Paragon Shipping Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, net revenue was USD 12,045,000 against USD 7,545,000 a year ago. Operating loss was USD 4,969,000 against USD 9,699,000 a year ago. Net loss was USD 6,037,000 against USD 13,369,000 a year ago. Loss per Class A common share, basic and diluted was USD 0.25 against USD 0.54 a year ago. EBITDA was USD 744,000 against LBITDA of USD 5,579,000 a year ago. Adjusted EBITDA was USD 673,000 against Adjusted LBITDA of USD 2,255,000 a year ago. Adjusted net loss was USD 6,108,000 against USD 8,328,000 a year ago. Adjusted loss per common share basic and diluted was USD 0.25 against USD 0.33 a year ago.

For the nine months, net revenue was USD 39,298,000 against USD 26,925,000 a year ago. Operating loss was USD 29,033,000 against USD 86,950,000 a year ago. Net loss was USD 41,574,000 against USD 95,207,000 a year ago. Loss per Class A common share, basic and diluted was USD 1.78 against USD 3.83 a year ago. LBITDA was USD 20,466,000 against USD 72,665,000 a year ago. Adjusted EBITDA was USD 1,888,000 against Adjusted LBITDA of USD 4,325,000 a year ago. Adjusted net loss was USD 17,709,000 against USD 25,150,000 a year ago. Adjusted loss per common share basic and diluted was USD 0.76 against USD 1.01 a year ago. The company's net cash used in operating activities was USD 5.7 million, compared to USD 3.7 million for the same period last year.

As a result of this increased probability, the company recorded an impairment loss of USD 3.2 million or USD 0.13 per basic and diluted share for the three months ended September 30, 2015, which relates to the write down to fair value of the contract price of the five newbuilding drybulk carriers.