Deep Down annual net loss down

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12 April 2016, Oil, Gas

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Revenues for the year ended December 31, 2015 were $24.85 million, compared to $28.63 million for the year ended December 31, 2014.

Gross profit for the year ended December 31, 2015 was $7.55 million, compared to $8.6 million for the year ended December 31, 2014.

Operating loss for the year ended December 31, 2015 was $1.77 million, compared to an operating loss of $5.93 million for the year ended December 31, 2014.

Ronald E. Smith, CEO, stated, "As the industry adjusts to the new normal of lower oil prices, we continue to be flexible in supporting our customers as they realign their strategies to cope with the volatility of the market. While we have not been immune to the challenges in the industry, we have taken steps to mitigate the pressures we are facing, primarily focusing on cost containment, streamlining our contracting strategies and improving our cash flows.

"Our backlog continues to stay well above $30 million, the majority of which is with operators, with sustained growth in our asset storage and refurbishment business. Having spent the past few years improving our organizational infrastructure, enhancing our workforce, and streamlining our balance sheet, we are optimistic about the future and are grateful for all of our partners, past, present and future."

Source: MarketLine

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