Paragon Shipping Inc. (PRGN) posted third-quarter net income of $18.0 million, or $0.40 per share compared with $18.9 million or $0.69 per share in the same quarter last year.
Adjusted net income for the quarter was $15.13 million or $0.33 per share, compared with $14.63 million or $0.54 per share in the prior year period. Analysts polled by Thomson Reuters expected the company to report earnings of $0.30 per share. Analysts' estimates typically exclude special items.
Net revenue for the quarter declined to $38.1 million from $41.4 million in the year-ago period. Analysts expected revenues of $34.82 million for the quarter.
The company declared a quarterly dividend of $0.05 per share with respect to the third quarter of 2009, payable on December 14, 2009 to shareholders of record as of the close of business on December 1, 2009.
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