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Watchlisted
Update seem do
Might do some DD on this
Maybe that's why the post is dated 2011. So what's renewed interest in this shell ?
Wow! It's disappeared and erased from financial history.
Wellspring Capital Management seems to be your only lead and $2.74 is the last listed price.
Anyway welcome to the board, it's nice to know that someone visits this deserted island once in awhile. I was attracted here by way of DPDW which is still active with underwater robotics.
Back in 2010 I had to research oil if I was going to sink money in it.
Also the scientific fact that oil is not a fossil originated complex hydrocarbon compound. It is generated by abiogenesis, the compression of methane by geologic pressure and heat over time. The moon Titan has bitumen's and it is pretty certain there are no fossils there.
If you need a chart in your endeavors I am your man.
Finviz does not even have the re-direct active for the prior company.
This article was when I first learned about them back in 2011.
What was it before the buy out? pps
Wellspring acquires Omni oil and gas services for $122m
New York mid-market private equity firm Wellspring Capital Management has acquired Omni Energy Services, a provider of environmental and seismic services for the domestic oil and gas industry.
The firm is to pay $2.75 per share in cash, representing a 29.7 per cent premium on the Omni closing price as of 3 June, with a total deal value of $122m. Under the terms of the merger agreement, Omni will have until 16 July to seek out other bidders, paying a “break up” fee of $1.8m plus up to $750,000 expenses in the event of a better offer.
The oil and gas market has been rocked by price volatility during the downturn, with the ongoing Gulf of Mexico oil crisis throwing the markets into turmoil again. The crisis will no doubt weigh heavily on Omni, whose client base is primarily based in the region.
"We believe this transaction will deliver an immediate and significant premium for our shareholders especially in light of the uncertain markets after the unprecedented drop in our end markets in 2009 and the continued current uncertainty in the Gulf of Mexico,” said Brian J Recatto, president and CEO of Omni.
Headquartered in Carencro, Louisiana, Omni provides a range of integrated services to geophysical companies engaged in the acquisition of on-shore seismic data and to oil and gas companies operating in the Gulf of Mexico. The company offers seismic services – including drilling, survey and permitting leases - environmental services and equipment leasing.
“Our strategic partnership with Wellspring is the culmination of a comprehensive process to address our balance sheet issues and will allow us to substantially improve our capital structure,” added Recatto.
Wellspring recently sold Dave & Buster’s, a North American operator of family entertainment and food venues, to Oak Hill capital Partners for $570m.
http://www.altassets.com/private-equity-news/article/nz18722.html
LOL look at the three year chart this baby aint done rallying yet. Maybe at 6 usd take a breather but its certainly broken out and headed higher.
Thanks tothe
OMNI chart
Institutional ownership
http://www.dailyfinance.com/company/omni-energy-services-corporation/omni/nas/institutional-ownership
Quick fundies
http://finviz.com/quote.ashx?t=omni&ty=c&ta=1&p=d
Latest filings
http://www.sec.gov/cgi-bin/browse-edgar?CIK=0001046212&action=getcompany
Mutual fund holdings
http://www.mffais.com/omni
BigCharts for moneyflow & OBV values
http://www.stockcharts.com/h-sc/ui?s=omni&p=d&yr=0&mn=6&dy=0&id=p00774052556&a=199265174
alert on the blog
http://breakout-stocks.blogspot.com
multiple times on the blog in the last week starting from $2.
Hear anything about the oil separator thing?
Sounds like a BIG deal... but I do not see any volume to suggest it is real... and if engineers from the big oil are looking it over and liking it... wouldn't they be telling their buddys and moving up the volume?? worried about a sham/scam/wham here...
Anybody?
Nice ups since March.... awaiting announcement that may run this further. Good luck all.
Anybody home? Any insight on an announcement of a deal for the new technology to clean out oil platforms without shutting down? This is going to be HUGE.... and an announcement is coming SOON!!
OMNI Reports First Quarter 2008 Results; Updates 2008 Guidance
Friday May 9, 4:30 pm ET
CARENCRO, La., May 9 /PRNewswire-FirstCall/ -- OMNI ENERGY SERVICES CORP. (Nasdaq: OMNI - News) today reported a first quarter 2008 net loss of $1.5 million, or $0.08 per diluted share, on revenues of $41.0 million, compared to net income of $3.2 million, or $0.14 per diluted share, on revenues of $38.9 million for the same period of 2007. The decrease in net income is due in part to wet winter weather and permitting delays which adversely impacted operations in OMNI's seismic drilling division and, to a lesser extent, its offshore division. Additionally, OMNI recorded an expense of $3.1 million (including $0.7 million of judicial interest) relating to the adverse decision in the previously announced Siemens litigation.
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Notwithstanding the reduced first quarter activity level in the seismic drilling division, the backlog in OMNI's seismic drilling division remains solid at approximately $52.0 million. It is expected that this backlog will be performed and converted to revenue during the remainder of 2008.
The integration of the Industrial Lift Truck, which OMNI acquired in April 2008, is expected to be immediately accretive to fiscal 2008 results adding revenues from diversification to the rental fleet. The existing sales team will be able to expand the marketing effort for the Industrial Lift Truck product line and allow expansion into the existing OMNI facilities serving the Barnett Shale, Arkansas, Oklahoma, and Rocky Mountain markets.
James C. Eckert, President and Chief Executive Officer of OMNI, stated, "We are of course disappointed in our financial performance this quarter but feel the weather anomalies are behind us and the prospects for the balance of the year are encouraging. The Siemens decision was unanticipated and unfortunate but it does clear a cloud that has been hanging over us for some time. We continue to be optimistic due to the activity levels we are seeing as a result of strong commitment by our clients across all business lines and feel performance for the remainder of the year will improve accordingly."
Financial Highlights
-- Revenues: First quarter 2008 revenues increased by $2.1 million, to $41.0 million as compared to the first quarter of 2007. During the quarter, the Company's acquisition of certain assets of B.E.G. Liquid Mud Services Corp. ("BEG"), as well as having full quarter contributions by BMJ Industrial Investments, L.L.C. and its wholly owned subsidiary Charles Holston, Inc. (collectively "Holston") and certain assets of Cypress Consulting Services Inc. ("Cypress") which were acquired during 2007, were accretive to Revenue which was partially offset by reduced activity primarily in the seismic drilling division due to weather conditions and permitting issues delaying many projects.
-- Operating Income: First quarter 2008 Operating Income decreased by $7.9 million, to $0.3 million as compared to the first quarter 2007 due in large part to the reduced revenue in the seismic drilling division described above compounded by the $3.7 million increase in General and Administrative expense over the first quarter 2007 due primarily to the provision for the adverse decision in respect of the Siemens litigation and associated legal fees.
-- Net interest expense: First quarter Net 2008 Interest Expense increased by $0.4 million to $2.0 million due primarily to financing of the recent acquisitions as well as judicial interest in the Siemens judgment. This was more than offset by the $1.0 million decrease in Loss on Debt Extinguishment to $0.0 million as compared to the first quarter 2007.
-- Income tax benefit: The effective tax rate for the first quarter 2008 was a 28.6% benefit compared to an expense of 38.5% in the same period in 2007 due to the payment of some prior period state taxes.
-- Earnings before interest, taxes, depreciation and amortization, other income (expense), non-cash stock compensation and gain on debt extinguishment ("Adjusted EBITDA"): First quarter 2008 Adjusted EBITDA was $3.3 million, 68.2% lower than the $10.3 million of Adjusted EBITDA reported for the comparable 2007 period. Adjusted EBITDA, which is a non-GAAP financial measure, is provided herein to assist investors to better understand OMNI's financial performance. See the reconciliation of net income to Adjusted EBITDA on the last page of this press release including a discussion of why OMNI believes this non-GAAP financial measure is useful.
-- Balance Sheet: Total debt was $67.7 million and cash and cash equivalents were $7.0 for a net debt position of $60.7 million as of March 31, 2008.
Brian J. Recatto, Chief Operating Officer commented, "We continue to seek and implement synergistic organizational opportunities within our complementary business lines. Demand for our services remains solid and utilization is improving. Our outlook remains positive for the balance of this year. With the addition of Industrial Lift Truck in late April as previously announced, we project 2008 Revenue, Adjusted EBITDA, and EPS (fully diluted) in the range of $190.0 million to $215.0 million, $41.0 million to $46.0 million and $0.51 to $0.63, respectively."
Headquartered in Carencro, LA, OMNI Energy Services Corp. offers a broad range of integrated services to geophysical companies engaged in the acquisition of on-shore seismic data and to oil and gas companies operating primarily in the Gulf of Mexico. OMNI provides its services through five business divisions: Seismic Drilling (including drilling, survey and permitting services), Environmental Services, Equipment Leasing, Transportation Services and Other Services. OMNI's services play a significant role with geophysical companies who have operations in marsh, swamp, shallow water and the U.S. Gulf Coast also called transition zones and contiguous dry land areas also called highland zones.
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties associated with the ability to integrate successfully the acquisitions referenced herein, the timely conversion of seismic drilling backlog into revenue, OMNI's dependence on activity in the oil and gas industry, labor shortages, permit delays, dependence on significant customers, seasonality and weather risks, competition, technological evolution, the ultimate outcome of pending litigation, the continued growth of our environmental services and rental equipment business units, and other risks detailed in OMNI's filings with the Securities and Exchange Commission.
OMNI ENERGY SERVICES CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three Months Ended
March 31,
2007 2008
(in thousands, except per
share amounts)
Operating revenue $38,889 $40,961
Operating expenses:
Direct costs 23,575 29,099
Depreciation and amortization 2,065 2,814
General and administrative expenses (includes
litigation settlement of $2,400 in 2008) 5,116 8,778
Total operating expenses 30,756 40,691
Operating income 8,133 270
Interest expense (1,570) (1,990)
Loss on debt extinguishment (1,004) -
Other income (expense), net 10 (246)
Income (loss) before income tax expense 5,569 (1,966)
Provision for income tax (expense) benefit (2,144) 562
Net income (loss) 3,425 (1,404)
Dividends and accretion of preferred stock (127) (123)
Non-cash charge attributable to beneficial
conversion feature of preferred stock (128) -
Net income (loss) available to common
stockholders $3,170 $(1,527)
Basic income (loss) per share:
Net income (loss) available to common
stockholders $0.18 $(0.08)
Diluted income (loss) per share:
Net income (loss) available to common
stockholders $0.14 $(0.08)
Weighted average common shares outstanding:
Basic 17,206 19,070
Diluted 25,323 19,070
EBITDA consists of earnings (net income or loss) before interest expense, provision for income taxes, depreciation and amortization. Adjusted EBITDA includes other income (expense), stock-based compensation and gain or loss on debt extinguishment because these items are either non-recurring or non-cash. This term, as we define it, may not be comparable to similarly titled measures employed by other companies and is not a measure of performance calculated in accordance with U.S. generally accepted accounting principles (GAAP).
The Securities and Exchange Commission (SEC) has adopted rules regulating the use of non-GAAP financial measures, such as EBITDA and Adjusted EBITDA, in disclosures and press releases. These rules require non-GAAP financial measures to be presented with, and reconciled to, the most nearly comparable financial measure calculated and presented in accordance with GAAP.
Set forth below is a reconciliation of net income (loss) to Adjusted EBITDA. Management uses Adjusted EBITDA to measure the operating results and effectiveness of our ongoing business. We believe this measurement is important to our investors and financial analysts because it allows a more effective evaluation of the Company's performance using the same measurements that management uses. Adjusted EBITDA is an indication of the Company's ability to generate cash available to internally fund our expansion plans and service our debt obligations. This non-GAAP financial measure may not be comparable to similarly titled measurements used by other companies and should not be used as a substitute for net income (loss), earnings (loss) per share, operating cash flow or other GAAP operating measurements. The results shown below include results for the first quarter 2007 and 2008 as well as projected results for the year ending December 31, 2008.
OMNI ENERGY SERVICES CORP.
OTHER FINANCIAL DATA
(Unaudited)
Three months Three months
ended ended
March 31, March 31,
2007 2008 Year Ending December 31, 2008
Projected
Actual Actual Low Range High Range
Net income (loss) $3,425 $(1,404) $13,600 $16,700
Plus (less):
Interest 1,570 1,990 6,100 6,100
Loss on debt
extinguishment 1,004 - - -
Other (income) expense,
net (10) 246 - -
Depreciation and
amortization 2,065 2,814 16,100 16,100
Non-cash stock
compensation 126 195 1,000 1,000
Income tax (benefit)
expense 2,144 (562) 4,200 6,100
Adjusted EBITDA $10,324 $3,279 $41,000 $46,000
OMNI Energy Completes Acquisition of Industrial Lift Truck
Thursday April 24, 3:50 pm ET
Acquisition Expands Equipment Rental Fleet; Offers Additional Cross-Selling and Organic Growth Opportunities; Expected to be Immediately Accretive to Earnings
CARENCRO, La., April 24 /PRNewswire-FirstCall/ -- OMNI ENERGY SERVICES CORP. (Nasdaq: OMNI - News; "OMNI" or the "Company") announced today that it has completed the acquisition of all of the outstanding common stock of Industrial Lift Truck & Equipment Co., Inc. ("ILT") for $16.25 million in cash and $4.0 million in promissory notes. The promissory notes will accrue interest at the rate of 5% per annum and mature at various dates over a three-year period. In addition, ILT was required to have at least $1.5 million of excess working capital at closing.
Headquartered in Lafayette, La., ILT employs a workforce of approximately 30 employees and operates from an additional rental and service facility located in Lincoln, Texas. The company owns over 300 specialized lifting units. For the year ended December 31, 2007, ILT is expected to realize adjusted earnings before interest, taxes, depreciation and amortization adjusted for certain operating expenses ("EBITDA") of more than $7.6 million on revenues of approximately $13.8 million. The cash portion of the purchase price was funded through borrowings under the Company's senior term debt facility.
Commenting on the acquisition of ILT, OMNI's Chief Operating Officer Brian Recatto said, "This acquisition will allow us to add additional complementary rental items to our land based portfolio. Industrial Lift Trucks has a 34-year history of outstanding customer service supporting the oil and gas industry. We believe the incorporation of ILT's impressive fleet of industrial lifting equipment into OMNI's existing fleet of specialized rental equipment affords us a number of organic growth opportunities without the need for additional infrastructure costs. With locations in many of the prolific oil and gas regions, the combined company will have the ability to offer ILT's rental services to our expanding national client base. We are pleased that Jim Ortego will continue in his role as general manager of ILT, contributing his many years of industry knowledge to our company."
Ronald Mogel, OMNI's Senior Vice President and Chief Financial Officer, added, "The acquisition of ILT is expected to be immediately accretive to earnings and will further strengthen our revenue, earnings and market position in the major geographic regions we currently service. We believe this will enable us to increase our return to shareholders over both the near term and the long term."
Headquartered in Carencro, LA, OMNI Energy Services Corp. offers a broad range of integrated services to geophysical companies engaged in the acquisition of on-shore seismic data and to oil and gas companies operating primarily in the United States of America and the Gulf of Mexico. OMNI provides its services through five business divisions: Seismic Drilling (including drilling, survey and permitting services), Environmental Services, Equipment Leasing, Transportation Services and Other Services. OMNI's seismic services play a significant role with geophysical companies who have operations in marsh, swamp, shallow water and the U.S. Gulf Coast, also called transition zones, and contiguous dry land areas, also called highland zones. OMNI's environmental, leasing, transportation and other services provide important support to oil and gas companies operating in south Louisiana, east Texas (including the Barnett Shale region), the Rocky Mountains and the Gulf of Mexico.
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties associated with the ability to integrate successfully the acquisition referenced herein, the expansion of our Transportation Services and Equipment Rental operations into the Barnett Shale region, the previously announced expansion of operations in the Rocky Mountain Region of the United States, the timely conversion of seismic drilling backlog into revenue, the utilization rates of our equipment and personnel, OMNI's dependence on activity in the oil and gas industry, labor shortages, permit delays, international expansion, dependence on significant customers, seasonality and weather risks, competition, technological evolution, the ultimate outcome of pending litigation, the continued growth of our environmental services and equipment leasing business segments, completion of strategic transactions under consideration by OMNI and other risks detailed in OMNI's filings with the Securities and Exchange Commission.
OMNI Closes on $90 Million Senior Credit Facility
Thursday April 24, 3:00 pm ET
CARENCRO, La., April 24 /PRNewswire-FirstCall/ -- OMNI ENERGY SERVICES CORP. (Nasdaq: OMNI - News; "OMNI" or the "Company") today announced that it has closed a $90 million Senior Bank Credit Facility with Fifth Third Bank, which replaces in its entirety its existing $64 million credit facility. The new facility consists of a $50 million term facility supplemented by an additional $15 million term tranche available for future acquisitions and a $25 million revolving credit facility.
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In making the announcement, Ronald Mogel, Senior Vice President and Chief Financial Officer of OMNI, said, "We are very pleased with the terms of our new credit facility, which reflects the strong and consistent cash flow generating capabilities of our operating units, our continued balance sheet improvements, and our sound financial statements."
Mr. Mogel continued, "Pricing for the new facility is competitive and offers improved terms as compared to our previous facility, reflecting our consistent ability to perform financially. This facility should allow us to expand our capital base and should have a positive effect on per share earnings enabling us to continue to grow through attractive acquisitions as we transition through the current fiscal year and beyond."
Brian Recatto, Chief Operating Officer of OMNI, commented, "The new credit facility will give us added flexibility in financing and growing our existing operations, and will provide us more capacity to continue to expand through strategic acquisitions. It is gratifying that a well-regarded bank like Fifth Third has shown the confidence in OMNI to extend this new credit facility during this current period of credit uneasiness throughout the United States."
Headquartered in Carencro, LA, OMNI Energy Services Corp. offers a broad range of integrated services to geophysical companies engaged in the acquisition of on-shore seismic data and to oil and gas companies operating primarily in the United States of America and the Gulf of Mexico. OMNI provides its services through five business divisions: Seismic Drilling (including drilling, survey and permitting services), Environmental Services, Equipment Leasing, Transportation Services and Other Services. OMNI's seismic services play a significant role with geophysical companies who have operations in marsh, swamp, shallow water and the U.S. Gulf Coast, also called transition zones, and contiguous dry land areas, also called highland zones. OMNI's environmental, leasing, transportation and other services provide important support to oil and gas companies operating in south Louisiana, east Texas (including the Barnett Shale region), the Rocky Mountains and the Gulf of Mexico.
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties associated with potential interest rate changes under the Senior Bank Credit Facility, the timely conversion of seismic drilling backlog into revenue, OMNI's dependence on activity in the oil and gas industry, labor shortages, permit delays, dependence on significant customers, seasonality and weather risks, competition, technological evolution, the ultimate outcome of pending litigation, the continued growth of our environmental services and rental equipment business units, and other risks detailed in OMNI's filings with the Securities and Exchange Commission.
Watch CNBC for close on April 7th.
OMNI management will be ringing the closing bell. They will have 2 days of meetings with analysts/fund managers in NY. This should start drawing some attention - sorely nedded.
C L
OMNI Energy Announces the Appointment of a New Director
CARENCRO, La., Jan. 23 /PRNewswire-FirstCall/ -- OMNI ENERGY SERVICES CORP. (Nasdaq: OMNI) today announced the appointment of Ronald E. Gerevas to its Board of Directors. Mr. Gerevas is currently a Partner in the Los Angeles office of Heidrick & Struggles, a leading global executive search firm.
Gerevas had previously served as President and Chief Executive Officer of Heidrick & Struggles from 1987 to 1991, before rejoining the firm in 1998 after serving as Vice Chairman and West Coast Managing Partner for another global executive search firm.
During the course of his career Mr. Gerevas has served as a consultant and executive coach to senior management and the boards of directors of numerous companies ranging from multi-billion dollar organizations such as Sempra Energy, ARCO, and Fluor Corp, to emerging growth start-ups. In addition to his leadership roles in executive search, Mr. Gerevas also served as President and Chief Operating Officer of Jenny Craig International during its initial public offering on the New York Stock Exchange. Prior to entering the executive search business, Mr. Gerevas spent five years in the federal government, where he served as a Presidential Appointee of the Ford Administration and was confirmed by the U.S. Senate to provide leadership to our country's volunteer programs including the Peace Corps, Vista, and Foster Grandparents.
Mr. Gerevas began his career in advertising with the J. Walter Thompson Company in New York and Los Angeles, where he spent eight years in various roles, including Director of Training, Personnel Manager, and Account Manager. He is a graduate of San Jose State University, where he was Outstanding Senior and earned a B.S. in Public Administration and a M.S. in Business Administration.
James C. Eckert, Chairman of the Board, commented, "We are very pleased that Ron has joined our Board of Directors. We expect that his broad experience and talents in the areas of human resource development as well as organizational change and integration will enhance the make-up of OMNI's Board of Directors, and provide additional direction as we enter the next phase of our growth and development."
Welcome back Swingman!
Getttting there FRENCHEEEEEE last time rode this one up from a buck or so but it was a long time ago.....I'm in for a little.
Omni starting to break out--finally...
Here are some daily and weekly charts if you are a visual speculator like I am...
Daily Nine-Month Charts
Weekly Five-Year Charts
Well... This doesn't look like the page to get any info. or mabey this isn't the stock to make any money with.
Board looks a bit dated, they came out with some good qtrly#s today at close,may turn this around. Sure would like to see it back near 12.00 again.
Virg
SM,
Please put some weekly and daily charts in your iBox. TIA
Hope so, Chart looked good to me so I jumped in. Thanks for posting that. More info is better!!
OMNI has an inverse head-and-shoulders pattern on its RSI. This is a forecast of good times ahead.
Nice day...I'd say it's a beautiful day after waiting for almost two months for this gem to shine. I think it's going to be a 3 bagger at least in 2007. Last January's assessment is finally going to pay off.
PS> Mongrel, nice avatar (? if that's what it's called) on your post. First visual for me within a stock posting.
I bought twice today but it still dropped more (oh well).
I like the way it looks though. A good trader could flip that one and do well. I like the way the buy/ask stays close.
I too decided, in my attempt to make a comeback with OMNI, to purchase 300 shares at 7.96. These damn swings of 40-50% are not pleasant but with the strong prognosis of growth I don't see a bad 2007.
Nice chart.
Motley Fool even likes this one.
Energy stocks tend to do well in colder weather.
(I like their income statement too)
I hope you jumped in today and added more - I could not pass on a swing this low. I only had enough to buy 100 shares, but the volatility of this stock can push it back into the tens in a heartbeat.
Matt
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