| Omni Energy Services Corp. | |||
| Ticker: | OMNI | 4484 NE Evangeline Thruway | |
| Exchange: | NASDAQ-National Market | Carencro, LA 70520 | |
| Industry: | Natural Resources (SIC Code 1382) | (318) 896-6664 | |
| # of Employees: | 600 | ||
| Type of Shares: | Common Shares | Filing Date: | 9/26/97 | |
| U.S. Shares: | 3,000,000 | Offer Date: | 12/4/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $13.00 - $15.00 | |
| Primary Shares: | 3,000,000 | Offer Price: | $11.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.77 | |
| Offering Amount: | $42,000,000 | Selling: | $0.45 | |
| Expenses: | $640,000 | Reallowance: | $0.10 | |
| Shares Out After: | 15,500,000 |
| Manager | Tier | Phone |
| Lehman Brothers Incorporated | Lead Manager | (212) 526-8100 |
| Prudential Securities Incorporated | Co-manager | (212) 778-5420 |
| Raymond James & Associates, Inc. | Co-manager | (813) 573-8108 |
| Issuer's Law Firm: | Jones, Walker,Waechter, Poitevent Carrere & Denegr |
| Bank's Law Firm: | Baker & Botts |
| Auditor: | Arthur Andersen |
Dollar amounts in U.S. millions except for per share data | |||||
| 6 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/96 | 6/30/97 | 6/30/96 | 6/30/97 | ||
| Revenue: | $24.27 | $17.04 | $8.82 | Assets: | $31.87 |
| Net Income: | $2.24 | $1.58 | $1.03 | Curr Assets: | $12.52 |
| EPS: | $0.15 | $0.13 | Liabilities: | $23.13 | |
| Prior EPS: | $1.08 | $0.80 | Curr Liabilities: | $7.23 | |
| Cash Flow/Oper: | $6.58 | $0.07 | Equity: | $8.73 | |
| Cash Flow/Fin: | -$5.72 | -$0.94 | Cash: | $1.97 | |
| Cash Flow/Inv: | -$5.72 | Working Cap: | $5.30 | ||
| Business Description |
| The company is an oilfield service company specializing in providing an integrated range of onshore seismic drilling, helicopter support and survey services to geophysical companies operating in logistically difficult and environmentally sensitive terrain The Company's primary market is the marsh, swamp, shallow water and contiguous dry land areas along the U.S. Gulf Coast (the "Transition Zone"), primarily in Louisiana and Texas. The Company is the leading provider of seismic drilling services throughout the Transition Zone. From the mid-1980s to the end of 1996, the majority of three dimensional ("3-D") seismic data in the Transition Zone has been obtained in Louisiana, where approximately 9,000 square miles have been analyzed. The Company performed the seismic drilling services on approximately 6,300 of these square miles. The Company owns and operates an extensive fleet of specialized seismic drilling and transportation equipment for use in the Transition Zone, much of which is fabricated by the Company. As a result, the Company believes that it is the only company that currently can both provide an integrated range of seismic drilling, helicopter support and survey services in all of the varied terrains of the Transition Zone and simultaneously support operations for multiple, large-scale seismic projects. The Company has also expanded its seismic drilling operations into the Rocky Mountain region, where it engages in seismic drilling in hard rock terrain. |
| Competition |
| The Company currently competes with several other providers of seismic drilling, survey and aviation support services. Because of the size of its fleet of specialized transportation and seismic drilling equipment, the Company occupies a market leadership position in the seismic drilling market in the Transition Zone. However, there are few barriers to entry in the seismic drilling market, and an increase in competition in the market could arise from new ventures, expanded operations of existing competitors, an increase in seismic drilling by geophysical companies or otherwise. Increased competition in the seismic drilling market in the Transition Zone could have a material adverse effect on the Company's revenue, gross profit and net income. |
| Business Plan |
| The Company's business strategy is to: (I) Participate in Transition Zone Growth, (ii) Integrate and Expand Services, (iii) Expand Operations in the Rocky Mountain Region, (iv) Expand Internationally and (v) Acquire Related Businesses. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to repay indebtedness, for general corporate purposes, including acquisitions, capital expenditures and working capital. |
| Name of Shareholder | % Owned Before | % Owned After |
| Steven T. Stull | 64.90% | 50.20% |
| Advantage Capital | 64.90% | 50.20% |
| Allen R. Woodard | 11.60% | 9.00% |
| David A. Jeansonne | 11.50% | 8.90% |
| Roger E. Thomas | 10.70% | 8.30% |
| Officer Name | Title | Age |
| David A. Jeansonne | Chairman of the Board and Chief Executive Officer | 36 |
| Roger E. Thomas | Director and President | 55 |
| David E. Crays | Director, Vice President--Finance, Chief Financial Officer and Treasurer | 36 |
| Allen R. Woodard | Director, Vice President--Marketing & Business Development and Secretary | 35 |
| R. Patrick Morris | Vice President and General Manager of the Aviation Division | 31 |