ATHENS, Greece, June 8, 2015 /PRNewswire/ -- Paragon
Shipping Inc. (NASDAQ: PRGN) ("Paragon Shipping" or the "Company"),
a global shipping transportation company specializing in drybulk
cargoes, announced today its results for the first quarter ended
March 31, 2015.
First Quarter 2015 Highlights & Recent
Developments
- Net revenue, net of voyage expenses, of $6.8 million in the first quarter of 2015.
- Reduced average daily adjusted total vessel operating expenses
by 23.5% year-over-year.
- Adjusted net loss of $8.8
million, or $0.35 per common
share, in the first quarter of 2015.
Financial Highlights
(Expressed in thousands of
United States Dollars, except for vessel data, TCE and share
data)
|
Quarter
Ended
March 31,
2014
|
Quarter
Ended
March 31,
2015
|
|
Average number of
vessels
|
13.9
|
16.0
|
|
Time charter
equivalent rate (TCE) (1)
|
8,557
|
4,801
|
|
Net Revenue, net
of voyage expenses
|
10,251
|
6,831
|
|
EBITDA
(1)
|
(19,052)
|
(1,621)
|
|
Adjusted EBITDA
(1)
|
333
|
(1,445)
|
|
Net
Loss
|
(25,885)
|
(8,932)
|
|
Adjusted Net Loss
(1)
|
(6,017)
|
(8,756)
|
|
Loss per common
share basic and diluted
|
(1.24)
|
(0.36)
|
|
Adjusted Loss per
common share basic and diluted (1)
|
(0.29)
|
(0.35)
|
|
|
|
|
(1)
|
Please see the table
at the back of this release for a reconciliation of TCE to Charter
Revenue, EBITDA and Adjusted EBITDA to Net Income / (Loss),
Adjusted Net Income / (Loss) to Net Income / (Loss) and Adjusted
Earnings / (Loss) per common share to Earnings / (Loss) per common
share, the most directly comparable financial measures calculated
and presented in accordance with generally accepted accounting
principles in the United States ("U.S. GAAP").
|
Management Commentary
Commenting on the results,
Michael Bodouroglou, Chairman, Chief Executive Officer and Interim
Chief Financial Officer of Paragon Shipping, stated: "During the
first quarter of 2015, charter rates remained at historically low
levels. The demand and supply dynamics remain quite adverse and
this resulted in lower revenues compared to the prior year. Given
the current market environment, it has become even more critical to
maintain our liquidity. Thus, we have further intensified our
efforts to maintain our cost control efficiency. Within this
context, we reported record low adjusted total vessel operating
expenses for the first quarter of 2015 of $5,907 per vessel per day."
Mr. Bodouroglou continued, "We are pleased to report that our
banks have also been supportive of our efforts to improve the
Company's liquidity. We have already agreed with certain of our
lenders to defer a portion of our quarterly installments, which
were originally due from the first quarter of 2015 through the
second quarter of 2016 and payable from the Company's available
cash, of about $6.5 million in the
aggregate. Moreover, we have agreed to postpone the delivery of the
three Kamsarmax vessels currently under construction until the
first quarter of 2016, or by an aggregate of about 22 months."
Mr. Bodouroglou concluded, "We believe that we are taking steps
to the right direction, given this difficult market. We are pleased
to note that positive signs have emerged with respect to the supply
side, as a significant number of vessels are heading to the
scrapyards, while the market participants refrain from ordering new
vessels and delay the delivery of the already placed newbuilding
orders. Nonetheless, it seems that a healthy equilibrium, by
historical standards, is yet to be reached and, consequently, we
continue to remain cautious for the near future."
First Quarter 2015 Financial Results
Gross charter revenue for the first quarter of 2015 was
$10.7 million, compared to
$14.2 million for the first quarter
of 2014. The Company reported a net loss of $8.9 million, or $0.36 per basic and diluted share, for the first
quarter of 2015, calculated based on a weighted average number of
basic and diluted shares outstanding for the period of 24,460,642
and reflecting the impact of the non-cash items discussed below.
For the first quarter of 2014, the Company reported a net loss of
$25.9 million, or $1.24 per basic and diluted share, calculated
based on a weighted average number of basic and diluted shares of
20,560,102.
Excluding all non-cash items described below, the adjusted net
loss for the first quarter of 2015 was $8.8
million, or $0.35 per basic
and diluted share, compared to adjusted net loss of $6.0 million, or $0.29 per basic and diluted share, for the first
quarter of 2014.
EBITDA for the first quarter of 2015 was negative $1.6 million, compared to negative $19.1 million for the first quarter of 2014.
EBITDA for the first quarter of 2015 was calculated by adding the
net loss of $8.9 million to net
interest expense, including interest expense from interest rate
swaps, and depreciation that in the aggregate amounted to
$7.3 million. Adjusted EBITDA,
excluding all non-cash items described below, was negative
$1.4 million for the first quarter of
2015, compared to positive $0.3
million for the first quarter of 2014.
The Company operated an average of 16.0 vessels during the first
quarter of 2015, earning an average TCE rate of $4,801 per day, compared to an average of 13.9
vessels during the first quarter of 2014, earning an average TCE
rate of $8,557 per day.
Adjusted total vessel operating expenses, which included vessel
operating expenses, management fees, general and administrative
expenses and dry-docking costs, and excluded share-based
compensation, were $8.5 million for
the first quarter of 2015, compared to $9.7
million for the first quarter of 2014. On a daily basis,
adjusted total vessel operating expenses for the first quarter of
2015 were approximately $5,907 per
vessel per day, or 23.5% lower than the adjusted total vessel
operating expenses of $7,717 per
vessel per day for the first quarter of 2014. The reduction in the
average daily adjusted total vessel operating expenses is the
result of the Company's cost control efficiency and the economies
of scale of having a larger fleet, as well as of a favorable impact
of the Euro / U.S. dollar exchange rate fluctuations.
As of March 31, 2015, the Company
owned approximately 11.0% of the outstanding common stock of Box
Ships Inc. (NYSE:TEU) ("Box Ships"), a former wholly-owned
subsidiary of the Company which completed its initial public
offering in April 2011. The
investment in Box Ships is accounted for under the equity method
and is separately reflected on the Company's unaudited condensed
consolidated balance sheets. For the first quarter of 2015, the
Company recorded a gain of $0.2
million, compared to a loss of $0.3
million income for the first quarter of 2014. In the second
quarter of 2015, the Company proceeded with the sale of the total
3,437,500 shares of Box Ships at an average sale price of
$0.8542 per share. The proceeds from
the sale of such shares amounted to $2.9
million.
First Quarter 2015 Non-cash and One-off Items
The
Company's results for the three months ended March 31, 2015 included the following non-cash
items:
- An unrealized gain on interest rate swaps of $0.1 million, or less than $0.01 per basic and diluted share.
- Non-cash expenses of $0.2
million, or $0.01 per basic
and diluted share, relating to the amortization of the compensation
cost recognized for non-vested share awards issued to executive
officers, directors and employees.
In the aggregate, these non-cash items decreased the Company's
earnings by $0.2 million, which
represents a $0.01 decrease in
earnings per basic and diluted share, for the three months ended
March 31, 2015.
Cash Flows
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.
For the three months ended March 31,
2015, net cash from investing activities was $0.8 million and net cash used in financing
activities was $5.4 million. For the
three months ended March 31, 2014,
net cash used in investing activities was $63.2 million and net cash from financing
activities was $61.8 million.
Newbuilding Program Update
In May 2015, the Company agreed to postpone the
delivery of the three Kamsarmax vessels currently under
construction until the first quarter of 2016.
Currently, the Company's outstanding newbuilding program
consists of two Ultramax drybulk carriers, with expected deliveries
between the third and fourth quarter of 2015, and three Kamsarmax
drybulk carriers with expected deliveries in the first quarter of
2016. The aggregate cost of the newbuilding program is $148.2 million, of which $101.7 million is currently outstanding. With the
$160.0 million syndicated secured
loan facility led by Nordea Bank Finland Plc, the Company has
currently secured debt financing of up to $78.0 million in the aggregate for the two
Ultramax and two of its Kamsarmax newbuilding drybulk carriers,
subject to certain conditions. For the remaining Kamsarmax
newbuilding drybulk carrier, the Company is currently in
discussions to secure debt financing.
Shares of Korea Line Corporation ("KLC")
During the
second quarter of 2015, the Company sold 44,550 KLC shares at an
average sale price of $21.68 per
share. Following the sale of such shares, the Company does not hold
any other shares of KLC. The total cash received from the sale of
these shares amounted to $1.0
million, net of commissions.
Financing Update
In 2015, the Company entered into
agreements with certain of its lenders to defer a portion of the
scheduled quarterly installments, which were originally due from
the first quarter of 2015 through the second quarter of 2016.
Additionally, the Company amended the terms and conditions of
certain of its facilities with respect to the financial and
security cover ratio covenants that were either restated or waived
for periods commencing on January 1,
2015 and ending the latest by March
31, 2016. Following these amendments, as of March 31, 2015, the Company was in compliance
with the covenants of its loan facilities.
The Company is currently in negotiations with the rest of its
lenders to obtain similar waivers or amendments. Although
management believes that the lenders will continue to support the
Company, there can be no assurance that the outcome of these
negotiations will be successful and that the Company will remain in
compliance with the required covenants of its facilities in the
following quarters.
Conference Call and Webcast details
The Company's
management team will host a conference call to discuss its first
quarter 2015 results on June 8, 2015,
at 10:00 am Eastern Time.
Participants should dial into the call ten minutes before the
scheduled time using the following numbers 1-888-348-8931
(USA) or +1-412-902-4248
(international) to access the call. A replay of the conference call
will be available for seven days and can be accessed by dialing
1-877-870-5176 (USA) or
+1-858-384-5517 (international) and using passcode 10067022.
Slides and audio webcast
There will also be a
simultaneous live webcast through the Company's website,
www.paragonship.com. Participants should register on the website
approximately ten minutes prior to the start of the webcast. If you
would like a copy of the release mailed or faxed, please contact
DresnerAllenCaron Investor Relations at 212-691-8087.
About Paragon Shipping Inc.
Paragon Shipping is an
international shipping company incorporated under the laws of the
Republic of the Marshall Islands
with executive offices in Athens,
Greece, specializing in the transportation of drybulk
cargoes. Paragon Shipping's current fleet consists of sixteen
drybulk vessels with a total carrying capacity of 980,380 dwt. In
addition, Paragon Shipping's current newbuilding program consists
of two Ultramax and three Kamsarmax drybulk carriers that are
scheduled to be delivered from the third quarter of 2015 through
the first quarter of 2016. The Company's common shares and senior
notes trade on NASDAQ under the symbols "PRGN" and "PRGNL,"
respectively. For more information, visit: www.paragonship.com. The
information contained on Paragon Shipping's website does not
constitute part of this press release.
Forward-Looking Statements
Certain statements in this
press release are "forward-looking statements" within the meaning
of the Private Securities Litigation Act of 1995. These
forward-looking statements are based on our current expectations
and beliefs and are subject to a number of risk factors and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. Such risks
and uncertainties include, without limitation, the strength of
world economies and currencies, general market conditions,
including fluctuations in charter rates and vessel values, changes
in demand for drybulk shipping capacity, changes in our operating
expenses, including bunker prices, dry-docking and insurance costs,
the market for our vessels, availability of financing and
refinancing, charter counterparty performance, ability to obtain
financing and comply with covenants in such financing arrangements,
changes in governmental rules and regulations or actions taken by
regulatory authorities, potential liability from pending or future
litigation, general domestic and international political
conditions, potential disruption of shipping routes due to
accidents or political events, vessels breakdowns and instances of
off-hires and other factors, as well as other risks that have been
included in filings with the Securities and Exchange Commission,
all of which are available at www.sec.gov.
Contacts:
Paragon Shipping Inc.
ir@paragonshipping.gr
DresnerAllenCaron
Rudy
Barrio (Investors)
r.barrio@allencaron.com
(212) 691-8087
- Tables Follow -
Fleet List
Drybulk Fleet
The following tables represent our drybulk fleet and the drybulk
newbuilding vessels that we have agreed to acquire as of
June 8, 2015.
|
Operating Drybulk
Fleet
|
|
Name
|
Type / No. of
Vessels
|
Dwt
|
Year
Built
|
|
Panamax
|
|
Dream
Seas
|
Panamax
|
75,151
|
2009
|
|
Coral
Seas
|
Panamax
|
74,477
|
2006
|
|
Golden
Seas
|
Panamax
|
74,475
|
2006
|
|
Pearl
Seas
|
Panamax
|
74,483
|
2006
|
|
Diamond
Seas
|
Panamax
|
74,274
|
2001
|
|
Deep
Seas
|
Panamax
|
72,891
|
1999
|
|
Calm
Seas
|
Panamax
|
74,047
|
1999
|
|
Kind
Seas
|
Panamax
|
72,493
|
1999
|
|
Total
Panamax
|
8
|
592,291
|
|
|
Ultramax
|
|
|
|
|
Gentle
Seas
|
Ultramax
|
63,350
|
2014
|
|
Peaceful
Seas
|
Ultramax
|
63,331
|
2014
|
|
Total
Ultramax
|
2
|
126,681
|
|
|
Supramax
|
|
|
|
|
Friendly
Seas
|
Supramax
|
58,779
|
2008
|
|
Sapphire
Seas
|
Supramax
|
53,702
|
2005
|
|
Total
Supramax
|
2
|
112,481
|
|
|
Handysize
|
|
|
|
|
Prosperous
Seas
|
Handysize
|
37,293
|
2012
|
|
Precious
Seas
|
Handysize
|
37,205
|
2012
|
|
Priceless
Seas
|
Handysize
|
37,202
|
2013
|
|
Proud
Seas
|
Handysize
|
37,227
|
2014
|
|
Total
Handysize
|
4
|
148,927
|
|
|
Grand
Total
|
16
|
980,380
|
|
|
Drybulk Newbuildings
that we have agreed to acquire
|
|
Hull
no.
|
Type / No. of
Vessels
|
Dwt
|
Expected
Delivery
|
|
Ultramax
|
|
Hull no.
DY4050
|
Ultramax
|
63,500
|
Q3 2015
|
|
Hull no.
DY4052
|
Ultramax
|
63,500
|
Q4 2015
|
|
Total
Ultramax
|
2
|
127,000
|
|
|
Kamsarmax
|
|
Hull no.
YZJ1144
|
Kamsarmax
|
81,800
|
Q1 2016
|
|
Hull no.
YZJ1145
|
Kamsarmax
|
81,800
|
Q1 2016
|
|
Hull no.
YZJ1142
|
Kamsarmax
|
81,800
|
Q1 2016
|
|
Total
Kamsarmax
|
3
|
245,400
|
|
|
Grand
Total
|
5
|
372,400
|
|
|
Summary Fleet
Data
|
|
(Expressed in
United States Dollars where applicable)
|
|
|
|
|
Quarter Ended
March 31, 2014
|
Quarter Ended
March 31, 2015
|
|
FLEET
DATA
|
|
|
|
Average number of
vessels (1)
|
13.9
|
16.0
|
|
Calendar days for
fleet (2)
|
1,254
|
1,440
|
|
Available days for
fleet (3)
|
1,211
|
1,428
|
|
Operating days for
fleet (4)
|
1,198
|
1,423
|
|
Fleet utilization
(5)
|
98.9%
|
99.6%
|
|
AVERAGE DAILY
RESULTS
|
|
|
|
Time charter
equivalent (6)
|
8,557
|
4,801
|
|
Vessel operating
expenses (7)
|
4,262
|
3,965
|
|
Dry-docking expenses
(8)
|
1,178
|
197
|
|
Management fees -
related party adjusted (9)
|
1,056
|
893
|
|
General and
administrative expenses adjusted (10)
|
1,221
|
852
|
|
Total vessel
operating expenses adjusted (11)
|
7,717
|
5,907
|
|
|
|
|
(1)
|
Average number of
vessels is the number of vessels that constituted our fleet for the
relevant period, as measured by the sum of the number of calendar
days each vessel was a part of our fleet during the period divided
by the number of days in the period.
|
|
(2)
|
Calendar days for the
fleet are the total days the vessels were in our possession for the
relevant period.
|
|
(3)
|
Available days for
the fleet are the total calendar days for the relevant period less
any off-hire days associated with scheduled dry-dockings or special
or intermediate surveys.
|
|
(4)
|
Operating days for
the fleet are the total available days for the relevant period less
any off-hire days due to any reason, other than scheduled
dry-dockings or special or intermediate surveys, including
unforeseen circumstances. Any idle days relating to the days a
vessel remains unemployed are included in operating
days.
|
|
(5)
|
Fleet utilization is
the percentage of time that our vessels were able to generate
revenues and is determined by dividing operating days by fleet
available days for the relevant period.
|
|
(6)
|
Time charter
equivalent ("TCE") is a measure of the average daily revenue
performance of a vessel on a per voyage basis. Our method of
calculating TCE is consistent with industry standards and is
determined by dividing Net Revenue generated from charters less
voyage expenses by operating days for the relevant time period.
Voyage expenses consist of all costs that are unique to a
particular voyage, primarily including port expenses, canal dues,
war risk insurances and fuel costs, net of gains or losses from the
sale of bunkers to charterers. TCE is a non-GAAP standard shipping
industry performance measure used primarily to compare
period-to-period changes in a shipping company's performance
despite changes in the mix of charter types (i.e., spot voyage
charters, time charters and bareboat charters) under which the
vessels may be employed between the periods.
|
|
(7)
|
Daily vessel
operating expenses, which includes crew costs, provisions, deck and
engine stores, lubricating oil, insurance, maintenance and repairs,
is calculated by dividing vessel operating expenses by fleet
calendar days for the relevant time period.
|
|
(8)
|
Daily dry-docking
expenses are calculated by dividing dry-docking expenses by fleet
calendar days for the relevant time period.
|
|
(9)
|
Daily management fees
- related party adjusted are calculated by dividing management fees
- related party, excluding share based compensation to the
management company, by fleet calendar days for the relevant time
period.
|
|
(10)
|
Daily general and
administrative expenses adjusted are calculated by dividing general
and administrative expenses, excluding non-cash expenses relating
to the amortization of the share based compensation cost for
non-vested share awards, by fleet calendar days for the relevant
time period.
|
|
(11)
|
Total vessel
operating expenses ("TVOE") is a measurement of our total expenses
associated with operating our vessels. TVOE is the sum of vessel
operating expenses, dry-docking expenses, management fees and
general and administrative expenses. Daily TVOE adjusted is
calculated by dividing TVOE, excluding non-cash expenses relating
to the amortization of the share based compensation cost for
non-vested share awards and share based compensation to the
management company, by fleet calendar days for the relevant time
period.
|
|
Time Charter
Equivalents Reconciliation
|
|
(Expressed in
thousands of United States Dollars where applicable, except for
TCE)
|
|
|
|
|
Quarter
Ended
March 31,
2014
|
Quarter
Ended
March 31,
2015
|
|
Charter
Revenue
|
14,237
|
10,685
|
|
Commissions
|
(808)
|
(651)
|
|
Voyage Expenses,
net
|
(3,178)
|
(3,203)
|
|
Net Revenue, net of
voyage expenses
|
10,251
|
6,831
|
|
Total operating
days
|
1,198
|
1,423
|
|
Time Charter
Equivalent
|
8,557
|
4,801
|
|
Condensed Cash
Flow Information (Unaudited)
|
|
(Expressed in
thousands of United States Dollars)
|
|
|
|
|
Quarter
Ended
March 31,
2014
|
Quarter
Ended
March 31,
2015
|
|
Cash generated from /
(used in):
|
|
Operating
Activities
|
1,204
|
(2,495)
|
|
Investing
Activities
|
(63,240)
|
824
|
|
Financing
Activities
|
61,794
|
(5,360)
|
|
Reconciliation of
U.S. GAAP Financial Information to Non-GAAP Financial
Information
|
|
|
EBITDA and
Adjusted EBITDA Reconciliation (1)
|
|
(Expressed in
thousands of United States Dollars)
|
|
|
|
|
Quarter
Ended
March 31,
2014
|
Quarter
Ended
March 31,
2015
|
|
Net Loss
|
(25,885)
|
(8,932)
|
|
Plus Net interest
expense, including interest expense from interest rate
swaps
|
2,406
|
2,384
|
|
Plus
Depreciation
|
4,427
|
4,927
|
|
EBITDA
|
(19,052)
|
(1,621)
|
|
Adjusted EBITDA
Reconciliation
|
|
Net Loss
|
(25,885)
|
(8,932)
|
|
Impairment
loss
|
15,695
|
-
|
|
Loss on investment in
affiliate
|
2,754
|
-
|
|
Unrealized gain on
interest rate swaps
|
(177)
|
(60)
|
|
Non-cash expenses
from the amortization of share based compensation cost recognized
and share based compensation to the management company
|
1,113
|
236
|
|
Write off of
financing expenses
|
483
|
-
|
|
Adjusted Net
Loss
|
(6,017)
|
(8,756)
|
|
Plus Net interest
expense, net of write off of financing expenses, including interest
expense from swaps
|
1,923
|
2,384
|
|
Plus
Depreciation
|
4,427
|
4,927
|
|
Adjusted
EBITDA
|
333
|
(1,445)
|
|
|
|
|
(1)
|
The Company considers
EBITDA to represent Net Income / (Loss) plus net interest expense,
including interest expense from interest rate swaps, and
depreciation and amortization. The Company's management uses EBITDA
and Adjusted EBITDA as a performance measure. EBITDA and Adjusted
EBITDA are not items recognized by U.S. GAAP and should not be
considered as an alternative to Net Income / (Loss), Operating
Income / (Loss) or any other indicator of a Company's operating
performance required by U.S. GAAP. The Company's definition of
EBITDA and Adjusted EBITDA may not be the same as that used by
other companies in the shipping or other industries. The Company
believes that EBITDA is useful to investors because the shipping
industry is capital intensive and may involve significant financing
costs. The Company excluded non-cash items to derive the Adjusted
Net Income / (Loss) and the Adjusted EBITDA because the Company
believes that these adjustments provide additional information on
the fleet operational results.
|
|
Reconciliation of
U.S. GAAP Financial Information to Non-GAAP Financial
Information
|
|
|
|
|
Adjusted Net
Income / (Loss) and Adjusted Earnings / (Loss) per common share
Reconciliation
|
|
(Expressed in
thousands of United States Dollars - except for shares and share
data)
|
|
|
|
|
U.S. GAAP
Financial Information
|
Quarter
Ended
March 31,
2014
|
Quarter
Ended
March 31,
2015
|
|
Net Loss
|
(25,885)
|
(8,932)
|
|
Net Loss attributable
to non-vested share awards
|
(446)
|
(137)
|
|
Net Loss available to
common shareholders
|
(25,439)
|
(8,795)
|
|
Weighted average
number of common shares basic and diluted
|
20,560,102
|
24,460,642
|
|
Loss per common share
basic and diluted
|
(1.24)
|
(0.36)
|
|
Reconciliation of
Net Income / (Loss) to Adjusted Net Income / (Loss)
|
|
|
|
Net Loss
|
(25,885)
|
(8,932)
|
|
Impairment
loss
|
15,695
|
-
|
|
Loss on investment in
affiliate
|
2,754
|
-
|
|
Unrealized gain on
interest rate swaps
|
(177)
|
(60)
|
|
Non-cash expenses
from the amortization of share based compensation cost recognized
and share based compensation to the management company
|
1,113
|
236
|
|
Write off of
financing expenses
|
483
|
-
|
|
Adjusted Net Loss
(1)
|
(6,017)
|
(8,756)
|
|
Adjusted Net Loss
attributable to non-vested share awards
|
(104)
|
(134)
|
|
Adjusted Net Loss
available to common shareholders
|
(5,913)
|
(8,622)
|
|
Weighted average
number of common shares basic and diluted
|
20,560,102
|
24,460,642
|
|
Adjusted Loss per
common share basic and diluted (1)
|
(0.29)
|
(0.35)
|
|
|
|
|
(1)
|
Adjusted Net Income /
(Loss) and Adjusted Earnings / (Loss) per common share are not
items recognized by U.S. GAAP and should not be considered as
alternatives to Net Income / (Loss) and Earnings / (Loss) per
common share, respectively, or any other indicator of a Company's
operating performance required by U.S. GAAP. The Company excluded
non-cash items to derive at the Adjusted Net Income / (Loss) and
the Adjusted Earnings / (Loss) per common share basic and diluted
because the Company believes that these adjustments provide
additional information on the fleet operational results. The
Company's definition of Adjusted Net Income / (Loss) and Adjusted
Earnings / (Loss) per common share may not be the same as that used
by other companies in the shipping or other industries.
|
|
Paragon Shipping
Inc.
|
|
|
|
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
|
|
As of December 31,
2014 and March 31, 2015
|
|
|
|
|
(Expressed in
thousands of United States Dollars)
|
|
|
|
|
|
December 31,
2014
|
|
March 31,
2015
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Cash and restricted
cash (current and non-current)
|
|
20,920
|
|
11,768
|
|
Vessels,
net
|
|
369,033
|
|
364,167
|
|
Advances for vessels
under construction
|
|
49,972
|
|
51,042
|
|
Other fixed assets,
net
|
|
923
|
|
860
|
|
Investment in
affiliate
|
|
2,956
|
|
3,124
|
|
Other
assets
|
|
12,800
|
|
11,636
|
|
|
|
|
|
|
Total
Assets
|
|
456,604
|
|
442,597
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
Total debt
|
|
226,418
|
|
221,586
|
|
Total other
liabilities
|
|
7,786
|
|
7,356
|
|
Total shareholders'
equity
|
|
222,400
|
|
213,655
|
|
|
|
|
|
|
Total Liabilities
and Shareholders' Equity
|
|
456,604
|
|
442,597
|
|
Paragon Shipping
Inc.
|
|
Unaudited
Condensed Consolidated Statements of Comprehensive
Loss
|
|
For the three
months ended March 31, 2014 and 2015
|
|
(Expressed in
thousands of United States Dollars - except for shares and share
data)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
March 31,
2014
|
|
March 31,
2015
|
|
Revenue
|
|
|
|
|
|
Charter
revenue
|
|
14,237
|
|
10,685
|
|
Commissions
|
|
(808)
|
|
(651)
|
|
Net
Revenue
|
|
13,429
|
|
10,034
|
|
Expenses /
(Income)
|
|
|
|
|
|
Voyage expenses,
net
|
|
3,178
|
|
3,203
|
|
Vessels operating
expenses
|
|
5,345
|
|
5,710
|
|
Dry-docking
expenses
|
|
1,477
|
|
283
|
|
Management fees -
related party
|
|
2,204
|
|
1,286
|
|
Depreciation
|
|
4,427
|
|
4,927
|
|
General and
administrative expenses
|
|
1,765
|
|
1,464
|
|
Impairment
loss
|
|
15,695
|
|
-
|
|
Bad debt
provisions
|
|
-
|
|
27
|
|
Other
income
|
|
(40)
|
|
-
|
|
Operating
Loss
|
|
(20,622)
|
|
(6,866)
|
|
Other Income /
(Expenses)
|
|
|
|
|
|
Interest and finance
costs
|
|
(2,210)
|
|
(2,183)
|
|
Loss on derivatives,
net
|
|
(26)
|
|
(156)
|
|
Interest
income
|
|
7
|
|
15
|
|
Equity in net (loss)
/ income of affiliate
|
|
(276)
|
|
174
|
|
Loss on investment in
affiliate
|
|
(2,754)
|
|
-
|
|
Foreign currency
(loss) / gain
|
|
(4)
|
|
84
|
|
Total Other Expenses,
net
|
|
(5,263)
|
|
(2,066)
|
|
Net
Loss
|
|
(25,885)
|
|
(8,932)
|
|
|
|
|
|
|
Other
Comprehensive Income / (Loss)
|
|
|
|
|
|
Unrealized loss on
cash flow hedges
|
|
(12)
|
|
-
|
|
Transfer of realized
loss on cash flow hedges to "Interest and finance costs"
|
|
76
|
|
-
|
|
Equity in other
comprehensive income / (loss) of affiliate
|
|
5
|
|
(6)
|
|
Unrealized loss on
change in fair value of marketable securities
|
|
(251)
|
|
(44)
|
|
Total Other
Comprehensive Loss
|
|
(182)
|
|
(50)
|
|
|
|
|
|
|
Comprehensive
Loss
|
|
(26,067)
|
|
(8,982)
|
|
|
|
|
|
|
Loss per Class A
common share, basic and diluted
|
|
($1.24)
|
|
($0.36)
|
|
Weighted average
number of Class A common shares, basic and diluted
|
|
20,560,102
|
|
24,460,642
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/paragon-shipping-inc-reports-first-quarter-ended-march-31-2015-results-300095267.html
SOURCE Paragon Shipping Inc.