Odyssey Marine Exploration Reports Full Year 2016 Results

http://www.euroinvestor.com/news/2017/03/10/odyssey-marine-exploration-reports-full-year-2016-results/13551181

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.

2016 Highlights

  • 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.

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