This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Paragon's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Our net revenue from the second quarter of 2012 was $11.9 million, down from $23.6 million in the year ago period, due to the renewal of several of our time charters at lower rates.

Our EBITDA for the quarter was $6.3 million, while we reported net income of $0.2 million. When these results are adjusted for non-cash items, our adjusted EBITDA was $6.6 million and our adjusted net income was $0.5 million or about $0.01 per share.

Slide five provides an overview of the length of the remaining charter period for each of our vessels. Full details of the charter for our fleet can be found under the Appendix section of this presentation, based on latest delivery dates, our fixed revenue days currently stand at 97% in 2012, 69% in 2013 and 35% in 2013 -- ‘14. Overall, the average remaining term of our charters is 1.9 years.

As of June 30th, after taking into consideration, all recent developments and based on latest delivery dates, while excluding of holidays due to second scheduled drydockings, we have secured time charter revenues of approximately $58 million, out of which $24 million is scheduled for the current year 2012.

On slide six, we present some remarks on our leverage. Currently, our total debt stands at $207 million, while our cash position stands at $23 million. This translates into net debt of $184 million, representing a moderate 58% net debt to total capitalization.

The continue market downturn, which has been more severe than anticipated has further depressed vessel prices and has impacted our rechartering rates. As of June 30, 2012, we are not in compliance with the EBITDA coverage ratio covenant contained in one of our loan agreements and the security cover ratio contained in four of our loan agreements.

Read the rest of this transcript for free on

3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,888.35 +168.43 0.95%
S&P 500 2,102.63 +22.22 1.07%
NASDAQ 5,156.3060 +47.64 0.93%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs