This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Odyssey Marine Exploration Reports Fourth Quarter And 2010 Financial Results

Stocks in this article: OMEX

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.

1 of 14

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs