Saturday, March 18, 2006


Odyssey reports loss


Tampa Bay Business Journal
March 15, 2006

Odyssey Marine Exploration reported revenue of $10 million for 2005, a decrease of $7.6 million from the previous year.

The Tampa company also had a net loss of $14.9 million for last year. For 2004, Odyssey had net income of $5.2 million.

Odyssey attributed the loss to a smaller customer base, fewer high-value gold coins, lower than expected direct sales and the impact of Hurricane Katrina on the company's shipwreck attraction in New Orleans.

Odyssey also reported that "the impact of tax accounting standards resulted in a full valuation allowance against its deferred tax asset," reducing net income by $7.8 million.

The company has several shipwreck exploration projects around the world.


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