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Paragon Shipping (Nasdaq: PRGN) Trading at $5.77, Up 21%. Announced Tuesday after market close its results for the three months ended March 31, 2009.
The Company reported net income of $19.2 million, or $0.71 per basic and diluted share for the first quarter of 2009, calculated on 27,077,348 weighted average number of basic and diluted shares outstanding for the period and reflecting the impact of the non-cash items discussed below.
Excluding all non-cash items described below, adjusted net income for the first quarter of 2009 was $14.7 million, or $0.54 per basic and diluted share.
The Company operated 12 vessels during the first quarter of 2009, earning an average time charter equivalent rate or TCE rate, of $37,179 per day, compared to an average of 11 vessels during the first quarter of 2008, earning an average time charter equivalent rate of $39,098 per day.
Paragon Shipping is a focus stock at SmallCapReview.com.
What They Do: Paragon Shipping is an international shipping company specializing in the transportation of drybulk cargoes. The Company’s current fleet consists of twelve vessels with a total carrying capacity of 765,137 dwt.
Tween Brands (NYSE: TWB) Trading at $4.17, Up 33%. Today announced a first quarter loss of $1.4 million, or $0.06 per diluted share, compared to earnings of $4.3 million, or $0.17 per diluted share for the same period last year.
Net sales for the first quarter of fiscal 2009 declined 18% to $205.2 million compared to 2008 driven predominantly by a 23% decline in comparable store sales. The decline is attributable to the ongoing macroeconomic pressures and the strong performance associated with Webkinz in 2008.
What They Do: Tween Brands is the largest premier tween specialty retailer in the world.
Pomeroy IT Solution (Nasdaq: PMRY) Trading at $4.93, Up 27%. Today announced that it has entered into a definitive merger agreement to be acquired by Hebron LLC, a holding company owned by David B. Pomeroy, II, a director of the Company and its founder (the "Agreement"). Mr. Pomeroy is the beneficial owner of approximately 20% of the outstanding shares of the Company's common stock. Under the terms of the Agreement, Hebron LLC will acquire all of the outstanding common stock of the Company not owned by Mr. Pomeroy and his wife for $5.02 per share. The offer represents a 30% premium over the May 19, 2009, closing price of $3.86, and a 41% premium over the last month average closing price of $3.55.
What They Do: Pomeroy IT Solutions, Inc. is a leading provider of IT infrastructure solutions focused on enterprise, network and end-user technologies.
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