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

Finance

SunEdison Restrained from 'Unusual' Asset Transfers

Solar company SunEdison Inc said a U.S. court has restrained the company from making any unusual asset transfers until a hearing in a lawsuit brought on by investors

Paragon Offshore to File for Bankruptcy

Paragon Offshore Plc said it will file for Chapter 11 bankruptcy on or before Feb. 14, becoming the first U.S. energy-related company to seek court protection from

Philippines Mulls Bilateral Sea Talks with China

The Philippines may consider two-way talks with China to resolve a territorial dispute in the South China Sea but only if it wins its case with Beijing at an arbitration tribunal in The Hague,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Pipelines Pod Propulsion Port Authority Salvage Ship Repair Winch
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: 0.1384 sec (7 req/sec)