.\n\n \n \n \n \n \n \n\n \n2019 Highlights\nNet income attributable to Pangaea Logistics Solutions Ltd. of $11.7 million, as compared to $17.8 million for the year ended December 31, 2018. Non-GAAP adjusted Net Income attributable to Pangaea Logistics Solutions Ltd. of $18.2 million, as compared to $22.5 million for the year ended December 31, 2018 Earnings per share of $0.27 as compared to $0.42 for the year ended December 31, 2018. Adjusted earnings per share of $0.43 as compared to $0.53 for the year ended December 31, 2018 Cash flow from operations of $44.5 million, compared to $40.1 million for the prior year. Pangaea's TCE rates increased 1% to $14,199 from $14,019 in 2018 while the market average for the year was approximately $10,093 per day, a premium over the market of approximately 41%. Adjusted EBITDA of $51.1 million for the year ended December 31, 2019. At December 31, 2019, Pangaea had $53.1 million in cash, restricted cash and cash equivalents.4th Quarter 2019 Highlights \nNet loss of $4.4 million, which includes total losses on impairment and sale of vessels of $9.3 million, as compared to a net loss of $0.6 million in the same period of 2018. Non-GAAP adjusted net income attributable to Pangaea Logistics Solutions Ltd. of $4.4 million, as compared to $3.7 million for the same period of 2018. Adjusted Earnings per share of $0.10, as compared to $0.09 for the same period of 2018. Pangaea's TCE rates increased 6% to $15,172 per day for the three months ended December 31, 2019 a premium over the market average of approximately 40%. Adjusted EBITDA of $13.5 million for the fourth quarter of 2019 versus $12.2 million for the same period in 2018. Net transportation and service revenue was $18.7 million in the three months ended December 31, 2018 as compared to $16.4 million in the comparable period.Ed Coll, Pangaea's Chief Executive Officer, commented;\n\"We were extremely active in 2019, a year that started and ended with a challenging dry bulk charter market. Despite this environment, we continued to operate profitably. Our $18.2 million of adjus...