$OMEX
ODYSSEY MARINE EXPLORATION INC

2013 Q4 Form 10-Q Financial Statement

#000119312513438439 Filed on November 12, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q3
Revenue $17.24M $5.554M $946.1K
YoY Change 117.57% 487.09% -84.07%
Cost Of Revenue $280.0K $169.6K $54.24K
YoY Change 366.67% 212.65% -45.76%
Gross Profit $16.96M $5.385M $891.9K
YoY Change 115.54% 503.78% -84.73%
Gross Profit Margin 98.35% 96.95% 94.27%
Selling, General & Admin $10.39M $4.670M $2.986M
YoY Change 15.06% 56.42% -69.6%
% of Gross Profit 61.27% 86.73% 334.77%
Research & Development $9.200M
YoY Change
% of Gross Profit 170.84%
Depreciation & Amortization $540.0K $500.0K $390.0K
YoY Change 35.0% 28.21% -15.22%
% of Gross Profit 3.18% 9.29% 43.73%
Operating Expenses $10.40M $8.999M $22.65K
YoY Change 15.17% 39634.99% -99.77%
Operating Profit $6.558M -$3.445M $923.4K
YoY Change -664.3% -473.03% -123.26%
Interest Expense $2.690M $894.1K $1.931M
YoY Change 976.0% -53.69% -258.26%
% of Operating Profit 41.02% 209.08%
Other Income/Expense, Net $440.0K $95.43K $2.880M
YoY Change -96.69% 4699.22%
Pretax Income $9.700M -$3.349M $3.803M
YoY Change -1165.93% -188.07% -173.99%
Income Tax $160.0K $235.2K $0.00
% Of Pretax Income 1.65% 0.0%
Net Earnings $10.75M -$3.585M $3.803M
YoY Change -1275.09% -194.26% -173.99%
Net Earnings / Revenue 62.35% -64.53% 401.97%
Basic Earnings Per Share -$0.01 $0.05
Diluted Earnings Per Share $1.545M -$0.01 $0.05
COMMON SHARES
Basic Shares Outstanding 83.59M shares 80.25M shares 78.54M shares
Diluted Shares Outstanding 80.25M shares 81.44M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.32M $11.17M $2.150M
YoY Change 111.09% 419.53% -78.61%
Cash & Equivalents $21.32M $11.17M $2.148M
Short-Term Investments
Other Short-Term Assets $1.080M $1.167M $1.850M
YoY Change 23.6% -36.92% 107.87%
Inventory $314.7K $342.7K $540.0K
Prepaid Expenses $1.025M
Receivables $207.0K $6.682M $15.76M
Other Receivables $530.0K $0.00
Total Short-Term Assets $33.61M $19.93M $20.30M
YoY Change 144.11% -1.84% 68.6%
LONG-TERM ASSETS
Property, Plant & Equipment $9.778M $9.098M $6.760M
YoY Change 51.58% 34.59% -2.59%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change
Other Assets $2.866M $1.269M $6.500M
YoY Change 159.9% -80.48% -5.25%
Total Long-Term Assets $17.85M $15.58M $13.26M
YoY Change 35.97% 17.52% -3.91%
TOTAL ASSETS
Total Short-Term Assets $33.61M $19.93M $20.30M
Total Long-Term Assets $17.85M $15.58M $13.26M
Total Assets $51.46M $35.51M $33.56M
YoY Change 91.33% 5.81% 29.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.473M $2.411M $2.470M
YoY Change 78.21% -2.4% 96.03%
Accrued Expenses $5.294M $4.407M $5.280M
YoY Change -62.32% -16.54% 186.96%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $16.37M $20.83M $24.01M
YoY Change 10.53% -13.24% 602.05%
Total Short-Term Liabilities $27.95M $33.63M $45.71M
YoY Change -28.34% -26.42% 183.38%
LONG-TERM LIABILITIES
Long-Term Debt $5.660M $1.700M $5.370M
YoY Change 41.15% -68.34% 169.85%
Other Long-Term Liabilities $4.640M $4.640M $4.640M
YoY Change 0.0% 0.0% -44.76%
Total Long-Term Liabilities $10.31M $6.345M $10.01M
YoY Change 19.08% -36.62% -3.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.95M $33.63M $45.71M
Total Long-Term Liabilities $10.31M $6.345M $10.01M
Total Liabilities $38.25M $39.98M $55.72M
YoY Change -19.73% -28.25% 110.11%
SHAREHOLDERS EQUITY
Retained Earnings -$176.0M -$186.7M
YoY Change 6.5%
Common Stock $193.3M $8.148K
YoY Change 2562628.24%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.21M -$1.563M -$22.16M
YoY Change
Total Liabilities & Shareholders Equity $51.46M $35.51M $33.56M
YoY Change 91.33% 5.81% 29.88%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $10.75M -$3.585M $3.803M
YoY Change -1275.09% -194.26% -173.99%
Depreciation, Depletion And Amortization $540.0K $500.0K $390.0K
YoY Change 35.0% 28.21% -15.22%
Cash From Operating Activities $15.11M -$8.260M -$11.65M
YoY Change -15.59% -29.1% 131.15%
INVESTING ACTIVITIES
Capital Expenditures -$1.210M -$660.0K -$250.0K
YoY Change 1110.0% 164.0% 56.25%
Acquisitions
YoY Change
Other Investing Activities -$1.250M
YoY Change
Cash From Investing Activities $40.00K -$1.910M -$250.0K
YoY Change -140.0% 664.0% 56.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.000M 11.01M 10.52M
YoY Change -49.29% 4.66% -559.39%
NET CHANGE
Cash From Operating Activities 15.11M -8.260M -11.65M
Cash From Investing Activities 40.00K -1.910M -250.0K
Cash From Financing Activities -5.000M 11.01M 10.52M
Net Change In Cash 10.15M 840.0K -1.380M
YoY Change 27.83% -160.87% -81.58%
FREE CASH FLOW
Cash From Operating Activities $15.11M -$8.260M -$11.65M
Capital Expenditures -$1.210M -$660.0K -$250.0K
Free Cash Flow $16.32M -$7.600M -$11.40M
YoY Change -9.33% -33.33% 133.61%

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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.
us-gaap Accelerated Share Repurchases Final Price Paid Per Share
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<div> <p style="MARGIN-TOP: 18pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> <b>Use of Estimates</b></p> <p style="MARGIN-TOP: 6pt; TEXT-INDENT: 8%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> 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.</p> </div>
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omex Alternative Minimum Tax Rate
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OtherNonoperatingIncome
114980
CY2013Q3 us-gaap Profit Loss
ProfitLoss
-931393
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-3444721
CY2013Q3 us-gaap Gain On Derivative Instruments Pretax
GainOnDerivativeInstrumentsPretax
870453
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-3349290
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
-3584539
CY2013Q3 us-gaap Investment Income Nonoperating
InvestmentIncomeNonoperating
4074
CY2013Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-2653146
CY2013Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
169573
CY2013Q3 us-gaap Interest Expense
InterestExpense
894076
CY2013Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9199649
CY2013Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
882933
CY2013Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
505646
CY2013Q3 us-gaap Operating Expenses
OperatingExpenses
8999181
CY2013Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4670196
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
235249
CY2013Q3 omex Exhibit Revenue
ExhibitRevenue
19527
CY2013Q3 omex Redemptions Of Senior Convertible Notes
RedemptionsOfSeniorConvertibleNotes
230300
CY2013Q3 omex Derivative Income Expense Net
DerivativeIncomeExpenseNet
870453
CY2013Q3 omex Operations And Research
OperationsAndResearch
4159412
CY2013Q3 omex Shares Used In Computation For Earning Per Share Basic
SharesUsedInComputationForEarningPerShareBasic
80252203 shares
CY2013Q3 omex Marketing General And Administrative Expenses
MarketingGeneralAndAdministrativeExpenses
26749
CY2013Q3 omex Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-931393
CY2013Q3 omex Contractual Cost Recoupment
ContractualCostRecoupment
9226398

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