"While we prepare for upcoming projects, we continue to evaluate our operations and identify ways to be more efficient. This discipline has led to a further 19% reduction in general and administrative expenses and a 37% reduction in total operational expenses comparing the first nine months of 2016 and 2017. We also continue to generate cash from operations and expect to secure additional cash generating projects throughout 2018."As a company, we are in an excellent position with several opportunities that could unleash significant value for our company and shareholders in the near future. Significant progress has been made on the company transition, and the management team appreciates our shareholders patience as we continue to transform the company." Q3 2017 Financial SummaryThe net loss in the third quarter of 2017 was $2.3 million or $(0.27) per share as compared to net loss in the third quarter of 2016 of $2.1 million or $(0.28) per share. Total revenue in the current quarter was $0.0 million, a $2.9 million decrease over the revenue in the same period a year ago. The $2.9 million revenue in the same quarter last year was generated from providing shipwreck exploration services for Magellan. Marketing, general and administrative expenses primarily include all costs within the following departments: Executive, Finance & Accounting, Legal, Information Technology, Human Resources, Marketing & Communications, Sales and Business Development. Marketing, general and administrative expenses decreased by $0.3 million from $2.2 million in 2016 to $1.9 million in 2017 primarily as a result of (i) a reduction of $0.6 million of personnel compensation and related expenses which includes a reduction in share-based compensation of $0.5 million, (ii) $0.1 million decrease in corporate supportive overhead and (iii) an increase of $0.4 million related to admiralty legal support. Operations and research expenses primarily include all costs within Archaeology, Conservation, Exhibits, Research, and Marine operations, which include all vessel and charter operations. Operations and research expenses decreased by $2.3 million from 2016 to 2017 as a result of a $2.4 million reduction of marine services costs which include technical crew costs as well as other marine operational costs such as equipment rental, fuel, port fees and consumables, an increase in the gain on sale of marine equipment of $0.9 million and a reduction of $0.8 million of general marine services overhead costs which includes depreciation and insurances.
Consolidated financial statements as well as the Company's Quarterly Report on Form 10-Q for the three months ended September 30, 2017, are available on the company's website at www.odysseymarine.com as well as at www.sec.gov.About Odyssey Marine Exploration Odyssey Marine Exploration engages in deep-ocean exploration using innovative methods and state-of-the-art technology to provide access to critical resources worldwide. Our core focus is the discovery, development and extraction of deep-ocean minerals. Odyssey also performs marine services for private clients and governments. We currently have numerous projects in various stages of development around the world from both our own portfolio as well as through third-party contracts. The company operates transparently, documenting its science practices and conducting all work in a responsible manner. For additional details, please visit www.odysseymarine.com. Forward Looking Information Odyssey Marine Exploration believes the information set forth in this Press Release may include "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Certain factors that could cause results to differ materially from those projected in the forward-looking statements are set forth in "Risk Factors" in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2016, which was filed with the Securities and Exchange Commission on March 30, 2017. The financial and operating projections as well as estimates of mining assets are based solely on the assumptions developed by Odyssey that it believes are reasonable based upon information available to Odyssey as of the date of this release. All projections and estimates are subject to material uncertainties, and should not be viewed as a prediction or an assurance of actual future performance. The validity and accuracy of Odyssey's projections will depend upon unpredictable future events, many of which are beyond Odyssey's control and, accordingly, no assurance can be given that Odyssey's assumptions will prove true or that its projected results will be achieved. Cautionary Note to U.S. Investors The U.S. Securities and Exchange Commission (SEC) permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this press release, such as "measured", "indicated," "inferred" and "resources," which the SEC guidelines strictly prohibit us from including in our filings with the SEC. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. U.S. investors are cautioned not to assume that part or all of the inferred mineral resource exists, or is economically or legally mineable, and are urged to consider closely the disclosures in our Form 10-K which may be secured from us or from the SEC's website at http://www.sec.gov/edgar.shtml. MEDIA CONTACT: Liz Shows Odyssey Marine Exploration, Inc.(813) 876-1776 x email@example.com