Odyssey Marine Exploration Reports Second Quarter 2020 Results - Seite 3

Second Quarter 2020 Financial Results
Total revenue in the current quarter was $0.5 million, a $0.3 million decrease compared to the same period a year ago.  The revenue generated in each period was a result of performing marine research, project administration and search and recovery operations for our customers and related parties.  One company we provided these services to is a deep-sea mineral exploration company, CIC.

Marketing, general and administrative expense decreased $0.3 million to $1.3 million for the three-month period ended June 30, 2020 compared to $1.6 million from the same period in the prior year.  The key items contributing to this $0.3 million was a decrease of $0.1 million in employee incentives and compensation, $0.1 million in reduction of maritime legal services related to the HMS Victory and a reduction of $0.1 million of professional corporate services.

Operations and research expenses increased by $1.6 million from 2019 to 2020 primarily as a result of the following items: (i) a $2.1 million increase in financed professional fees, which are primarily legal and other expenses directly associated with our NAFTA litigation pursuit, (ii) a $0.2 million decrease in our marine services contracted labor and (iii) a $0.2 million savings in operational overhead reductions.   

Consolidated financial statements as well as Odyssey's Quarterly Report on Form 10-Q for the period ended June 20, 2020, are available on the company's website at www.odysseymarine.com as well as at www.sec.gov.

About Odyssey Marine Exploration
Odyssey Marine Exploration, Inc. (Nasdaq:OMEX) is engaged in deep-ocean exploration using innovative methods and state-of-the-art technology to provide access to critical resources worldwide. Our core focus is the discovery, development and extraction of deep-ocean minerals. Odyssey also provides marine services for private clients and governments. For additional details, please visit www.odysseymarine.com. 

Forward Looking Information
Odyssey Marine Exploration believes the information set forth in this Press Release may include "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Certain factors that could cause results to differ materially from those projected in the forward-looking statements are set forth in "Risk Factors" in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the Securities and Exchange Commission on March 30, 2020. The financial and operating projections as well as estimates of mining assets are based solely on the assumptions developed by Odyssey that it believes are reasonable based upon information available to Odyssey as of the date of this release. All projections and estimates are subject to material uncertainties and should not be viewed as a prediction or an assurance of actual future performance. The validity and accuracy of Odyssey's projections will depend upon unpredictable future events, many of which are beyond Odyssey's control and, accordingly, no assurance can be given that Odyssey's assumptions will prove true or that its projected results will be achieved.