Paragon Technologies News Release

Rhea-AI Summary

Paragon Technologies, Inc. announces its results for the three and six months ended June 30, 2023. Net sales for Q2 2023 were $29.2 million, down 10.5% compared to Q2 2022. Operating income increased by 32.1% to $1.5 million. Net income attributable to Paragon Technologies and Subsidiaries was $1.0 million.

Positive

• Net sales for Q2 2023 decreased by 10.5% compared to Q2 2022.
• Operating income increased by 32.1% to $1.5 million.
• Net income attributable to Paragon Technologies and Subsidiaries was $1.0 million.

Negative

• None.

EASTON, PA / ACCESSWIRE / August 14, 2023 / Paragon Technologies, Inc. (OTC PINK:PGNT), a holding company, announced its results for the three and six months ended June 30, 2023, on August 11, 2023.

Paragon Technologies, Inc.'s Consolidated Statement of Operations for the three months ended March 31, 2023 and 2022 are summarized below. For further detail on our results, shareholders should carefully review our quarterly report, which can be found at www.pgntgroup.com.

	Three Months Ended						Six Months Ended
	June 30,			June 30,			June 30,			June 30,
(In Thousands)	2023			2022			2023			2022
Net Sales	$	29,189		$	32,647		$	58,316		$	71,275
Operating Income		1,492			1,131			3,016			3,301
Other Income (Expense)
Realized Gain (Loss) on Investment, Marketable Securities		(74)			(111)			(111)			(43)
Unrealized Gain (Loss) on Investment, Marketable Securities		302			(86)			389			(165)
Interest Income		41			7			80			15
Interest Expense		(263)			(252)			(603)			(337)
Grant Income		3			-			8			18
Total Other Income (Expense)		9			(442)			(237)			(512)
Income Before Taxes and Noncontrolling Interest		1,501			689			2,779			2,789
Income Tax Expense		437			248			871			1,087
Net Income Before Noncontrolling Interest		1,064			441			1,908			1,702
Net Income Attributable to Noncontrolling Interest		50			63			187			290
Net Income Attributable to Paragon Technologies and Subsidiaries	$	1,014		$	378		$	1,721		$	1,412

Analysis of Results and General Business Commentary:

In 2018 newly issued accounting rules required that all companies record any unrealized losses or gains from equity investments in the income statement.

Paragon's investment gains or losses reflect realized gains or losses in the company's investment portfolio.

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.

About Paragon Technologies

Paragon Technologies, Inc. is a holding company owning subsidiaries that engage in diverse business activities, including material handling, distribution, real estate and investments.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements concern the Company's operations, financial condition and performance and are based largely on the Company's beliefs and expectations. These statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others, those related to: general economic conditions, including those in the markets in which the Company operates; the Company's ability to expand its revenue streams; technological changes in the Company's industry; the continued acceptance of the Company's distribution channel by vendors and customers; decreased demand for the Company's products and services and the Company's ability to retain or replace its significant customers; factors affecting the capital markets and share prices generally; economic and political risks of selling products in foreign countries, including risks of non-compliance with U.S. and foreign laws and regulations; cybersecurity risks and risks of damage and interruptions of information technology systems; and the Company's ability to complete acquisitions, strategic investments, divestitures, mergers or other transactions on acceptable terms or at all. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors, nor can management assess the impact of all such factors on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. All statements in this press release other than statements that are purely historical are forward-looking statements. The Company does not intend and assumes no obligation, to update any forward-looking statements made in this press release. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. For further information, contact the company at info@pgntgroup.com

SOURCE: Paragon Technologies, Inc.

View source version on accesswire.com:
https://www.accesswire.com/773871/Paragon-Technologies-News-Release

FAQ

What were the net sales for Q2 2023?

Net sales for Q2 2023 were $29.2 million.

What was the operating income for Q2 2023?

Operating income for Q2 2023 was $1.5 million.

What was the net income attributable to Paragon Technologies and Subsidiaries?

Net income attributable to Paragon Technologies and Subsidiaries was $1.0 million.