Shipwreck Coins Sales Slow
hunting firm Odyssey Marine Exploration filed
their second 2008 results with the Securities
and Exchange Commission. Odyssey reported a
decrease of $.6 million in revenue for 2008 that
was mostly due to fewer coins sold.
The company provided updates on shipwreck
projects, including the 17-ton gold and silver
coin find from "Black Swan," the HMS Sussex with
a potential cargo of coins, and the high value
targets in their "Atlas" Search Project.
Odyssey indicated taping has already begun for
the 11-episode primetime TV series for Discovery
Channel scheduled to air in early 2009.
Financially, Odyssey’s second quarter revenue
fell to $1.1 million compared to $1.7 million in
the same period of 2007. The company also
reported a net loss of $5.4 million in the
second quarter compared with a $6.3 million loss
in Q2 of 2007.
Greg Stemm, Odyssey’s Chairman and Chief
Executive Officer commented,
"We are very pleased to report some exciting
developments and progress in all key areas of
Our vessels have undergone extensive repairs and
upgrades and we have had multiple ships hard at
work so far during our "Atlas" work season.
Among our new discoveries were two Colonial era
cannon wrecks which resulted in admiralty
Another major development this past quarter was
our agreement with JWM Productions to produce an
11-episode primetime TV series for Discovery
Channel which is scheduled to air worldwide in
early 2009. JWM is currently following and
filming our team during our shipwreck search and
Our diversified sales programs and business
development initiatives are gaining noticeable
traction which we expect to see pay off in the
Along with all these positive steps, we have
also been able to see increased operating
efficiency in a number of different areas.
With all these elements in place, we are
optimistic about our plans for the balance of
the year and for many years to come."
The company has provided Consolidated Financial
Statements at http://shipwreck.net/pdf/Q208.pdf.
About Odyssey Marine Exploration, Inc.
Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX)
is engaged in the exploration of deep-water
shipwrecks and uses innovative methods and
state-of-the-art technology to conduct extensive
deep-ocean search and archaeological recovery
operations around the world.
Odyssey discovered the Civil War era shipwreck
of the SS Republic in 2003 and recovered over
50,000 coins and 14,000 artifacts from the site
nearly 1,700 feet deep.
In May 2007, the Company announced the largest
historic deep-ocean treasure recovery of over
500,000 silver and gold coins, weighing 17 tons,
from a Colonial era site code-named “Black
Swan.” Odyssey has several shipwreck projects in
various stages of development around the world.
Odyssey’s “SHIPWRECK! Pirates & Treasure”
exhibit is currently on display at the Detroit
Science Center through September 1, 2008. For
details on the Company’s activities and its
commitment to the preservation of maritime
heritage please visit www.shipwreck.net.