Paragon Technologies News Release
EASTON, Pa., Aug. 15, 2014 /PRNewswire/ -- Paragon Technologies, Inc. (OTC Pink: PGNT), a holding company, today announces its results for the second quarter of 2014.
Paragon Technologies, Inc.'s earnings for the three and six months ended June 30, 2014 and June 30, 2013 are summarized below. For further detail on our results, shareholders should carefully review our 10-Q, which can found at www.pgntgroup.com
| Three Months Ended |
Six Months Ended |
||||
| (in thousands) |
June 30, 2014 |
June 30, 2013 |
June 30, 2014 |
June 30, 2013 |
|
| Sales |
1,623 |
3,208 |
3,863 |
6,480 |
|
| Pre-tax Operating Income (Loss) |
(179) |
322 |
(108) |
653 |
|
| Paragon Investment Gains/(Losses) |
15 |
17 |
18 |
(6) |
|
| Other Income |
4 |
(44) |
- |
(24) |
|
| Interest Income |
3 |
- |
4 |
21 |
|
| Interest Expense |
- |
- |
(1) |
- |
|
| Total Other Income (Expense), net |
22 |
(27) |
21 |
(9) |
|
| Income Tax Expense |
6 |
166 |
12 |
117 |
|
| Net Earnings Attributable to Paragon Technologies |
(163) |
129 |
(99) |
527 |
|
Analysis of Results:
Investment gains or losses reflect realized gains or losses in the company's investment portfolio. Other income in 2014 reflects dividend income on the investments.
Paragon utilizes pre-tax operating income, 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, and interest expense.
2014 Annual Meeting Results
Paragon Technologies duly held the Company's Annual Shareholders Meeting on July 14, 2014 in Cleveland, Ohio.
The following two proposals, which are set forth in more detail in the Notice of Annual Shareholder Meeting and the Company's Proxy Statement sent to shareholders on or around August 13, 2013, were approved and adopted:
1. The re-election of Hesham M. Gad, Samuel S. Weiser, and Jack H. Jacobs as Directors of the Company to serve until next annual meeting of shareholders.
| NAME |
FOR |
WITHHELD |
BROKER NON-VOTES |
| Hesham M. Gad |
586,864 |
185,725 |
703,245 |
| Jack H. Jacobs |
558,427 |
214,162 |
703,245 |
| Samuel S. Weiser |
558,427 |
214,162 |
703,245 |
2. The appointment of McGladrey LLP as the Company's independent auditors for the fiscal year ending December 31, 2014.
| FOR |
AGAINST |
ABSTAIN |
| 1,436,375 |
39,374 |
85 |
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.
SOURCE Paragon Technologies, Inc.
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