Odyssey Marine Exploration Reports First Quarter 2016 Results

TAMPA, Fla., May 12, 2016 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration, Inc. (NASDAQ:OMEX), a pioneer in the field of deep-ocean exploration, reported results for the first quarter ended March 31, 2016.

Q1 2016 Highlights
  • Odyssey was contracted by a third-party to perform a commercial survey project in the Mediterranean using the company's equipment and crew.
  • Revenue was $0.6 million, an increase of $0.5 million compared to the same year-ago quarter, primarily due to the third-party marine services contract.
  • Continued to actively manage costs and as a result improved both operating results and net results by 50% or more and improved operating cash flows by 38% compared to the same period last year.
  • Implemented a 1-for-12 reverse stock split of its common stock, which took effect during the after-market hours on February 19, 2016.
  • Entered into a loan agreement with Epsilon Acquisitions LLC (Epsilon) for $3 million.
  • Entered into a loan agreement with Monaco Financial, LLC for $1.825 million.

Management CommentarySubsequent to the first quarter, Odyssey reported that the environmental permit application submitted in June 2015 had been denied in Mexico.  "Although this was a disappointing and surprising decision, we believe that this project will ultimately be approved. Odyssey and our partners continue to work towards approval of the environmental permit for the dredging and extraction of phosphate sands at the 'Don Diego' deposit. We have filed new documents with the Mexican authorities and we have hired additional environmental experts and other advisors to move the project forward.  We can assure you, that Odyssey and its partners remain committed to pursuing the 'Don Diego' phosphate dredging project through ultimate approval," said Mark Gordon, Odyssey President and Chief Executive Officer.

"While we continue to manage operating costs actively, as evidenced by the 50% decrease in operating costs in the first quarter of 2016, we are also striving to increase revenue generated from our equipment, team, and methodologies.  In the first quarter of 2016, this effort resulted in a 400% increase in revenue compared to the same quarter a year earlier. We further anticipate that revenue in the second quarter of 2016 will be more than double the revenue achieved in the first quarter of 2016."

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