Sunday, June 17, 2018
Business

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."

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