Dawson Geophysical Reports Profitable Third Quarter MIDLAND, Texas,
July 27 /PRNewswire-FirstCall/ -- The following was released by
Dawson Geophysical Company (NASDAQ:DWSN): Dawson Geophysical
Company today reported continuing profitability for the fourth
consecutive quarter earning $1,989,000 ($0.35 per diluted share)
for the three months ending June 30, 2004, compared with a net loss
in the prior year period of $1,407,000 ($0.26 per share). For the
nine months ending June 30, 2004, the Company earned $4,494,000
($0.80 per diluted share) compared to a net loss in the prior year
period of $1,456,000 ($0.27 per share). Revenues for the June
quarter of $17,112,000 represented a 52 percent increase over the
prior year period. For the nine months, revenues of $47,790,000
exceeded those of the prior year by 30 percent. The Company's
continued improved performance is due to increasing demand for the
Company's high-resolution 3-D seismic surveys, its expanded
operations, modest price increases along with increased payments
for lost time due to weather. Driving increased exploration efforts
by the Company's client base are current price levels for crude oil
and natural gas along with the general belief that such prices may
stabilize. The Company operated seven seismic data acquisition
crews continuously throughout the June quarter and fielded an
eighth crew on July 12th of the current quarter. Funding of
approximately $10,000,000 during fiscal 2004 for the deployment of
two recording crews, energy sources, additional recording channels
for all eight crews, vehicles, and maintenance investment has been
from operating cash flow and existing cash reserves. These
expansions have elevated the Company to the position of number one
provider of onshore seismic services in the U.S. lower 48 states in
terms of active crew count according to the July 1 issue of the
World Geophysical News. Moreover, of greater measure of capability,
the Company's recording channel count now exceeds 32,000, enabling
performance of surveys of virtually all sizes and specifications
required by current state-of-the-industry high end standards. The
Company's order book currently exceeds six months of capacity
operations, largely attributable to its reputation as a quality
provider offering flexibility and adaptability to a complete range
of operational requirements. Establishment and enlargement of
offices in Houston, Denver and Oklahoma City has placed the Company
conveniently near an expanded clientele. Founded in 1952, Dawson
Geophysical Company acquires and processes 2-D, 3-D and
multi-component seismic data used in analyzing subsurface geologic
conditions for the potential of oil and natural gas accumulation.
Dawson's clients -- major and intermediate-sized oil and gas
companies and independent oil operators -- retain exclusive rights
to the information obtained. The Company operates highly mobile,
land-based acquisition crews throughout the lower 48 states. Data
processing is performed by geophysicists at Dawson's computer
center in the Midland, Texas headquarters. The Company also
provides data processing services through the Houston, Texas
office. 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 impact the
Company's actual results of operations. Please see the Company's
Form 10-K for the fiscal year ended September 30, 2003 for a more
complete discussion of such risk factors. STATEMENTS OF OPERATIONS
(Unaudited) Three Months Ended Nine Months Ended June 30, June 30,
2004 2003 2004 2003 Operating revenues $17,112,000 $11,291,000
$47,790,000 $36,897,000 Operating costs: Operating expenses
13,504,000 11,046,000 38,457,000 33,762,000 General and
administrative 648,000 580,000 1,867,000 1,775,000 Depreciation
1,156,000 1,148,000 3,381,000 3,271,000 15,308,000 12,774,000
43,705,000 38,808,000 Income (loss) from operations 1,804,000
(1,483,000) 4,085,000 (1,911,000) Other income: Interest income
58,000 73,000 175,000 256,000 Gain (loss) on disposal of assets
(1,000) --- (4,000) 21,000 Gain (loss) on sale of short-term
investments (15,000) --- (15,000) 52,000 Other 143,000 3,000
253,000 126,000 Income (loss) before income tax 1,989,000
(1,407,000) 4,494,000 (1,456,000) Income tax (expense) benefit: ---
--- --- --- Net income (loss) $1,989,000 $(1,407,000) $4,494,000
$(1,456,000) Net income (loss) per common share $0.36 $(0.26) $0.81
$(0.27) Net income (loss) per common share-assuming dilution $0.35
$(0.26) $0.80 $(0.27) Weighted average equivalent common shares
outstanding 5,584,442 5,487,794 5,535,741 5,483,514 Weighted
average equivalent common shares outstanding- assuming dilution
5,681,372 5,487,794 5,601,703 5,483,514 Balance Sheets June 30,
September 30, 2004 2003 (Unaudited) ASSETS Current assets: Cash and
cash equivalents $3,153,000 $3,389,000 Short-term investments
4,155,000 8,623,000 Accounts receivable, net of allowance for
doubtful accounts of $127,000 in each period 16,769,000 9,713,000
Prepaid expenses 503,000 287,000 Total current assets 24,580,000
22,012,000 Property, plant and equipment 88,867,000 81,585,000 Less
accumulated depreciation (63,033,000) (60,805,000) Net property,
plant and equipment 25,834,000 20,780,000 $50,414,000 $42,792,000
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts
payable $3,077,000 $1,237,000 Accrued liabilities: Payroll costs
and other taxes 941,000 478,000 Other 621,000 415,000 Total current
liabilities 4,639,000 2,130,000 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;
10,000,000 shares authorized, 5,597,544 and 5,487,794 shares issued
and outstanding in each period 1,866,000 1,829,000 Additional
paid-in capital 39,661,000 38,931,000 Other comprehensive income,
net of tax (111,000) 37,000 Retained earnings (deficit) 4,359,000
(135,000) Total stockholders' equity 45,775,000 40,662,000
$50,414,000 $42,792,000 DATASOURCE: Dawson Geophysical Company
CONTACT: L. Decker Dawson, CEO, or Christina W. Hagan, CFO, both of
Dawson Geophysical Company, +1-800-332-9766 Web site:
http://www.dawson3d.com/
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