- 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.
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