Saturday, February 24, 2018
Business

Odyssey Marine Exploration turns a profit in the fourth quarter

Tampa treasure hunting firm Odyssey Marine Exploration salvaged a profit out of its fourth quarter, buoyed by the sale of silver it recovered from the SS Gairsoppa shipwreck off the coast of Ireland.

Odyssey reported a net income of $10.8 million for the quarter ended Dec. 31, up from a year-ago loss of $900,000. Revenues more than doubled to $17.2 million, up from $7.9 million, primarily due to monetizing silver recovered from the Gairsoppa project in 2012 and 2013.

All told, Odyssey has recovered nearly 110 tons of silver from the Gairsoppa, a British cargo ship sunk by a German U-boat in 1941, the company reported today.

"Our Gairsoppa recovery operations set a record for the deepest and heaviest precious metal cargo recovery from a shipwreck at a depth of nearly 3 miles," Odyssey president and chief operating officer Mark Gordon said. "Our success with the Gairsoppa is strong validation of our team's pioneering techniques and state-of-the-art technology in deep-ocean exploration."

It marked an important bounceback for the Tampa company, which also had posted a net loss of $900,000 in the third quarter, the result of one-time costs related to a court ruling against the firm in a tug of war with Spain over a treasure dubbed the Black Swan.

But the improvement wasn't enough to keep Odyssey out of the red for the fiscal year. It posted a net loss of $14.9 million, improved from the year-ago loss of $18.2 million, on revenues of $23.9 million, up from $13.2 million in fiscal 2012.

Odyssey has already moved on to its next salvage job. Earlier this month, an Ohio judge approved a deal that allows Odyssey to recover gold from the SS Central America, a ship that sank 160 miles off the South Carolina coast. It is unclear how much gold is still in the ship but some estimates suggest there were thousands of pounds aboard. A pound of gold currently sells for about $20,000.

The Central America was in operation for four years during the California gold rush before it sank after sailing directly into a hurricane in September 1857 in one of the worst maritime disasters in American history; 425 people were killed.

Odyssey's stock jumped more than 6 percent before closing Tuesday at $2.48 per share, up 8 cents or about 3 percent.

Comments
Activists call for tech companies to drop NRA’s digital TV channel

Activists call for tech companies to drop NRA’s digital TV channel

Activists are calling for Apple, Amazon, Google and other streaming companies to drop the National Rifle Association’s digital TV channel in the wake of the mass shooting at a Florida school last week, putting the companies in the delicate position o...
Updated: 2 hours ago
Edward Peachey demands severance from CareerSource before stepping down

Edward Peachey demands severance from CareerSource before stepping down

The head of the Pinellas and Hillsborough career centers under multiple investigations into the way they report job placement figures says he has no intention of stepping down.That’s unless he is paid five months severance.In a letter from his attorn...
Published: 02/23/18
Terminally ill Valrico man dies a month after marrying junior high sweetheart

Terminally ill Valrico man dies a month after marrying junior high sweetheart

VALRICO — During his final few days, 19-year-old Dustin Snyder moved to a hospice house, surrounded himself with belongings from home, swam in a pool and visited the beach in Ruskin.Wherever he went, the terminally ill Valrico man had family beside h...
Published: 02/23/18
Tampa Downtown Partnership gets initial city okay to expand north

Tampa Downtown Partnership gets initial city okay to expand north

TAMPA — The Downtowner may be heading to Tampa Heights — but not until Oct. 1.That’s because the nonprofit Tampa Downtown Partnership this week won initial City Council approval to expand into Tampa Heights."Tampa Heights is becoming an important gat...
Published: 02/23/18

Tampa lawyer gets 27 months in federal prison for insider trading

Tampa lawyer Walter "Chet’’ Little was sentenced this week to 27 months in federal prison for engaging in an insider trading scheme that reaped him and a friend profits totaling nearly $1 million.According to federal authorities, Little accessed comp...
Published: 02/23/18
More companies are cutting ties with gun lobby as #BoycottNRA movement gains steam

More companies are cutting ties with gun lobby as #BoycottNRA movement gains steam

Three major companies — Enterprise Holdings, First National Bank of Omaha, and the cybersecurity giant Symantec — have ended co-branding partnerships with the National Rifle Association as a #BoycottNRA social media movement picks up steam.Enterprise...
Published: 02/23/18
Citi to refund $330 Million to credit card customers it overcharged

Citi to refund $330 Million to credit card customers it overcharged

Citigroup is preparing to issue $330 million in refunds after the bank discovered it had overcharged nearly 2 million credit card customers on their annual interest rates, a spokeswoman said Friday.The bank, which has about 150 million credit card ac...
Published: 02/23/18
Girl Scouts camp sold to member of Tampa’s Lykes family

Girl Scouts camp sold to member of Tampa’s Lykes family

ODESSA — The 63-year-old lakeside summer camp had no air conditioning or electricity. Cabin floors were often covered in grime, and cobwebs clung to the windows.But under new ownership, the 18.6 acres of Florida woods known as Camp Scoutcrest to memb...
Published: 02/23/18
BB&T cites ‘technical issue’ in outage affecting customers

BB&T cites ‘technical issue’ in outage affecting customers

Millions of BB&T customers were unable to access their accounts after a service outage which the bank blames on an equipment malfunction. The Winston-Salem, North Carolina-based bank posted a statement on its Twitter page saying the problem persiste...
Published: 02/23/18
Realtors are ‘every 10 feet’ in Florida but more want in the business

Realtors are ‘every 10 feet’ in Florida but more want in the business

ST. PETERSBURG — Tired of working as a yacht captain, Pancho Jiminez decided to get into real estate even though he knows it’s a highly competitive field in Florida."Realtors are every 10 feet around here," he says.Nonetheless, Jiminez is among 30 st...
Published: 02/23/18