OMNI Energy Services Corp. announced that it has entered into an amendment to its senior secured credit facility maturing April 23, 2013, providing for a waiver of a violation of the facility's fixed charge coverage requirement of 1.25 to 1.00 for the twelve month period ended September 30, 2009 and each and every event of default arising solely from the violation. In addition, the company reduced the total available principal under the facility from $75.0 million to $56.0 million reflecting the principal payments previously made and applied to the term portion of the facility in the amount of $14.0 million. The company also reduced the revolving credit capacity to $20.0 million from $25.0 million reflecting the company's current business needs. As of November 12, 2009, the company had no outstanding borrowings under this revolving credit facility and had $15.5 million of capacity of which $6.0 million was being utilized for standby letters of credit and other contingencies. Among other modifications, the fixed charge coverage ratio requirement was modified to reflect a requirement of 0.90 to 1.00 for the twelve month period ending December 31, 2009 and June 30, 2010, 1.00 to 1.00 for the twelve month periods March 31, 2010, September 30, 2010, and December 31, 2010, and 1.10 to 1.00 for the twelve month periods ending March 31, 2011, June 30, 2011, September 30, 2011, and December 31, 2011. Subject to certain limitations, the company has the ability to select how interest will be computed. Interest may be determined by reference to the London Inter-bank Offered Rate (LIBOR), or the Fed Funds Rate plus 0.5%, each of which is subject to a floor of 1.0% plus an applicable margin between 4.0% and 4.5%. In addition, other features of the facility were modified to reflect the current business needs of the company.

OMNI Energy Services Corp. reported consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company's net income available to common stock holders was $3.986 million or $0.15 diluted income per share on operating revenue of $53.284 million compared to net loss available to common stock holders of $0.967 million or $0.05 loss per diluted share on revenue of $28.359 million for the same period last year. Operating income was $8.134 million against loss of $0.266 million of previous year period. Income before provision for income taxes was $6.681 million compared to loss before provision for income taxes of $0.939 million for the comparable period last year. Adjusted EBITDA was $12.2 million against $3.6 million for the comparable period last year. For the nine months ended September 30, 2009, net income available to common stock holders was $5.080 million or $0.21 diluted per share on revenue of $143.165 million compared to net loss available to common stock holders of $0.043 million on revenue of $95.864 million for the same period last year. Operating income was $14.503 million against $3.614 million of previous year period. Income before provision for income taxes was $9.135 million compared to $1.216 million for the comparable period last year. Adjusted EBITDA was $25.5 million against $15.4 million for the comparable period last year. The company recognized an additional impairment of $0.2 million on a corporate aircraft that is currently held for sale to reflect its current market value.

OMNI Energy Services Corp. expected to Report Fiscal Year 2009 Results on March 8, 2010. This event was calculated by Capital IQ (Created on November 4, 2009).