Odyssey Marine Exploration Reports Third Quarter 2016 Results

https://globenewswire.com/news-release/2016/11/09/888564/0/en/Odyssey-Marine-Exploration-Reports-Third-Quarter-2016-Results.html

TAMPA, Fla., Nov. 09, 2016 (GLOBE NEWSWIRE) — Odyssey Marine Exploration, Inc. (Nasdaq:OMEX), a pioneer in the field of deep-ocean exploration, reported results for the third quarter ended September 30, 2016.

Third Quarter 2016 Highlights

  • Performed contracted offshore services for our shipwreck business partner, using Odyssey technology and marine personnel, resulting in revenue of $2.9 million.
  • Increased revenue 98%, or $1.4 million, compared to the same quarter last year.
  • Decreased net loss 53% to $2.1 million compared to $4.6 million in the same quarter last year.
  • Increased the total amount of cash available to Odyssey from Epsilon Acquisitions to $6.0 million from $3.0 million through a revised debt instrument with no additional increase in collateral. Epsilon is an investment vehicle controlled by Mr. Alonso Ancira, who is the chairman of MINOSA’s parent company, AHMSA.

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