Odyssey Marine Exploration Inc disproved a report by Meson Capital Partners that the deep ocean salvage company's coffers would be empty by next year. In a conference call with investors, officials of Odyssey Marine Exploration said they expected to have USD 30 million in cash at the end of 2013. He added that there would be no need to raise equity next year.
Chief Financial Officer Philip S. Devine said the cash forecast at year's end included the company's USD 10 million loan that would be paid off earlier than its June deadline. For the third quarter, Odyssey would only suffer a loss of less than USD 3 million. However, it would post significant net profits in the following quarter. This is because the bulk of the project revenues for the year would be recorded in the fourth quarter.
Odyssey Marine Exploration's Chief Executive Officer Gregory P. Stemm echoed Devine's pronouncement. He said, "Things have never looked better at Odyssey."
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