Friday, September 24, 2004


Odyssey Announces Preliminary Second Quarter Earnings and Effects of Weather on Operations


Press Release
Friday September 24, 12:44 pm ET

TAMPA, Fla.--(BUSINESS WIRE)--Sept. 24, 2004--Odyssey Marine Exploration, Inc (AMEX:OMR - News), a leader in the field of deep ocean shipwreck exploration has estimated revenue and earnings per share for the company's second quarter of the current fiscal year, which ended August 31, 2004.

Based on preliminary financial results, Odyssey expects total consolidated revenue to be approximately $6.2 million and after tax earnings to be approximately $2.4 million or $.06 per share for the second quarter.

This would result in estimated year to date total revenue of approximately $9.6 million and after tax earnings of $2.9 million or $.07 per share. Actual second quarter results will be reported in the upcoming Form 10-QSB, which will be filed in mid-October.

"While the recent hurricanes have understandably interfered with operations on the Republic project, our personnel, equipment, facilities and inventory have not sustained hurricane damage," stated John Morris, Odyssey's co-founder and CEO.

"Not surprisingly, weather-related issues have also affected the delivery and installation of new equipment required for the Sussex project. We are now making final preparations to begin the Sussex project, including obtaining the British Government's final approval of our current staffing plan."

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