Tuesday, Paragon Shipping Inc. (PRGN) reported a decline in profit for the second quarter, despite an increase in revenue. However, excluding items, earnings per share came in well above Wall Street estimates, reflecting higher fleet average timecharter income and lower daily expenses.
Net income for the second quarter was $15.82 million or $0.48 per share, compared to $24.61 million or $0.91 per share in the previous year. Second-quarter results included non-cash revenue and depreciation charges of $7.84 million, impairment loss of $6.00 million, unrealized gain of $2.15 million and amortization expenses of $0.30 million.
Excluding items, earninsg increased to $16.60 million or $0.51 per share. On average, six analyst polled by Thomson Reuters expected the company to report earnings of $0.43 per share. Analysts' estimates typically exclude special items.
Net revenue for the quarter increased to $42.3 million from $40.6 million last year. Four analysts had a consensus revenue estimate of $36.06 million for the second quarter.
The company operated 12 vessels during the second quarter of 2009, earning an average time charter equivalent rate, or TCE rate, of $36,833 per day, compared to an average of 11 vessels during the second quarter of 2008, earning an average time charter equivalent rate of $39,027 per day.
Total other expenses for the quarter increased to $7.36 million from $6.70 million a year ago. However, total adjusted operating expenses for the period were $6.6 million, or about $6,005 per day, compared with $7.8 million, or approximately $7,764 per day last year.
For the six-month period, net income was $35.00 million or $1.17 per share, compared to $40.37 million or $1.50 per share in the same period of the previous year. Net revenue for the period increased to $79.45 million from $77.39 million last year.
The company declared a dividend of $0.05, payable on September 7 to shareholders of record on August 25.
PRGN closed Tuesday's regular trading at $4.61, down 0.27 or 5.53%, on a volume of $2.14 million on the Nasdaq.
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