Make us your home page

Odyssey Marine posts $900,000 third quarter loss

Tampa treasure hunting firm Odyssey Marine Exploration ended the third quarter of 2013 with a net loss of $900,000, the result of one-time costs related to a court ruling against the firm.

The third-quarter loss of 1 cent per share was down from net income of 5 cents, or $3.8 million, during the same period a year ago.

For the first nine months of this year, Odyssey lost $21.5 million, compared with a $17.3 million loss during the first nine months of 2012.

Odyssey had a one-time expense of $1.1 million after a U.S. District Court judge cited the firm for "bad faith and abusive litigation" in its case against Spain. Odyssey lost a claim to more than 17 tons of gold and silver, a treasure dubbed the Black Swan, that it retrieved from the bottom of the Atlantic Ocean in 2007.

Odyssey anticipates ending 2013 with more than $30 million in cash to fund its exploration and recovery projects in 2014.

"Our company has never had better visibility on potential results from shipwreck cargo recovery operations than we do now," said Mark Gordon, Odyssey's president and chief operating officer. "We can look three or more years into the future with confidence in our commodity recovery plans. We have … data on the shipwrecks, our rights are secured under contract, and we do not foresee any regulatory or legal issues."

Odyssey Marine posts $900,000 third quarter loss 11/12/13 [Last modified: Tuesday, November 12, 2013 9:17pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. Federal agencies demand records from SeaWorld theme park


    ORLANDO — Two federal agencies are reportedly demanding financial records from SeaWorld.

    Killer whales Ikaika and Corky participate in behaviors commonly done in the wild during SeaWorld's Killer Whale educational presentation in this photo from Jan. 9. SeaWorld has been subpoenaed by two federal agencies for comments that executives and the company made in August 2014 about the impact from the "Blackfish" documentary. 
[Nelvin C. Cepeda/San Diego Union-Tribune/TNS]
  2. Legalized medical marijuana signed into law by Rick Scott

    State Roundup

    TALLAHASSEE — Gov. Rick Scott on Friday signed into law a broader medical marijuana system for the state, following through on a promise he made earlier this month.

    Gov. Rick Scott signed legislation on Friday that legalizes medical marijuana in Florida.
  3. Line of moms welcome Once Upon A Child to Carrollwood


    CARROLLWOOD — Strollers of all shapes and sizes are lined up in front of the store, and inside, there are racks of children's clothing in every color of the rainbow.

    At Once Upon A Child, you often as many baby strollers outside as you find baby furniture and accessories. It recently opened this location in Carrollwood. Photo by Danielle Hauser
  4. Pastries N Chaat brings North India cuisine to North Tampa


    TAMPA — Pastries N Chaat, a new restaurant offering Indian street food, opened this week near the University of South Florida.

    The menu at Pastries N Chaat includes a large variety of Biriyani, an entree owners say is beloved by millions. Photo courtesy of Pastries N Chaat.
  5. 'Garbage juice' seen as threat to drinking water in Florida Panhandle county


    To Waste Management, the nation's largest handler of garbage, the liquid that winds up at the bottom of a landfill is called "leachate," and it can safely be disposed of in a well that's 4,200 feet deep.

    Three samples that were displayed by Jackson County NAACP President Ronstance Pittman at a public meeting on Waste Management's deep well injection proposal. The sample on the left is full of leachate from the Jackson County landfill, the stuff that would be injected into the well. The sample on the right shows leachate after it's been treated at a wastewater treatment plant. The one in the middle is tap water.