Sun, 05 Apr 2020

Paragon Technologies News Release

ACCESSWIRE
25 Mar 2020, 03:25 GMT+10

EASTON, PA / ACCESSWIRE / March 24, 2020 / Paragon Technologies, Inc. (OTC PINK:PGNT), a holding company, announced its results for the year ended December 31, 2019, on March 24, 2020.

Paragon Technologies, Inc.'s Consolidated Statement of Operations for the years ended December 31, 2019, 2018 and 2017 are summarized below. For further detail on our results, shareholders should carefully review our annual report, which can found at www.pgntgroup.com.

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. Further analysis of Paragon's full year results will be available in the annual letter to shareholders which we expect to be released in the coming days.

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.

As of December 31, 2019, Paragon's book value per share was $3.99/share compared with $3.22/share as of December 31, 2018. Book value per share numbers reflect the exclusion of the non-controlling interest equity portion of SEDC which we do not own.

In March 2020, the President declared that the coronavirus outbreak in the United States constitutes a national emergency. Our business activities (particularly distribution and automation) could be susceptible to changes in client demand and we may experience a varying degree of business interruption due to this outbreak. The extent to which the coronavirus impacts our results will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the coronavirus and actions taken to contain the coronavirus or its impact, among others.

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.

SOURCE: Paragon Technologies Inc.



View source version on accesswire.com:
https://www.accesswire.com/582280/Paragon-Technologies-News-Release

More San Jose News

Access More

Sign up for Silicon Valley News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!