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Despite finding treasures, Odyssey Marine lost $24.8 million in 2008

Despite having discovered what could be hundreds of millions of dollars worth of sunken treasure, Tampa shipwreck salvage company Odyssey Marine Exploration Inc. reported a loss last year of $24.8 million. It was at least the third consecutive money-losing year for the company that has made several rich discoveries. They include the HMS Victory, a British man-of-war that sunk with 900 aboard in 1744 with a cargo that might have included 4 tons of gold coins. Since foreign governments claim, and sometimes sue for, a piece of the lucre, it can take years before Odyssey can cash in its finds. The company's stock ended the day Wednesday up 7 cents at $3.06 per share. Its 52-week high is $6.90.

Despite finding treasures, Odyssey Marine lost $24.8 million in 2008 03/11/09 [Last modified: Wednesday, March 11, 2009 7:26pm]
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