Paragon Shipping Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013
For the year, the company reported net revenue of $56,257,000 compared to $50,301,000 a year ago. Adjusted EBITDA was $19,657,000 compared to $24,169,000 a year ago. Net loss was $16,953,000 or $1.31 basic and diluted per share compared to $17,557,000 or $2.84 basic and diluted per share a year ago. Adjusted net loss was $5,169,000 or $0.40 basic and diluted per share compared to $965,000 or $0.16 basic and diluted per share a year ago. The company generated net cash from operating activities of $4.6 million, compared to $13.4 million for the year ended December 31, 2012. Operating loss was $2,955,000 compared to operating income of $2,294,000 a year ago.