On September 17, 2007 Deep Down, Inc. announced that it has exchanged 2,250 shares ($2,250,000 aggregate face value) of Series E Redeemable Exchangeable Preferred Stock ("Preferred Stock") from Ron E. Smith, President and CEO of Deep Down, and Mary L. Budrunas, director of Deep Down, for 2,250,000 shares of common stock.
The Preferred Stock had a face value and liquidation preference of $1,000 per share, no dividend preference, and was exchangeable at the holder's option after June 30, 2007, into 6% subordinated notes due three years from the date of exchange.
What does this mean? They believe the share price will be well over $1.00 in the near future.
Revenues
Deep Down generated revenue of $7,243,182 for the six months ended June 30, 2007, with cost-of-sales of $4,545,402, for a gross profit of $2,697,780, or 37.3%. Revenues for the second quarter ended June 30, 2007, were $5,144,788, [color=#FF0000]up 145%[/color] from $2,098,394 in revenue reported for the three months ended March 31, 2007. Gross profit for the second quarter ended June 30, 2007, was $1,851,475, or 36.0% of revenue, up from $846,305 in gross profit, or 40.3% of revenue, reported for the three months ended March 31, 2007. The increase in revenue resulted from the inclusion of ElectroWave revenue of approximately $950,000 during the second quarter, combined with significantly increased activity from our offshore subsea business.
Dahlman Rose
Deep Down, Inc. (OTC Bulletin Board: DPDW - News) today announced that Dahlman Rose & Company has initiated research coverage of the Company with a [color=#FF0000]BUY rating and a target price of $1.50 per share.[/color]
"In seven months since listing DPDW on the over-the-counter Bulletin Board® (OTCBB) exchange, [color=#FF0000]Deep Down's strategy of organic growth, coupled with strategic acquisitions of complementary industry service providers such as ElectroWave USA and our currently pending acquisition of Mako Technologies[/color], is gaining significant momentum," Chamberlain concluded.
-------------------- DPDW Posts: 114 | From: fruit city | Registered: Aug 2007
| IP: Logged |
posted
Looks like the buzz about DPDW is getting around
BoonMarket.com Launches Coverage of Deep Down, Inc.
M2 PressWIRE - September 18, 2007 - SANTA BARBARA, CA .-- BoonMarket.com announced today their renewed interest in Deep Down, Inc. (OTCBB: DPDW). DPDW has been mentioned on BoonMarket.com in the past and recent developments within the company have compelled BoonMarket.com to closely follow the company once again.
-------------------- DPDW Posts: 114 | From: fruit city | Registered: Aug 2007
| IP: Logged |
Deep Down Delivers Intelligent In-Line Winch System for Offshore Deployment HOUSTON, Sept. 27 /PRNewswire-FirstCall/ -- Deep Down, Inc. (OTC Bulletin Board: DPDW) today announced it has delivered and installed the first of two active heave compensated in-line winch systems to Schlumberger, Inc.
Deep Down believes there is sufficient demand in the offshore market to support the development of a new line (Proteus(TM)) of custom-engineered active-heave compensated in-line winch systems to complement the Company's existing product and service capabilities. This equipment can be installed in-line on existing winch systems to add active heave compensation capabilities. Depending on the custom-engineered requirements of its customers, the Company expects to deliver these in-line systems at prices ranging from approximately $500,000 to $1,000,000 each. Due to proprietary and confidentiality considerations, the Company cannot disclose the price of these systems delivered to Schlumberger, Inc., nor the area of deployment.
Deep Down recently completed a project for Schlumberger, Inc. requiring the engineering and design of an intelligent control system to manage the recovery and deployment of equipment, machinery, and other payloads in subsea environments. Active heave compensation systems are installed on seagoing vessels and drilling rigs to reduce the heave, or vertical movement, that subsea payloads experience due to wave activity. They are typically used when precision well logging or drill hole monitoring operations are being performed, or for specific ROV operations. In many cases, it is critical to keep these payloads stable while the surface deployment vessel is moving vertically from large oceanic swells.
The system was designed to maintain vertical displacement of a subsea payload to within six-tenths of an inch even if the surface deployment vessel, or ship, is experiencing a heave of up to 30 feet. The control system monitors these vertical motions and compensates by releasing and retrieving the main winch to keep the payload essentially still.
'The development of our Proteus(TM) line of active heave compensated winch systems is a prime example of the opportunities that are available to us through the collaborative efforts of Deep Down and ElectroWave. We expect this collaboration to continue as we seek to meet the growing demands of our customers for solutions to challenges in ultra deepwater environments,' commented Ron Smith, president of Deep Down.
-------------------- #1 Rule: Protect your capital! #2 Rule: Never fall for the BS on the boards! Posts: 8880 | Registered: Jan 2006
| IP: Logged |
posted
Im here!..my internet keeps fading in and out! What luck..dang im missing all the fun..lol
Posts: 330 | From: oregon | Registered: Dec 2004
| IP: Logged |
posted
well im back on..lol are we in the middle of a final shake before the end of the day?
Posts: 330 | From: oregon | Registered: Dec 2004
| IP: Logged |
posted
not often do you see an otcbb stock drop a name like Schlumberger in a PR. as one of their clients.
Posts: 330 | From: oregon | Registered: Dec 2004
| IP: Logged |
posted
Another fine day today. I don't know if anyone was watching L2 today, but it was amazing how many large blocks were going off. NITE was trying so hard to put the clamps on at .90, but she finally broke it and finished at the HOD at .93 Major accumulation has been going on here for the past month and continues each day. This is one of the strongest stocks on the OTC, and it won't be on the bulletin boards much longer IMHO. Watch for the dollar break next week!
Peace
-------------------- dab Posts: 540 | From: North Hollywood | Registered: May 2006
| IP: Logged |
UBBFriend: Email this page to someone!
![[Eek!]](eek.gif)
