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Odyssey Marine reports $5.27M loss for first quarter

It's sitting atop 17 tons of salvaged silver that it can't redeem, so it's not surprising that Odyssey Marine Exploration Inc. reported yet another loss for the business quarter that ended March 31.

The Tampa shipwreck salvage company said it lost $5.27 million on revenue of $600,000.

It lost $6.8 million during the same three months in 2008.

The company's most lucrative recent find is a project dubbed "Black Swan," presumed to be an 18th- or 19th-century Spanish shipwreck loaded with up to $500 million in precious metals.

Spain is challenging Odyssey's rights to the silver and gold coins.

The trove remains locked down in Tampa pending a decision in U.S. court.

Odyssey Marine reports $5.27M loss for first quarter 05/08/09 [Last modified: Friday, May 8, 2009 10:51pm]

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