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The Tampa Tribune

Published: November 7, 2007

TAMPA BAY AREA

Tampa-based Odyssey Marine Exploration increased revenue while its loss rate eased off in the third quarter on lower expenses, the company said Wednesday.

Odyssey reported revenue of $1.3 million, compared with $600,000 for the same three months last year, as more coins were sold. The company also started receiving admission revenue to an attraction it opened in June at Tampa's Museum of Science & Industry.

Net losses for the quarter that ended Sept. 30 reached $5.4 million, or 11 cents per share, compared with a net loss of $6.2 million, or 13 cents per share, for the third quarter of 2006.

NATION

Worker productivity surged this summer at the fastest pace in four years and labor expenses fell for the first time in more than a year, easing some inflation pressures in the economy.

Greater efficiency makes it less likely companies will raise prices to make up for higher costs of raw materials, including fuel. The figures may be welcomed by Federal Reserve policymakers, who last week cut interest rates and said they are concerned about outlooks for inflation and growth.

Productivity - how much an employee produces for each hour of work - rose at an annual rate of 4.9 percent in the third quarter, the most in four years and up from 2.2 percent in the previous three months, the Labor Department said Wednesday. Wage expenses dropped 0.2 percent.

Still, many economists predict productivity will slow during the next two quarters, as overall growth slows, but will rebound again in late 2008 and 2009 as the overall economy rebounds.

Federal regulators on Wednesday announced nearly $7.7 million in settlements with six companies - including Craftmatic Industries and ADT Security Services - accused of calling people on the national Do Not Call list.

The Federal Trade Commission said Craftmatic, maker of adjustable beds, would pay the biggest fine - $4.4 million in civil penalties. ADT agreed to a $2 million settlement, the FTC said.

The four other companies were: Ameriquest Mortgage Co., Alarm King, Direct Security Services and Guardian Communications.

U.S. oil supplies fell last week for the third straight period, said a government report released Wednesday, a trend that has propelled prices toward $100 per barrel. Stockpiles of gasoline also dropped, confounding analysts' estimates calling for inventories of the motor fuel to rise slightly.

A staff and wire report

Watch the Tribune's Business report at 5, 6 and 11 a.m. weekdays and 9 a.m. Saturdays on WFLA-TV.

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