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Odyssey Marine Exploration Reports Fourth Quarter And 2010 Financial Results

TAMPA, Fla., Feb. 28, 2011 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration (Nasdaq:OMEX), pioneers in the field of deep-ocean shipwreck exploration, today reported fourth quarter and full year 2010 financial results.

For the full year ended December 31, 2010, Odyssey reported revenue of $21 million, compared to $4.3 million in 2009, an increase of 383% year to year and the highest annual revenue reported by Odyssey since the company's inception. Operating expenses increased 65% to $37.4 million from $22.7 million in 2009. Approximately, $ 8.5 million of the $37.4 million in operating expenses are receivable reserves, which are further discussed below.

Other expenses increased to $6.9 million in 2010 from $.3 million in 2009 primarily due to the $3.6 million recorded loss due to the increase in fair value of the derivatives related to the Series G preferred stock and $2.4 million loss recorded in the third quarter on the Company's equity investment in Dorado Ocean Resources (DOR). Taking into account the derivative loss and receivable reserves, Odyssey's net loss was $23.3 million for the full year 2010, compared to a net loss of $18.6 million in 2009. The net loss per share for the full year 2010 was $0.36, compared to a net loss per share of $0.33 in 2009.

For the fourth quarter of 2010, Odyssey's revenue was $3.9 million compared to $2.5 million in the fourth quarter 2009. Operating expenses, exclusive of receivable reserves of $8.5 million, were $6.7 million compared to $6.3 million in 2009. Other expenses for fourth quarter, exclusive of the change in fair value of the derivatives of $3.6 million, totaled $.5 million, up from $.1 million in 2009. The Company's net loss was $15.4 million for the fourth quarter 2010, compared to a net loss of $4.0 million in 2009. The net loss per share for the fourth quarter 2010 was $0.24, compared to a net loss per share of $0.07 in 2009.

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