EASTON, Pa., May 14, 2015 /PRNewswire/ -- Paragon Technologies, Inc. (OTC Pink: PGNT), a holding company, today announced its results for the three months ended March 31, 2015.
Paragon Technologies, Inc.'s Consolidated Statements of Operations for the three months ended March 31, 2015 and 2014 are summarized below. For further detail on our results, shareholders should carefully review our quarterly report which can found at www.pgntgroup.com.
(In Thousands) | March | March | |||||
31, 2015 | 31, 2014 | ||||||
Net Sales | $ 1,746 | $ 2,240 | |||||
Operating income | 1 | 71 | |||||
Other income (expense) | |||||||
Interest expense | (1) | - | |||||
Interest Income | 4 | 1 | |||||
Gain on investment, marketable securities | 21 | (2) | |||||
Total other income (expense), net | 24 | (1) | |||||
Income before income taxes | 25 | 70 | |||||
Income tax expense | 10 | 6 | |||||
Net income | $ 15 | $ 64 | |||||
Analysis of Results:
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.
On May 14, 2015 the Board of Directors authorized a $250,000 share buyback program allowing the Company to make open market purchases of its common stock as market conditions warrant. There is no specified time as to when shares may be purchased, if any shares will be purchased, or that the entire dollar amount authorized will be fully be deployed.
About Paragon Technologies
Paragon Technologies, Inc. is a holding company with diverse business activities. Paragon's wholly owned operating subsidiary, SI Systems, Inc., offers branded technologies and material handling solutions that serve manufacturing operations and order fulfillment applications. Operating decisions for Paragon's operating businesses are made by the management of those businesses. All investment decisions under Paragon's investment policy are made by Sham Gad, Chairman and CEO of Paragon pursuant to the Company's investment management policy.
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SOURCE Paragon Technologies, Inc.
