Paragon Shipping Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported net revenue of $15,571,000 compared to $12,945,000 a year ago. Adjusted EBITDA was $4,698,000 compared to $4,409,000 a year ago. Net loss was $5,960,000 or $0.34 basic and diluted per share compared to net income of $329,000 or $0.05 basic and diluted per share a year ago. Adjusted net loss was $1,818,000 or $0.10 basic and diluted per share compared to $2,120,000 or $0.33 basic and diluted per share a year ago. Operating loss was $1,394,000 compared to $204,000 a year ago.

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.