News Update: Morgan Stanley Says Paragon Shipping (NASDAQ:PRGN) Well Positioned To Expand Its Fleet

2/24/2010- Morgan Stanley analysts believe that Paragon Shipping Inc. (NASDAQ:PRGN) is well positioned to expand its fleet with accretive acquisitions in the next two years and at the very least maintain its dividend, with solid free cash flow generation potential and no major capital commitment until 2012.

Analyst Ole Slorer said, "PRGN reported 4Q09 EPS of $0.15 (ex. items), virtually in line with our $0.16 estimate and just below FactSet consensus' $0.18 estimate. Better-than-expected utilization helped the company best our top-line expectations along with a reduction in interest expense. However, a slight increase in the share count this quarter led to EPS numbers coming in modestly lower. Nevertheless, PRGN maintained a $0.05/share dividend this quarter, which was in line with last quarter's payout and our estimate."

Morgan Stanley sees fiscal 2010 EPS of 37 cents, vs. the consensus estimates of 50 cents per share, and fiscal 2011 EPS of 27 cents, vs. the consensus estimates of 28 cents per share.

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