Correction: Paragon Shipping Q1 Profit Declines

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6/21/2012 5:26 PM ET

Correction: Corrects headline to read as "Q1 Profit Declines", instead of "Q1 Profit Up" Correcting the mix up of reporting quarter and the prior-year quarter. The corrected version follows as under:

Paragon Shipping Inc. (PRGN: Quote) Thursday said its first-quarter profit declined to $720 thousand or $0.01 per share from $5.4 million or $0.09 per share in the comparable quarter last year, due mainly to lower revenues.

Adjusted earnings were $1.1 million or $0.02 per share, compared to $6.8 million or $0.12 per share last year.

On average, four analysts polled by Thomson Reuters expected the company to report a loss of $0.05 per share for the quarter. Analysts' estimates typically exclude special items.

First-quarter revenues totaled $12.5 million, down from $27.5 million last year. Analysts expected revenues of $12.80 million for the quarter.

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by RTT Staff Writer

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