04/24/07 - Deep Down Amends Filing on Form 10-KSB
HOUSTON, TX – April 24, 2007 – Deep Down, Inc. (OTCBB: DPDW) announced it has amended its 2006 Form 10-KSB and filed Form 10-KSB/A with the Securities and Exchange Commission.
“An adjustment was made to Item 2: Management’s Discussion and Analysis, pro forma results of operations section, in Form 10-KSB filed on April 17, 2007,” commented John Siedhoff, Deep Down’s chief financial officer.” As a result, we filed an amended Form 10-KSB/A to reflect those changes. Adjusted pro forma net income for the period ended December 31, 2005, was amended up from $601,839 as previously filed, to $839,269, and adjusted pro forma EBITDA was amended up from $1,053,328 as previously filed, to $1,290,758.
“In addition, Item 8A reported that management’s internal controls were considered effective. While conducting the audit of the financial statements as of and for the period ended December 31, 2006, our independent auditors found audit adjustments that indicated we could benefit from changes in our internal controls over financial reporting. With additional funding, it is our plan to devote more resources to this function.
“Although the amendment does not affect 2006 earnings, we felt compelled to announce the changes as quickly as possible in the spirit of full and accurate disclosure.
“The Company remains committed to corporate expansion, while minimizing dilution, through both organic growth and the continued execution of our strategy to consolidate offshore service providers in the upstream petroleum and marine industries,” Siedhoff concluded.
About Deep Down, Inc.
Deep Down specializes in the provision of innovative solutions, installation management, engineering services, support services, and storage management services for the offshore subsea control, umbilical, and pipeline industries. The company fabricates component parts for subsea distribution systems and assemblies that specialize in the development of offshore subsea fields and tie backs. These items include umbilicals, flow lines, distribution systems, pipeline terminations, controls, winches, and launch and retrieval systems, among others. Deep Down provides these services from the initial field conception phase, through manufacturing, site integration testing, installation, topside connections, and the final commissioning of a project. The Company’s ElectroWave subsidiary offers products and services in the fields of electronic monitoring and control systems for the energy, military, and commercial business sectors. ElectroWave designs, manufactures, installs, and commissions integrated PLC and SCADA based instrumentation and control systems, including ballast control and monitoring, drilling instrumentation, vessel management systems, marine advisory systems, machinery plant control and monitoring systems, and closed circuit television systems.
The Company’s strategy is to consolidate service providers to the offshore industry, and designers and manufacturers of subsea, surface, and offshore rig equipment used by major integrated, large independent, and foreign national oil and gas companies in deep-water exploration and production of oil and gas throughout the world. Deep Down’s customers include BP Petroleum, Royal Dutch Shell, Exxon Mobil Corporation, Devon Energy Corporation, Chevron Corporation, Anadarko Petroleum Corporation, Marathon Oil Corporation, Kerr-McGee Corporation, Nexen Inc., BHP, Amerada Hess, Helix, Oceaneering International, Inc., Subsea 7, Inc., Transocean Offshore, Diamond Offshore, Marinette Marine Corporation, Acergy, Veolia Environmental Services, Noble Energy Inc., Aker Kvaerner, Cameron, Oil States, Dril-Quip, Inc., Nexans, Cabett, JDR, and Duco, among others. For further company information, please visit www.deepdowninc.com and www.electrowaveusa.com.
One of our most important responsibilities is to communicate with shareholders in an open and direct manner. Comments are based on current management expectations, and are considered "forward-looking statements," generally preceded by words such as "plans," "expects," "believes," "anticipates," or "intends." We cannot promise future returns. Our statements reflect our best judgment at the time they are issued, and we disclaim any obligation to update or alter forward-looking statements as the result of new information or future events. Deep Down urges investors to review the risks and uncertainties contained within its filings with the Securities and Exchange Commission.