spec machine
4 years ago
The possibility of selling the carosels has improved significantly in the last 6 months
scrap steel is the appropriate valuation metric for most of DPDW "assets"
I wonder if all of the "interested buyers" for the carousels have been scrappers all along
when was the last time the carousel in TIP was operated? Was it just the ONE job it had 5 or 6 years ago? How much is the lease costing every year to let it rust?
How's that barge loading dock coming along at the Houston facility "scrap yard", what?? it never was built??
Well the rail loading spur was ..... oh, nevermind, it never w happened either
How are those NHUs selling?? oh
I guess all the money spent on the animation company acquisition didn't get any returns
How about the "petting zoo" property in Cleveland, wasn't that an amazing deal for "someone" (but shareholders got screwed)?
The Electrowave acquisitions and military contracts?? All that part of the business is dead too??
StayPut yacht dynamic positioning??? No sales?? Well at least the company still has the demo boat.... what??? It's gone??? I wonder who has it??? (Ronnie??) The shareholders certainly paid a lot of cash into that little toy, TWICE!! The first prototype was lost in the big Amegy Bank fiasco.
Did they ever settle the AKER lawsuit or the GE lawsuit?
If I still owned any of this crap stock, I'd probably have all those answers at my fingertips
But then again, why would I own this stock? They only lose money, that's all they do well
How much loss is estimated for this upcoming quarterly?? Any guesses??
spec
Deep Down, Rust in Peace
spec machine
4 years ago
2020 loss of .46 per share
And this gem (they still can’t proofread or else this is really what shares are worth)
During the year ended December 31, 2020, but prior to the receipt of a loan from the Small Business Administration's Paycheck Protection Program, the Company repurchased an aggregate of 743,815 shares of common stock at a total cost of $0.5 under the 2019 Repurchase Program
Who would throw money at this with their track record of losing money, lawsuits over defective equipment, and mismanagement?
Looks like we can see who has been tapping the ask for small trades, the stock repurchase authorization
They don’t have the excess cash to do something that stupid in their current state, obvious attempt to artificially pump the share price up
The games continue
Do they still laugh throughout the conference calls as they’re explaining how much money they lost while the insiders are cashing their fat paychecks?
spec
mauiguy2
5 years ago
I've seen a lot of names from the past here today. So, I might as well throw my name in the ring, too.
Yeah, it was a tough time for all of us. I remember clashing with Spec, jdsgungho and some others. I also had some back and forths with the IR guy......was his name Steve? I even shared a few private emails on the side with Trueheart who also popped up here today.
I think the thing that bothered me the most was that Ron and the Boys were always giving themselves some kind of bonus as both the share price and the economy at that particular time were tanking. That's when I really got suspicious about things.
Anyway, more than a decade later, I think we can all agree that we got taken by Ron and the Boys. We were too hopeful and optimistic as Ron continued to take advantage of us.
Spec, I am truly impressed by all the research you did. Even though it probably was too late to help you a lot financially, at least you had the comfort and satisfaction in knowing that you exposed management. Great job! I respect you a lot for all the effort you made to expose them.
spec machine
5 years ago
Yep, many burned fingers of investors and lenders
But look who made out like bandits while Deep Down was losing money year after year
All the last names fell into a group of three names
I can honestly say, outside of a professional criminal investigation, I doubt that any individual has ever dived deeper into the data points of a public company than I did on Deep Down
I dug up info on the management, employees, patents, customer feedback, lender interviews, ex employee interviews, reams of court documents, interviews of former management and employees of acquisition targets, suppliers, clients. I drove cross country to meet with Smith in Channelview, met with Butler in Key West and much more
During the good years of oilfield services there was only one reason they didn’t make a profit and/or grow the company
It took all that digging to find out what was holding them back from generating some value for shareholders
It wasn’t that they couldn’t (during the good years)
The petting zoo was the epiphany in my case, it finally opened my eyes and then it all made sense
It’s all there in my posts on the topic
By far the most offensive behavior I’ve ever heard of on a conference call was their laughter at a shareholder’s question after they just announced another quarter of huge losses
It was all a big joke, at shareholder’s expense!
I hope you’re doing well Fritz, cheers to us who took a beating on DPDW
spec
spec machine
5 years ago
There are too many red flags here to list them all but here are the top few current ones that are easily verifiable
1 - market sector is horrible
GOM energy sector is in the worst crash in decades, services will be dropping like flies soon
The good ones might be targets for acquisitions by larger companies but at pennies on the dollar
Deep Down is not a good acquisition target for too many reasons to list but if it was, the transaction would be at or below current share price, IMO
2 - no trust in management or the books
Years of mismanagement to the detriment of shareholders and lenders
Management and a few select employees were richly rewarded even as the company suffered considerable losses
In communications with shareholders, management continued to hype the fact that book value exceeded share price without ever addressing the reason why (no trust in management or the books, combined with anticipation of continued losses)
3 - the company never generated profits in good times, a close examination of the short period that seems to indicate a profitable period will reveal that it was only due to the timing of recording gains and losses
There are many microcap and small cap companies that are better bets for short or long term gains, IMO
This one had their chance and blew it bigly
The smoldering ashes aren’t ever going to be a campfire let alone a bonfire
spec
spec machine
5 years ago
Shocking NEWS! ! ! DPDW is reporting a loss !!!
WOW, never saw that one coming
Don’t worry, they are adjusting to the situation and they are well positioned to weather the downturn
So absurd you can’t make this stuff up, there is no performance metric that they can fail to underperform
No loss too big to dampen their arrogance in blaming anything other than their continued mismanagement
Butler (former CFO) bailed out after sucking out every dollar in his bloated salary that he was able to, then cashed out EVERY share he was given, every single share.
Smith either bailed out or was forced out but it wasn’t soon enough to give deep down a chance to survive
Rats leaving a sinking ship
The same rats that sank it
spec
Golden Cross
5 years ago
Deep Down Announces Share Repurchase
HOUSTON, January 24, 2020 -- Deep Down, Inc. (OTCQB: $DPDW ) ("Deep Down" or the “Company”), a specialist in deep-water oil and gas production equipment and services, today announced that since December 23, 2019 it has repurchased a total of 749,315 shares of its common stock pursuant to the Company’s share repurchase program as well as in a privately negotiated transaction. As a result of these repurchases, the Company now has 12,541,365 shares of common stock outstanding.
About Deep Down, Inc. (www.deepdowninc.com)
Deep Down focuses on complex deepwater and ultra-deepwater oil and gas production distribution system technologies and support services, connecting the platform and the wellhead. Deep Down's proven services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads, installation buoyancy, remotely operated vehicles and tooling, marine vessel automation, control, and ballast systems. Deep Down supports subsea engineering, installation, commissioning, and maintenance projects through specialized, highly experienced service teams and engineered technological solutions.
Forward-Looking Statements Any forward-looking statements in the preceding paragraphs of this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties in that actual results may differ materially from those projected in the forward-looking statements. In the course of operations, we are subject to certain risk factors, competition and competitive pressures, sensitivity to general economic and industrial conditions, international political and economic risks, availability and price of raw materials and execution of business strategy. For further information, please refer to the Company's filings with the Securities and Exchange Commission, copies of which are available from the Company without charge.
Follow us on: Twitter: @DeepDownIR
Investor Relations:
Catalyst IR
Chris Eddy or David Collins
212-924-9800
dpdw@catalyst-ir.com
bar1080
6 years ago
DPDW Form 10-K filed 4-16-2019
"Dividend Policy
To date, we have not paid any cash dividends and our present policy is to retain earnings for working capital for the growth of our operations."
"Modified EBITDA
Our management evaluates our performance based on a non-GAAP measure, which consists of earnings (net income or loss) available to common shareholders before net interest expense or income, income taxes, non-cash share-based compensation expense, equity in net income or loss of joint venture, non-cash impairments, depreciation and amortization, other non-cash items and one-time charges (“Modified EBITDA”). This measure may not be comparable to similarly titled measures employed by other companies and is not a measure of performance calculated in accordance with US GAAP. The measure should not be considered in isolation or as a substitute for operating income, net income or loss, cash flows provided by operating, investing or financing activities, or other cash flow data prepared in accordance with US GAAP. The amounts included in the Modified EBITDA calculation, however, are derived from amounts included in the accompanying consolidated statements of operations."
----
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Stockholders and the Board of Directors of
Deep Down, Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Deep Down, Inc. and subsidiaries (the “Company”) as of December 31, 2018 and 2017, the related consolidated statements of operations, changes in stockholders’ equity and cash flows for the years then ended, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2018 and 2017, and the consolidated results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures to respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
/s/ Moss Adams LLP
Houston, Texas
April 15, 2019"
https://www.sec.gov/Archives/edgar/data/1110607/000168316819001057/deepdown_10k-123118.htm
bar1080
6 years ago
Red Flags: 107,000 IHUB posts and FOUR reverse splits. This is a stock made for penny gamblers, not savvy investors
Jul 18, 2012 20/1 Reverse Stock Split
Apr 19, 2005 60/1 Reverse Stock Split
Mar 06, 2003 65/1 Reverse Stock Split
Oct 29, 2001 10/1 Reverse Stock Split
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