[OMNI ENERGY SERVICES CORP. LETTERHEAD]
FOR IMMEDIATE RELEASE NO. 03-01
FOR MORE INFORMATION CONTACT: G. Darcy Klug, Chief Financial Officer
PHONE: (337) 896-6664
OMNI ENERGY REPORTS 2002 RESULTS
Revenues and Profits Continue to Improve
CARENCRO, LA - APRIL 1, 2003 - OMNI ENERGY SERVICES CORP. (NASDAQ NM:
OMNI), reported net income of $1.2 million, or $0.14 per diluted share, on
revenues of $27.8 million for the twelve months ended December 31, 2002. Net
income for the twelve months ended December 31, 2001 was $5.7 million. Excluding
a non-recurring gain of $7.5 million, OMNI had previously reported a net loss of
$1.8 million, or ($0.19) per diluted share, on revenues of $23.7 million for the
twelve-month period ended December 31, 2001. OMNI used 8,745,000 and 9,844,000
diluted shares at December 31, 2002 and 2001, respectively for calculating
diluted earnings per share.
Cash flow generated from operations for the year ended 2002 totaled
$5.7 million as compared to $3.0 million for the year ended 2001. OMNI also
reported a 30% improvement in its year end working capital while reducing its
senior secured term indebtedness by almost $1.0 million. After preferred stock
dividends, OMNI reported net earnings applicable to common and common equivalent
shares of $0.7 million (0.08 per diluted share) and $4.9 million ($0.50 per
diluted share) for the years ended December 31, 2002 and 2001, respectively.
"Despite continued difficult market conditions, we are pleased to
report dramatic improvements in our profit margins as operating revenues
increased 17% in 2002," said James C. Eckert, Chairman and Chief Executive
Officer. "Seismic drilling revenues in fact increased 36%, or $6.5 million, as
we continued to maintain our dominant market position in the transition zone.
The increased seismic drilling revenues was partially offset by revenue declines
in our other divisions as we continued to concentrate our personnel, equipment
and available working capital on our core business and restructure other
business segments," continued Eckert.
"We are really proud of the efforts of our management group. The entire
reported operating loss for 2001 was incurred prior to the April 1, 2001 arrival
of OMNI's new management team. For the first quarter of 2001, OMNI reported a
net loss from operations of $1.6 million, excluding the non-recurring gain of
$7.5 million, on revenues of $4.2 million. OMNI reported an operating loss of
$1.0 million for the entire 2001 year including an asset impairment charge of
$0.6 million. The operating income was $1.9 million for 2002. With the
implementation of our restructuring plans, our new management group has been
able to continually report operating profits since their arrival despite these
adverse market conditions. "
"In 2002, management continued to restructure and improve our
operations, first by acquiring the assets of AirJac Drilling in a strategic
industry consolidation. OMNI then implemented plans to revamp its aviation fleet
returning that division to profitability. Through continued stringent controls
over operating costs, profit margins improved and corporate overhead was
maintained. This also translated into increased cash generated from our
operations. The increased cash flow was used to improve OMNI's working capital
position and reduce debt. Further, to facilitate our current and future growth,
management completed a new $10.5 million senior credit agreement and
restructured the remaining senior credit facilities. We believe OMNI is now well
positioned to not only meet the demands of this difficult market but to
aggressively pursue strategic market opportunities we believe now exist,"
concluded Eckert.
Headquartered in Carencro, LA, OMNI Energy offers a broad range of
integrated services to both geophysical and production companies engaged in the
acquisition of on-shore seismic data. The company provides its services through
several business units: Seismic Drilling, Helicopter Support, Permitting and
Seismic Survey. OMNI's services play a significant role with geophysical
companies who have operations in both 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
associated with OMNI's dependence on activity in the oil and gas industry, labor
shortages, international expansion, rapid growth, dependence on significant
customers, seasonality and weather risks, competition, technological evolution
and other risks detailed in the Company's filings with the Securities and
Exchange Commission
OMNI ENERGY SERVICES CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2002, 2001 AND 2000
<Table>
<Caption>
2002 2001 2000
---------- ---------- ----------
(In Thousands, except per share data)
Operating revenue $ 27,796 $ 23,686 $ 16,563
Operating expense 22,142 20,893 20,212
---------- ---------- ----------
Gross profit (loss) 5,564 2,793 (3,649)
General and administrative expense 3,771 3,126 5,999
Asset impairment and other charges --- 632 11,284
---------- ---------- ----------
Operating income (loss) 1,883 (965) (20,932)
Interest expense 1,079 1,300 3,012
Other (income) expense (4) (7,929) 1,846
---------- ---------- ----------
Income (loss) before taxes 808 5,664 (25,790)
Income tax benefit 400 --- ---
---------- ---------- ----------
Income (loss) before minority interest 1,208 5,664 (25,790)
Minority interest in loss of subsidiaries --- --- (17)
---------- ---------- ----------
Net income (loss) 1,208 5,664 (25,773)
Accretion of preferred stock (484) (726) ---
---------- ---------- ----------
Net earnings (loss) applicable to common and common
equivalent shares $ 724 $ 4,938 $ (25,773)
========== ========== ==========
Basic income (loss) per common share: $ 0.08 $ 0.55 $ (4.43)
Diluted income (loss) per common share: $ 0.08 $ 0.50 $ (4.43)
Number of shares used in calculating earnings (loss) per share:
Basic 8,739 9,015 5,819
Diluted 8,745 9,844 5,819
</Table>
The accompanying notes are an integral part of these consolidated financial
statements.