MIDLAND, Texas, Nov. 14 /PRNewswire-FirstCall/ -- Dawson
Geophysical Company (NASDAQ:DWSN) today reported record revenues of
$168,550,000 for its fiscal year ending September 30, 2006 compared
to $116,663,000 for fiscal 2005, an increase of 44 percent. Revenue
growth in fiscal 2006 was primarily due to the expanded
capabilities of existing crews, price improvements in the markets
for Dawson's services, and more favorable contract terms with
Company clients, as well as the fielding of the Company's twelfth
seismic data acquisition crew in June of 2006. Net income for
fiscal 2006 was $15,855,000 compared to $10,016,000 in fiscal 2005,
an increase of 58%. Earnings per share for fiscal 2006 were $2.11
compared to $1.50 in fiscal 2005. Reflected in the fiscal 2006 per
share data is a full year of the 1,800,000 additional shares of
stock issued by the Company in a public offering completed in
March, 2005. Cash flow provided by operating activities increased
109 percent from $12,300,000 to $25,743,000 in fiscal 2006. The
Company's EBITDA for fiscal 2006 was $38,551,000 compared to
$22,766,000 in fiscal 2005, an increase of 69 percent. Capital
expenditures of $40,377,000 in fiscal 2006 were used, in part, to
complete the fielding of an additional data acquisition crew
equipped with a 5000 channel Aram ARIES recording system in June of
2006, to expand channel count on existing crews, to purchase
additional energy source units, and to replace an I/O System II
recording system on an existing crew with a 5000 channel Aram ARIES
recording system in September of 2006. The purchase of the second
Aram ARIES was originally planned as a fiscal 2007 budget item. The
Company's Board of Directors had approved an initial fiscal 2007
capital budget of $20,000,000, of which, $4,900,000 was used as
part of the purchase of the second Aram ARIES recording system and
captured as an increase to the fiscal 2006 capital budget due to
earlier than anticipated delivery and deployment of the system. The
balance of the capital budget will be used to add to the Company's
energy source fleet, make technical improvements in various phases
of the Company's operations, and meet maintenance capital
requirements. These expenditures will allow the Company to maintain
its competitive position as it responds to client desire for higher
resolution subsurface images. Fourth Quarter Results For the fourth
quarter 2006, Dawson Geophysical reported record revenues of
$51,491,000 compared to $37,089,000 for the comparable 2005 period,
an increase of 39 percent. Revenue growth in the fourth quarter was
primarily due to price improvements for the Company's services,
expanded capabilities of existing crews, and the operation of the
twelfth crew. Recorded in the fourth quarter revenues are unusually
high third party charges primarily related to the use of helicopter
support services, specialized survey technologies, and dynamite
energy sources all of which are utilized in areas with limited
access. The increase in these charges was driven by the Company's
continued geographic expansion in response to exploration
activities in the Appalachian Basin, the Rocky Mountains, the
Fayetteville Shale in Arkansas, and the Arkoma Basin. The Company
is reimbursed for these expenses by its clients. Net income for the
fourth quarter of fiscal 2006 was $4,963,000 compared to $2,732,000
in the comparable 2005 period, an increase of 82 percent. Earnings
per share were $0.66 for the fourth quarter of fiscal 2006 compared
to $0.37 per share in the fourth quarter of 2005. EBITDA increased
80 percent in the fourth quarter from $6,765,000 in fiscal 2005 to
$12,145,000 in fiscal 2006. Stephen Jumper, President and CEO of
Dawson Geophysical Company said, "Fiscal 2006, our 25th year as a
public company, was a record year in terms of revenue, net income,
and EBITDA. The same can be said on a quarterly basis for the
fourth quarter of fiscal 2006. Our financial performance has been
fueled by our growth in recent years in both crew count and channel
count." Mr. Jumper, continued, "Since early 2005, we have expanded
from nine data acquisition crews to twelve crews at the end of
fiscal 2006, from approximately 38,000 recording channels to in
excess of 70,000 recording channels, and from 803 employees to
1,023 employees. The Company's expansion is in response to
continued demand for the geophysical services we provide as a
result of increased exploration efforts by oil and gas companies."
Fourth Quarter and Year-end Highlights * Deployed and operated the
Company's twelfth data acquisition crew equipped with an Aram ARIES
recording system in June of 2006. Added a second Aram ARIES
recording system in September. * Operated in West Texas, the Fort
Worth Basin of Texas, South Texas, Oklahoma, North Dakota, Wyoming,
Arkansas, West Virginia, New York, Mississippi, New Mexico,
California and Utah. * Increased channel count in 2006, from
approximately 58,000 to in excess of 70,000. * Increased the size
of the vibrator energy source fleet to 95 units. * Commenced
operations under an agreement with WesternGeco, a subsidiary of
Schlumberger, to provide Q-Land seismic data acquisition services
in the Lower 48 United States. * Completed the data acquisition
phase of a large 3-D multi-component seismic project in West Texas,
the Company's seventh such project in the last three years. *
Joined the Russell 3000 Index. During the first quarter of fiscal
2007 the Company provisionally fielded an additional data
acquisition crew with the redeployment of an existing I/O System II
recording system and intends to deploy this crew from time to time
as opportunities arise. With the addition of the newest crew,
Dawson currently operates thirteen crews across the lower 48
states. Of the thirteen crews two are equipped with Aram ARIES
recording systems, six with I/O System II RSR recording systems,
four with I/O System II cable based recording systems, and one with
the Q-Land recording system under an agreement with WesternGeco.
Eleven of the thirteen crews are currently utilizing vibrator
energy source units. Mr. Jumper concluded, "Demand for our services
continues at record levels as a result of continued exploration and
development activities by our client base despite recent changes in
oil and natural gas prices. Our current order book remains strong
and reflects commitments sufficient to maintain operations at full
capacity well into calendar 2007. In response to this continued
demand, we provisionally fielded an additional data acquisition
crew, our thirteenth crew, with the redeployment of an existing I/O
System II in the first quarter of fiscal 2007. We look forward to
2007 with great enthusiasm as our employees continue to deliver
value for our clients and shareholders." Dawson Geophysical Company
is the leading provider of U.S. onshore seismic data acquisition
services as measured by the number of active data acquisition
crews. Founded in 1952, Dawson acquires and processes 2-D, 3-D, and
multi-component seismic data solely for its clients, ranging from
major oil and gas companies to independent oil and gas operators as
well as providers of multi-client data libraries. This press
release contains information about the Company's EBITDA, a non-GAAP
financial measure. The Company defines EBITDA as net income plus
interest expense, income taxes, depreciation and amortization
expense. The Company uses EBITDA as a supplemental financial
measure to assess: * the financial performance of its assets
without regard to financing methods, capital structures, taxes or
historical cost basis; * its liquidity and operating performance
over time in relation to other companies that own similar assets
and that the Company believes calculate EBITDA in a similar manner;
and * the ability of the Company's assets to generate cash
sufficient for the Company to pay potential interest costs. The
Company also understands that such data are used by investors to
assess the Company's performance. However, the term EBITDA is not
defined under generally accepted accounting principles and EBITDA
is not a measure of operating income, operating performance or
liquidity presented in accordance with generally accepted
accounting principles. When assessing the Company's operating
performance or liquidity, investors and others should not consider
this data in isolation or as a substitute for net income, cash flow
from operating activities or other cash flow data calculated in
accordance with generally accepted accounting principles. In
addition, the Company's EBITDA may not be comparable to EBITDA or
similar titled measures utilized by other companies since such
other companies may not calculate EBITDA in the same manner as the
Company. Further, the results presented by EBITDA cannot be
achieved without incurring the costs that the measure excludes:
interest, taxes, depreciation and amortization. A reconciliation of
the Company's EBITDA to its net income is presented in the table
following the text of this press release. In accordance with the
Safe Harbor provisions of the Private Securities Litigation Reform
Act of 1995, Dawson Geophysical Company cautions that statements in
this press release which are forward-looking and which provide
other than historical information involve risks and uncertainties
that may materially affect the Company's actual results of
operations. These risks include, but are not limited to, dependence
upon energy industry spending, the volatility of oil and gas
prices, weather interruptions, the ability to obtain land access
rights of way and the availability of capital resources. A
discussion of these and other factors, including risks and
uncertainties, is set forth in the Company's Form 10-K for the
fiscal year ended September 30, 2005. Dawson Geophysical Company
disclaims any intention or obligation to revise any forward-looking
statements, whether as a result of new information, future events,
or otherwise. Statements of Operations 2006 2005 2004 Operating
revenues $168,550,000 $116,663,000 $69,346,000 Operating costs:
Operating expenses 125,848,000 90,465,000 55,618,000 General and
administrative 4,808,000 4,490,000 2,675,000 Depreciation
13,338,000 8,179,000 4,653,000 143,994,000 103,134,000 62,946,000
Income from operations 24,556,000 13,529,000 6,400,000 Other
income: Interest income 582,000 507,000 177,000 Other 75,000
486,000 505,000 Income before income tax 25,213,000 14,522,000
7,082,000 Income tax expense: Current (4,886,000) (2,035,000)
(96,000) Deferred (4,472,000) (2,471,000) 1,632,000 (9,358,000)
(4,506,000) 1,536,000 Net income $15,855,000 $10,016,000 $8,618,000
Net income per common share $2.11 $1.50 $1.55 Net income per common
share - assuming dilution $2.09 $1.48 $1.53 Weighted average
equivalent common shares outstanding 7,518,372 6,705,791 5,558,646
Weighted average equivalent common shares outstanding - assuming
dilution 7,599,555 6,795,295 5,631,397 Balance Sheets September 30,
September 30, 2006 2005 ASSETS Current assets: Cash and cash
equivalents $8,064,000 $2,803,000 Short-term investments 6,437,000
20,326,000 Accounts receivable, net of allowance for doubtful
accounts of $148,000 in 2006 and $331,000 in 2005 46,074,000
28,696,000 Prepaid expenses and other assets 690,000 1,127,000
Current deferred tax assets 1,619,000 1,229,000 Total current
assets 62,884,000 54,181,000 Property, plant and equipment
160,740,000 124,478,000 Less accumulated depreciation (74,206,000)
(64,532,000) Net property, plant and equipment 86,534,000
59,946,000 $149,418,000 $114,127,000 LIABILITIES AND STOCKHOLDERS'
EQUITY Current liabilities: Accounts payable $16,280,000 $6,601,000
Accrued liabilities: Payroll costs and other taxes 1,958,000
1,198,000 Other 4,195,000 2,182,000 Deferred revenue 863,000
190,000 Total current liabilities 23,296,000 10,171,000 Deferred
tax liability 6,914,000 2,052,000 Stockholders' equity: Preferred
stock-par value $1.00 per share; 5,000,000 shares authorized, none
outstanding -- -- Common stock-par value $.33 1/3 per share;
50,000,000 and 10,000,000 shares authorized in each period;
7,549,244 and 7,484,044 shares issued and outstanding in each
period 2,517,000 2,495,000 Additional paid-in capital 82,370,000
80,987,000 Other comprehensive income, net of tax (33,000) (77,000)
Retained earnings 34,354,000 18,499,000 Total stockholders' equity
119,208,000 101,904,000 $149,418,000 $114,127,000 Reconciliation of
EBITDA to Net Income Three Months Ended Fiscal Year Ended September
30, September 30, 2006 2005 2006 2005 (in thousands) (in thousands)
Net Income $4,963 $2,732 $15,855 $10,016 Depreciation 3,781 2,660
13,338 8,179 Interest expense -- -- -- 65 Income tax expense 3,401
1,373 9,358 4,506 EBITDA $12,145 $6,765 $38,551 $22,766
Reconciliation of EBITDA to Net Cash Provided by Operating
Activities Fiscal Year Ended September 30, 2006 2005 (in thousands)
Net cash provided by operating activities $25,743 $12,300 Changes
in working capital items and other 13,483 10,540 Non-cash
adjustments to income (675) (74) EBITDA $38,551 $22,766 DATASOURCE:
Dawson Geophysical Company CONTACT: L. Decker Dawson, Chairman of
the Board, or Stephen C. Jumper, President and Chief Executive
Officer, or Christina W. Hagan, Chief Financial Officer, all of
Dawson Geophysical Company, +1-800-332-9766 Web site:
http://www.dawson3d.com/
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