Friday, May 12, 2006

 

Odyssey Marine sinking fast in a sea of red ink

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CDNN
May 10, 2006


TAMPA BAY, Florida -- The past fiscal year was not good to Odyssey Marine Exploration. First quarter reports continue the gloom.

The Tampa-based shipwreck exploration company reported a net loss of $3.9 million, or 9 cents a share, or revenue of $865,179 compared with a net loss of $11,900, or flat per share, on revenue of $3.4 million for the same period last year.

Odyssey Marine (AMEX: OMR) is hoping to implement new business development and marketing strategies that will help increase revenue, Michael Barton, chief executive officer, said in a release.

One of the basics of the strategies is to find more shipwrecks with valuable cargo and the search and recovery teams have become more aggressive in their searches, Barton said. Company executives believe that there are five high-value wrecks within the Atlas site in the Mediterranean Sea.

Another change is the outsourcing of inbound sales inquiries to an experienced marketing call center that will allow other business personnel time to pursue wholesale sales channels and other joint venture opportunities.

Sales dropped because of the decline in availability of higher quality gold coins, the company said in the release. It is taking steps to develop additional indirect sales channels to supplement the sales to independent coin dealers of non-graded gold coins, shipwreck effect silver coins and other merchandise.

SOURCE - Tampa Bay Business Journal


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