TAMPA, Fla.--(BUSINESS WIRE)--Odyssey Marine Exploration (NASDAQ:OMEX), the world’s leader in the field of deep-ocean shipwreck exploration, today filed a quarterly report with the Securities and Exchange Commission detailing results of the Company's second quarter 2007.
For the second quarter of 2007, Odyssey reported revenue of $1.7 million, compared to $1.9 million in the second quarter 2006. The Company reported a net loss of $6.3 million, compared to a net loss of $4.2 million in 2006. The net loss per share for the second quarter was $.13, compared to $.09 per share in the second quarter 2006.
"This second quarter was a particularly eventful one, and while the slight decrease in revenue and increase in expenses during the second quarter of 2007 may seem disappointing on the surface, the actual events and accomplishments this quarter position the Company for continued growth. The discovery and archaeological recovery of the world’s largest historic cache of coins, weighing 17 tons, from the `Black Swan' site suggests that our business plan is repeatable and sustainable in the long run. At the same time, and despite the challenges following our `Black Swan' announcement, we have continued to monetize our existing coin inventory from the SS Republic. We are also very pleased with the public’s enthusiastic response to our SHIPWRECK! Pirates & Treasure exhibit which opened in June. And finally, Odyssey’s inclusion in the Russell 3000®, Russell 2000 and Russell Microcap Indexes in June and our successful application for a move to NASDAQ which was accepted during this second quarter, have put us on the radar of a wider audience in the investment community and validates our consistent efforts to build shareholder value. All in all, we are optimistic about the future and are looking forward to a resolution of the current issues with Spain, and to getting back to work to continue our search and recovery operations on a variety of active projects,” said John C. Morris, Odyssey’s Chief Executive Officer