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Last $0.54 USD
Change Today +0.04 / 8.00%
Volume 2.8K
DPDW On Other Exchanges
As of 8:10 PM 10/2/15 All times are local (Market data is delayed by at least 15 minutes).

deep down inc (DPDW) Snapshot

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10/6/14 - $1.30
52 Week Low
08/11/15 - $0.44
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deep down inc (DPDW) Details

Deep Down, Inc., an oilfield services company, provides specialized services to the offshore energy industry to support deepwater and ultra-deepwater exploration, development, and production of oil and gas, and other maritime operations in the United States. The company offers engineering and management services, including the design, installation, and retrieval of subsea equipment and systems; connection and termination operations services; well-commissioning services; and construction support and remote operated vehicles (ROV) operations support services. It also provides project management and engineering; spooling; testing and commissioning; storage management; ROV and ROV tooling services comprising platform inspection, platform installation and abandonment, search and recovery, salvage, subsea sampling and intervention, telecommunication cable inspection, anchor handling, ROV consulting and project management, ROV pilots and technicians, and underwater cinematography services; and recovered subsea distribution assets refurbishment and repurposing services, as well as offers support for offshore interventions. In addition, the company offers installation support equipment, and component parts and assemblies for subsea distribution systems, including flying leads, umbilical hardware, installation aids, riser isolation valves and subsea isolation valves, and installation aids services, as well as buoyancy and non-helical umbilical products. It serves oil and gas companies, subsea equipment manufacturers, subsea equipment installation contractors, offshore drilling contractors, engineering and construction companies, and other companies involved in maritime operations. Deep Down, Inc. was founded in 1997 and is headquartered in Houston, Texas.

90 Employees
Last Reported Date: 03/31/15
Founded in 1997

deep down inc (DPDW) Top Compensated Officers

Co-Founder, Chief Executive Officer, Presiden...
Total Annual Compensation: $443.5K
Executive Chairman, Chief Financial Officer a...
Total Annual Compensation: $373.5K
Compensation as of Fiscal Year 2014.

deep down inc (DPDW) Key Developments

Deep Down, Inc. Announces Executive Changes

On September 25, 2015, Deep Down, Inc. terminated the employment of Ira Selya as its Corporate Controller and Principal Accounting Officer. Mr. Selya did not have an employment agreement with the company. Eugene L. Butler, Executive Chairman and Chief Financial Officer, has been designated as the company's Principal Accounting Officer.

Deep Down, Inc. Receives Large Order for Patented Flying Leads and Unique Umbilical Termination Assembly

Deep Down, Inc. announced that it has received a large order for patented flying leads and unique UTA (Umbilical Termination Assembly), valued at approximately $2.5 million directly from an independent operator. The flying leads and UTA will be delivered and deployed in the Gulf of Mexico in the first quarter of 2016.

Deep Down, Inc. Announces Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2015

Deep Down, Inc. announced unaudited earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported net income of $0.2 million, or $0.01 income per fully diluted share, compared to a net loss of $1.2 million, or $0.08 loss per diluted share for the second quarter of 2014. Revenues were $6.8 million, compared to revenues of $5.8 million for the quarter ended June 30, 2014.  The $1.0 million (16%) increase is due primarily to a return to normal revenue levels, as experienced significant project delays in the 2014 period. Modified EBITDA for the quarter ended June 30, 2015 was $0.9 million compared to Modified EBITDA of negative $0.3 million for the quarter ended June 30, 2014.  The $1.2 million increase is primarily attributable to a $0.6 million increase in gross profit before depreciation, and a $0.4 million decrease in operating expense before Panama exit costs, share-based compensation and depreciation and amortization, both as a result of reasons discussed previously. Operating income was $172,000 compared to operating loss of $1,130,000 a year ago. For the six months, the company reported revenue of $13,609,000 compared to $12,010,000 a year ago. Operating loss was $58,000 compared to operating income of $1,061,000 a year ago. Loss before income taxes was $77,000 compared to $817,000 a year ago. Net loss was $91,000 or $0.01 per diluted share compared to $808,000 or $0.05 per diluted share a year ago. Modified EBITDA was $1,142,000 compared to $725,000 a year ago. Cash used in operating activities was $1,767,000 compared to cash provided by operating activities of $1,267,000 a year ago.


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