Odyssey Marine Exploration Reports Q1 Performance

Press Release
Tuesday, May 10, 2011

Tampa, FL – May 9, 2011 - Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX), pioneers in the field of deep-ocean shipwreck exploration, has reported results for the first quarter ended March 31, 2011.

Revenue for the first quarter 2011 was $2.1 million, compared to $2.9 million in the first quarter 2010. The Company also reported a net loss of $5.2 million, compared to a net loss of $3.1 million in 2010. Included in the net loss was a non-cash expense of $1.3 million, or $0.02 per share, to reflect the change in fair value of the derivatives related to the issuance of Series G convertible preferred stock caused primarily by the increase in Odyssey share price during the period. The net loss per share for the first quarter was $0.09, compared to a net loss of $0.05 per share in the first quarter 2010.

“While our first quarter revenue was down compared to last year, we have made substantial progress during the period and are well positioned for growth in 2011.This is the first year in Odyssey’s history where we have the potential for multiple recoveries. Two of our projects with clients of Robert Fraser & Partners are in the verification phase and evidence suggests that we have located the target shipwreck in at least one of these projects. We’re gearing up to begin operations on the Gairsoppa project this summer and are finalizing plans for additional shipwreck projects. We’ve seen very positive results in the first deep-ocean mineral mining expedition conducted with Dorado and have since added to our deep-ocean clientele by providing services to Neptune Minerals off the coast of New Zealand,” said Greg Stemm, Odyssey Chief Executive Officer.
 

Source: http://www.shipwreck.net

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Partners Tap Standardization to Trim Newbuild Costs

Unfamiliar specifications and processes often result in rework, delays and misunderstandings, and are adding thousands of engineering hours to the design and construction

French PM: Aussie Subs to be built in Australia

French Prime Minister Manuel Valls said on Monday he was committed to building all of a new Australian submarine fleet in Australia, apparently contradicting the

Asia-N.Europe Box Rates Jump 170 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped 170 percent to $732 per 20-foot container (TEU) in the week ended on Friday,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1733 sec (6 req/sec)