Paragon Shipping, Inc., (NASDAQ: PRGN) earned $0.26 per share, on a GAAP basis, in the fourth quarter of 2009, which ended on 31 December 2009. When compared to the fourth quarter of 2008, Net Income increased by 27.6 percent, and the weighted average number of diluted Class A shares grew by 75.9 percent. As a result, GAAP earnings per share fell close to 30 percent.
Non-GAAP Adjusted Net Income, which excludes certain non-cash items, fell 38.9 percent and Adjusted EPS slid 67.3 percent.
This post reviews Paragon's Income Statement for the quarter. The principal sources for the analysis were the earnings announcement and the conference call presentation [pdf].
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