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Odyssey Outlook Fine After $6.5 Million Loss

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By RUSSELL RAY

rray@tampatrib.com

Published: November 12, 2008

TAMPA - Odyssey Marine Exploration, the company that recovered a sunken treasure worth an estimated $500 million from the Atlantic Ocean last year, said late Monday that it lost $6.5 million, or 13 cents a share, in the third quarter.

The treasure won't be reflected in Odyssey's financial results until ownership of the loot - 17 tons of colonial-era coins - is determined by a federal court in Tampa. Odyssey could be ordered to return the coins to Spain, which has claimed ownership of the entire haul.

Odyssey will file its response to Spain's claim next week in U.S. District Court in Tampa.

Executives attributed the loss to fewer coin sales and $6.1 million in operating and research expenses related to the search and development of several shipwrecks.

Last week, Odyssey said it found two more shipwrecks near the English Channel and that both are "beyond the territorial waters" of any nation. "All in all, we are in great shape as we move into the final quarter of 2008," said Odyssey CEO Greg Stemm.

Despite the quarterly loss, revenue rose 69 percent to $2.2 million compared with the same quarter last year. The increase in revenue stems from a $1.4 million payment from the Discovery Channel, which plans to broadcast 11 episodes about Odyssey's deep-sea adventures beginning early next year.

Reporter Russell Ray can be reached at (813) 259-7870.

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