Dawson Geophysical Reports Positive Results for Second Quarter
MIDLAND, Texas, April 27 /PRNewswire-FirstCall/ -- The following
was released by Dawson Geophysical Company : Dawson Geophysical
Company today reported net income for the quarter ended March 31,
2004 of $1,999,000 ($0.36 per share) which represents the highest
net income quarter since the third quarter of fiscal year 1998. The
March 31, 2004 quarter is the third consecutive quarter for the
Company to report positive earnings, a first since fiscal year
1998, a peak year for worldwide seismic services demand. Earnings
for the six months of the current fiscal year were $2,505,000
($0.45 per share). Revenues of $30,678,000 for the first six months
of its 2004 fiscal year compared to revenues of $25,606,000 in the
same period of the prior year, an increase of 19.8 percent. For the
quarter ended March 31, 2004, the Company reported revenues of
$15,203,000 as compared to $14,196,000 for the comparable quarter
in the prior year, an increase of 7.1 percent. The Company's
continued improved performance is due to increased demand for the
Company's high resolution 3-D seismic surveys, favorable weather
conditions in the Company's areas of operation for the quarter, and
increased utilization rates with modest price gains. In addition,
demand for the Company's services includes the application of high
resolution techniques over previously surveyed areas and the
implementation of multi-component seismic surveys. The Company's
order book continues on a trend of approximately six months of
operations. The stability in the order book is the result of
improved market conditions, the Company's operational flexibility
with the types of recording equipment utilized, and continued
geographic expansion through its offices in Midland, Denver,
Oklahoma City, and Houston. The Company's growing reputation
throughout the industry as a quality provider of leading edge
technology, technical expertise and experience in the field of
geophysics creates opportunities with increases in the number of
requests for quotations. Six data acquisition crews have operated
continuously throughout the fiscal year with a seventh crew placed
into service during the second quarter. The seven crews operate
throughout the Permian Basin, South Texas, East Texas, Mid
Continent, and the Rocky Mountain regions. In addition, during the
last 12 months, the Company has conducted operations in the
Appalachian Basin and Southeast region of the United States. The
continued demand for high resolution 3-D surveys necessitates an
increase in the number of recording channels. The Company now
operates over 28,000 recording channels company wide, more than a
50 percent increase in the last five years, all of which are fully
deployed. In response to this demand, capital expenditures
increased in fiscal 2003 and are on a comparable track for fiscal
2004. Even though demand for the Company's services is related to
crude oil and natural gas prices, production results are enhanced
by favorable weather and timely acquisition of right-of-way
permits. 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 Six Months
Ended March 31, March 31, 2004 2003 2004 2003 Operating revenues
$15,203,000 $14,196,000 $30,678,000 $25,606,000 Operating costs:
Operating expenses 11,642,000 11,880,000 24,953,000 22,716,000
General and administrative 601,000 617,000 1,219,000 1,195,000
Depreciation 1,117,000 1,120,000 2,225,000 2,123,000 13,360,000
13,617,000 28,397,000 26,034,000 Income (loss) from operations
1,843,000 579,000 2,281,000 (428,000) Other income: Interest income
48,000 84,000 117,000 183,000 Gain (loss) on disposal of assets ---
11,000 (3,000) 21,000 Gain on sale of short-term investments ---
52,000 --- 52,000 Other 108,000 118,000 110,000 123,000 Income
(loss) before income tax 1,999,000 844,000 2,505,000 (49,000)
Income tax (expense) benefit: --- --- --- --- Net income (loss)
$1,999,000 $844,000 $2,505,000 $(49,000) Net income (loss) per
common share $0.36 $0.15 $0.45 $(0.01) Net income (loss) per common
share- assuming dilution $0.36 $0.15 $0.45 $(0.01) Weighted average
equivalent common shares outstanding 5,535,514 5,487,794 5,511,524
5,481,374 Weighted average equivalent common shares outstanding-
assuming dilution 5,596,164 5,488,818 5,552,206 5,481,374 Balance
Sheets March 31, September 30, 2004 2003 (Unaudited) ASSETS Current
assets: Cash and cash equivalents $3,243,000 $3,389,000 Short-term
investments 9,258,000 8,623,000 Accounts receivable, net of
allowance for doubtful accounts of $127,000 in each period
10,915,000 9,713,000 Prepaid expenses 412,000 287,000 Total current
assets 23,828,000 22,012,000 Property, plant and equipment
84,360,000 81,585,000 Less accumulated depreciation (62,022,000)
(60,805,000) Net property, plant and equipment 22,338,000
20,780,000 $46,166,000 $42,792,000 LIABILITIES AND STOCKHOLDERS'
EQUITY Current liabilities: Accounts payable $1,407,000 $1,237,000
Accrued liabilities: Payroll costs and other taxes 655,000 478,000
Other 416,000 415,000 Total current liabilities 2,478,000 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,
5,570,294 and 5,487,794 shares issued and outstanding in each
period 1,857,000 1,829,000 Additional paid-in capital 39,470,000
38,931,000 Other comprehensive income, net of tax (9,000) 37,000
Retained earnings (deficit) 2,370,000 (135,000) Total stockholders'
equity 43,688,000 40,662,000 $46,166,000 $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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