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Deep Down, Inc. (DPDW)

Other OTC - Other OTC Delayed Price. Currency in USD
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0.7200+0.0400 (+5.88%)
At close: 1:32PM EDT
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Previous Close0.6800
Open0.7200
Bid0.0000 x 0
Ask0.0000 x 0
Day's Range0.7200 - 0.7200
52 Week Range0.3400 - 0.8000
Volume500
Avg. Volume7,474
Market Cap8.92M
Beta (5Y Monthly)0.76
PE Ratio (TTM)N/A
EPS (TTM)-0.4250
Earnings DateMay 10, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
  • Deep Down, Inc. to Present at the 2021 LD Micro Invitational XI Conference
    GlobeNewswire

    Deep Down, Inc. to Present at the 2021 LD Micro Invitational XI Conference

    HOUSTON, June 01, 2021 (GLOBE NEWSWIRE) -- Deep Down, Inc. (OTCQB: DPDW), a specialist in deepwater oil and gas production and distribution equipment and services, announced today that it will be presenting virtually at the upcoming LD Micro Invitational XI event on Thursday, June 10th at 10:00 am Eastern Time. Charles Njuguna, President and Chief Executive Officer, will be giving the presentation. Event: Deep Down, Inc. Presentation at the LD Micro Invitational XIDate: Thursday, June 10, 2021Ti

  • Deep Down Announces First Quarter 2021 Results
    GlobeNewswire

    Deep Down Announces First Quarter 2021 Results

    HOUSTON, May 10, 2021 (GLOBE NEWSWIRE) -- Deep Down, Inc. (OTCQB: DPDW) (“Deep Down” or the “Company”), a specialist in deepwater oil and gas production and distribution equipment and services, today reported results for its first quarter ended March 31, 2021. Deep Down will hold a conference call tomorrow, Tuesday, May 11, 2021 at 10:00 am Eastern Time to review its results and outlook (call details below). Deep Down at a Glance: Share Price†:$0.67Cash*:$4.7M52-Week Range:$0.34 - $0.79Book Value*:$8.1MShares Out.†:12.4MPrice / Book Value:1.0xMarket Cap†:$8.3MTTM Revenue:$13.3M*As of 12/31/20; †As of 5/7/21 Charles Njuguna, Deep Down’s CEO, commented, “Deep Down’s results for the first quarter of 2021 give us optimism that elements of a recovery are beginning to materialize. Oil prices progressively rebounded to healthier levels and travel restrictions began to ease, and we hope that the prevalence of vaccines will encourage even more jurisdictions to continue easing travel requirements. These positive market trends allowed us to provide the necessary support to our customers as they continue to mobilize to complete projects that were previously delayed due to the pandemic. In addition, gross profits for the first quarter sequentially improved by 28 percent and resulted in a gross profit margin of 44 percent as we benefited from a steady increase in bidding activity and execution of contract awards. Our net income also grew sequentially by 24 percent, which was helped by the improvements made to our cost structure throughout 2020. “While an element of uncertainty remains, we are encouraged that the increased levels of service and bidding activity will be sustainable as market conditions continue to improve. We will remain focused on strategically managing our cash flows and cost structure as we relentlessly pursue opportunities to further grow and strengthen our business.” Operating Results Deep Down’s revenues for the three months ended March 31, 2021 (“Q1 2021”) were $3.9 million, an increase of $0.4 million, or 12 percent, compared to the three months ended December 31, 2020 (“Q4 2020”). Q1 2021 revenues were also $0.3 million, or 9 percent, higher than revenues for the three months ended March 31, 2020 (“Q1 2020”). The sequential and year-over-year increase is primarily due to an uplift in project activity as travel restrictions eased and our customers commenced projects that were previously delayed or put on hold due to the pandemic. Gross profit for Q1 2021 was $1.7 million, or 44 percent of revenues, compared to Q4 2020 gross profit of $1.4 million, or 39 percent of revenues and Q1 2020 gross profit of $1.1 million, or 31 percent of revenues. The increase in gross profit percentage compared to both periods was principally due to a larger proportion of higher margin service work and equipment rental in Q1 2021. Operating expenses were $1.6 million in Q1 2021 compared to $1.2 million in Q4 2020 and $1.8 million in Q1 2020. The sequential increase in operating expenses was primarily due to reinstatement of employee compensation to full levels and professional fees. The year-over-year decrease in operating expenses was due to the Company’s continuous efforts to reduce operating expenses in 2020. Due to the factors discussed above, Deep Down reported a Q1 2021 net profit of $0.1 million, or $0.01 per diluted share, compared to a Q4 2020 net profit of $0.1 million, or $0.01 per diluted share, and Q1 2020 net loss of $0.6 million, or $0.05 loss per diluted share. Per share results in Q1 2021, Q4 2020, and Q1 2020 are based on 12.43 million, 12.39 million, and 12.71 million weighted average shares outstanding, respectively. Deep Down reported modified EBITDA of $0.4 million in Q1 2021 compared to negative modified EBITDA of $0.3 million in Q1 2020. The year-over-year increase in modified EBITDA was primarily due to higher revenues and gross profit. Financial Strength At March 31, 2021, Deep Down had working capital of $5.2 million, which includes cash of $4.7 million and receivables of $5.2 million. Total shareholders’ equity was $8.1 million, or approximately $0.65 per diluted share. Given the Company’s current capital structure, Deep Down is well-positioned for growth as the Company continues to emerge from the weakened business environment caused by the COVID-19 pandemic. Conference Call Details: Password:8295353Call Dial-in:1-877-303-6187 for domestic callers 1-678-894-3073 for international callersWebcast/Replay URL:https://edge.media-server.com/mmc/p/8jrb4u6mReplay:Available through May 18, 2021 on www.deepdowninc.com About Deep Down, Inc. (www.deepdowninc.com)Deep Down focuses on complex deepwater and ultra-deepwater oil and gas production distribution system technologies and support services, connecting the platform and the wellhead. Deep Down's proven services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads, installation buoyancy, remotely operated vehicles and tooling, marine vessel automation, control, and ballast systems. Deep Down supports subsea engineering, installation, commissioning, and maintenance projects through specialized, highly experienced service teams and engineered technological solutions. 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 Securities and Exchange Commission, copies of which are available from the Company without charge. Investor Relations:Trevor Ashurstir@deepdowninc.com281-862-2201 DEEP DOWN, INC.SUMMARY FINANCIAL DATA(UNAUDITED) Comparative Condensed Consolidated Income Statement Three Months Ended March 31, 2021 2020 (In thousands, except per share amounts) Revenues$ 3,922 $ 3,605 Cost of sales 2,194 2,482 Gross profit1,728 1,123 Total operating expenses1,612 1,754 Operating income (loss)116 (631) Total other (income) expense(36) 1 Income (loss) before income tax expense152 (632) Income tax expense4 5 Net income (loss)$ 148 $ (637) Net income (loss) per share, basic and diluted$ 0.01 $(0.05) Weighted-average shares outstanding, basic and diluted12,432 12,710 Comparative Condensed Consolidated Balance Sheets March 31, December 31, 2021 2020 (In thousands) Assets: Cash$ 4,654 $ 3,745 Other current assets5,713 5,177 PP&E, net2,368 2,604 Other non-current assets3,202 3,413 Total assets$ 15,937 $ 14,939 Liabilities: Current liabilities5,130 4,842 Other long-term liabilities2,741 2,199 Total liabilities7,871 7,041 Stockholders' equity8,066 7,898 Total liabilities and stockholders' equity$ 15,937 $ 14,939 DEEP DOWN, INC.SUMMARY FINANCIAL DATA, CONTINUED(UNAUDITED) Modified EBITDA data: Three Months Ended March 31, 2021 2020 (In thousands) Net income (loss)$ 148 $ (637) Add: Interest expense, net13 1 Add: Income tax expense4 5 Add: Depreciation and amortization260 302 Add: Share-based compensation20 50 Deduct: Gain on sale of asset(49) - Modified EBITDA (loss)$ 396 $ (279) Cash flow data: Three Months Ended March 31, 2021 2020 (In thousands) Cash provided by (used in): Operating activities$ (196) $ 91 Investing activities (6) (57) Financing activities1,111 (524) Change in cash$ 909 $ (490)

  • Deep Down, Inc. Announces Timing of First Quarter 2021 Earnings Release and Conference Call
    GlobeNewswire

    Deep Down, Inc. Announces Timing of First Quarter 2021 Earnings Release and Conference Call

    HOUSTON, May 07, 2021 (GLOBE NEWSWIRE) -- Deep Down, Inc. (OTCQB: DPDW), a specialist in deepwater oil and gas production and distribution equipment and services, announced today that it will host an investor conference call to review its first quarter 2021 results on Tuesday, May 11, 2021 at 10:00 am Eastern Time (details below). Deep Down will release its first quarter 2021 results on Monday, May 10, 2021 following the market close. Call Dial-in:Toll Free: 1-877-303-6187 Toll/International: 1-678-894-3073 Passcode: 8295353 Webcast URL: https://edge.media-server.com/mmc/p/8jrb4u6m A replay will be available through May 18, 2021 on Deep Down’s website, www.deepdowninc.com, under the “Investors” section. About Deep Down, Inc. (www.deepdowninc.com)Deep Down focuses on complex deepwater and ultra-deepwater oil and gas production distribution system technologies and support services, connecting the platform and the wellhead. Deep Down's proven services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads, installation buoyancy, remotely operated vehicles and tooling, marine vessel automation, control, and ballast systems. Deep Down supports subsea engineering, installation, commissioning, and maintenance projects through specialized, highly experienced service teams and engineered technological solutions. Investor Relations Contact:Trevor Ashurstir@deepdowninc.com281-862-2201