Tuesday, May 20, 2008 5:37:19 PM
Caspian Services Inc. CSSV..
VMC Pick Six Lotto 9
Impact Factors: Why has Caspian Services stock never had any support in the Investment community..??
* General lack of enthusiasm for small cap stocks and emerging markets....
*Fear factor – Kashagan, Russia....
*Maturing business with minimal financial history.
Turnaround underway....
*2007 Revenues - EBITDA, Net Profit both substantially improved over prior years....
*2008 Growth is continued....
![](http://app.quotemedia.com/quotetools/getChart?webmasterId=89729&symbol=CSSV&chscale=2y"eBox=true&chtype=FinancialLine&chwid=480&chhig=350&chpccol=ff0000&chfrmon=false&chton=false&chpcon=true)
Home Page: http://www.caspianservicesinc.com/index.php
Yahoo: http://finance.yahoo.com/q/pr?s=CSSV.OB
All Press Releases: http://www.caspianservicesinc.com/index.php?uin=1125912339
Caspian Services: http://www.caspianservicesinc.com/index.php?uin=1124941283
INSIDER TRANSACTIONS REPORTED - LAST TWO YEARS
Date Insider Shares Type Transaction Value*
7-Feb-08 KUNAYEV MIRGALI
Director 8,754 Indirect Purchase at $3 per share. $26,262
24-Dec-07 KUNAYEV MIRGALI
Director 550,000 Indirect Purchase at $3 per share. $1,650,000
31-Jul-07 PASSIN JAMES
Director 833,331 Indirect Purchase at $9 - $9 per share. $7,500,0002
31-Jul-07 SAWIKIN HARVEY
Beneficial Owner (10% or more) 833,331 Indirect Purchase at $9 - $9 per share. $7,500,0002
31-Jul-07 KUNAYEV MIRGALI
Director 666,666 Indirect Purchase at $3 per share. $1,999,998
Data provided by EDGAR Online
Caspain Services Review:
http://www.caspianservicesinc.com/downloads/Presentation.pdf
The Republic of Kazakhstan has quickly become a focus of attention and investment for international oil and gas companies looking to exploit its relatively new and unexplored territory. Early known discoveries such as the super giant Tengiz oil field and the Karachaganak oil and gas condensate field onshore in western Kazakhstan caught the attention of the world’s largest oil companies when Kazakhstan first declared independence from the Soviet Union. The discovery on the massive offshore oil field known as Kashagan has kept that attention firmly focused on the country.
Caspian Services Inc.(CSI, the Company) is a recognized leader in the Republic of Kazakhstan for providing quality, cost effective solutions to a number of the challenges inherent in Kazakhstan’s oil industry. CSI offers a growing slate of services to oil and gas exploration companies operating on land and is a recognized industry leader in Kazakhstan’s offshore marine services industry. Currently, the Company’s major emphasis is on the developing offshore oil industry and its related infrastructure requirements as well as the provision of marine and land based seismic services.
Since its inception in 1999, CSI has grown from a single marine vessel service provider into a diversified service company with a headcount of over 500 employees engaged in three distinct service lines:
• Offshore Marine Services
• Seismic Acquisition Services
• Infrastructure Development
The Company provides offshore marine services through Caspian Services Group Limited; seismic acquisition services are provided by Caspian Geophysics Limited and its two subsidiary companies, Tat Arka LLP and Kazmorgeophysica with infrastructure development assets being owned and operated by Caspian Real Estate Limited.
Caspian Services Inc. has organized its businesses in such a way as to effectively deliver the support services required by oil and gas exploration and development companies. The energy companies operating in Kazakhstan’s oil industry have highly technical needs and that are immediate by nature. Caspian Services Inc. is well positioned to meet those demands by delivering a track record of performance ‘on demand’.
The company’s subsidiaries and interests have their own unique markets and specialties in the region. Together they make Caspian Services Inc. the leading multi faceted service company in Kazakhstan’s quickly evolving oil industry.
Caspian Services Inc. is a progressive company with a fast expanding range of services and a proven track record of performance. Our customers can depend on our company to provide a wide range of quality services at a competitive price. We accomplish this difficult balance through the use of highly experienced Kazakhstan based personnel operating in a corporate environment with a strong focus on excellence and international QHSE standards. Our company is a flexible, responsive service company committed to the safety, training and overall professionalism of our employees.
Caspian Services Inc. has developed its diversified business strategies in line with Kazakhstan’s oil and gas industry and its demands. Our track record of success with some of the industry’s largest investors and operators has given us a unique competitive edge and we are fast becoming the partner of choice in the country.
We are committed to the Republic of Kazakhstan and its promise of a bright future in the global energy industry. Because of that commitment and our understanding of the Kazakh market for oil field services, our company is well positioned to continue to capitalize on Kazakhstan’s ever expanding oil exploration and production. By continuing to expand the range of services provided by our company, through investments and acquisition, we expect to continue to exceed our customer’s expectations while at the same time continuing to deliver solid growth and value to our shareholders.
http://www.caspianservicesinc.com/downloads/Presentation.pdf
Caspian Services Inc. Announces Full Year 2007 Results
18.01.2008
Revenues of $64.9 million, up 51% year on year
Net income before taxes and Minority Interests of $14.9 million, up 805% year on year
Net income of $9.5 million vs. a loss of $1.7 million in 2006
Salt Lake City, January 18, 2008 - Caspian Services, Inc. (OTC Bulletin Board: “CSSV.OB”) recently filed its annual report with the Securities and Exchange Commission reporting results of operations for its full year 2007.
Full Year 2007 Financial Highlights and Year on Year Comparisons (dollars in thousands except per share data):
Revenue of $64,893 up 51% compared to fiscal 2006.
EBITDA1 of $21,042 giving an EBITDA margin of 32.4%.
Net income before taxes of $14,897 as compared to $1,645 in 2006.
2007 EPS of $0.22 compared to EPS of ($0.04) for 2006.
Management Comment:
Commenting on the annual results for 2007, John Scott, Chief Operating Officer for Caspian Services Inc. noted that “We are pleased with the financial results for 2007. We believe the growth in revenue and improved results of operations are directly attributable to investments made to expand both our vessel and seismic product lines and capacity in anticipation of growing demand in the Caspian region for these services.”
Commentary on Financial Results
Vessels:
2007 Marine Vessel Revenue of $24,441 as compared to $14,444 in 2006.
Vessel revenues are affected by utilization and day rates. We experienced an increase in revenue from vessel operations during the 2007 fiscal year, as compared to 2006. This increase was largely attributable to improved vessel utilization rates, an increased number of vessels in our fleet and improving day rates. We mobilized an additional three vessels to the Caspian Sea during fiscal 2007. In 2008 we expect to mobilize one more vessel. This will bring the total number of vessels in our fleet to fifteen.
Vessel operating costs of $18,509 during the fiscal year ended September 30, 2007 were 38% higher than in 2006. This increase is primarily volume related and has risen less quickly than revenues, leading to better margins.
We expect the trend of increasing demand to continue in the upcoming year. The Company already has a nearly full order book for 2008. Only one vessel remains to be allocated and we are currently investigating several options for contract during 2008. Based on charters in place, current negotiations and anticipated increased exploration and production activities in the Caspian Sea, we expect revenues and income from vessel operations to increase in fiscal 2008 as compared to fiscal 2007.
Geophysical Services:
Geophysical Services Revenue of $38,896 as compared to $27,350 in 2006.
We also experienced a significant increase in revenue from geophysical services during the 2007 fiscal year, as revenue increased $11,546 or 42% compared to the 2006 fiscal year.
As a result of new contracts, TatArka's business grew significantly during fiscal 2007, with revenue increasing from $20,078 to $28,664. To take advantage of this ongoing strong demand for geophysical services, in 2006 we purchased additional equipment to allow us to field extra operational crews thus minimizing the need to subcontract services. We were able to operate with additional crews for the entire 2007 fiscal year. With the anticipated increase in proprietary exploration activities in the Caspian Sea region in 2008 and the rights of Veritas Caspian to conduct non-proprietary surveys, we anticipate revenue from geophysical services will continue to increase in the upcoming 2008 fiscal year.
Geophysical operating costs also increased during the 2007 fiscal year from $13,982 to $17,058. Kazmorgeophysica costs increased $5,341 to $8,536 but TatArka’s costs decreased $1,805 to $8,696, resulting in an overall increase in geophysical operating costs of $3,076. This is primarily due to higher payroll costs and depreciation as we increased crews and equipment, but there were much higher savings in subcontracting costs as we performed the work in-house during fiscal 2007. The result was higher revenues and improved margins.
Infrastructure:
Infrastructure Revenues of $1,556 as compared to $1,249 in 2006.
During fiscal 2007, revenue from water desalinization increased 25% compared to fiscal 2006. Revenue from water sales, less the cost of water sales increased to $658 in fiscal 2007 compared to $602 in fiscal 2006. This is the result of increased demand for water arising from more activity in the port of Bautino.
Increased costs related to production of water were mainly due to higher payroll costs and costs of chemicals and electricity. However, gross margin in percentage decreased from 48% in 2006 to 42% in 2007. This decrease is mainly attributable to increased cost of materials as we switched suppliers of plastic forms for water bottles to ensure timely delivery and increased utility costs, due to higher tariffs in 2007.
As much of our water sales are made to exploration and production camps operating in the Caspian Sea region, much like our vessel operations, demand for water is directly affected by oil and gas exploration and production in the region. With the anticipated increases in exploration and production activities in the region, we anticipate increased revenue and income from water desalinization in 2008.
As construction on the Atash marine base has begun, we will continue to advise the investment community on progress and provide updates on milestones reached in the construction process
General and Administrative Expenses: General and administrative expenses increased $1,965, or 19% during fiscal 2007 compared to the fiscal 2006. A primary contributing factor to this increase in general and administrative expense is improved infrastructure, including the new Aktau office being operational for the full year. Additionally, we hired new key personnel in 2007 which resulted in higher payroll, travel and insurance costs. Our infrastructure is now substantially in place for the expected increase in revenues.
While we anticipate general and administrative expenses for the upcoming year will continue to rise as we continue to expand our operations, we do not expect them to increase significantly.
Caspian Services is an oilfield service company providing a broad range of services in the Caspian Sea region of western Kazakhstan. We provide geophysical and seismic data acquisition services, maintain a fleet of vessels that we commission to oil and gas exploration companies engaged in exploration and development activities in the north Caspian Sea and are constructing a marine base in Bautino, Kazakhstan. The Company maintains corporate offices in Almaty, Kazakhstan; Aktau, Kazakhstan; and Salt Lake City, Utah.
For Further Information Please Contact:
Terrance J. Powell
Vice President, Investor Relations
29/6 Satpaev Street
9th Floor, Hyatt Regency Hotel
Almaty, 050040
Republic of Kazakhstan
Tel – 7 3272 508 478 / Fax – 7 3272 508 479
Email – tpowell@caspianservices.kz
Investor Relations: http://www.caspianservicesinc.com/index.php?uin=1125049004
The information contained in this release includes forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. Certain statements contained herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied. Forward-looking statements involve risks and uncertainties, including but not limited to, such risks as demand for services during the upcoming fiscal year being lower than expected and the corresponding negative impact that would have on projected revenues and anticipated results of operations presented herein, unanticipated increases in operating costs, contract performance, changes in the regulatory environment, including tax regulations and the enforcement thereof and other risks described in the Company's periodic reports on file with the Securities and Exchange Commission
VMC Pick Six Lotto 9
Impact Factors: Why has Caspian Services stock never had any support in the Investment community..??
* General lack of enthusiasm for small cap stocks and emerging markets....
*Fear factor – Kashagan, Russia....
*Maturing business with minimal financial history.
Turnaround underway....
*2007 Revenues - EBITDA, Net Profit both substantially improved over prior years....
*2008 Growth is continued....
Home Page: http://www.caspianservicesinc.com/index.php
Yahoo: http://finance.yahoo.com/q/pr?s=CSSV.OB
All Press Releases: http://www.caspianservicesinc.com/index.php?uin=1125912339
Caspian Services: http://www.caspianservicesinc.com/index.php?uin=1124941283
INSIDER TRANSACTIONS REPORTED - LAST TWO YEARS
Date Insider Shares Type Transaction Value*
7-Feb-08 KUNAYEV MIRGALI
Director 8,754 Indirect Purchase at $3 per share. $26,262
24-Dec-07 KUNAYEV MIRGALI
Director 550,000 Indirect Purchase at $3 per share. $1,650,000
31-Jul-07 PASSIN JAMES
Director 833,331 Indirect Purchase at $9 - $9 per share. $7,500,0002
31-Jul-07 SAWIKIN HARVEY
Beneficial Owner (10% or more) 833,331 Indirect Purchase at $9 - $9 per share. $7,500,0002
31-Jul-07 KUNAYEV MIRGALI
Director 666,666 Indirect Purchase at $3 per share. $1,999,998
Data provided by EDGAR Online
Caspain Services Review:
http://www.caspianservicesinc.com/downloads/Presentation.pdf
The Republic of Kazakhstan has quickly become a focus of attention and investment for international oil and gas companies looking to exploit its relatively new and unexplored territory. Early known discoveries such as the super giant Tengiz oil field and the Karachaganak oil and gas condensate field onshore in western Kazakhstan caught the attention of the world’s largest oil companies when Kazakhstan first declared independence from the Soviet Union. The discovery on the massive offshore oil field known as Kashagan has kept that attention firmly focused on the country.
Caspian Services Inc.(CSI, the Company) is a recognized leader in the Republic of Kazakhstan for providing quality, cost effective solutions to a number of the challenges inherent in Kazakhstan’s oil industry. CSI offers a growing slate of services to oil and gas exploration companies operating on land and is a recognized industry leader in Kazakhstan’s offshore marine services industry. Currently, the Company’s major emphasis is on the developing offshore oil industry and its related infrastructure requirements as well as the provision of marine and land based seismic services.
Since its inception in 1999, CSI has grown from a single marine vessel service provider into a diversified service company with a headcount of over 500 employees engaged in three distinct service lines:
• Offshore Marine Services
• Seismic Acquisition Services
• Infrastructure Development
The Company provides offshore marine services through Caspian Services Group Limited; seismic acquisition services are provided by Caspian Geophysics Limited and its two subsidiary companies, Tat Arka LLP and Kazmorgeophysica with infrastructure development assets being owned and operated by Caspian Real Estate Limited.
Caspian Services Inc. has organized its businesses in such a way as to effectively deliver the support services required by oil and gas exploration and development companies. The energy companies operating in Kazakhstan’s oil industry have highly technical needs and that are immediate by nature. Caspian Services Inc. is well positioned to meet those demands by delivering a track record of performance ‘on demand’.
The company’s subsidiaries and interests have their own unique markets and specialties in the region. Together they make Caspian Services Inc. the leading multi faceted service company in Kazakhstan’s quickly evolving oil industry.
Caspian Services Inc. is a progressive company with a fast expanding range of services and a proven track record of performance. Our customers can depend on our company to provide a wide range of quality services at a competitive price. We accomplish this difficult balance through the use of highly experienced Kazakhstan based personnel operating in a corporate environment with a strong focus on excellence and international QHSE standards. Our company is a flexible, responsive service company committed to the safety, training and overall professionalism of our employees.
Caspian Services Inc. has developed its diversified business strategies in line with Kazakhstan’s oil and gas industry and its demands. Our track record of success with some of the industry’s largest investors and operators has given us a unique competitive edge and we are fast becoming the partner of choice in the country.
We are committed to the Republic of Kazakhstan and its promise of a bright future in the global energy industry. Because of that commitment and our understanding of the Kazakh market for oil field services, our company is well positioned to continue to capitalize on Kazakhstan’s ever expanding oil exploration and production. By continuing to expand the range of services provided by our company, through investments and acquisition, we expect to continue to exceed our customer’s expectations while at the same time continuing to deliver solid growth and value to our shareholders.
http://www.caspianservicesinc.com/downloads/Presentation.pdf
Caspian Services Inc. Announces Full Year 2007 Results
18.01.2008
Revenues of $64.9 million, up 51% year on year
Net income before taxes and Minority Interests of $14.9 million, up 805% year on year
Net income of $9.5 million vs. a loss of $1.7 million in 2006
Salt Lake City, January 18, 2008 - Caspian Services, Inc. (OTC Bulletin Board: “CSSV.OB”) recently filed its annual report with the Securities and Exchange Commission reporting results of operations for its full year 2007.
Full Year 2007 Financial Highlights and Year on Year Comparisons (dollars in thousands except per share data):
Revenue of $64,893 up 51% compared to fiscal 2006.
EBITDA1 of $21,042 giving an EBITDA margin of 32.4%.
Net income before taxes of $14,897 as compared to $1,645 in 2006.
2007 EPS of $0.22 compared to EPS of ($0.04) for 2006.
Management Comment:
Commenting on the annual results for 2007, John Scott, Chief Operating Officer for Caspian Services Inc. noted that “We are pleased with the financial results for 2007. We believe the growth in revenue and improved results of operations are directly attributable to investments made to expand both our vessel and seismic product lines and capacity in anticipation of growing demand in the Caspian region for these services.”
Commentary on Financial Results
Vessels:
2007 Marine Vessel Revenue of $24,441 as compared to $14,444 in 2006.
Vessel revenues are affected by utilization and day rates. We experienced an increase in revenue from vessel operations during the 2007 fiscal year, as compared to 2006. This increase was largely attributable to improved vessel utilization rates, an increased number of vessels in our fleet and improving day rates. We mobilized an additional three vessels to the Caspian Sea during fiscal 2007. In 2008 we expect to mobilize one more vessel. This will bring the total number of vessels in our fleet to fifteen.
Vessel operating costs of $18,509 during the fiscal year ended September 30, 2007 were 38% higher than in 2006. This increase is primarily volume related and has risen less quickly than revenues, leading to better margins.
We expect the trend of increasing demand to continue in the upcoming year. The Company already has a nearly full order book for 2008. Only one vessel remains to be allocated and we are currently investigating several options for contract during 2008. Based on charters in place, current negotiations and anticipated increased exploration and production activities in the Caspian Sea, we expect revenues and income from vessel operations to increase in fiscal 2008 as compared to fiscal 2007.
Geophysical Services:
Geophysical Services Revenue of $38,896 as compared to $27,350 in 2006.
We also experienced a significant increase in revenue from geophysical services during the 2007 fiscal year, as revenue increased $11,546 or 42% compared to the 2006 fiscal year.
As a result of new contracts, TatArka's business grew significantly during fiscal 2007, with revenue increasing from $20,078 to $28,664. To take advantage of this ongoing strong demand for geophysical services, in 2006 we purchased additional equipment to allow us to field extra operational crews thus minimizing the need to subcontract services. We were able to operate with additional crews for the entire 2007 fiscal year. With the anticipated increase in proprietary exploration activities in the Caspian Sea region in 2008 and the rights of Veritas Caspian to conduct non-proprietary surveys, we anticipate revenue from geophysical services will continue to increase in the upcoming 2008 fiscal year.
Geophysical operating costs also increased during the 2007 fiscal year from $13,982 to $17,058. Kazmorgeophysica costs increased $5,341 to $8,536 but TatArka’s costs decreased $1,805 to $8,696, resulting in an overall increase in geophysical operating costs of $3,076. This is primarily due to higher payroll costs and depreciation as we increased crews and equipment, but there were much higher savings in subcontracting costs as we performed the work in-house during fiscal 2007. The result was higher revenues and improved margins.
Infrastructure:
Infrastructure Revenues of $1,556 as compared to $1,249 in 2006.
During fiscal 2007, revenue from water desalinization increased 25% compared to fiscal 2006. Revenue from water sales, less the cost of water sales increased to $658 in fiscal 2007 compared to $602 in fiscal 2006. This is the result of increased demand for water arising from more activity in the port of Bautino.
Increased costs related to production of water were mainly due to higher payroll costs and costs of chemicals and electricity. However, gross margin in percentage decreased from 48% in 2006 to 42% in 2007. This decrease is mainly attributable to increased cost of materials as we switched suppliers of plastic forms for water bottles to ensure timely delivery and increased utility costs, due to higher tariffs in 2007.
As much of our water sales are made to exploration and production camps operating in the Caspian Sea region, much like our vessel operations, demand for water is directly affected by oil and gas exploration and production in the region. With the anticipated increases in exploration and production activities in the region, we anticipate increased revenue and income from water desalinization in 2008.
As construction on the Atash marine base has begun, we will continue to advise the investment community on progress and provide updates on milestones reached in the construction process
General and Administrative Expenses: General and administrative expenses increased $1,965, or 19% during fiscal 2007 compared to the fiscal 2006. A primary contributing factor to this increase in general and administrative expense is improved infrastructure, including the new Aktau office being operational for the full year. Additionally, we hired new key personnel in 2007 which resulted in higher payroll, travel and insurance costs. Our infrastructure is now substantially in place for the expected increase in revenues.
While we anticipate general and administrative expenses for the upcoming year will continue to rise as we continue to expand our operations, we do not expect them to increase significantly.
Caspian Services is an oilfield service company providing a broad range of services in the Caspian Sea region of western Kazakhstan. We provide geophysical and seismic data acquisition services, maintain a fleet of vessels that we commission to oil and gas exploration companies engaged in exploration and development activities in the north Caspian Sea and are constructing a marine base in Bautino, Kazakhstan. The Company maintains corporate offices in Almaty, Kazakhstan; Aktau, Kazakhstan; and Salt Lake City, Utah.
For Further Information Please Contact:
Terrance J. Powell
Vice President, Investor Relations
29/6 Satpaev Street
9th Floor, Hyatt Regency Hotel
Almaty, 050040
Republic of Kazakhstan
Tel – 7 3272 508 478 / Fax – 7 3272 508 479
Email – tpowell@caspianservices.kz
Investor Relations: http://www.caspianservicesinc.com/index.php?uin=1125049004
The information contained in this release includes forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. Certain statements contained herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied. Forward-looking statements involve risks and uncertainties, including but not limited to, such risks as demand for services during the upcoming fiscal year being lower than expected and the corresponding negative impact that would have on projected revenues and anticipated results of operations presented herein, unanticipated increases in operating costs, contract performance, changes in the regulatory environment, including tax regulations and the enforcement thereof and other risks described in the Company's periodic reports on file with the Securities and Exchange Commission
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