Paragon Shipping Inc. Reports Third Quarter and Nine Months Ended September 30, 2009 Results
Posted on: Tuesday, 10 November 2009, 15:15 CST
Commenting on the results, Michael Bodouroglou, Chairman and Chief
Executive Officer of Paragon Shipping, stated, "Once again, Paragon has
delivered a strong set of financial results against a backdrop of global
economic uncertainty. For the three months ended
Mr. Bodouroglou concluded, "We believe that we remain well positioned for current conditions in the market. While we expect 2010 to be another challenging year for drybulk shipping, by fixing 100% of our revenue days in 2010, 90% in 2011 and 45% in 2012, our chartering strategy provides us with substantial visibility into both our revenue and cash flow going forward. This gives us the confidence to strategically invest in the growth of our business as the right opportunities present themselves."
Third Quarter 2009 Financial Results:
Time charter revenue for the third quarter of 2009 was
Excluding all non-cash items described below, adjusted net income for the
third quarter of 2009 was
EBITDA was
The Company operated 12 vessels during the third quarter of 2009, earning
an average time charter equivalent rate, or TCE rate, of
Total adjusted operating expenses for the third quarter of 2009 were
In the aggregate, these non-cash items increased net income by
Dividend Declared
The Company's Board of Directors declared a quarterly dividend of
Time Charter Coverage Update
On
Pursuant to its time chartering strategy, Paragon Shipping Inc. mainly employs vessels under fixed rate charters for periods ranging from one to five years. Assuming all options exercised, the Company has secured under such contracts 100%, 90% and 45% of its fleet capacity in the remainder of 2010, in 2011 and in 2012, respectively.
Cash Flows
For the nine months ended
Nine months ended
Time charter revenue for the nine months ended
Excluding all non-cash items described below, adjusted net income for the
nine months ended
EBITDA was
The Company operated 12 vessels during the nine months ended
Total adjusted operating expenses for the nine months ended
In the aggregate, these non-cash items contributed
Conference Call and Webcast:
The Company's management will host a conference call to discuss its third
quarter and nine months ended
Conference Call details:
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: +1-866-288-9315 (from the US), + 44(0)800-3769-250 (from the UK) or +30-211-180-2000 (all other callers). The access code for the call is "909."
A telephonic replay of the conference call will be available for 90 days by dialing + 1-866-288-9317 (from the US), + 44(0)800-901-2906 (from the UK) or +30-210-94-60-929 (all other callers). The access code for the replay is "099#."
Slides and audio webcast:
There will also be a live webcast of the conference call and accompanying slide presentation on the Paragon Shipping Inc. website (http://www.paragonship.com). Please allow 15 minutes prior to the call to visit the site and download and install any necessary audio software. The webcast will be archived on this site for one year.
About Paragon Shipping Inc.
Paragon Shipping Inc. is an
Cautionary Statement Regarding Forward-Looking Statement
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for drybulk shipping capacity, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
The following table represents our fleet as of November 10, 2009. Name Type Dwt Year Built Panamax Deep Seas Panamax 72,891 1999 Calm Seas Panamax 74,047 1999 Kind Seas Panamax 72,493 1999 Pearl Seas Panamax 74,483 2006 Diamond Seas Panamax 74,274 2001 Coral Seas Panamax 74,477 2006 Golden Seas Panamax 74,475 2006 Total Panamax 7 517,140 Handymax Blue Seas Handymax 45,654 1995 Clean Seas Handymax 46,640 1995 Crystal Seas Handymax 43,222 1995 Total Handymax 3 135,516 Supramax Sapphire Seas Supramax 53,702 2005 Friendly Seas Supramax 58,779 2008 Total Supramax 2 112,481 Grand Total 12 765,137 Summary Fleet Data Quarter Ended Quarter Ended September 30, 2008 September 30, 2009 FLEET DATA Average number of vessels (1) 11.6 12 Available days for fleet (2) 1,023 1,097 Calendar days for fleet (3) 1,069 1,104 Fleet utilization (4) 96% 99% AVERAGE DAILY RESULTS Time charter equivalent (5) 40,250 34,687 Time charter equivalent Adjusted (5) 34,205 30,399 Vessel operating expenses (6) 5,222 4,278 Drydocking expenses (7) 1,223 22 Management fees (8) 875 818 General and administrative expenses (9) Adjusted 1,045 865 Total vessel operating expenses (10) Adjusted 8,365 5,983 Nine Months Ended Nine Months Ended September 30, 2008 September 30, 2009 FLEET DATA Average number of vessels (1) 11.2 12 Available days for fleet (2) 2,999 3,239 Calendar days for fleet (3) 3,071 3,276 Fleet utilization (4) 98% 99% AVERAGE DAILY RESULTS Time charter equivalent (5) 39,569 36,219 Time charter equivalent Adjusted (5) 32,483 31,923 Vessel operating expenses (6) 4,537 4,525 Drydocking expenses (7) 628 27 Management fees (8) 857 813 General and administrative expenses (9) Adjusted 1,215 818 Total vessel operating expenses (10) Adjusted 7,237 6,183(1) Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of calendar days each vessel was a part of our fleet during the period divided by the number of calendar days in the period.
(2) Available days for the fleet are the total calendar days the vessels were in our possession for the relevant period after subtracting for off-hire days with major repairs, drydocks or special or intermediate surveys.
(3) Calendar days are the total days we possessed the vessels in our fleet for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys.
(4) Fleet utilization is the percentage of time that our vessels were available for revenue generating available days and is determined by dividing available days by fleet calendar days for the relevant period.
(5) Time charter equivalent or TCE, is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE is consistent with industry standards and is determined by dividing revenue generated from charters net of voyage expenses by available days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage. TCE is a non-GAAP standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot voyage charters, time charters and bareboat charters) under which the vessels may be employed between the periods.
For the time charter equivalent adjusted, other non-cash items relating to the below market time charters attached to vessels acquired, which are amortized over the remaining period of the time charter as an increase to net revenue, have been excluded. The Company excluded amortization of below market acquired time charters because the Company believes that these non-cash items do not reflect fairly the fleet operational results.
(6) Daily vessel operating expenses, which includes crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs, is calculated by dividing vessel operating expenses by fleet calendar days for the relevant time period.
(7) Daily drydocking expenses is calculated by dividing drydocking expenses by fleet calendar days for the relevant time period.
(8) Daily management fees are calculated by dividing management fees by fleet calendar days for the relevant time period.
(9) Daily general and administrative expenses are calculated by dividing general and administrative expense by fleet calendar days for the relevant time period. Non-cash expenses relating to the amortization of the share based compensation cost for restricted shares have been excluded.
(10) Total vessel operating expenses, or TVOE, is a measurement of our total expenses associated with operating our vessels. TVOE is the sum of vessel operating expenses, drydocking expenses, management fees and general and administrative expenses. Daily TVOE is calculated by dividing TVOE by fleet calendar days for the relevant time period. Non-cash expenses relating to the amortization of the share based compensation cost for restricted shares have been excluded.
Time Charter Equivalents Reconciliation (Expressed in United States Dollars) Quarter Ended Quarter Ended September 30, 2008 September 30, 2009 Time Charter Revenues 43,574,890 40,100,204 Less Voyage Expenses (274,255) (26,846) Less Commission (2,125,012) (2,022,143) Total Revenue, net of voyage 41,175,623 38,051,215 expenses Total available days 1,023 1,097 Time Charter Equivalent 40,250 34,687 Time Charter Equivalent Adjusted Reconciliation Time Charter Revenues 43,574,890 40,100,204 Less Voyage Expenses (274,255) (26,846) Less Commission (2,125,012) (2,022,143) Total Revenue, net of voyage 41,175,623 38,051,215 expenses Less Amortization of Below (6,184,016) (4,703,848) Market Acquired Time Charters Total Revenue, net of voyage 34,991,607 33,347,367 expenses Adjusted Total available days 1,023 1,097 Time Charter Equivalent 34,205 30,399 Adjusted Nine Months Ended Nine Months Ended September 30, 2008 September 30, 2009 Time Charter Revenues 124,955,289 123,990,931 Less Voyage Expenses (473,828) (212,142) Less Commission (5,813,369) (6,464,805) Total Revenue, net of voyage 118,668,092 117,313,984 expenses Total available days 2,999 3,239 Time Charter Equivalent 39,569 36,219 Time Charter Equivalent Adjusted Reconciliation Time Charter Revenues 124,955,289 123,990,931 Less Voyage Expenses (473,828) (212,142) Less Commission (5,813,369) (6,464,805) Total Revenue, net of voyage 118,668,092 117,313,984 expenses Less Amortization of Below (21,251,002) (13,914,851) Market Acquired Time Charters Total Revenue, net of voyage 97,417,090 103,399,133 expenses Adjusted Total available days 2,999 3,239 Time Charter Equivalent 32,483 31,923 Adjusted PARAGON SHIPPING INC. Condensed Cash Flow Information (Expressed in United States Dollars) Nine Months Ended Nine Months Ended September 30, 2008 September 30, 2009 Cash and Cash Equivalents, beginning of year 31,328,637 68,441,752 Cash Provided by / (used in): Operating Activities 60,565,925 62,219,000 Investing Activities (78,072,477) (32,800,000) Financing Activities 51,111,348 38,127,575 Net increase in Cash 33,604,796 67,546,575 and Cash Equivalents Cash and Cash Equivalents, end of period 64,933,433 135,988,327 EBITDA Reconciliation (1) (Expressed in United States Dollars) Quarter Ended Quarter Ended September 30, 2008 September 30, 2009 Net Income 18,898,519 17,976,781 Plus Net Interest expense 3,308,372 2,004,378 Plus Depreciation 8,435,141 8,405,012 EBITDA 30,642,032 28,386,171 Adjusted EBITDA Reconciliation Net Income 18,898,519 17,976,781 Non-cash revenue and (5,488,688) (4,008,067) depreciation due to below market acquired time charters Impairment loss - 654,570 Unrealized loss from interest 1,086,322 160,208 rate swaps Non-cash expenses from the 134,242 355,546 amortization of share based compensation cost recognized Adjusted Net Income 14,630,395 15,139,038 Plus Net Interest expense 3,308,372 2,004,378 Plus Depreciation (2) 7,739,813 7,709,231 Adjusted EBITDA 25,678,580 24,852,647 Nine Months Ended Nine Months Ended September 30, 2008 September 30, 2009 Net Income 59,274,339 52,978,021 Plus Net Interest expense 9,998,874 8,846,523 Plus Depreciation 24,132,272 25,604,655 EBITDA 93,405,485 87,429,199 Adjusted EBITDA Reconciliation Net Income 59,274,339 52,978,021 Non-cash revenue and (19,179,151) (11,851,688) depreciation due to below market acquired time charters Impairment loss - 6,659,570 Unrealized loss/(gain) from 1,749,212 (1,994,214) interest rate swaps Non-cash expenses from the 388,421 658,205 amortization of share based compensation cost recognized Adjusted Net Income 42,232,821 46,449,894 Plus Net Interest expense 9,998,874 8,846,523 Plus Depreciation (2) 22,060,421 23,541,492 Adjusted EBITDA 74,292,116 78,837,909(1) Paragon Shipping Inc. considers EBITDA to represent net income plus net interest expense and depreciation and amortization. The Company's management uses EBITDA as a performance measure. The Company believes that EBITDA is useful to investors because the shipping industry is capital intensive and may involve significant financing costs. EBITDA is not an item recognized by GAAP and should not be considered as an alternative to net income, operating income or any other indicator of a Company's operating performance required by GAAP. The Company's definition of EBITDA may not be the same as that used by other companies in the shipping or other industries. The Company excluded non-cash items to derive the adjusted net income and the adjusted EBITDA because the Company believes that the non-cash items do not reflect fairly the fleet operational results.
(2) Excludes a portion of depreciation charged on purchase price adjustment allocated to vessel cost for vessels acquired with below market charters.
Reconciliation of GAAP Financial Information to Non-GAAP Financial Information (Expressed in United States Dollars) GAAP Financial Information Quarter Ended Quarter Ended September 30, 2008 September 30, 2009 Net Income 18,898,519 17,976,781 Weighted average number of Class A common shares basic 27,034,270 44,653,942 Weighted average number of Class A common shares diluted 27,207,826 44,653,942 Earnings per Class A common shares basic 0.70 0.40 Earnings per Class A common shares diluted 0.69 0.40 Reconciliation of Net Income to Adjusted Net Income Net Income 18,898,519 17,976,781 Non-cash revenue and depreciation (5,488,688) (4,008,067) due to below market acquired time charters Impairment loss - 654,570 Unrealized loss from interest 1,086,322 160,208 rate swaps Non-cash expenses from the 134,242 355,546 amortization of compensation cost recognized Adjusted Net Income 14,630,395 15,139,038 Weighted average number of common shares basic 27,034,270 44,653,942 Weighted average number of common shares diluted 27,207,826 44,653,942 Adjusted earnings per share basic(1) 0.54 0.33 Adjusted earnings per share diluted (1) 0.54 0.33(1) Adjusted earnings per share is not an item recognized by GAAP and should not be considered as an alternative to Earnings per share or any other indicator of a Company's operating performance required by GAAP. The Company excluded non-cash items to derive at the adjusted net income and the adjusted earnings per share basic and diluted because the Company believes that these non-cash items do not reflect fairly the fleet operational results.
Reconciliation of GAAP Financial Information to Non-GAAP Financial Information (Expressed in United States Dollars) GAAP Financial Information Nine Months Ended Nine Months Ended September 30, 2008 September 30, 2009 Net Income 59,274,339 52,978,021 Weighted average number of Class A common shares basic 26,746,695 34,951,005 Weighted average number of Class A common shares diluted 27,040,928 34,951,005 Earnings per Class A common shares basic 2.21 1.50 Earnings per Class A common shares diluted 2.19 1.50 Reconciliation of Net Income to Adjusted Net Income Net Income 59,274,339 52,978,021 Non-cash revenue and depreciation due to below market acquired time charters (19,179,151) (11,851,688) Impairment loss - 6,659,570 Unrealized loss/(gain) from interest rate swaps 1,749,212 (1,994,214) Non-cash expenses from the amortization of compensation cost recognized 388,421 658,205 Adjusted Net Income 42,232,821 46,449,894 Weighted average number of common shares basic 26,746,695 34,951,005 Weighted average number of common shares diluted 27,040,928 34,951,005 Adjusted earnings per share basic (1) 1.58 1.32 Adjusted earnings per share diluted (1) 1.56 1.32(1) Adjusted earnings per share is not an item recognized by GAAP and should not be considered as an alternative to Earnings per share or any other indicator of a Company's operating performance required by GAAP. The Company excluded non-cash items to derive at the adjusted net income and the adjusted earnings per share basic and diluted because the Company believes that these non-cash items do not reflect fairly the fleet operational results.
Paragon Shipping Inc. Unaudited Condensed Consolidated Balance Sheets As of December 31, 2008 and September 30, 2009 (Expressed in United States Dollars) December 31, September 30, 2008 2009 Assets Current assets Cash and cash equivalents. 68,441,752 135,988,327 Restricted cash - 21,300,000 Vessel held for sale - 17,023,500 Trade receivables 372,965 1,004,797 Other receivables 1,209,230 1,235,762 Prepaid expenses 379,140 858,122 Due from management company. 985,960 3,534,497 Inventories 885,665 737,683 Total current assets 72,274,712 181,682,688 Fixed assets Vessels at cost. 713,373,186 683,721,898 Less: accumulated (51,142,696) (70,779,134) depreciation Total fixed assets 662,230,490 612,942,764 Other assets 1,787,988 1,137,352 Restricted cash 6,010,000 17,510,000 Above market acquired time 43,304 - charters Other long-term receivables 74,760 1,627,956 Total Assets 742,421,254 814,900,760 Liabilities and Shareholders' Equity Current liabilities Trade accounts payable (including balance due to a related party of $500 and $16,900 as of December 31, 2008 and September 30, 2009 respectively) 2,538,796 1,784,694 Accrued expenses and 4,098,929 1,759,589 dividends payable Interest rate swaps 6,407,751 8,357,951 Deferred income 3,024,423 2,922,142 Current portion of long-term 53,150,000 42,700,000 debt Liability associated with - 25,750,000 vessel held for sale Total current liabilities 69,219,899 83,274,376 Long-Term Liabilities Long-term debt 334,335,000 280,410,000 Deferred income 703,863 - Interest rate swaps 5,247,391 1,302,978 Below market acquired time 24,483,822 10,525,668 charters Total long-term liabilities 364,770,076 292,238,646 Total Liabilities 433,989,975 375,513,022 Commitments and Contingencies Shareholders' equity Preferred shares, $0.001 par value; 25,000,000 authorized, none issued, none outstanding at December 31, 2008 and September 30, 2009 - - Class A common shares, $0.001 par value; 120,000,000 authorized 27,138,515 issued and outstanding at December 31, 2008 and 48,039,115 issued and outstanding at September 30, 2009 27,139 48,039 Class B common shares, $0.001 par value; 5,000,000 authorized, none issued and outstanding at December 31,2008 and September 30, 2009 - - Additional paid-in capital 318,515,490 401,885,320 Accumulated (10,111,350) 37,454,379 (deficit)/earnings Total shareholders' equity 308,431,279 439,387,738 Total Liabilities and 742,421,254 814,900,760 Shareholders' Equity Paragon Shipping Inc. Unaudited Condensed Consolidated Statement of Income For the three months ended September 30, 2008 and 2009 (Expressed in United States Dollars) Three Months Ended Three Months Ended September 30, 2008 September 30, 2009 Revenue Time charter revenue (including amortization of below and above market acquired time charters of $6,184,016 and $4,703,848 for the three months ended September 30, 2008 and 2009, respectively) 43,574,890 40,100,204 Less: commissions 2,125,012 2,022,143 Net Revenue 41,449,878 38,078,061 Expenses/(Income) Voyage expenses 274,255 26,846 Vessels operating expenses (including expenses charged by a related party of $26,378 and $44,900 for the three months ended September 30, 2008 and 2009, respectively) 5,581,797 4,722,549 Dry-docking expenses 1,306,883 23,821 Management fees charged by a related party 935,132 903,392 Depreciation 8,435,141 8,405,012 General and administrative expenses (including share based compensation of $134,242 and $355,546 for the three months ended September 30, 2008 and 2009, respectively) 1,252,097 1,311,253 Impairment loss - 654,570 Operating Income 23,664,573 22,030,618 Other Income/(Expenses) Interest and finance costs (3,773,281) (2,201,783) Loss on interest rate swaps (1,531,804) (2,014,358) Interest income 464,909 197,405 Foreign currency profit/(loss) 74,122 (35,101) Total Other Expenses, net (4,766,054) (4,053,837) Net Income 18,898,519 17,976,781 Earnings per Class A common share, basic $ 0.70 $ 0.40 Earnings per Class A common share, diluted $ 0.69 $ 0.40 Weighted average number of Class A common shares, basic 27,034,270 44,653,942 Weighted average number of Class A common shares, diluted 27,207,826 44,653,942 Paragon Shipping Inc. Unaudited Condensed Consolidated Statements of Income For the nine months ended September 30, 2008 and 2009 (Expressed in United States Dollars) Nine Months Nine Months Ended Ended September 30, September 30, 2008 2009 Revenue Time charter revenue (including amortization of below and above market acquired time charters of $21,251,002 and $13,914,851 for the nine months ended September 30, 2008 and 2009, respectively) 124,955,289 123,990,931 Less: commissions 5,813,369 6,464,805 Net Revenue 119,141,920 117,526,126 Expenses/(Income) Voyage expenses 473,828 212,142 Vessels operating expenses (including expenses charged by a related party of $91,243 and $145,100 for the nine months ended September 30, 2008 and 2009, respectively) 13,934,008 14,823,731 Dry-docking expenses 1,929,341 88,078 Management fees charged by a related party 2,631,727 2,663,664 Depreciation 24,132,272 25,604,655 General and administrative expenses (including share based compensation of $388,421 and $658,205 for the nine months ended September 30, 2008 and 2009, respectively) 4,118,067 3,337,505 Impairment loss - 6,659,570 Gain from vessel early redelivery - (251,855) Operating Income 71,922,677 64,388,636 Other Income/(Expenses) Interest and finance costs (11,344,411) (9,408,094) Loss on interest rate swaps (2,608,766) (2,548,729) Interest income 1,345,537 561,571 Foreign currency loss (40,698) (15,363) Total Other Expenses, net (12,648,338) (11,410,615) Net Income 59,274,339 52,978,021 Earnings per Class A common share, basic $ 2.21 $ 1.50 Earnings per Class A common share, diluted $ 2.19 $ 1.50 Weighted average number of Class A common shares, basic 26,746,695 34,951,005 Weighted average number of Class A common shares, diluted 27,040,928 34,951,005 Paragon Shipping Inc. Unaudited Condensed Consolidated Statement of Shareholders' Equity For the nine months ended September 30, 2009 (Expressed in United States Dollars, except for number of shares) Class A Shares Additional Number of Par Paid-in Shares Value Capital Balance January 1, 2009 27,138,515 27,139 318,515,490 Issuance of Class A common shares and share based compensation 20,900,600 20,900 83,369,830 Dividends paid on Class A common shares (0.15 per share) Net Income Balance September 30, 2009 48,039,115 48,039 401,885,320 Accumulated (Deficit)/ Earnings Total Balance January 1, 2009 (10,111,350) 308,431,279 Issuance of Class A common shares and share based compensation 83,390,730 Dividends paid on Class A common shares (0.15 per share) (5,412,292) (5,412,292) Net Income 52,978,021 52,978,021 Balance September 30, 2009 37,454,379 439,387,738 Paragon Shipping Inc. Unaudited Condensed Consolidated Statement of Cash Flows For the nine months ended September 30, 2008 and 2009 (Expressed in United States Dollars) Nine Months Nine Months Ended Ended September 30, September 30, 2008 2009 Cash flows from operating activities Net Income 59,274,339 52,978,021 Adjustments to reconcile net income to net cash provided by operating activities Depreciation 24,132,272 25,604,655 Impairment loss - 6,659,570 Amortization of below and above market acquired time charters (21,251,002) (13,914,851) Amortization of financing costs 442,823 901,185 Share based compensation 388,421 658,205 Unrealized loss/(gain) on interest rate swaps 1,749,212 (1,994,214) Changes in assets and liabilities Decrease/(Increase) in trade receivables 12,019 (631,832) (Increase)/Decrease in other receivables (79,642) 290,580 Increase in prepaid expenses (28,303) (478,982) (Increase) / Decrease in inventories (103,999) 147,982 Increase in due from management company (1,212,813) (2,548,537) Decrease / (Increase) in other long term receivables 67,758 (1,553,196) Increase/(Decrease) in trade accounts payable 637,815 (754,102) Decrease in accrued expenses (2,700,605) (2,339,340) Decrease in due to management company (1,642,805) - Increase / (Decrease) in deferred income 880,435 (806,144) Net cash from operating activities 60,565,925 62,219,000 Cash flow from Investing Activities Acquisition of vessels and attached charter party and capital expenditures (80,072,477) - Repayment of restricted cash 3,000,000 - Increase in restricted cash (1,000,000) (32,800,000) Net cash used in investing activities (78,072,477) (32,800,000) Cash flows from financing activities Proceeds from long-term debt 111,500,000 30,000,000 Repayment of long-term debt (36,290,000) (68,625,000) Payment of financing costs (710,854) (250,549) Proceeds from the issuance of Class A common shares - 85,415,394 Proceeds from the issuance of Class A common shares from the exersice of warrants and options 13,585,250 - Class A common share offering costs - (2,999,978) Dividends paid (36,973,048) (5,412,292) Net cash from financing activities 51,111,348 38,127,575 Net increase in cash and cash equivalents 33,604,796 67,546,575 Cash and cash equivalents at the beginning of the period 31,328,637 68,441,752 Cash and cash equivalents at the end of the period 64,933,433 135,988,327 Supplemental disclosure of cash flow information Cash paid during the period for interest 10,517,761 10,078,148 Contacts: Christopher Thomas Chief Financial Officer Paragon Shipping Inc. 15 Karamanli Ave. GR 166 73 Voula, Greece Tel: +30-(210)-8914-600 Eric Boyriven, Alexandra Tramont FD Tel: +1(212)-850-5600 Updated Fleet ListSOURCE Paragon Shipping Inc
Source: PR Newswire
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