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TAMPA, Fla., Nov. 4, 2010 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration, Inc. (Nasdaq:OMEX), pioneers in the field of deep-ocean exploration, today reported results for the third quarter ended September 30, 2010.
For the third quarter of 2010, Odyssey reported revenue of $9.8 million, compared to $0.8 million in the third quarter of 2009 and operating expenses of $8.8 million in the third quarter of 2010 compared to $5.2 million in the comparable period in 2009. This resulted in a profit from operations of $1.0 million in third quarter 2010 compared to a loss from operations of $4.3 million during the same period in 2009.
Other expenses, including $2.1 million non-cash expenses for Odyssey's share of losses from the Company's investment in Dorado Ocean Resources Ltd. resulted in a net loss of $1.3 million or $0.02 per share, compared to a net loss of $4.4 million or $0.07 per share for the third quarter of 2009. The loss from Odyssey's investment in Dorado is limited to the carrying value of the investment on the Company's balance sheet. Unless Odyssey acquires an additional equity position in Dorado, the Company will not be required under GAAP to record any future losses against that investment in the income statement.
"Our results for the third quarter of 2010 indicate that we are successfully executing our strategic plan to leverage our core competencies into other deep-ocean ventures. Our activities in the field of deep-ocean mineral mining exploration, government contracts and shipwreck syndication transactions have resulted in diversified revenue sources as well as significant quarter over quarter growth. At the same time, each of the additional revenue sources capitalizes on our core operating expertise," said Greg Stemm, Odyssey's Chief Executive Officer. "Although we remain focused on deep-ocean shipwrecks, leveraging our core competencies allows us to improve shareholder value. It is evident that continuing projects with Robert Fraser clients, Dorado and other potential deep-ocean ventures where our expertise is highly valued is a natural extension for Odyssey that can potentially produce great returns for our shareholders."