Odyssey Marine posts quarterly loss of almost $11 million

Published Aug. 8, 2013

Revenues for Tampa treasure hunting firm Odyssey Marine Exploration fell in the second quarter as the company lost nearly $11 million.

Total revenue for the quarter ended June 30 was $300,000, down from $1.4 million during the same period a year ago, Odyssey reported Thursday. Sales were helped by $25 million in cash that Odyssey received in selling a 23 percent stake in Oceanica Resources, a mineral exploration firm.

The loss of $10.9 million, or 14 cents per share, was an improvement from a loss of $15.6 million, or 21 cents per share, in the year-ago quarter.

Last month, Odyssey reported the recovery of its largest haul, 61 tons of silver from the sunken British cargo ship SS Gairsoppa. It was reportedly the largest precious metal recovery in history.

Under a contract with the British government, Odyssey will retain 80 percent of the value of the silver it recovers, estimated at $210 million. Odyssey's stock fell 2 percent to $3.55 per share Thursday. Earnings were released after the close of market.