Odyssey Marine 2009 financial results

From Yahoo Finance

For the full year 2009, Odyssey reported revenues of $4.3 million, compared to $4.1 million in 2008 while operating expenses decreased $6.4 million from $29.1 million in 2008 to $22.7 million in 2009.

The company reported a net loss of $18.6 million for the full year 2009, compared to a net loss of $24.8 million in 2008. The net loss per share for the full year 2009 was $0.33, compared to a net loss per share of $0.50 in 2008.

"We are pleased with the results of our 2009 operations, which despite some interesting challenges, saw some key strategic opportunities realized that I believe will have a profound effect on our business going forward.

Several significant announcements made in late 2009 and early 2010 represent outstanding new opportunities for Odyssey, including the intention to syndicate multiple shipwreck projects with Robert Fraser & Partners that will mirror the structure of the "Enigma" project already executed.

Taking into account expected revenue from multiple sources including these syndicated projects, we believe our current cash position is sufficient to fund operating cash flows through 2010, barring unforeseen circumstances," said Odyssey CEO Greg Stemm.

"Also in 2009, we acquired a stake in a venture to pursue the exploration of deep-ocean gold and copper deposits.

By providing our technical expertise and certain marine assets, we believe this will provide a lucrative future opportunity and is a natural extension to leverage our core competencies in deep-ocean exploration," stated Stemm.

"In 2010, Odyssey will remain focused on continuing to strengthen our relations with several governments to conduct shipwreck searches with no upfront cost to taxpayers while returning cultural heritage and economic value to the governments.

In September 2009, the UK Government awarded Odyssey a salvage award for the two cannon recovered from HMS Victory, while discussions continue to determine future plans for the site.

The UK Government also awarded the exclusive salvage contract to Odyssey for the cargo of silver from the SS Gairsoppa," continued Stemm.

"We have a very ambitious operational schedule planned for 2010, with seven separate projects planned, utilizing at least three ships as well as some outstanding new deep ocean assets we have just acquired.

We also have some interesting new technology on the drawing board that will extend our capabilities to a depth of 6,000 meters."