Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX), the world leader in the field of deep-ocean shipwreck exploration, today filed a quarterly report with the Securities and Exchange Commission detailing results of the Company’s third quarter 2008.
For the third quarter of 2008, Odyssey reported revenue of $2.2 million, compared to $1.3 million in the third quarter 2007. The Company also reported a net loss of $6.5 million, compared to a net loss of $5.4 million in the third quarter 2007. The net loss per share for the third quarter 2008 was $.13, compared to a net loss of $.11 per share in the third quarter 2007.
“We are very happy with our results so far this year. We have had some significant operational challenges during the third quarter, but we have seen our offshore team step up in a big way that has yielded some really promising results.
During this season, we located and tentatively identified at least one of our targeted high-value shipwrecks. We also mapped a huge new area of seabed and filed admiralty arrests on four separate sites. The JWM Production crew has followed our teams offshore and onshore, and we are looking forward to the launch of the Discovery Channel primetime series in early 2009. While our vessels, the Odyssey Explorer and Ocean Alert, are both preparing for scheduled repairs and five year surveys in drydock during the winter months, we plan to continue work with a chartered ship during the winter months.
We are looking forward to filing our response to Spain’s motion in the “Black Swan” case and we’re hopeful that the case can then move forward. All in all, we are in great shape as we move into the final quarter of 2008 and are solidifying our position as the world’s leading shipwreck exploration company,” said Greg Stemm, Odyssey Chief Executive Officer.