Paragon Shipping Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported revenue of $10,685,000 compared to $14,237,000 a year ago. Net revenue was $10,034,000 compared to $13,429,000 a year ago.

Operating loss was $6,866,000 compared to $20,622,000 a year ago. Net loss was $8,932,000 or $0.36 per basic and diluted share compared to $25,885,000 or $1.24 per basic and diluted share a year ago. LBITDA was $1,621,000 compared to $19,052,000 a year ago.

Adjusted LBITDA was $1,445,000 compared to adjusted EBITDA of $333,000 a year ago. Adjusted net loss was $8,756,000 or $0.35 per basic and diluted share compared to $6,017,000 or $0.29 per basic and diluted share a year ago. For the three months ended March 31, 2015, the company's net cash used in operating activities was $2.5 million, compared to net cash generated from operating activities of $1.2 million for the three months ended March 31, 2014.