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Tampa trio loses millions

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  • | 4:21 p.m. August 9, 2011
  • Tampa Bay-Lakeland
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TAMPA — Three public companies headquartered in Tampa — SRI Surgical Express Inc., Odyssey Marine Exploration Inc., and Walter Investment Management Corp. — each reported net losses for the second quarter of 2011, through updated financials issued yesterday.

Perhaps the strongest performer of the group was Walter Investment (symbol: WAC), which had its results conflated by a $9.1 million acquisition expense, the result of a merger with GTCS Holdings LLC. Without that one item, the company would have reported profits of more than $5 million, rather than the $3.4 million in net losses it posted. Walter Investment is currently transitioning from a real estate investment trust to a fee-based business services company.

Odyssey Marine (symbol: OMEX) posted $1.9 million in losses, but that total actually represents a better bottom-line performance than last year's second quarter, when the firm lost $3.5 million. Odyssey's revenues increased as well, up from $4.3 million to $6.7 million.

SRI Surgical (symbol: STRC) posted a net loss of $720,000 on $26.8 million in revenues. A year ago, SRI lost $184,000 on $25 million in revenues. This year's expenses were pushed upward by increased claims costs, plus $260,000 in additional spending because of rising commodities prices.


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