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 First Quarter 2013 Results

Stocks in this article: OMEX

TAMPA, Fla., May 10, 2013 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration, Inc. (Nasdaq:OMEX), a pioneer in the fields of deep-ocean shipwreck and offshore mineral exploration, reported results for the first quarter ended March 31, 2013.

First Quarter 2013 Highlights

  • Monetized Odyssey's mineral assets for the first time with the sale of an ownership stake in Oceanica Resources (Oceanica), a company engaged in seafloor mineral exploration, generating gross proceeds of $15 million for 15% of the company. Odyssey currently holds 62.6% ownership in Oceanica after the sale.
  • Preliminary assay results of core samples from Oceanica's mineral deposit are ongoing and confirm a high-value resource. Processing trials have been completed that confirm the resource can be feasibly and economically processed.
  • Established multiple controlled foreign entities to efficiently manage anticipated future income streams from various offshore projects.
  • Received an additional $1.8 million from the sale of silver bullion recovered from the SS Gairsoppa shipwreck, bringing total proceeds from the deep-ocean project to more than $41 million. To date, 1,218 Gairsoppa silver bars have been recovered and sold. An additional $500,000 was realized from sale of gold that was extracted from the silver smelting process.
  • Proven salvage vessel and equipment secured under charter agreements for the completion of expected silver recoveries from the Gairsoppa and SS Mantola scheduled to commence in late May. Additional research recently obtained increases the company's optimism for efficient recovery results from both wrecks.

Management Commentary

"In the first quarter, we made strong progress in both offshore mineral exploration and deep-ocean shipwreck recovery," said Greg Stemm, Odyssey's chief executive officer. "This included the monetization of offshore mineral exploration assets that have substantially strengthened our balance sheet and laid the foundation for a productive year ahead.

"It's important to note that although the $15 million cash generated this quarter through the sale of a portion of our equity in Oceanica was very positive from a cash flow, balance sheet and shareholder value standpoint, it was not recorded as income or as a gain on our Q1 income statement, and $3.7 million of the $6.5 million we spent developing this asset was recorded as an operations and research expense in this quarter. While the remaining 62.6 million shares of Oceanica continue to be carried as a zero on our balance sheet, the sale demonstrated the value of this asset and how we have the opportunity to monetize our efforts in mineral exploration well before actual mining revenue is generated.

1 of 3

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 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

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