Deep Down Inc 2013 Fiscal Year Results

Deep Down, Inc. (OTCQX: DPDW) reported financial results for the full fiscal year 2013.

According to the press release:

For 2013, Deep Down reported a net loss of $0.6 million, or $0.05 loss per diluted share, compared to a net loss of $2.5 million, or $0.24 loss per diluted share, in 2012.

Revenues for 2013 were $29.6 million as compared to revenues of $29.0 million in 2012. The $0.6 million increase was due primarily to an increase of $1.9 million in our subsea solutions services due to continued strong demand for our technologically innovative solutions, offset by a decrease of $1.3 million in our ROV and topside equipment rental services due to decreased demand.

Gross profit for 2013 was $8.7 million, or 29 percent of revenues, as compared to gross profit for 2012 of $9.3 million, or 32 percent of revenues. The $0.6 million, or 3 percentage-point decrease in gross profit in 2013 compared to 2012, was due to a$1.5 million decrease related to our subsea solutions services, offset by a $0.9 million improvement in our ROV and topside equipment rental services.  This improvement was attributable to the consolidation of our Morgan City, Louisiana operations into our Channelview, Texas operations in August 2012, significantly reducing our costs there.

Click here to view the full press release.