Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of shipwreck explorer Odyssey Marine Exploration, Inc. (NASDAQ:OMEX) jumped as much as 14% in early trading today after reporting earnings and settled to a 4% gain late in the day.
So what: Total revenue jumped 118% in the fourth quarter to $17.2 million as the company sold most of the silver from the SS Gairsoppa. That led to a profit of $10.8 million, or $0.13 per share, up from a slight loss a year ago.
Now what: Results can be choppy for Odyssey Marine quarter to quarter but the profit and $32.0 million in cash are positives in the short term. The subsidiary Oceanica also sold a minority stake in its mineral deposit for $27.5 million and a new assessment estimates there are 505 million ore tonnes of high-quality phosphorite in the deposit site. When combined with new wreck contracts for the SS Central America and new underwater capabilities the future is looking bright. Expect more choppy results ahead, but if you can stomach the rough waters, the gold at the bottom of the ocean could be worth the ride.