Paragon Technologies, Inc. (OTC PINK:PGNT) recently announced its financial results for the first quarter of 2024, showcasing a mixed bag of numbers. The company reported a net sales figure of $31,521, a slight increase from the previous year’s $29,127. However, operating income took a hit, dropping to $534 from $1,524 in 2023.
The company’s Consolidated Statement of Operations also highlighted other income and expenses, including a realized loss on marketable securities and an unrealized gain on marketable securities. Interest income saw a slight increase, while interest expense decreased compared to the previous year. Overall, the company reported a net loss of $53, a significant drop from the $707 net income in 2023.
Paragon Technologies attributed the investment gains or losses to changes in its investment portfolio, as required by accounting rules implemented in 2018. The company utilizes pre-tax operating income as a key financial measure in analyzing its results, excluding the impact of investment gains or losses.
As a holding company with subsidiaries engaged in various business activities, including material handling, distribution, real estate, and investments, Paragon Technologies remains focused on expanding its revenue streams and maintaining strong relationships with vendors and customers. The company acknowledges the risks and uncertainties in the market, including economic conditions, technological changes, and cybersecurity threats.
Investors and shareholders are encouraged to review the company’s quarterly report for a more detailed analysis of its financial performance. Despite the challenges faced in the first quarter, Paragon Technologies remains optimistic about its long-term growth prospects and strategic initiatives.