| Last Trade: | 8.25 |
| Trade Time: | 3:46PM ET |
| Change: |  1.10 (15.38%) |
Drilling services company Omni Energy Services Corp.
Shares of the company rose over 16 percent, or $1.15, to $8.30 in afternoon trade, making it one of the top gainers on the Nasdaq.
The company expects net income from continuing operations to range from $18 million to $19 million, or 74 cents to 78 cents a share, on revenue of over $90 million.
In January, the company had forecast net income of $5 million or more, on revenue of over $75 million for the year.
Two analysts on average expect the company to earn 66 cents a share, before special items, on revenue of $96.3 million in 2006, according to Reuters Estimates.
In a statement, Omni Energy said it expects to close the acquisition of Rig Tools Inc. in the fourth quarter. In February, the company had completed the acquisition of Preheat Inc.
The company expects Rig Tools to report pro-forma net income of more than $1.3 million on projected revenue of about $13 million for 2006.
On a pro-forma basis, including results of Preheat and Rig Tools, Omni Energy expects net income of $19 million on revenue of $105 million to $110 million for the year, the company said
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