Business
Paragon Technologies, Inc. 2021 Annual Earnings and Annual Shareholders Letter
Paragon Technologies, Inc. 2021 Annual Earnings and Annual Shareholders Letter.
About this update from Paragon Technologies, Inc.
[{"type":"text","content":"EASTON, PA / ACCESSWIRE / April 4, 2022 / Paragon Technologies, Inc. (OTC PINK:PGNT), a holding company, announced its results for the year ended December 31, 2021, on March 24, 2022.Paragon's Annual Letter to Shareholders is also available and can be accessed by visiting the Company's website, www.pgntgroup.com or clicking here.Paragon Technologies, Inc.'s Consolidated Statement of Operations for the years ended December 31, 2021, 2020 and 2019 are summarized below. For further detail on our results, shareholders should carefully review our annual report, which can be found at www.pgntgroup.com. December 31, December 31, December 31, (In Thousands) 2021 2020 2019 Net Sales $141,553 $107,998 $112,893 Operating Income 6,506 5,424 3,090 Other Income (Expense) Interest income 16 11 24 Interest expense (310) (629) (555)Employee Retention Credit 138 - - Realized gain (loss) on investment, marketable securities (325) 264 (576)Unrealized gain (loss) on investment, equity securities (110) 60 113 Gain on sale of fixed assets 1 - - PPP loan forgiveness - 454 - Grant income 54 18 - EIDL advance forgiveness - 10 - Total Other Income (Expense) (536) 188 (994) Income before income taxes and noncontrolling interest 5,970 5,612 2,096 Income tax expense 1,899 1,764 850 Net income before noncontrolling interest 4,071 3.848 1,246 Net income attributable to noncontrolling interest 720 247 254 Net Income Attributable to Paragon Technologies, Inc. and Subsidiaries $3,351 $3,601 $992 Analysis of Results and General Business Commentary:Paragon's investment gains or losses reflect realized gains or losses in the company's investment portfolio. Further analysis of Paragon's full year results is available in the annual letter to shareholders.Paragon utilizes pre-tax operating income, a non-GAAP financial measure, in its analysis of financial results. Paragon Technologies defines pre-tax operating earnings outside of the investment gains/losses of the Company.During the year ended December 31, 2020, the World Health Organization declared the coronavirus outbreak (COVID-19) a pandemic. The impact of COVID-19 could negatively impact the Company's operations. The extent to which COVID-19 could impact the Company's results will depend on future developments, which are highly uncertain and cannot be predicted, including new information that may emerge concernin...