Paragon Shipping Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported net revenue of $15,466,000 compared to $15,571,000 a year ago. Operating loss was $4,797,000 compared to $1,394,000 a year ago. Net loss was $10,222,000 or $0.41 per basic and diluted share compared to $5,960,000 or $0.34 per basic and diluted share a year ago. LBITDA was $2,778,000 compared to EBITDA of $556,000 a year ago. Adjusted EBITDA was $387,000 compared to $4,698,000 a year ago. Adjusted net loss was $7,057,000 compared to $1,335,000 a year ago. Adjusted Loss per common share basic and diluted was $0.29 compared to $0.08 a year ago.

For the year, the company reported net revenue of $54,764,000 compared to $56,257,000 a year ago. Operating loss was $33,831,000 compared to $2,955,000 a year ago. Net loss was $51,796,000 or $2.18 per basic and diluted share compared to $16,953,000 or $3.31 per basic and diluted share a year ago. LBITDA was $23,243,000 compared to EBITDA of $7,873,000 a year ago. Adjusted EBITDA was $2,277,000 compared to $19,657,000 a year ago. Adjusted net loss was $24,765,000 compared to $4,686,000 a year ago. Adjusted Loss per common share basic and diluted was $1.04 compared to $0.36 a year ago. For the year ended December 31, 2014, the company's net cash used in operating activities was $6.2 million, compared to net cash generated from operating activities of $4.6 million for the year ended December 31, 2013.