Tampa treasure hunting firm Odyssey Marine Exploration Inc. reported a net loss during the first quarter of 2014, largely attributed to increases in expenses and a drop in exhibit and product sales.
Odyssey reported earnings of $600,000 in the first quarter, down from $900,000 for the same period a year ago. Operations and research expenses in the first quarter of 2014 reached $7.1 million. That's up from $5.7 million in the first quarter of 2013.
The increase is primarily due to repair and maintenance expenses incurred for the five-year periodic class inspection of the Odyssey Explorer vessel, as well as increased expenses related to its Oceanica subsidiary and to mineral exploration activities.
The net loss in the first quarter of 2014 was $9.8 million or 12 cents per share, as compared to a net loss of $9.7 million (also 12 cents per share) in the year-ago quarter.
Cash and cash equivalents totaled $5.8 million at the end of March, as compared to $21.3 million at the end of December. The decrease in cash was primarily related to the net loss for the period, the capital expenditures to upgrade the vessels and equipment, and the payment of financial debt obligations.