Paragon Shipping Inc. Reports Unaudited Consolidated Earnings and Operating Results for the Third Quarter and Nine Months Ended September 30, 2014
For the nine months, the company reported charter revenue of $43.021 million compared to $41.706 million a year ago. Net revenue was $40.685 million compared to $39.298 million a year ago. Operating loss was $1.559 million compared to $29.033 million a year ago. Net loss available to common shareholders was $10.764 million or $0.97 per basic and diluted class A common share compared to $40.921 million or $1.78 per basic and diluted class A common share a year ago. Adjusted net loss was $3.349 million against $17.709 million a year ago. Adjusted net loss available to common shareholders was $3.280 million or $0.30 per basic and diluted share against $17.431 million or $0.76 per basic and diluted share a year ago. EBITDA was $7.317 million compared to LBITDA of $20.466 million a year ago. Adjusted EBITDA was $14.960 million compared to $1.888 million a year ago. Cash generated from operating activities was $2.132 million compared to cash used in operating activities of $3.729 million a year ago.
For the quarter, the company operated an average of 14.0 vessels, earning an average TCE rate of $6,570 per day, compared to an average of 13.0 vessels a year ago, earning an average TCE rate of $9,274 per day.
For the nine months, the company operated an average of 14.0 vessels, earning an average TCE rate of $7,645 per day, compared to an average of 12.9 vessels a year ago, earning an average TCE rate of $10,360 per day.