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Odyssey Marine Exploration Inc. Message Board

  • whatsupthisyear whatsupthisyear Dec 30, 2013 12:58 PM Flag

    Profits About to Climb

    At the end of last quarter, OMEX had 11.6 million in cash and 19 million in current assets overall. Their total current liabilities were 33.6 million. At the end of the year, tomorrow, they will have 30 million in cash and about 23.6 million in current liabilities. The current liabilities could be lower if they have reduced their 2.4 million in accounts payable. At the same time, their current assets could be less than 37 million if they have collected enough to reduce their accounts receivable from 6.6 million.

    To put this in perspective, last year at this time they had 10.3 million in cash, about a third of what they will have this year. They had 13.7 million in current assets, slightly more than a third of what they will end the year with. They also had 39 million in current liabilities, substantially more than they will end with this year.

    They also have the Oceanica asset that they didn't have at this time last year, and they still have good prospects going forward on their historical and commodity shipwreck programs. They are no longer a cash starved company trying to finance the next six months. The 4th quarter is about to end as a substantially profitable one.

    Gar needs to stop looking at OMEX through a rear view mirror. It is making it difficult for him to see the mountain of profits coming up in front of him.

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    • For profits to "climb" there has to be profits to begin with.

    • Which numbers are you reading from, you just cant seem to get it straight. Why didnt you redo you numbers from the information on the G silver in the Q?

      $11.7MM in cash.and acct rec to $19.9MM current assets

      $6.8MM (not $2.4MM as your 'math' shows) in acct payable (if they have $11.7MM in cash, why is their nearly $7MM in unpaid bills)

      $23.98MM in current liabilites to $37.07MM in total liabilites

      IF they monetize all of the rest of the silver in 4Q, that will add about $16MM with $9.2MM taken off for costs. That will leave $7MM in revenue. (That covers accts payable)

      To get close to $30MM cash, they would have to add the entire $16MM to the existing $12MM, that is about $28MM total, then dont figure in the costs from the G, and pay no bills.
      Unfortunately, the bills and 4Q costs make liabilities go to $50MM.

      How they massage that into the numbers remains to be seen. (you only have to wait a few weeks to find out!)

      • 1 Reply to garscrappa
      • Again, looks like this was pretty close, from Dec 30:

        "To get close to $30MM cash, they would have to add the entire $16MM to the existing $12MM, that is about $28MM total, then dont figure in the costs from the G, and pay no bills."

        I see why they waited to announce the Mako exercise, $2.5MM. SO according to the message board math, that makes Oceanica worth $250MM??

        The market is responding to the great news.

0.698-0.052(-6.92%)Feb 27 3:59 PMEST

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