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Odyssey Marine's future 5/13/2016
Tampa Bay Times 5/13/2016 article in part states:
The days of portraying Tampa's Odyssey Marine Exploration as a swashbuckling seeker of deep-sea shipwrecks with cargoes full of gold are fading fast.
The company, long struggling for sustained profitability, has sold off or leveraged much of what it once owned. Now it's scraping by, contracting out its underwater expertise for a Mediterranean commercial survey project, cutting costs and watching its stock fall, despite a recent 1-for-12 reverse stock split.
The company reports its latest quarterly revenues rose to $582,000 from a mere $115,000 in the first quarter of 2015. Odyssey squeezed out earnings of $85,000 in the quarter after suffering a $9.7 million loss a year earlier.
The company's chief business opportunity, a deal to dredge underwater deposits of phosphate in Mexican waters, was recently derailed after Mexico expressed environmental concerns. Odyssey Marine CEO Mark Gordon insists the so-called Don Diego project is not dead but will be restructured to try to meet Mexico's concerns. "We have filed new documents with the Mexican authorities and we have hired additional environmental experts and other advisers to move the project forward," Gordon said. "We can assure you, that Odyssey and its partners remain committed to pursuing the Don Diego phosphate dredging project through ultimate approval."
*For the rest of the article please click the link at the top of this post*
Tampa Bay Times 5/13/2016 article in part states:
The days of portraying Tampa's Odyssey Marine Exploration as a swashbuckling seeker of deep-sea shipwrecks with cargoes full of gold are fading fast.
The company, long struggling for sustained profitability, has sold off or leveraged much of what it once owned. Now it's scraping by, contracting out its underwater expertise for a Mediterranean commercial survey project, cutting costs and watching its stock fall, despite a recent 1-for-12 reverse stock split.
The company reports its latest quarterly revenues rose to $582,000 from a mere $115,000 in the first quarter of 2015. Odyssey squeezed out earnings of $85,000 in the quarter after suffering a $9.7 million loss a year earlier.
The company's chief business opportunity, a deal to dredge underwater deposits of phosphate in Mexican waters, was recently derailed after Mexico expressed environmental concerns. Odyssey Marine CEO Mark Gordon insists the so-called Don Diego project is not dead but will be restructured to try to meet Mexico's concerns. "We have filed new documents with the Mexican authorities and we have hired additional environmental experts and other advisers to move the project forward," Gordon said. "We can assure you, that Odyssey and its partners remain committed to pursuing the Don Diego phosphate dredging project through ultimate approval."
*For the rest of the article please click the link at the top of this post*
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