$OMEX
ODYSSEY MARINE EXPLORATION INC

2013 Q2 Form 10-Q Financial Statement

#000119312513326785 Filed on August 08, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $253.7K $1.427M
YoY Change -82.21% -78.83%
Cost Of Revenue $95.08K $89.89K
YoY Change 5.78% 79.78%
Gross Profit $158.7K $1.337M
YoY Change -88.13% -80.02%
Gross Profit Margin 62.53% 93.7%
Selling, General & Admin $2.929M $2.483M
YoY Change 17.94% -67.41%
% of Gross Profit 1845.8% 185.75%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $450.0K $400.0K
YoY Change 12.5% -18.37%
% of Gross Profit 283.62% 29.92%
Operating Expenses $12.53M $12.13M
YoY Change 3.36% 59.15%
Operating Profit -$12.28M -$10.70M
YoY Change 14.77% 1050.64%
Interest Expense $918.5K $1.680M
YoY Change -45.32% -267.99%
% of Operating Profit
Other Income/Expense, Net $1.082M -$4.889M
YoY Change -122.12% 48793.97%
Pretax Income -$11.20M -$15.59M
YoY Change -28.16% 707.79%
Income Tax -$50.00K $0.00
% Of Pretax Income
Net Earnings -$11.15M -$15.59M
YoY Change -28.48% 707.79%
Net Earnings / Revenue -4393.97% -1092.81%
Basic Earnings Per Share -$0.14 -$0.21
Diluted Earnings Per Share -$0.14 -$0.21
COMMON SHARES
Basic Shares Outstanding 79.35M shares 73.23M shares
Diluted Shares Outstanding 79.35M shares 73.23M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.34M $3.540M
YoY Change 192.09% -79.81%
Cash & Equivalents $10.34M $3.536M
Short-Term Investments
Other Short-Term Assets $2.483M $4.450M
YoY Change -44.2% 378.49%
Inventory $326.3K $540.0K
Prepaid Expenses
Receivables $300.6K $250.0K
Other Receivables $0.00
Total Short-Term Assets $13.63M $8.780M
YoY Change 55.27% -55.23%
LONG-TERM ASSETS
Property, Plant & Equipment $8.934M $6.890M
YoY Change 29.66% -12.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change
Other Assets $1.269M $6.700M
YoY Change -81.05% -4.15%
Total Long-Term Assets $15.57M $13.59M
YoY Change 14.54% -8.73%
TOTAL ASSETS
Total Short-Term Assets $13.63M $8.780M
Total Long-Term Assets $15.57M $13.59M
Total Assets $29.20M $22.37M
YoY Change 30.53% -35.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.319M $5.470M
YoY Change -2.75% 416.04%
Accrued Expenses $2.775M $1.730M
YoY Change 60.4% 22.7%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $14.67M $12.86M
YoY Change 14.07% 120.96%
Total Short-Term Liabilities $29.62M $35.69M
YoY Change -17.01% 78.54%
LONG-TERM LIABILITIES
Long-Term Debt $560.0K $7.580M
YoY Change -92.61% 273.4%
Other Long-Term Liabilities $4.640M $8.400M
YoY Change -44.76% 2.44%
Total Long-Term Liabilities $5.199M $15.98M
YoY Change -67.46% 56.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.62M $35.69M
Total Long-Term Liabilities $5.199M $15.98M
Total Liabilities $34.82M $51.67M
YoY Change -32.62% 70.92%
SHAREHOLDERS EQUITY
Retained Earnings -$185.8M
YoY Change
Common Stock $7.963K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$5.364M -$29.30M
YoY Change
Total Liabilities & Shareholders Equity $29.20M $22.37M
YoY Change 30.53% -35.16%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income -$11.15M -$15.59M
YoY Change -28.48% 707.79%
Depreciation, Depletion And Amortization $450.0K $400.0K
YoY Change 12.5% -18.37%
Cash From Operating Activities -$10.34M -$8.660M
YoY Change 19.4% 103.29%
INVESTING ACTIVITIES
Capital Expenditures -$260.0K -$260.0K
YoY Change 0.0% 52.94%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$260.0K -$260.0K
YoY Change 0.0% 52.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.890M 7.380M
YoY Change 34.01% -53.44%
NET CHANGE
Cash From Operating Activities -10.34M -8.660M
Cash From Investing Activities -260.0K -260.0K
Cash From Financing Activities 9.890M 7.380M
Net Change In Cash -710.0K -1.540M
YoY Change -53.9% -113.49%
FREE CASH FLOW
Cash From Operating Activities -$10.34M -$8.660M
Capital Expenditures -$260.0K -$260.0K
Free Cash Flow -$10.08M -$8.400M
YoY Change 20.0% 105.38%

Facts In Submission

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ODYSSEY MARINE EXPLORATION INC
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us-gaap Preferred Stock Redemption Terms
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Odyssey has the option to redeem the Series G Preferred, in whole or in part, at any time after December 15, 2010 at a redemption price of 100% of the liquidation value. Commencing after March 31, 2011, the redemption price increases 1.0% each month without cap. Each holder will have the option to require Odyssey to redeem the Series G Preferred, in whole or in part, at any time after December 15, 2011 at a redemption price commencing at 109% of the liquidation value, which increases 1.0% each without cap such that, after December 15, 2011, the holder’s and Odyssey’s redemption prices will equal. In either case, the redemption price to be paid by Odyssey for each share of Series G Preferred will be the redemption prices referred to above plus accrued dividends.
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Use of Estimates</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 8%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Management used estimates and assumptions in preparing these financial statements in accordance with generally accepted accounting principles. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could vary from the estimates that were used.</font></p> </div>
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