Subsea oilfield services company, Deep Down, reported quarterly net loss of $0.5 million, or $0.03 loss per diluted share, compared to a net loss of $1.3 million, or $0.09 loss per diluted share for the first quarter of 2015.
Revenues for the quarter ended March 31, 2016 were $4.4 million compared to revenues of $5.8 million for the quarter ended March 31, 2015.
According to the company. the $1.4 million (25 percent) decrease is primarily a result of some large projects having longer than expected engineering cycles due to a series of requested changes.
Ronald E. Smith , CEO, stated: “Oil prices have continued to stay at lower than ideal levels, resulting in more project delays, lower than expected first quarter results and prolonged uncertainty over the future in the industry. However, we feel confident that our historically high backlog, coupled with our focus on continuing to maintain a strong balance sheet, our recent organizational restructuring, and our closer collaboration with our customers will all enable us to successfully navigate the current low oil price environment, while we prepare for the inevitable rebound.”
As of March 31, 2016,the company reported working capital of $14.7 million, including cash of $6.9 million.