Odyssey Marine Exploration Announces 2008 Financial Results

From Odyssey Marine Exploration

Odyssey Marine Exploration (Nasdaq:OMEX - News), pioneers in the field of deep-ocean shipwreck exploration, today reported full year 2008 financial results.

For the full year 2008, Odyssey reported revenues of $4.1 million, compared to $6.1 million in 2007. The Company reported a net loss of $24.8 million for the full year 2008, compared to a net loss of $23.8 million in 2007. The net loss per share for the full year 2008 was $0.50, compared to a net loss per share of $0.54 in 2007.

Operating expenses decreased $0.8 million from $29.9 million in 2007 to $29.1 million in 2008. While operations and research expenses increased $4.3 million from $14.3 million in 2007 to $18.6 million in 2008, marketing, general and administrative expenses decreased $3.5 million from $13.3 million to $9.8 million. In addition, the cost of sales was $1.7 million lower in 2008 than in 2007.

Odyssey attributed the 2008 increase in operations and research expense to several factors, including increased vessel operating expenses ($2.8 million) related to additional ship charters utilized to supplement our operating schedule in the “Atlas” search area while the Ocean Alert was undergoing repairs, as well as vessel repair and maintenance expenses ($2.1 million), offset by lower themed attraction expenses ($0.6 million).