Paragon Shipping Q1 Loss Widens - Quick Facts

(RTTNews) - Paragon Shipping Inc. (PRGN) posted first-quarter net loss of $25.9 million or $1.24 per share, wider than than $3.5 million or $0.32 per share in the comparable quarter last year.

Adjusted net loss for the latest first quarter widened to $6.5 million or $0.31 per share from $2.9 million or $0.26 per share in the prior year quarter.

Net revenue for the quarter declined to $13.43 million from $13.45 million last year.

On average, analysts polled by Thomson Reuters expected the company to lose $0.10 per share on revenue of $13.90 million for the quarter. Analysts' estimates typically exclude special items.

On May 12, 2014, the Company's Board of Directors authorized a share buyback program of up to $10.0 million for a period of twelve months. The company expects to repurchase these shares in the open market, at times and prices that are considered to be appropriate by the company, but is not obligated under the terms of the program to repurchase any shares.