Odyssey Marine still hunting for profits
Deep-sea treasure hunter Odyssey Marine Exploration Inc. has bolstered revenue, but it's still in search of profits.
Odyssey posted revenue of $2.9 million for its first quarter ended March 31, up from $600,000 in the year-ago period, the company said Monday. It cut its net loss roughly in half to $3.1 million, or 5 cents a share, compared with a net loss of $5.3 million, or 10 cents per share, in the first quarter of 2009.
The company attributed the single biggest revenue boost to exploration of a sunken vessel off the coast of Great Britain code-named "Enigma." Odyssey has sold partial rights to the project to Robert Fraser Marine Ltd. The syndication deal, which involves two current projects and up to five expeditions in the coming year, allows Odyssey to retain "a significant back-end from any finds," CEO Greg Stemm said.
Shares in Odyssey were up 7 cents, or 5 percent, in trading Monday.