Odyssey Marine Reports Slower Sales of Shipwreck Coins

by CoinNews.net on August 12, 2008 · 0 comments

Tampa treasure hunting firm Odyssey Marine Exploration filed their second 2008 results with the Securities and Exchange Commission. Odyssey reported a decrease of $.6 million in revenue for 2008 that was mostly due to fewer coins sold.

The company provided updates on shipwreck projects, including the 17-ton gold and silver coin find from "Black Swan," the HMS Sussex with a potential cargo of coins, and the high value targets in their "Atlas" Search Project.

Odyssey indicated taping has already begun for the 11-episode primetime TV series for Discovery Channel scheduled to air in early 2009.

Financially, Odyssey’s second quarter revenue fell to $1.1 million compared to $1.7 million in the same period of 2007. The company also reported a net loss of $5.4 million in the second quarter compared with a $6.3 million loss in Q2 of 2007.

Greg Stemm, Odysseys Chairman and Chief Executive Officer commented,


"We are very pleased to report some exciting developments and progress in all key areas of our business.

Our vessels have undergone extensive repairs and upgrades and we have had multiple ships hard at work so far during our "Atlas" work season.

Among our new discoveries were two Colonial era cannon wrecks which resulted in admiralty arrests.

Another major development this past quarter was our agreement with JWM Productions to produce an 11-episode primetime TV series for Discovery Channel which is scheduled to air worldwide in early 2009. JWM is currently following and filming our team during our shipwreck search and recovery operations.

Our diversified sales programs and business development initiatives are gaining noticeable traction which we expect to see pay off in the future.

Along with all these positive steps, we have also been able to see increased operating efficiency in a number of different areas.

With all these elements in place, we are optimistic about our plans for the balance of the year and for many years to come."


The company has provided Consolidated Financial Statements at http://shipwreck.net/pdf/Q208.pdf.

About Odyssey Marine Exploration, Inc.

Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX) is engaged in the exploration of deep-water shipwrecks and uses innovative methods and state-of-the-art technology to conduct extensive deep-ocean search and archaeological recovery operations around the world.

Odyssey discovered the Civil War era shipwreck of the SS Republic in 2003 and recovered over 50,000 coins and 14,000 artifacts from the site nearly 1,700 feet deep.

In May 2007, the Company announced the largest historic deep-ocean treasure recovery of over 500,000 silver and gold coins, weighing 17 tons, from a Colonial era site code-named “Black Swan.” Odyssey has several shipwreck projects in various stages of development around the world.

Odyssey’s “SHIPWRECK! Pirates & Treasure” exhibit is currently on display at the Detroit Science Center through September 1, 2008. For details on the Company’s activities and its commitment to the preservation of maritime heritage please visit www.shipwreck.net.

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