Paragon Shipping Inc. Income Statement

Income Statement FYE 31-Dec

	12/31/2007
Total Revenues(Net Sales)	76.66
Cost of Goods Sold	15.30
Selling & Admin Exps	29.09
Operating Income	15.07
Interest Exp	10.33
Pretax Income	4.90
Other Income	0.16
Net Income Bef Extraordinary ...	NA
Net Income	4.90