Revenue during the quarter went down marginally by 0.57 percent to $70.78 million from $71.19 million in the previous year period. Total expenses were 89.03 percent of quarterly revenues, down from 93.16 percent for the same period last year. This has led to an improvement of 413 basis points in operating margin to 10.97 percent.

Operating income for the quarter was $7.77 million, compared with $4.87 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $11.30 million compared with $8.06 million in the prior year period. At the same time, adjusted EBITDA margin improved 463 basis points in the quarter to 15.96 percent from 11.33 percent in the last year period.

Edward Coll, chairman and chief executive officer of Pangaea Logistics Solutions, commented, “This quarter illustrated the impact that our proactive, asset-right business model can have during challenging market conditions. Net income for the quarter doubled year-over-year, as did earnings per share. We continue to find value in remaining nimble, operating efficiently, and being active while others remain stagnant. Our risk mitigation, prudent approach to cash management, and backhaul strategy will continue to drive our growth as we service our clients, including those in specialized trades such as ice-class, which generated impressive performance this quarter. This strategy, combined with a world-class, highly-experienced team of professionals, will drive our ultimate goal of consistently maximizing shareholder value."

The company has spent $3.69 million cash to meet investing activities during the nine month period as against cash outgo of $40.31 million in the last year period.

The company has spent $23.96 million cash to carry out financing activities during the nine month period as against cash inflow of $27.31 million in the last year period.

Cash and cash equivalents stood at $28.19 million as on Sep. 30, 2016, down 17.57 percent or $6.01 million from $34.20 million on Sep. 30, 2015.