MIDLAND, Texas, July 31 /PRNewswire-FirstCall/ -- Dawson
Geophysical Company (NASDAQ:DWSN) today reported revenues of
$84,568,000 for the quarter ending June 30, 2008, the Company's
third fiscal quarter of 2008, compared to $68,637,000 for the same
quarter in fiscal 2007, an increase of 23 percent. Revenue growth
in the quarter was primarily the result of the addition of a new
seismic data acquisition crew in September 2007, the replacement of
an I/O MRX recording system with an ARAM ARIES recording system on
an existing crew in April 2008, the redeployment of the I/O MRX
recording system on a new crew in May 2008, increased channel
count, and productivity on existing crews. Net income for the third
quarter of fiscal 2008 was $9,707,000, compared to $7,561,000 in
the same quarter of fiscal 2007, an increase of 28 percent.
Earnings per share for the third quarter of fiscal 2008 were $1.27
per share, compared to $0.99 per share in the same quarter of
fiscal 2007. EBITDA for the third quarter of fiscal 2008 was
$22,397,000 compared to $17,700,000 in the same quarter of fiscal
2007, an increase of 26.5 percent. Included in the third quarter
results is a 35 percent increase in depreciation charges from the
prior year period reflecting the Company's continued capital
investment and growth. The Company's third quarter results reflect
continued brisk domestic exploration activities by the Company's
clients, particularly those clients seeking natural gas reserves.
Revenues in the third quarter of fiscal 2008 continued to include
high third-party charges related to the use of helicopter support
services, specialized survey technologies, and dynamite energy
sources. The sustained level of 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. Stephen Jumper, President and CEO of Dawson
Geophysical Company said, "Increased demand for higher subsurface
resolution and lower finding and development costs by our clients
fueled record third quarter and nine months results. This success
further led to the fielding of an additional crew, our sixteenth,
in May 2008 by redeploying an existing I/O MRX recording system.
This crew has a smaller channel count and is initially committed to
large scale 2D and smaller 3D seismic projects in the Appalachian
Basin." During the quarter, the Company took delivery of seven ION
vibrator energy source units ordered in the second quarter. The
Company now operates in excess of 115,000 channels and 143 vibrator
energy source units. Nine Months Results For the nine months ended
June 30, 2008, revenues were $240,530,000, compared to $182,226,000
for the same period in 2007, an increase of 32 percent. Net income
for the first nine months of fiscal 2008 increased 40 percent to
$25,703,000, compared to $18,364,000 for the first nine months of
fiscal 2007. Earnings per share for the first nine months of fiscal
2008 were $3.35 as compared to $2.42 for the first nine months of
fiscal 2007, an increase of 38 percent. EBITDA was $59,595,000 in
the first nine months of fiscal 2008 versus $43,329,000 during the
same period of fiscal 2007, an increase of 37.5 percent. Demand for
the Company's services continues at a high level. Although the
Company's clients may cancel their service contracts on short
notice, the Company's order book remains strong, reflecting
commitments to operate at full capacity on all crews through the
end of calendar 2008 and on a number of crews well into calendar
2009. Operations are currently active on projects in West Texas,
South Texas, East Texas, the Barnett Shale of the Ft. Worth Basin,
the Fayetteville Shale in Arkansas, the Rocky Mountains, New
Mexico, Oklahoma, Louisiana, California, and the Appalachian Basin.
Mr. Jumper said, "Our strong performance and continued ability to
deliver value for our clients is a reflection of 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. Our clients' desire for higher resolution
subsurface images with improved efficiency and channel count growth
will continue to drive our earnings and revenues as they did in the
third fiscal quarter and nine month period." About Dawson
Geophysical Company 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 2D, 3D, 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 similarly 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, high fixed cost of operations,
weather interruptions, the ability to obtain land access rights of
way, industry competition, the ability to manage growth, 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, 2007.
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 Three Months Ended June 30, Nine
Months Ended June 30, 2008 2007 2008 2007 (Unaudited) (Unaudited)
(Unaudited) (Unaudited) Operating revenues $84,568,000 $68,637,000
$240,530,000 $182,226,000 Operating costs: Operating expenses
60,457,000 49,825,000 176,111,000 135,157,000 General and
administrative 1,649,000 1,532,000 5,192,000 4,585,000 Depreciation
6,317,000 4,685,000 17,722,000 12,853,000 68,423,000 56,042,000
199,025,000 152,595,000 Income from operations 16,145,000
12,595,000 41,505,000 29,631,000 Other income (expense): Interest
income 76,000 190,000 410,000 616,000 Interest expense (116,000) -
(316,000) - Other (141,000) 230,000 (42,000) 229,000 Income before
income tax 15,964,000 13,015,000 41,557,000 30,476,000 Income tax
expense: Current (4,981,000) (4,502,000) (13,631,000) (9,567,000)
Deferred (1,276,000) (952,000) (2,223,000) (2,545,000) (6,257,000)
(5,454,000) (15,854,000) (12,112,000) Net income $9,707,000
$7,561,000 $25,703,000 $18,364,000 Net income per common share
$1.27 $0.99 $3.35 $2.42 Net income per common share- assuming
dilution $1.26 $0.98 $3.33 $2.40 Weighted average equivalent common
shares outstanding 7,668,651 7,622,755 7,665,253 7,589,022 Weighted
average equivalent common shares outstanding- assuming dilution
7,733,076 7,695,371 7,727,205 7,660,053 DAWSON GEOPHYSICAL COMPANY
BALANCE SHEETS June 30, September 30, 2008 2007 (Unaudited) ASSETS
Current assets: Cash and cash equivalents $12,834,000 $14,875,000
Accounts receivable, net of allowance for doubtful accounts of
$216,000 and $176,000 in 2008 and 2007 respectively 74,784,000
56,707,000 Prepaid expenses and other assets 1,103,000 815,000
Current deferred tax asset 697,000 693,000 Total current assets
89,418,000 73,090,000 Property, plant and equipment 245,597,000
207,427,000 Less accumulated depreciation (96,806,000) (84,655,000)
Net property, plant and equipment 148,791,000 122,772,000
$238,209,000 $195,862,000 LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Accounts payable $14,807,000 $12,816,000
Accrued liabilities: Payroll costs and other taxes 1,612,000
2,325,000 Other 13,804,000 14,263,000 Deferred revenue 645,000
2,922,000 Line of credit 20,000,000 5,000,000 Total current
liabilities 50,868,000 37,326,000 Deferred tax liability 11,609,000
9,381,000 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,
7,764,494 and 7,658,494 shares issued and outstanding in each
period 2,588,000 2,553,000 Additional paid-in capital 86,137,000
85,090,000 Retained earnings 87,007,000 61,512,000 Total
stockholders' equity 175,732,000 149,155,000 $238,209,000
$195,862,000 Reconciliation of EBITDA to Net Income Three Months
Ended Nine Months Ended June 30, June 30, 2008 2007 2008 2007 Net
Income $9,707,000 $7,561,000 $25,703,000 $18,364,000 Depreciation
6,317,000 4,685,000 17,722,000 12,853,000 Interest expense 116,000
- 316,000 - Income tax expense 6,257,000 5,454,000 15,854,000
12,112,000 EBITDA $22,397,000 $17,700,000 $59,595,000 $43,329,000
Reconciliation of EBITDA to Net Cash Provided by Operating
Activities Nine Months Ended June 30, 2008 2007 Net cash provided
by operating activities $30,605,000 $30,502,000 Changes in working
capital items and other 29,818,000 12,718,000 Non-cash adjustments
to income (828,000) 109,000 EBITDA $59,595,000 $43,329,000
DATASOURCE: Dawson Geophysical Company CONTACT: L. Decker Dawson,
Chairman, Stephen C. Jumper, CEO and President, 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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