(OMNI ENERGY SERVICES CORP LOGO) NEWS RELEASE Nasdaq: OMNI
4500 NE Evangeline Thwy o Carencro, LA 70520 o Phone o 337-896-6664
o Fax 337-896-6655
FOR IMMEDIATE RELEASE NO. 03-09
FOR MORE INFORMATION CONTACT: G. Darcy Klug, Chief Financial Officer
PHONE: (337) 896-6664
OMNI REPORTS 36% INCREASE IN SECOND QUARTER NET INCOME
Cash Flow Increases 26% As Backlog Remains Strong
CARENCRO, LA - AUGUST 13, 2003 - OMNI ENERGY SERVICES CORP. (NASDAQ NM:
OMNI) announced today for the quarter ended June 30, 2003, on revenues of $10.4
million OMNI reported net income of $1.5 million ($0.18 per diluted share) or a
35% increase over the reported results for the same three-month period ended
2002. For the three-month period ended June 30, 2002, OMNI previously reported
net income of $1.1 million ($0.13 per diluted share) on revenues of $9.1
million. OMNI also reported its cash flow from operations for the quarter ended
June 30, 2003 totaled $2.9 million or 26% greater than the $2.3 million reported
for the same quarter ended 2002. Further, the Company reported its backlog
remained strong at $35 million.
"In spite of these difficult market conditions, we are extremely
pleased with the second quarter's results," said James Eckert, Chief Executive
Officer. "We continue to concentrate on streamlining our operations, improving
our efficiencies, increasing our profitability by controlling costs and
enhancing shareholder value. By combining our ever-improving operating cash flow
with the recent restructuring of our senior secured debt, we remain the dominant
provider of domestic seismic drilling services," continued Eckert. "As our
backlog tops $35 million, projects are now being booked into 2004 with continued
emphasis in our most profitable area, the transition zone. Additionally, certain
new and exciting business opportunities continue to present themselves. A new,
revitalized OMNI is now capable of capitalizing on these strategic
possibilities. Further, we remain committed to continuing the internal growth of
our aviation division and in the near future expect to supplement that internal
growth with specifically targeted external expansion," 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, 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 INCOME
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2003 AND 2002
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<Table>
<Caption>
Three Months Ended June 30, Six Months Ended June 30,
---------------------------- ----------------------------
2003 2002 2003 2002
------------ ------------ ------------ ------------
(Unaudited) (Unaudited)
Operating revenue $ 10,409 $ 9,059 $ 16,616 $ 13,673
Operating expenses 7,537 6,845 12,695 10,649
------------ ------------ ------------ ------------
Gross profit 2,872 2,214 3,921 3,024
General and administrative expenses 1,232 798 2,291 1,307
------------ ------------ ------------ ------------
Operating income 1,640 1,416 1,630 1,717
Interest expense
237 259 447 478
Other income (expense) (86) (15) (81) (32)
------------ ------------ ------------ ------------
323 274 528 510
------------ ------------ ------------ ------------
Income before taxes 1,317 1,142 1,102 1,207
Income taxes (benefit) (225) -- (325) --
------------ ------------ ------------ ------------
Net income 1,542 1,142 1,427 1,207
Accretion of preferred stock -- (242) -- (484)
------------ ------------ ------------ ------------
Net earnings applicable to common and
common equivalent shares $ 1,542 $ 900 $ 1,427 $ 723
============ ============ ============ ============
Basic net income per share: $ 0.18 $ 0.10 $ 0.16 $ 0.08
Diluted net income per share: $ 0.18 $ 0.10 $ 0.16 $ 0.08
Weighted average shares outstanding:
Basic 8,740 8,739 8,740 8,738
Diluted 8,742 9,004 8,740 9,019
</Table>