This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Odyssey President Provides Preliminary Revenue Announcement For Third Quarter

TAMPA, Fla., Oct. 6, 2010 (GLOBE NEWSWIRE) -- Odyssey's (Nasdaq:OMEX) President and COO, Mark Gordon, will deliver a presentation today at the Craig-Hallum Capital Group Alpha Select Investor Conference. The presentation will be webcast at

Mr. Gordon will report that the company's preliminary revenue for the third quarter, ending September 30, 2010, will exceed $8 million, subject to quarter end adjustments and review. The final third quarter results are expected to be released on or before November 9, 2010. The presentation will include an overview of the Company's activities in the shipwreck business as well as the provision of services in deep-ocean mining exploration and other expedition services including work for insurance and government clients.

"Our strong third quarter revenue growth resulted from our strategic moves into mining exploration, revenue earned from syndicated projects and miscellaneous expedition projects including provision of government and insurance company services in the wake of the airline accident in the Eastern Mediterranean," stated Mr. Gordon. "What we are seeing now is the fruits of our strategic move to leverage our deep-ocean expertise into new sectors which we expect will provide significant revenue opportunities while we continue to engage in our core shipwreck business."

"Our move into other deep-ocean services has been rewarding but our core business is still the shipwreck business," added Greg Stemm, Odyssey's CEO. "This year we have conducted shipwreck operations using three different ships on three major projects, so our move into these other areas has been accretive to our business plan but has not taken away from our shipwreck exploration work. The significant expansion of our operations has had its challenges but we are pleased with the resulting revenue. As is common for companies experiencing rapid growth, realization of revenue has not immediately translated into cash flow and we have also added some new advanced technology to enhance our offshore capabilities, so we are considering some short-term financing strategies that will minimize dilution to existing shareholders."

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,037.97 -42.17 -0.23%
S&P 500 2,108.92 -8.77 -0.41%
NASDAQ 5,060.2460 -31.8390 -0.63%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs