19 May 2009

PRGN: Earnings Announcement 2009-1Q

Paragon Shipping, Inc., (NASDAQ: PRGN) earned $0.71 per share in the first quarter of 2009, which ended on 31 March.  Paragon, which is engaged in the transportation of dry bulk cargoes, earned $0.59 per share in last year's first quarter. 

The results were reported in this press release.  Although we didn't project earnings for Paragon in this quarter, Reuters reported that Paragon's results "beat expectations" and caused the company's shares to soar in after-hours trading.

The spreadsheet below displays Paragon's results in our normalized presentation.  Link to a larger view of the spreadsheet here.  Please note that our arrangement of data may differ in material respects from the company's presentation.

We will post a thorough evaluation soon.

Full disclosure: Long PRGN at time of writing.

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