Odyssey Marine Exploration (NasdaqCM: OMEX), pioneers in the field of deep-ocean shipwreck exploration, today reported full year 2009 financial results.

For the full year 2009, Odyssey reported revenues of $4.3 million, compared to $4.1 million in 2008 while operating expenses decreased $6.4 million from $29.1 million in 2008 to $22.7 million in 2009.

The Company reported a net loss of $18.6 million for the full year 2009, compared to a net loss of $24.8 million in 2008. The net loss per share for the full year 2009 was $0.33, compared to a net loss per share of $0.50 in 2008.

“We are pleased with the results of our 2009 operations, which despite some interesting challenges, saw some key strategic opportunities realized that I believe will have a profound effect on our business going forward. Several significant announcements made in late 2009 and early 2010 represent outstanding new opportunities for Odyssey, including the intention to syndicate multiple shipwreck projects with Robert Fraser & Partners that will mirror the structure of the “Enigma” project already executed. Taking into account expected revenue from multiple sources including these syndicated projects, we believe our current cash position is sufficient to fund operating cash flows through 2010, barring unforeseen circumstances,” said Odyssey CEO Greg Stemm.

“Also in 2009, we acquired a stake in a venture to pursue the exploration of deep-ocean gold and copper deposits. By providing our technical expertise and certain marine assets, we believe this will provide a lucrative future opportunity and is a natural extension to leverage our core competencies in deep-ocean exploration,” stated Stemm.

“In 2010, Odyssey will remain focused on continuing to strengthen our relations with several governments to conduct shipwreck searches with no upfront cost to taxpayers while returning cultural heritage and economic value to the governments. In September 2009, the UK Government awarded Odyssey a salvage award for the two cannon recovered from HMS Victory, while discussions continue to determine future plans for the site. The UK Government also awarded the exclusive salvage contract to Odyssey for the cargo of silver from the SS Gairsoppa,” continued Stemm. “We have a very ambitious operational schedule planned for 2010, with seven separate projects planned, utilizing at least three ships as well as some outstanding new deep ocean assets we have just acquired. We also have some interesting new technology on the drawing board that will extend our capabilities to a depth of 6,000 meters.”
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All four gold ingots from the S.S.Central America made the Top 10 list in the auction results from Heritages Long Beach Signature Sale.

The top performer was the 55.05-Ounce Harris Marchand Gold Ingot. Recovered from the S.S. Central America. CAGB-135, serial number 6526. 55.05 ounces, 875 fineness, stamped value $995.73. Sold For $172,500

From Q. David Bowers, A California Gold Rush History: “Large size ingot. All inscriptions on face with bar horizontally oriented. $ leans sharply left. Reverse finessed or dressed by tapping.”

Though the firm Harris, Marchand & Co. did not last into June 1857, the gold bars stamped that way did, and three dozen bars from the Sacramento office received an unexpected gift of numismatic immortality: they were loaded onto the S.S. Central America, and instead of going to New York to be melted down, they landed at the bottom of the ocean, and over the course of more than a century, they transformed into historic treasures.

Like the majority of known Harris, Marchand & Co. ingots, this example shows irregular punching on the serial number, weight, fineness, and value. The arcing HARRIS MARCHAND & CO imprint and circular MARCHAND / ESSAYEUR stamp, however, are precise and elegant as ever.

The runner-up was the 48.65 Ounce Kellogg & Humbert Gold Ingot. Kellogg & Humbert Assayers, serial number 947, 48.65 oz, 780 fineness, $784.43 face value. Medium to large size, per the classification system by Q. David Bowers in his A California Gold Rush History. Sold for $103,500

Bowers devotes a solid paragraph to the unusual characteristics of this ingot (italics his):

“Inscriptions on face. 48 in weight double punched. Fineness first punched as 87, then corrected to 78 ($784.42), with erroneous under digits still visible. $ sign high, leans right, and touches upper left of 7. Vertically oriented. Reverse stamped with repetition of serial number, but in different font. One of the most amateurishly punched of the many Kellogg & Humbert ingots.”

The top face also shows numerous air bubbles and weakness on the “Kellogg & Humbert Assayers” stamp. Bowers does allow, however, that the S.S. Central America ingots’ individuality is core to their appeal, noting that “[s]uch idiosyncrasies make them fascinating to study.” (more…)

A decade after its first appearance, the precedent-setting “Ship of Gold” display showcasing California Gold Rush-era sunken treasure recovered from the 1857 shipwreck of the SS Central America again will dock in Long Beach, California.

The $10 million exhibit will be publicly displayed during the Long Beach Coin, Stamp & Collectibles Expo in the Long Beach Convention Center, 100 S. Pine Ave., February 4 – 6, 2010.

The three-day show also will feature an exhibit of the all-time finest set of early U.S. half dollars in the PCGS Set RegistrySM.

“The ‘Ship of Gold’ exhibit is coming out of dry dock and returning to its first port of call, the Long Beach Expo,” said Ronald J. Gillio, Expo General Chairman. “The eye-opening display on the convention center floor is housed in a specially-constructed 40-foot long representation of the famous ship’s hull. This will be the first public appearance of the ‘Ship of Gold’ exhibit anywhere in the country in six years.”

The exhibit is courtesy of Monaco Rare Coins of Newport Beach and involved months of work to coordinate the display with collectors who privately own and now have generously loaned many of the items for the exhibit, according to Adam Crum, Monaco Vice President.

“The ‘cargo’ on display will be examples of historic assayers’ ingots as well as San Francisco Mint and California territorial gold coins with a combined value today of over $10 million. One of the highlights is a huge, 662.28 ounce Kellogg & Humbert ingot. Weighing just over 55 troy pounds, it is the fourth largest gold bar recovered from nearly 8,000 feet blow the surface of the Atlantic Ocean where the Central America sank in a hurricane in September 1857 while carrying California gold from Panama to New York City,” said Crum.

There also will be one of the 13 recovered octagonal $50 gold pieces produced by the United States Assay Office of San Francisco, and the remains of a wooden cargo box that still contains approximately 110 Double Eagles as they were found on the ocean floor. Many appear to be 1857-S $20 gold pieces, apparently freshly struck at the San Francisco Mint when they were placed in the container for shipping. (more…)