MIDLAND, Texas, Sept. 19, 2013 /PRNewswire/ -- Dawson Geophysical
Company (NASDAQ: DWSN) today provided an operations update for its
fourth fiscal quarter ending September 30,
2013. As anticipated in the Company's third fiscal quarter
earnings release, the Company has experienced a significant
reduction in its data acquisition crew utilization rates during the
fourth fiscal quarter. These reduced utilization rates will
negatively impact the Company's financial results for the fourth
fiscal quarter compared to the results for the third fiscal quarter
ended June 30, 2013 and the
comparable fourth fiscal quarter ended September 30, 2012. Lower utilization rates
during the fourth fiscal quarter have primarily resulted from
project readiness issues due to agricultural operations in key
regions of the country, early project completions in the third
fiscal quarter resulting from high crew productivity and the effect
of the previously disclosed slowdown in requests for proposals
during the third fiscal quarter, the combination of which limited
the number of crew ready projects during the fourth fiscal quarter.
As a result, during the fourth fiscal quarter the Company operated
the equivalent of eight data acquisition crews, down from thirteen
crews during the third fiscal quarter.
Notwithstanding fourth fiscal quarter difficulties, the
Company's has retained all key personnel required to redeploy
existing crews and anticipates operating 10-12 crews in
the United States during the first
fiscal quarter of 2014 ending December 31,
2013. The Company's current order book and increased
requests for proposals reflect anticipated project levels
sufficient to support deployment of thirteen crews in the United States in early calendar 2014 and
one crew in Canada for the
2013-2014 winter season, subject to the ability of clients to
cancel, delay or alter the scope of their contracts on short notice
and operational delays due to reasons beyond the Company's
control.
About Dawson Geophysical
Dawson Geophysical Company is a leading provider of onshore
seismic data acquisition services in the lower 48 states of
the United States and Canada. 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 Statements
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, the volatility of oil and natural gas prices,
disruptions in the global economy, dependence upon energy industry
spending, limited number of customers, credit risk related to our
customers, cancellations of service contracts, high fixed costs of
operations, weather interruptions, inability to obtain land access
rights of way, industry competition, managing growth, the
availability of capital resources and operational disruptions. 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, 2012. 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.
www.dawson3d.com
SOURCE Dawson Geophysical Company