MIDLAND, Texas, Aug. 1 /PRNewswire-FirstCall/ -- Dawson Geophysical
Company (NASDAQ:DWSN) today reported record revenues of $68,637,000
for the quarter ending June 30, 2007, the Company's third fiscal
quarter of 2007, compared to $41,524,000 for the same quarter in
fiscal 2006, an increase of 65 percent. Revenue growth in the
quarter was primarily the result of the addition of two seismic
data acquisition crews during fiscal 2006 and another in April
2007, increased channel count and productivity on existing crews,
improved pricing, and more favorable contract terms. Revenues in
the third quarter of fiscal 2007 included a substantial increase in
third party charges related to the use of helicopter support
services, specialized survey technologies, and dynamite energy
sources as compared to the third quarter of fiscal 2006. The
increase in these charges is driven by the Company's continued
operations in areas with limited access in the Appalachian Basin,
Arkansas, Val Verde Basin of Texas, and in eastern Oklahoma. The
Company is reimbursed for these expenses by its clients. Net income
for the third quarter of fiscal 2007 was $7,561,000, the highest in
the Company's history compared to $4,241,000 in the same quarter of
fiscal 2006, an increase of 78 percent. Earnings per share for the
third quarter of fiscal 2007 were $0.99 per share, compared to
$0.56 per share in the same quarter of fiscal 2006. EBITDA for the
third quarter of fiscal 2007 was $17,700,000 compared to
$10,095,000 in the same quarter of fiscal 2006, an increase of 75
percent. Increasing Capital Investment The Company's Board of
Directors has increased the previously reported fiscal 2007 capital
budget by $16,900,000 to $55,000,000. During the third quarter, the
Company took delivery of eight new I/O vibrator energy source
units, two 5,000 channel Aram recording systems, and one 9,500
channel Aram recording system. The 9,500 channel Aram system was
deployed by the Company in July as a replacement for an existing
I/O System II MRX recording system. One of the 5,000 channel Aram
systems will replace an existing I/O System II MRX in August. The
Company anticipates deploying the other 5,000 channel Aram system
on a new data acquisition crew, the Company's fifteenth, to be
fielded in the fall. The Company currently owns in excess of
102,000 recording channels and 113 vibrator energy source units.
Operations Third quarter results reflect continued brisk domestic
exploration activities by the Company's clients, particularly those
client's seeking natural gas. Inclement weather conditions had a
negative effect on operations in early April and late June
continuing into July. Demand for the Company's data acquisition and
processing services continues at an all-time high. Although the
Company's clients may cancel their service contracts on short
notice, the Company's order book reflects commitments through the
end of calendar 2007 for all fourteen crews and into calendar 2008
on several crews. Operations are currently active on projects in
West Texas, South Texas, New Mexico, the Barnett Shale of the Ft.
Worth Basin, the Fayetteville Shale in Arkansas, the Rocky
Mountains, Oklahoma, and the Appalachian Basin. Nine Months Results
For the nine months ended June 30, 2007, revenues were
$182,226,000, compared to $117,059,000 for the same period in 2006,
an increase of 56 percent. Net income for the same nine months
increased 69 percent to $18,364,000 in 2007, compared to
$10,892,000 in 2006. Earnings per share for the first nine months
of fiscal 2007 were $2.42 as compared to $1.45 for the first nine
months of fiscal 2006, an increase of 67 percent. EBITDA was
$43,329,000 in the first nine months of fiscal 2007 versus
$26,406,000 during the same period of fiscal 2006, an increase of
64 percent. Stephen Jumper, President and CEO of Dawson Geophysical
said, "We are pleased to report another excellent quarter. Our
strong performance and continued momentum reflect the strength of
our people, the depth of our geophysical resources, and our success
in helping clients understand the geological complexities of their
E&P assets." About Dawson Geophysical 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.
Forward Looking Statement 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 manage growth, 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, 2006. 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. DAWSON GEOPHYSICAL COMPANY STATEMENTS OF OPERATIONS
(UNAUDITED) Three Months Ended June 30, Nine Months Ended June 30,
2007 2006 2007 2006 Operating revenues $68,637,000 $41,524,000
$182,226,000 $117,059,000 Operating costs: Operating expenses
49,825,000 30,378,000 135,157,000 87,625,000 General and
administrative 1,532,000 1,117,000 4,585,000 3,558,000 Depreciation
4,685,000 3,393,000 12,853,000 9,557,000 56,042,000 34,888,000
152,595,000 100,740,000 Income from operations 12,595,000 6,636,000
29,631,000 16,319,000 Other income: Interest income 190,000 147,000
616,000 475,000 Other income (expense) 230,000 (81,000) 229,000
55,000 Income before income tax 13,015,000 6,702,000 30,476,000
16,849,000 Income tax expense: Current (4,502,000) (1,543,000)
(9,567,000) (3,385,000) Deferred (952,000) (918,000) (2,545,000)
(2,572,000) Net income $7,561,000 $4,241,000 $18,364,000
$10,892,000 Net income per common share $0.99 $0.56 $2.42 $1.45 Net
income per common share-assuming dilution $0.98 $0.56 $2.40 $1.44
Weighted average equivalent common shares outstanding 7,622,755
7,535,615 7,589,022 7,508,871 Weighted average equivalent common
shares outstanding- assuming dilution 7,695,371 7,614,507 7,660,053
7,586,117 Dawson Geophysical Company Balance Sheets June 30,
September 30, 2007 2006 (Unaudited) ASSETS Current assets: Cash and
cash equivalents $1,587,000 $8,064,000 Short-term investments -
6,437,000 Accounts receivable, net of allowance for doubtful
accounts of $300,000 in June 2007 and $148,000 in September 2006
51,818,000 46,074,000 Prepaid expenses and other assets 979,000
690,000 Current deferred tax asset 810,000 1,619,000 Total current
assets 55,194,000 62,884,000 Property, plant and equipment
208,682,000 160,740,000 Less accumulated depreciation (86,429,000)
(74,206,000) Net property, plant and equipment 122,253,000
86,534,000 $177,447,000 $149,418,000 LIABILITIES AND STOCKHOLDERS'
EQUITY Current liabilities: Accounts payable $18,863,000
$16,280,000 Accrued liabilities: Payroll costs and other taxes
1,044,000 1,958,000 Other 7,759,000 4,195,000 Deferred revenue
1,914,000 863,000 Total current liabilities 29,580,000 23,296,000
Deferred tax liability 8,651,000 6,914,000 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 shares authorized, 7,623,744 and 7,549,244
shares issued and outstanding in each period 2,541,000 2,517,000
Additional paid-in capital 83,957,000 82,370,000 Other
comprehensive expense, net of tax - (33,000) Retained earnings
52,718,000 34,354,000 Total stockholders' equity 139,216,000
119,208,000 $177,447,000 $149,418,000 Reconciliation of EBITDA to
Net Income Three Months Ended Nine Months Ended June 30, June 30,
2007 2006 2007 2006 (in thousands) (in thousands) Net Income $7,561
$4,241 $18,364 $10,892 Depreciation 4,685 3,393 12,853 9,557
Interest expense - - - - Income tax expense 5,454 2,461 12,112
5,957 EBITDA $17,700 $10,095 $43,329 $26,406 Reconciliation of
EBITDA to Net Cash Provided by Operating Activities Nine Months
Ended June 30, 2007 2006 (in thousands) Net cash provided by
operating activities $30,502 $20,689 Changes in working capital
items and other 13,301 6,307 Non-cash adjustments to income (474)
(590) EBITDA $43,329 $26,406 DATASOURCE: Dawson Geophysical Company
CONTACT: L. Decker Dawson, Chairman, or Stephen C. Jumper, CEO and
President, or Christina W. Hagan, Chief Financial Officer, all of
Dawson Geophysical, 800-332-9766, or http://www.dawson3d.com/ Web
site: http://www.dawson3d.com/
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