U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12B-25
NOTIFICATION OF LATE FILING SEC FILE NUMBER
0-23383
[X] Form 10-K and Form 10-KSB [ ] Form 11-K [ ] Form 10-Q and
Form 10-QSB
[ ] Form N-SAR
For Period Ended: DECEMBER 31, 1999
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
IF THE NOTIFICATION RELATES TO A PORTION OF THE FILING CHECKED ABOVE,
IDENTIFY THE ITEM(S) TO WHICH THE NOTIFICATION RELATES: Items 7 and 8
PART I - REGISTRANT INFORMATION
FULL NAME OF REGISTRANT:
OMNI Energy Services Corp.
ADDRESS OF PRINCIPAL EXECUTIVE OFFICE (STREET AND NUMBER):
4500 N.E. Evangeline Thruway, Carencro, Louisiana 70520
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PART II - RULES 12B-25(B) AND (C)
IF THE SUBJECT REPORT COULD NOT BE FILED WITHOUT UNREASONABLE EFFORT OR
EXPENSE AND THE REGISTRANT SEEKS RELIEF PURSUANT TO RULE 12B-25(B), THE
FOLLOWING SHOULD BE COMPLETED. (CHECK BOX IF APPROPRIATE)
[X] (a) The reasons described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense;
[X] (b) The subject annual report, semi-annual report, transition report on
Form 10-K, Form 20-F, 11-K or Form N-SAR, or portion thereof will be filed
on or before the fifteenth calendar day following the prescribed due date;
or the subject quarterly report or transition report on Form 10-Q, or
portion thereof will be filed on or before the fifth calendar day following
the prescribed due date; and
[ ] (c) The accountant's statement or other exhibit required by Rule 12b-
25 (c) has been attached if applicable.
<PAGE>
PART III - NARRATIVE
STATE BELOW IN REASONABLE DETAIL THE REASONS WHY THE FORM 10-K AND FORM 10-
KSB, 20-F, 11-K 10-Q AND FORM 10-QSB, N-SAR, OR THE TRANSITION REPORT OR
PORTION THEREOF COULD NOT BE FILED WITHIN THE PRESCRIBED PERIOD.
The Registrant was in compliance with all payment covenants, but was not in
compliance with certain financial covenants, contained in its long-term
credit agreements as of December 31, 1999. Moreover, subsequent to December
31, 1999, the Registrant was also not in compliance with the payment
covenants under these agreements. These defaults could give the
Registrant's lenders the right to accelerate the Registrant's indebtedness,
in an aggregate amount outstanding of approximately $15 million, although
to date no such acceleration has occurred. In addition, the Registrant's
subordinated notes are in technical default due to cross default provisions
contained in these agreements and thus the note holders have the right to
demand payment of the amounts outstanding of $7.5 million. The Registrant
does not have sufficient resources available to make the required payments
should the creditors require the Registrant to repay the amounts due.
The Registrant's long-term credit agreements have a maturity date of March
31, 2000. However, the Registrant has reached an agreement in principle
with the lender of its major credit agreement, subject to negotiation and
execution of the necessary documentation, pursuant to which the lender
would extend the maturity date of its credit agreement until May 15, 2000,
and waive all payment and covenant defaults through that date. The
Registrant is currently in discussions with its lenders regarding various
options to resolve this status and to further extend the maturities under
its long-term credit facilities. Management is also continuing to pursue
restructuring the Registrant's indebtedness and alternative sources of
financing and capital.
The Registrant had hoped that it would have come to a definitive agreement
with its lenders for a long-term resolution to this situation, or have
entered into agreements with new providers of financing or capital in time
to allow the Form 10-K to be filed timely. However, it now appears that
negotiations with respect to an appropriate long-term resolution will not
be completed for several more weeks. Because the terms of any such
resolution, the form it may take and its effect on the Registrant's
business cannot yet be determined, the Registrant is unable to complete its
Form 10-K report. Among the portions of the Form 10-K that the Registrant
is unable to file at this time are its audited financial statements and
management's discussion and analysis. Upon satisfactory completion of an
agreement with the lenders with respect to the Registrant's indebtedness or
with a new source of financing or capital, the Registrant will amend its
2000 Form 10-K to file the completed report.
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PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification:
PETER NIELSEN 318 896-6664
(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under section 13 or
15(d) of the Securities Exchange Act of 1934 or section 30 of the
Investment Company Act of 1940 during the preceding 12 months or for such
shorter period that the registrant was required to file such report(s) been
filed? If the answer is no, identify report(s).
[X] Yes [ ] No
(3) Is it anticipated that any significant change in results of
operations from the corresponding period for the last fiscal year will be
reflected by the earnings statements to be included in the subject report
or portion thereof?
[X] Yes [ ] No
IF SO: ATTACH AN EXPLANATION OF THE ANTICIPATED CHANGE, BOTH
NARRATIVELY AND QUANTITATIVELY, AND, IF APPROPRIATE, STATE THE REASONS WHY
A REASONABLE ESTIMATE OF THE RESULTS CANNOT BE MADE.
The Registrant's revenues for the fiscal year ending December 31, 1999 were
$24.1 million compared to $62.1 million for the fiscal year ending December
31, 1998. The Registrant's pretax loss from continuing operations for the
year ending December 31, 1999 is anticipated to be $16.5 million compared
to $2.6 million for the year ending December 31, 1998. The fiscal 1999
results are also expected to include pretax losses from discontinued
operations of approximately $12 million. The Registrant's results of
operations for fiscal 1999 have continued to be adversely impacted by the
depressed demand in the seismic market for the Registrant's services and
due to the loss on its operations in South America. The Registrant began
to experience weakness in its market in the later half of 1998 due to the
fall in the price of oil. The reduced demand continued throughout 1999
despite the recent increase in the price of oil. The Registrant expanded
its operations to South America during the latter part of 1998. During
1999, the Registrant incurred losses of approximately $2.0 million related
to a project that was completed during 1999.
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OMNI ENERGY SERVICES CORP.
(NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: MARCH 30, 2000 By: /S/ PETER NIELSEN
Peter Nielsen
Chief Financial Officer
