Odyssey Marine Exploration Inc (NASDAQ:OMEX) Records Double Digit Growth
Odyssey Marine Exploration Inc (NASDAQ:OMEX) reported its fourth quarter and full year 2013 results before markets opened yesterday. The deep ocean mining speciality firm posted record fourth quarter profits coupled with revenue increase.
Record Profits and Revenue Reported for 4Q & 2013
Its revenue for the 4Q reached $17.2 million on the back of which the net profits went up to $10.8 million for the reporting quarter. Earnings per share came in at 13 cents for 4Q. These huge gains by the $199 million market capped firm was accomplished on the back of a superlative operational effort by the mining firm in which it was able to leverage the full potential of its silver recovery process.
Fourth Quarter And Full Year Highlights
The fourth quarter revenue recorded was a 118 percent increase over same quarter, last year compare. The firm has ascribed the increase to the “SS Gairsoppa silver monetization” effort. Net loss for 4Q12 was 9 cents per share against this year’s earnings reported above. Cash from operations stood at a healthy $32 million which was almost three times more than the $10.4 million it had recorded in 4Q12. From its full year 2013 operations, the company reported revenues of $23.9 million well above the $13.2 million it had recovered in 2012.
While congratulating his team for the stupendous success in the past fiscal, Odyssey Marine Exploration Inc (NASDAQ:OMEX) Chief Executive Officer, Director Gregory P. Stemm has been quoted to have commented that, “This past year was also an important year for the validation of our new mineral exploration business that leverages our deep-ocean exploration capabilities to discover undersea mineral deposits. I believe that this segment of our business will continue to lead to significant cash generation opportunities as well as long-term value for shareholders.” The CEO also reported that the firm was in receipt of $27.5 million in cash as proceeds from sale of Its stake in Oceanica deposit.