Pangaea Logistics Solutions Ltd. Reports Financial Results for the Quarter and
Full Year Ended December 31, 2015
Delivers profitable 2015 backed by robust earnings, cash flow and margin growth
NEWPORT, RI - March 23, 2016 - Pangaea Logistics Solutions Ltd. (“Pangaea” or the “Company”) (NASDAQ: PANL), a global provider of comprehensive maritime logistics solutions, announced today its results for the three months and year ended December 31, 2015.
2015 Full Year Highlights
Net income attributable to Pangaea Logistics Solutions Ltd. was $11.3 million for 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 pro forma adjusted earnings per common share of $0.03 in 2014
Adjusted EBITDA2 increased to $38.6 million for 2015, compared with $20.7 million for 2014
Cash flow from operations was $26.0 million for 2015, compared with $19.7 million for 2014
At the end of 2015, Pangaea had $37.5 million in cash and cash equivalents
The Company and its joint venture partners agreed to convert $51.9 million of related party debt to equity in the joint venture, which had a positive impact on the Company's balance sheet.

Fourth Quarter 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 million for the fourth quarter of 2014
Pro forma adjusted earnings per common share of $0.02 for the fourth quarter of 2015, compared to a pro forma adjusted loss of $(0.11) per common share for the fourth quarter of 2014
Adjusted EBITDA2 increased to $7.4 million for the fourth quarter of 2015, compared with $0.8 million for the fourth quarter of 2014

Edward Coll, Chairman and Chief Executive Officer of Pangaea Logistics Solutions, commented, “Our profitable results in 2015 demonstrate the viability and success of our unique, agile business model and its focus on generating sustainable revenues by using a strategic mix of owned and chartered-in tonnage to solve our clients most complex logistical challenges. This strategy enabled us to generate significant cash from operations, improve our margins, and generate a profit, despite the difficult operating environment facing our industry. We were very pleased with the results our team delivered during our first full year as a public company and look forward to continuing to utilize our unique business model and unmatched expertise to navigate what is admittedly an extremely challenging market.”


1 Earnings per share represents total earnings allocated to common stock divided by the weighted average number of common shares outstanding. Pro Forma adjusted earnings per share represents adjusted total earnings allocated to common stock divided by the weighted average number of shares giving effect to the mergers as if they had been consummated as of January 1, 2014. See Reconciliation of Adjusted EBITDA and Pro Forma Adjusted Earnings Per Share.



The following information was filed by Pangaea Logistics Solutions Ltd. (PANL) on Wednesday, March 23, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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