Slide 1: Third Quarter 2015 Results
Third Quarter 2015 Results November 2015
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: Third Quarter 2015 Highlights
3 Third Quarter 2015 Highlights • Net income attributable to Pangaea Logistics Solutions Ltd. was $3.0 million in the third quarter of 2015, compared to a net loss of $2.9 million in the third quarter of 2014 • Pro forma adjusted earnings per common share1 of $0.08 in the third quarter of 2015, comp
Slide 4: Financial Performance
4 Financial Performance Third Quarter 2014 - Third Quarter 2015 $(15,000,000) $(10,000,000) $(5,000,000) $- $5,000,000 $10,000,000 $15,000,000 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Adjusted EBITDA(1) Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 $(20,000,000) $(15,000,000) $(10,000,000) $(5,000,000) $- $5,000,000 $10,000,0
Slide 5: Drivers of Performance
5 Drivers of Third Quarter 2015 Performance • Operating margin improved dramatically to 6.8% from negative 2.1%. This reflected an increased share of revenues coming from COAs tied to rates above current market rates, as opposed to market rate charter business, and decreased expenses, specifically:
Slide 6: Defensible Pillars of Profitability
6 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 7: Selected Income Statement Data
7 Selected Income Statement Data Three months ended September 30, 2015 2014 (unaudited) (unaudited) Revenues: Voyage revenue $64,599,552 $80,604,263 Charter revenue 6,588,613 10,600,956 71,188,165 91,205,219 Expenses: Voyage expense 30,392,418 46,598,184 Charter hire expense 20,601,908 34,315,719 Ve
Slide 8: Selected Balance Sheet and Cash Flow Data
8 Selected Balance Sheet and Cash Flow Data Balance Sheet Data September 30, 2015 December 30, 2014 Assets (unaudited) Current Assets Cash and cash equivalents $34,201,299 $29,817,507 Accounts receivable 24,471,012 27,362,216 Other current assets 14,540,048 23,169,893 Total current assets 73,212,359