Tuesday, April 24, 2018
Business

Odyssey Marine Exploration reports nearly nothing in revenue

TAMPA — Tampa-based Odyssey Marine Exploration Inc.’s revenue shrunk to nearly nothing in the year’s third quarter.

The deep-sea exploration company reported just $11,854 in revenue, down from $2.9 million the same quarter last year. The company’s previous multi-million-dollar revenue came from a contract with Magellan Offshore Services, for which Odyssey conducted shipwreck expedition services.

The company recorded a net loss of $2.3 million for the third quarter, amounting to 27 cents per share. In the same quarter last year, the company reported a loss of $2.1 million, or 28 cents per share.

Just last quarter, Odyssey brought in $587,000 in revenue from marine surveys and recovery services for Magellan.

The services stem from a 2015 agreement Odyssey entered with Magellan when it sold $21 million in assets from its shipwreck business. That sale was used to wipe out Odyssey’s $11.7 million in debt.

"I’ve stated for the past nine months that although we intended to focus corporate capital on the mineral exploration side of the business, we do not intend to abandon our shipwreck roots," Odyssey CEO Mark Gordon said in a release at the time.

Per the deal, Magellan owns Odyssey’s proprietary shipwreck database and rights to shipwreck projects. Odyssey was the sole provider of shipwreck search and recovery expeditions for Magellan. It also gets just over 21 percent of proceeds from any shipwreck projects.

PREVIOUS COVERAGE: Down but not out: Tampa’s Odyssey Marine preps to swap treasure hunting for bigger ocean game

The company expects a turnaround soon, however, with a contract project on the horizon for 2018 that is expected "to produce cash returns for 12 to 18 months," Gordon said in a Wednesday release.

"As a company, we are in an excellent position with several opportunities that could unleash significant value for our company and shareholders in the near future," he said. "Significant progress has been made on the company transition, and the management team appreciates our shareholders patience as we continue to transform the company."

Odyssey shares closed at $3.41 per share Wednesday, down nearly 12 percent.

Contact Malena Carollo at [email protected] or (727) 892-2249. Follow @malenacarollo on Twitter.

Comments
The ‘most interesting man in the world’ will be tending bar in Tampa on Friday

The ‘most interesting man in the world’ will be tending bar in Tampa on Friday

"Stay thirsty, my friends," the most interesting man in the world is coming to Tampa to tend bar on Friday. Jonathan Goldsmith, the face that launched a thousand memes, will be slinging cocktails at Tampa’s trendy Hall on Franklin, the food hall anno...
Updated: 1 hour ago
So far, Pasco’s tourism base: Floridians, Canadians

So far, Pasco’s tourism base: Floridians, Canadians

NEW PORT RICHEY – The typical tourist in Pasco County this year most likely is a Floridian.But there are lots of Canadians here as well. Nearly 80 percent drove, rather than flew, to the region. Forty percent stayed in hotels, but more than a quarter...
Updated: 2 hours ago
Girls hockey could replace boys lacrosse on Pasco tourism calendar

Girls hockey could replace boys lacrosse on Pasco tourism calendar

NEW PORT RICHEY – Hockey pucks could replace lacrosse balls as the required sports equipment for the holiday tourism season in Wesley Chapel.The Wickenheiser World Female Hockey Festival, founded by Canadian hockey player Hayley Wickenheiser, is seek...
Updated: 2 hours ago
St. Pete Pier public arts committee to meet with finalists, make decision

St. Pete Pier public arts committee to meet with finalists, make decision

ST. PETERSBURG — The pier public arts committee is expected to decide today which artist or artists will have their work showcased in the new 26-acre Pier District. The committee, which selected six finalists with the help of consultant Ann Wykell, w...
Updated: 4 hours ago
Disney World hiring 3,500, offers signing bonuses up to $5,000

Disney World hiring 3,500, offers signing bonuses up to $5,000

ORLANDO — In an ever-tightening job market, Disney World is doubling its hiring bonuses for some summer jobs, even for unskilled or part-time positions — as it seeks to hire for 3,500 positions.A housekeeper hired this year at Disney World’s resorts ...
Updated: 5 hours ago
Amazon will now deliver to certain cars across Tampa Bay

Amazon will now deliver to certain cars across Tampa Bay

SAN FRANCISCO — Amazon latest perk ... free delivery to your car. The Seattle company said Tuesday that it has begun delivering packages in 37 cities — including Tampa and St. Petersburg — to Prime members who own newer General Motors or Volvo vehicl...
Updated: 5 hours ago
Hernando Chamber boosts small business with videos

Hernando Chamber boosts small business with videos

SPRING HILL — Jaden Trotter claims he was basically shy. When a new sandwich shop opened a year and a half ago, he applied for work as a delivery driver, a job not requiring a lot of people skills.But Ryan Noruzi, owner of the local Jimmy Johns franc...
Published: 04/24/18
Armed Forces History Museum collection has a new home, but new owner is a mystery

Armed Forces History Museum collection has a new home, but new owner is a mystery

LARGO — The contents of the Armed Forces History Museum have been sold, but no one is ready to talk about the future of the collection of military memorabilia.A collector named John Piazza used his personal collection to start the public museum, whic...
Published: 04/24/18
Swimmer Michael Phelps to headline Crystal Lagoon grand opening Saturday

Swimmer Michael Phelps to headline Crystal Lagoon grand opening Saturday

WESLEY CHAPEL — Olympic gold medalist Michael Phelps will splash down Saturday at the Crystal Lagoon in Wesley Chapel’s Epperson development.Phelps, a global ambassador for Crystal Lagoons, will appear at the grand opening of the first Crystal Lagoon...
Updated: 2 hours ago
Big visitor calls at Port Tampa Bay

Big visitor calls at Port Tampa Bay

TAMPA — The 750-foot-long Ireland, one of the biggest cargo vessels ever to call at Port Tampa Bay, arrived Sunday.The Ireland is on its inaugural voyage, having left a shipyard in China for a stop in Mexico’s Yucatan peninsula to pick up 64,865 shor...
Updated: 9 hours ago