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PARAGON TECHS INC (PGNT) is a diversified holding company heavily invested in Ocean Power Technologies, Inc. (OPT), owning 4.8% of its outstanding shares. The company, led by Chairman and CEO Sham Gad, is committed to safeguarding shareholder value and demanding accountability from OPT's Board. Paragon has offered up to $3 million in non-dilutive preferred equity to save OPT from insolvency and ensure sustainable growth. Despite OPT's recent order and funding announcements, Paragon remains critical of OPT's financial losses and unsustainable expenses, urging transparent communication with individual investors. Paragon's ongoing proxy solicitation seeks to challenge OPT's current Board and CEO, calling for a strategic shift towards profitability and enhanced shareholder value. With a focus on corporate transparency and value creation, Paragon continues to engage with OPT shareholders to drive positive change and sustainable growth.
Paragon Technologies, Inc. (OTC PINK:PGNT) reported its 2022 financial results on March 24, 2023, revealing net sales of $134.2 million, a decrease from $141.6 million in 2021. The operating income rose to $7.6 million, compared to $6.5 million in the previous year. Net income attributable to Paragon was $4.7 million, up from $3.4 million in 2021. Investment portfolio performance included a realized gain of $935,000, contrasting with a loss of $325,000 in 2021. The company’s annual letter to shareholders is available on its website for further insights.
Paragon Technologies, Inc. (OTC PINK:PGNT) reported its financial results for the three and nine months ending September 30, 2022, with net sales of $34,498 thousand for the quarter and $105,773 thousand year-to-date, showing a decline from $36,771 thousand and $100,958 thousand respectively in 2021. Operating income rose to $2,323 thousand in Q3 2022, compared to $2,109 thousand in Q3 2021, but the company faced challenges due to the COVID-19 pandemic and geopolitical issues impacting bookings and cash flow. Investment portfolio gains positively affected net income, while the company prudently managed expenses in a fluctuating environment.
Paragon Technologies, Inc. (OTC PINK:PGNT) reported Q2 2022 financial results on August 12, revealing net sales of $32.6 million and operating income of $1.1 million. Year-to-date net income attributed to shareholders was $378,000. The ongoing COVID-19 pandemic continues to adversely impact operations, leading to a slowdown in bookings and potential lower future cash flows. The company is also addressing supply chain disruptions exacerbated by the Russia-Ukraine conflict.
Paragon Technologies (OTC PINK:PGNT) announced its financial results for the first quarter of 2022, showcasing a significant increase in net sales to $38,628,000, up from $31,364,000 in the same period of 2021. The company reported an operating income of $2,170,000, compared to $698,000 in Q1 2021. The net income attributable to Paragon Technologies was $1,034,000, a substantial recovery from a net loss of $12,000 in the prior year.
These results reflect the company's improved operational performance and resilience amidst uncertainties.
Paragon Technologies, Inc. (OTC: PGNT) has been advocating for improved shareholder value at Rubicon Technology (NASDAQ: RBCN) for over five years. The letter criticizes Rubicon's board and CEO Timothy E. Brog for failing to generate profits and for awarding excessive compensation despite stagnant share prices. The stock's return was only 2% annually compared to over 20% for the NASDAQ. Paragon demands a transparent plan from Rubicon's board, accountability, and deferral of 2022 compensation until a profitable acquisition is realized. Paragon plans to file a proxy statement for board nominations.
Paragon Technologies (PGNT) reported its financial results for the year ended December 31, 2021, indicating net sales of $141,553,000, an increase from $107,998,000 in 2020. The operating income rose to $6,506,000 compared to $5,424,000 in the prior year. Net income attributable to Paragon Technologies was $3,351,000, down from $3,601,000 in 2020. The company also acknowledged potential impacts from ongoing COVID-19 uncertainties on operations. A detailed analysis can be found in their annual letter to shareholders.
Paragon Technologies (OTC PINK:PGNT) reported its financial results for the three and nine months ending September 30, 2021. The company achieved net sales of $36,771,000 for Q3 2021, compared to $28,873,000 in Q3 2020, marking a significant increase. For the nine-month period, net sales rose to $100,958,000 from $76,719,000 in the previous year. The operating income for Q3 was $2,109,000, up from $1,203,000. Overall, the company posted a net income of $892,000 for Q3 2021, compared to $718,000 in Q3 2020.
Paragon Technologies (OTC PINK:PGNT) reported significant growth for the three and six months ending June 30, 2021. Net sales surged to $32,823,000 for Q2 2021 from $18,252,000 in Q2 2020, marking a 80% increase. Year-to-date sales reached $64,187,000, up 34% from $47,846,000 a year prior. Operating income also improved to $1,462,000 for Q2 2021, compared with $895,000 in 2020. Despite the gains, the company noted potential risks from the ongoing impact of COVID-19 on operations.
Paragon Technologies (OTC PINK:PGNT) announces the appointment of Leticia 'Tish' Cardonick as its new Chief Financial Officer, effective August 31, 2021. Cardonick brings over 20 years of experience in investment management and has held key positions at Morgan Stanley and Goldman Sachs. She succeeds Deb Mertz, who is retiring after a seven-year tenure. CEO Hesham Gad expressed confidence in Cardonick's abilities to drive the company's financial strategies moving forward. Paragon Technologies engages in diverse business activities, including material handling and real estate.
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