Paragon Shipping Inc. , a global shipping transportation company specializing in dry bulk cargoes, announced today its results for the three months ended March 31, 2008.
For the three months ended March 31, 2008, the Company reported net income of $15.8 million and earnings per share basic and diluted were $0.60 and $0.59, respectively, compared to net income of $5.8 million and $0.43 earnings per share basic and diluted for the three months ended March 31, 2007.
Excluding all non-cash items described below, adjusted earnings per share basic and diluted for the first quarter of 2008 were $0.54 and $0.53, respectively. This compares to adjusted earnings per share basic and diluted of $0.49 for the first quarter of 2007. Please refer to the table at the end of this press release for a reconciliation of GAAP earnings per share to non-GAAP adjusted earnings per share.
First Quarter 2008 Financial Results:
Time charter revenue for the first quarter of 2008 was $40.5 million compared to $13.5 million in the first quarter in 2007. The Company reported net income of $15.8 million, or $0.60 and $0.59 per basic and diluted share, respectively, in the first quarter of 2008, calculated on 26,272,702 weighted average number of shares, basic, and on 26,735,470 weighted average number of shares, diluted, outstanding for the period and reflecting the impact of the non-cash items discussed below. In the first quarter of 2007 net income was $5.8 million, or $0.43 per basic and diluted share, calculated on 11,497,656 and 11,504,486 weighted average number of shares basic and diluted, respectively.
EBITDA was $27.1 million for the first quarter of 2008, compared to $10.5 million for the first quarter of 2007. This was calculated by adding to net income of $15.8 million for the three months ended March 31, 2008, net interest expense and depreciation that in the aggregate amounted to $11.3 million for the three months ended March 31, 2008. Adjusted EBITDA excluding all non-cash items described below was $25.6 million for the first quarter of 2008, compared to $10.3 million for the first quarter of 2007. Please see the table at the end of this release for a reconciliation of net income to EBITDA.
The Company operated an average of 11 vessels during the first quarter of 2008, earning an average time charter equivalent rate of $39,098 per day, compared to an average of 5.82 vessels during the first quarter of 2007, earning an average time charter equivalent rate of $24,498 per day. Adjusted to exclude the effect of the amortization of below market acquired time charters, the time charter equivalent rate for the first quarter of 2008 was $31,481, compared to $23,914 for the first quarter of 2007. Total adjusted operating expenses in the first quarter of 2008 were $6.1 million, or approximately $6,112 per day, including vessel operating expenses, management fees, general and administrative expenses and drydocking costs, but excluding $0.1 million of share-based compensation. In the first quarter of 2007, total adjusted operating expenses were $2.6 million, or approximately $4,896 per day, including vessel operating expenses, management fees and general and administrative expenses, but excluding $0.1 million of share-based compensation.
The Company's results for the three months ended March 31, 2008 included the following non-cash items:
* Non-cash revenue of $7.5 million and depreciation expense of $0.7 million associated with below market time charters attached to vessels acquired, which are amortized over the remaining period of the time charter as increases to time charter revenue and depreciation expense. These non-cash items contributed an aggregate of $6.8 million to net income, or $0.26 to basic and diluted earnings per share, for the three months ended March 31, 2008. * An unrealized loss from interest rate swaps of $5.2 million, or ($0.19) per basic and diluted share, for the three months ended March 31, 2008. * Non-cash expenses of $0.1 million, or ($0.01) per basic and diluted share, relating to the amortization up to March 31, 2008, of the compensation cost recognized for a total of 111,500 restricted common shares issued to executive officers, directors and employees.
In the aggregate, these non-cash items contributed $1.5 million to net income, or $0.06 to earnings per basic and diluted share, for the three months ended March 31, 2008.
For the three months ended March 31, 2008, the Company reported net income of $15.8 million and earnings per share basic and diluted were $0.60 and $0.59, respectively, compared to net income of $5.8 million and $0.43 earnings per share basic and diluted for the three months ended March 31, 2007.
Excluding all non-cash items described below, adjusted earnings per share basic and diluted for the first quarter of 2008 were $0.54 and $0.53, respectively. This compares to adjusted earnings per share basic and diluted of $0.49 for the first quarter of 2007. Please refer to the table at the end of this press release for a reconciliation of GAAP earnings per share to non-GAAP adjusted earnings per share.
First Quarter 2008 Financial Results:
Time charter revenue for the first quarter of 2008 was $40.5 million compared to $13.5 million in the first quarter in 2007. The Company reported net income of $15.8 million, or $0.60 and $0.59 per basic and diluted share, respectively, in the first quarter of 2008, calculated on 26,272,702 weighted average number of shares, basic, and on 26,735,470 weighted average number of shares, diluted, outstanding for the period and reflecting the impact of the non-cash items discussed below. In the first quarter of 2007 net income was $5.8 million, or $0.43 per basic and diluted share, calculated on 11,497,656 and 11,504,486 weighted average number of shares basic and diluted, respectively.
EBITDA was $27.1 million for the first quarter of 2008, compared to $10.5 million for the first quarter of 2007. This was calculated by adding to net income of $15.8 million for the three months ended March 31, 2008, net interest expense and depreciation that in the aggregate amounted to $11.3 million for the three months ended March 31, 2008. Adjusted EBITDA excluding all non-cash items described below was $25.6 million for the first quarter of 2008, compared to $10.3 million for the first quarter of 2007. Please see the table at the end of this release for a reconciliation of net income to EBITDA.
The Company operated an average of 11 vessels during the first quarter of 2008, earning an average time charter equivalent rate of $39,098 per day, compared to an average of 5.82 vessels during the first quarter of 2007, earning an average time charter equivalent rate of $24,498 per day. Adjusted to exclude the effect of the amortization of below market acquired time charters, the time charter equivalent rate for the first quarter of 2008 was $31,481, compared to $23,914 for the first quarter of 2007. Total adjusted operating expenses in the first quarter of 2008 were $6.1 million, or approximately $6,112 per day, including vessel operating expenses, management fees, general and administrative expenses and drydocking costs, but excluding $0.1 million of share-based compensation. In the first quarter of 2007, total adjusted operating expenses were $2.6 million, or approximately $4,896 per day, including vessel operating expenses, management fees and general and administrative expenses, but excluding $0.1 million of share-based compensation.
The Company's results for the three months ended March 31, 2008 included the following non-cash items:
* Non-cash revenue of $7.5 million and depreciation expense of $0.7 million associated with below market time charters attached to vessels acquired, which are amortized over the remaining period of the time charter as increases to time charter revenue and depreciation expense. These non-cash items contributed an aggregate of $6.8 million to net income, or $0.26 to basic and diluted earnings per share, for the three months ended March 31, 2008. * An unrealized loss from interest rate swaps of $5.2 million, or ($0.19) per basic and diluted share, for the three months ended March 31, 2008. * Non-cash expenses of $0.1 million, or ($0.01) per basic and diluted share, relating to the amortization up to March 31, 2008, of the compensation cost recognized for a total of 111,500 restricted common shares issued to executive officers, directors and employees.
In the aggregate, these non-cash items contributed $1.5 million to net income, or $0.06 to earnings per basic and diluted share, for the three months ended March 31, 2008.