Pangaea Logistics Solutions Ltd. · NASDAQ:PANL
Pangaea Logistics Solutions — FY2015 Earnings Presentation
9 slides from Pangaea Logistics Solutions's earnings presentation, Mar 23, 2016
Slide 1: Fourth Quarter and Full Year 2015 Results
Fourth Quarter and Full Year 2015 Results March 2016
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 2015 Highlights
3 Full Year 2015 Highlights • Net income attributable to Pangaea Logistics Solutions Ltd. was $11.3 million in 2015, compared to a net loss of $12.1 million in 2014 • Pro forma adjusted earnings per common share1 of $0.48 for 2015, compared to a pro forma adjusted earnings per common share of $0.03
Slide 4: Fourth Quarter 2015 Highlights
4 Fourth Quarter 2015 Highlights • Net loss attributable to Pangaea Logistics Solutions Ltd. was $4.8 million for the fourth quarter of 2015, compared to a net loss of $17.0 million for the fourth quarter of 2014 • Pro forma adjusted earnings per common share1 of $0.02 for the fourth quarter of 2015
Slide 5: Financial Performance Q1 through Q4 2015
5 Financial Performance Q1 through Q4 2015 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: Operating margin and expense results
6 • Operating margin improved dramatically to 7.1% from negative 0.6%. This reflected the increased proportion of revenue from COAs, which are at rates in excess of the current market and to the decrease in expenses, specifically: - Voyage revenue per day increased slightly to $12,023 per day, compa
Slide 7: Defensible Pillars of Profitability
7 Defensible Pillars of Profitability • Execution specialization: - Material cost savings & enhanced profit through granular operating knowledge & risk sensitive approach - Secured & defended by 200+ years of expertise & embedded relationships; key managers average 20 years in the industry • Backhau
Slide 8: Selected Income Statement Data
8 Selected Income Statement Data 2015 2014 2015 2014 (unaudited) (unaudited) Revenues: Voyage revenue 50,591,815$ 93,150,987$ 266,673,105$ 345,235,869$ Charter revenue 5,334,701 9,927,880 20,660,136$ 53,040,336 55,926,516 103,078,867 287,333,241 398,276,205 Expenses: Voyage expense 21,788,872 52,849
Slide 9: Selected Balance Sheet and Cash Flow Data
9 Selected Balance Sheet and Cash Flow Data December 31, 2015 December 31, 2014 Current Assets Cash and cash equivalents 37,520,240$ 29,817,507$ Accounts receivable, net 19,617,943 27,362,216 Other current assets 12,173,223 27,693,697 Total current assets 69,311,406 84,873,420 Fixed assets, net 255,
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