Deep Down, Inc. (DPDW) swung to a net profit for the year ended Dec. 31, 2016. The company has made a net profit of $0.16 million, or $ 0.01 a share in the year, against a net loss of $1.84 million, or $0.12 a share in the last year.

Revenue during the year went up marginally by 2.16 percent to $25.38 million from $24.85 million in the previous year. Gross margin for the year expanded 515 basis points over the previous year to 35.52 percent. Operating margin for the year stood at negative 3.36 percent as compared to a negative 7.13 percent for the previous year.

Operating loss for the year was $0.85 million, compared with an operating loss of $1.77 million in the previous year.

Ronald E. Smith, chief executive officer, stated, "In light of the challenges in the Oil and Gas industry, we are pleased with our results for the year ended December 31, 2016, and are grateful for the confidence our customers continue to place in our ability to assist them solve their problems. "Our strategic focus on cost containment, streamlined contracting strategies, and cash management, has enabled us to continue being a preferred service provider. We believe that our size and organizational structure enable us to provide solutions for our customers within a timeframe, and at costs, expected by our customers. "We believe that the Company is positioned for future success. We are optimistic about both near-term and long-term prospects for the Company, and intend to continue to focus on what we do best, even as we pursue new opportunities."