Deep Down at a Glance:
Share Price†: | Cash*: | ||
52-Week Range†: | Book Value*: | ||
Shares Out.†: | 11.9M | Price / Book Value: | 0.7x |
Market Cap†: | TTM Revenue: | ||
*As of 06/30/22; †As of |
“We are dedicated to the growth of our business, and during the quarter, we saw a glimpse of what that growth could entail. We expanded our cable management expertise beyond our traditional oil and gas offerings by providing cable management services for a military project in the northern half of
“The growth of our business remains a top priority and managing cash flow and preserving liquidity remains of critical importance. Bidding and project activity remain strong, and we are confident our streamlined operations and continued focus on our core strengths will enable us to be the primary choice for our customers. This, combined with our recent rebranding efforts to Koil Energy and the upcoming move to our new headquarters later this year, will provide us with the momentum needed to achieve this desired growth.”
Operating Results
Deep Down’s revenues for the three months ended
Gross profit for Q2 2022 was
Operating expenses were
Due to the factors discussed above, Deep Down reported a Q2 2022 net profit of
Deep Down reported a modified EBITDA of
Share Repurchases
On
No shares of common stock were purchased during the quarter ended
Financial Strength
At
Conference Call Details:
1-833-630-1956 for domestic callers | |
1-412-317-1837 for international callers | |
Webcast/Replay URL: | https://edge.media-server.com/mmc/p/b77jxdz2 |
Replay: | Available through |
About
Deep Down (now Koil Energy Solutions) is a leading energy services company offering subsea equipment and support services to the world’s energy and offshore industries. We provide innovative solutions to complex customer challenges presented between the production facility and the energy source. Our core services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads, and related services. Additionally, Deep Down’s highly experienced team can support subsea engineering, manufacturing, installation, commissioning, and maintenance projects located anywhere in the world.
Forward-Looking Statements
Any forward-looking statements in the preceding paragraphs of this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties in that actual results may differ materially from those projected in the forward-looking statements. In the course of operations, we are subject to certain risk factors, competition and competitive pressures, sensitivity to general economic and industrial conditions, international political and economic risks, availability and price of raw materials and execution of business strategy. For further information, please refer to the Company's filings with the
Investor Relations:
ir@koilenergy.com
281-862-2201
SUMMARY FINANCIAL DATA
(UNAUDITED)
Comparative Condensed Consolidated Income Statement
Three Months Ended | Six Months Ended | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
(In thousands, except per share amounts) | |||||||||||||||
Revenues | $ | 3,499 | $ | 4,528 | $ | 7,100 | $ | 8,450 | |||||||
Cost of sales | 2,018 | 3,122 | 4,204 | 5,316 | |||||||||||
Gross profit | 1,481 | 1,406 | 2,896 | 3,134 | |||||||||||
Total operating expenses | 1,475 | 1,830 | 3,203 | 3,442 | |||||||||||
Operating income (loss) | 6 | (424 | ) | (307 | ) | (308 | ) | ||||||||
Total other (income) expense | (181 | ) | (1,154 | ) | (235 | ) | (1,190 | ) | |||||||
Income (loss) before income tax expense | 187 | 730 | (72 | ) | 882 | ||||||||||
Income tax expense | 10 | 6 | 15 | 10 | |||||||||||
Net income (loss) | $ | 177 | $ | 724 | $ | (87 | ) | $ | 872 | ||||||
Net income (loss) per share, basic and diluted | $ | 0.01 | $ | 0.06 | $ | (0.01 | ) | $ | 0.07 | ||||||
Weighted-average shares outstanding, basic and diluted | 12,057 | 12,444 | 12,136 | 12,439 | |||||||||||
Comparative Condensed Consolidated Balance Sheets
2022 | 2021 | ||||||
(In thousands) | |||||||
Assets: | |||||||
Cash | $ | 3,439 | $ | 3,676 | |||
Other current assets | 5,890 | 7,288 | |||||
PP&E, net | 2,267 | 1,727 | |||||
Other non-current assets | 1,408 | 2,035 | |||||
Total assets | $ | 13,004 | $ | 14,726 | |||
Liabilities: | |||||||
Current liabilities | 3,053 | 3,866 | |||||
Other long-term liabilities | 21 | 588 | |||||
Total liabilities | 3,074 | 4,454 | |||||
Stockholders' equity | 9,930 | 10,272 | |||||
Total liabilities and stockholders' equity | $ | 13,004 | $ | 14,726 | |||
SUMMARY FINANCIAL DATA, CONTINUED
(UNAUDITED)
Modified EBITDA:
Three Months Ended | Six Months Ended | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
(In thousands) | |||||||||||||||
Net income (loss) | $ | 177 | $ | 724 | $ | (87 | ) | $ | 872 | ||||||
Add: Interest expense, net | 3 | 8 | 5 | 21 | |||||||||||
Add: Income tax expense | 10 | 6 | 15 | 10 | |||||||||||
Add: Depreciation and amortization | 173 | 262 | 369 | 522 | |||||||||||
Add: Share-based compensation | 14 | 17 | 71 | 37 | |||||||||||
Add: Relocation costs | 29 | - | 29 | - | |||||||||||
Deduct: Gain on sale of asset | (134 | ) | (6 | ) | (188 | ) | (55 | ) | |||||||
Deduct: Forgiveness of PPP loan | - | (1,124 | ) | - | (1,124 | ) | |||||||||
Deduct: Reversal of litigation accrual | (100 | ) | - | (100 | ) | - | |||||||||
Modified EBITDA (loss) | $ | 172 | $ | (113 | ) | $ | 114 | $ | 283 | ||||||
Cash flow data:
Three Months Ended | Six Months Ended | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
(In thousands) | |||||||||||||||
Cash provided by (used in): | |||||||||||||||
Operating activities | $ | 1,257 | $ | (447 | ) | $ | 780 | $ | (643 | ) | |||||
Investing activities | (420 | ) | (134 | ) | (767 | ) | (140 | ) | |||||||
Financing activities | (100 | ) | - | (250 | ) | 1,111 | |||||||||
Change in cash | $ | 737 | $ | (581 | ) | $ | (237 | ) | $ | 328 | |||||
Source:
2022 GlobeNewswire, Inc., source