UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): APRIL 14, 2000
OMNI ENERGY SERVICES CORP.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
LOUISIANA 0-23383 72-1395273
(STATE OR OTHER JURISDICTION (COMMISSION (I.R.S. EMPLOYER
OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.)
4500 NE INTERSTATE 49
CARENCRO, LOUISIANA 70520
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
(318) 896-6664
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
NOT APPLICABLE
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
ITEM 5. OTHER EVENTS.
On April 14, 2000, OMNI Energy Services Corp issued the press
release attached hereto as Exhibit 99.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(b) Exhibits.
99 Press release issued by OMNI Energy Services Corp on April 14,
2000
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
OMNI ENERGY SERVICES CORP
By: /s/ Peter H. Nielsen
--------------------------------------
Peter H. Nielsen
Executive Vice President,
Chief Financial Officer
and Treasurer
FOR IMMEDIATE RELEASE
Contact: John H. Untereker 337-896-6664 No. 00-03
President/Chief Executive Officer
OMNI ANNOUNCES PLANS FOR BUSINESS COMBINATION
AND FILES AMENDED FORM 10-K
CARENCRO, LA. - APRIL 14, 2000 - OMNI ENERGY SERVICES CORP. (NASDAQ:
OMNI) today announced that it has reached an agreement in principle on a term
sheet for a transaction whereby another seismic related company would merge
with OMNI in return for shares of common and preferred stock of OMNI. As
more fully described in its Annual Report (Form 10K) filed today, OMNI would
also receive a substantial amount of cash from new investors as part of this
transaction. The final terms, including the number of common and preferred
shares to be issued and the amount of cash to be received, are subject to the
completion of negotiations between the parties, new investors and OMNI's
primary lenders, and completion of this transaction will be subject to OMNI
Board and shareholder approval. Although OMNI expects this transaction to be
completed during the 2000 fiscal year, there can be no assurance that this
transaction will be completed on that timeframe or at all.
OMNI expects to restructure substantially all of its indebtedness to
lenders as a result of this transaction. However, the existing maturity
dates for OMNI's indebtedness with its primary lenders precedes the expected
closing date of the transaction. OMNI had anticipated having a longer term
solution agreed to with its creditors by March 31, 2000, but with the amount
of its current debt obligations due in 2000, OMNI has received a going
concern report from its auditors for the fiscal year ended December 31, 1999.
As a result, OMNI has provided a valuation allowance of $5.8 million ($0.36
per share) against its net deferred tax asset in its audited financial
statements related primarily to net operating loss carryforwards.
In addition, OMNI announced today that it has terminated the letter of
intent to sell its aviation business to Helicopter Transport Services, Inc.
due to an inability of the parties to reach mutually satisfactory terms.
OMNI continues to actively pursue other possible buyers of the aviation
business.
Headquartered in Carencro, La., OMNI provides a broad range of
integrated services to both geophysical and exploration and production
companies engaged in the acquisition of on-shore seismic data. The Company
provides its services through two business units: Seismic Drilling and
Seismic Survey. Omni specializes in operations in logistically difficult and
environmentally sensitive terrain.
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, rapid growth, 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.
