TAMPA, Fla., March 10, 2017 (GLOBE NEWSWIRE) — Odyssey Marine Exploration, Inc. (NASDAQ:OMEX), a pioneer in the field of deep-ocean exploration, reports results for full year ended December 31, 2016.
- Generated $4.7 million in revenue from operations, compared to $3.4 million in revenue from operations in 2015, a 38% increase.
- Continued to actively manage costs, reducing operating expenses 43% from prior year
- Decreased net loss 65% from $18.2 million in 2015 to $6.3 million in 2016, with the net loss per share decreased from $2.46 in 2015 to $.84 per share in 2016.
- Launched CLIO Offshore, a division of Odyssey, which is focused on generating cash from the provision of services to the third-party clients including survey, remotely operated vehicle (ROV) and recovery services. This allows us to leverage our seasoned technical team and assets between major projects.
- Completed the first contract for offshore services for our shipwreck business partner using Odyssey technology and marine personnel, resulting in revenue of $2.9 million.
- Continued to support subsidiaries’ pursuit of environmental approval to begin recovery of phosphate sands from the Don Diego project and development of additional mineral projects.