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Treasure hunter Odyssey Marine Exploration reports quarterly loss

Odyssey Marine Exploration Inc., a deep-sea treasure hunting venture based in Tampa, on Monday reported a quarterly loss as it continues trying to strike it rich from a shipwreck.

The company's loss widened to $5.2 million, or 9 cents a share, up from $3.1 million, or 5 cents a share, a year ago.

Revenue slumped to $2.1 million, down from $2.9 million, and mostly came from charter expeditions rather than artifact sales.

Odyssey, which has raised money from several stock offerings over the years, reported holding $6.2 million in cash as of March 31.

The company also reported that total compensation for Greg Stemm, chief executive officer, was $748,000 in 2010, down from $1.1 million in 2009.

Treasure hunter Odyssey Marine Exploration reports quarterly loss 05/09/11 [Last modified: Monday, May 9, 2011 7:14pm]
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