Odyssey Marine Exploration's on Q3 2014 Results - Earnings

SS Central America

From Seeking Alpha - Mark Gordon Call Transcript


"Good afternoon and thank you for joining us today to discuss Odyssey Marine Exploration’s Third Quarter Results ended September 30, 2014. With us today are Mark Gordon, Odyssey’s Chief Executive Officer and President as well as Philip Devine, the company’s Chief Financial Officer.

Following their remarks, we will open up call for your question. Then before we conclude today’s call I’ll provide the necessary precautions regarding forward-looking statements made by management during this call as well as a special note to U.S. investors regarding disclosure of mineral deposits as referenced in the SEC’s Industry Guide 7.

We would like to remind everyone that this call is available for replay through December 10, 2014 starting later this evening. A webcast replay will also be available via the link provided in company’s earnings release as well as available on Odyssey’s website.

During this call, you can also send written questions by sending them via the webcast system. We may not have time to take everyone’s questions but if you submit questions via the webcast system we will answer all remaining questions via email after the call.

Now I’d like to turn the call over to CEO Mark Gordon. Please go ahead, sir.

Mark Gordon - Chairman & CEO

Well thank you, operator. Good afternoon, everyone, thank you for joining us. This is my first conference call since taking over as CEO and I want to thank all of you who have expressed their congratulations and support over the past month or so. I hit the ground running in my new position and we’ve already started implementing refinements to the business plan. We want Odyssey to be the company investors want to invest in, the place the best and the brightest want to work, and an organization our partners want to do business with.

We understand that our shareholders and the investment community want us to maintain a business model of leveraged returns but they also want us to focus of financial discipline in our business planning to generate more cash inflows from operations and from our investments.

To this end, we've recently implemented and improved investment analysis process which I believe will have a great impact on our business planning process. I believe that in our future filings and calls you’ll see a significant and positive transformation in our operating results.

In the few short months since our last call, we made significant progress on our shipwreck and mineral projects. We completed the 2014 season’s recovery operations at the SS Central America shipwreck site where we recovered more than 15,500 silver and gold coins, 45 gold ingots, gold dust, nuggets, jewelry and various other artifacts.

We installed and are currently testing a new state of the art deep ocean search systems acquired for use in our deep ocean 20th century shipwreck and mineral exploration programs"....

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