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Odyssey Marine losses pile up despite fourth-quarter revenue boost

Deep-ocean treasure seeker Odyssey Marine Exploration salvaged its 2012 fiscal revenues on a fourth quarter surge, but continued to battle large losses.

The Tampa company posted $7.9 million in fourth-quarter revenue, up from $900,000 in the year-ago period, thanks mainly to monetizing silver recovered from the SS Gairsoppa shipwreck off Ireland. The haul helped boost total revenue for the year to $13.2 million compared with $15.7 million in 2011.

Greg Stemm, Odyssey's CEO, said the firm notched records for the deepest and heaviest cargo recovery from a shipwreck during its work on the Gairsoppa, salvaging 48 tons of silver from a depth of more than 15,000 feet.

Nevertheless, Odyssey remained in the red, posting a net loss of $18.2 million for the year, up from $16.2 million a year ago.

Results were released after the close of market Tuesday. Odyssey shares closed unchanged at $3.46 apiece.

Odyssey Marine losses pile up despite fourth-quarter revenue boost 03/12/13 [Last modified: Tuesday, March 12, 2013 7:03pm]
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