MIDLAND, Texas, Nov. 4, 2021 /PRNewswire/ -- Dawson
Geophysical Company (NASDAQ: DWSN) (the "Company") today reports
its unaudited financial results for its third quarter ended
September 30, 2021 and provides an
update on its pending transaction with Wilks Brothers, LLC.
Third Quarter 2021 Financial Results (Unaudited)
For the quarter ended September 30,
2021, the Company reported revenues of $1,914,000, a decrease of approximately 78%
compared to $8,738,000 for the
quarter ended September 30, 2020. For
the third quarter of 2021, the Company reported a net loss of
$7,865,000 or $0.33 loss per common share compared to a net
loss of $7,840,000 or $0.33 loss per common share for the third quarter
of 2020. The Company reported negative EBITDA of $4,662,000 for the quarter ended September 30, 2021 compared to negative EBITDA of
$3,796,000 for the quarter ended
September 30, 2020.
For the nine months ended September 30,
2021, the Company reported revenues of $13,855,000, a decrease of approximately 82%
compared to $77,216,000 for the nine
months ended September 30, 2020. For
the nine months ended September 30,
2021, the Company reported a net loss of $22,110,000 or $0.94 loss per common share compared to a net
loss of $5,347,000 or $0.23 loss per common share for the nine months
ended September 30, 2020. The Company
reported negative EBITDA of $12,187,000 for the nine months ended
September 30, 2021 compared to
positive EBITDA of $7,834,000 for the
nine months ended September 30,
2020.
Stephen C. Jumper, President and
Chief Executive Officer, said, "Activity levels during the third
quarter of 2021 remained depressed, as the Company had one seismic
data acquisition crew operating in the lower 48 with extended
periods of low utilization. The Company's one active crew was idle
from early September to mid-October. The near-term outlook for
onshore seismic data acquisition activity in the U.S. remains
challenged, notwithstanding the currently elevated prices for oil
and natural gas. Based on currently available information, the
Company's one active lower 48 crew resumed operation in mid-October
on a small, few thousand channel count project with a duration of
approximately seven days, and is further scheduled through early
February of 2022 with current projects of various sizes and channel
count requirements, the largest of which is 65,000 channels with a
duration of approximately 45 days. The Canadian season began
earlier than in recent years. The Company expects to operate two
crews in Canada in the back half
of the fourth quarter of 2021 through the end of the winter season
which concludes at the end of the first quarter of 2022. The
Company has or anticipates to be awarded several additional
mid-sized projects in the lower 48, each of which will be pushed
into late 2022 primarily due to land access issues. Bid activity
remains at historically low levels and visibility into 2022 is
limited in the lower 48. Due to a lack of demand for onshore
seismic data acquisition projects in both Canada and the lower 48, prices for our
services softened in the last quarter."
The Company's balance sheet includes $41,601,000 of cash, restricted cash and
short-term investments, $325,000 in
accounts receivable and $39,374,000
of working capital as of September 30,
2021, compared to $46,538,000
of cash, restricted cash and short- term investments, $7,343,000 in accounts receivable and
$51,149,000 of working capital as of
December 31, 2020.
The Company's balance sheet also reflects negative $975,000 of net working capital, excluding the
impact of cash, restricted cash and short-term investments and
current maturities of notes payable and finance leases and
operating lease liabilities, as of September
30, 2021. This compares to $5,814,000 of net working capital, excluding the
impact of cash, restricted cash and short-term investments and
current maturities of notes payable and finance leases and
operating lease liabilities, as of December
31, 2020.
Due to declining net working capital levels resulting from the
down-trending North American onshore seismic services business,
accelerating in 2019, the Company significantly reduced its level
of capital expenditures below typical historic levels. In 2021, the
Company has made only $329,000 of
capital expenditures against an initial 2021 capital budget of
$1,000,000.
Jumper stated, "The continuing reduction in current assets and
net working capital levels since December
31, 2020 is attributable to the inability of the Company to
maintain a cash-neutral position because of declining revenue
streams and its on-going cash requirements to maintain staffing
levels necessary to service existing and anticipated client
projects, even at the Company's reduced headcount levels. Until
demand for North American onshore seismic services dramatically
increases, which the Company does not foresee at this time based on
presently available information as noted above and below, we
believe that downward pressure on cash and net working capital
balances will continue and that we will face challenges in making
the significant capital investments necessary to grow our revenue
stream if and when demand increases."
Jumper concluded, "The current environment in which we operate
is like none other experienced in my near thirty-seven year career
with the Company. Despite recent significant increases in oil and
natural gas prices, capital spending levels within our North
American onshore client base has only slightly improved in 2021and
is not anticipated to increase meaningfully in 2022 and possibly
thereafter. Capital spending levels in 2022 are anticipated to be
well below 2019 and prior year levels. Further, growth in capital
spending allocated to exploration activities remains very limited
as customers focus on lower risk production and drilling
opportunities. Exploration and production ("E&P") companies are
continuing on their path of capital discipline, focusing on
shareholder returns and debt reduction while maintaining spending
levels well below cash flow. In addition, our multi-client
customers are capital constrained as well as their underwriting
levels are based upon capital commitments on behalf of the E&P
companies. Therefore, the majority of our current bid activity
remains contingent upon capital commitments from both client
communities which in turn leads to on-going levels of project
uncertainty. I wish to thank our valued clients, trusting
shareholders and loyal employees for their support as we work
through these difficult times."
Update on Pending Transaction with Wilks Brothers,
LLC
As previously announced on October 25,
2021, the Company has entered into a definitive merger
agreement with Wilks Brothers, LLC ("Wilks") pursuant to which a
subsidiary of Wilks has commenced, as of November 1, 2021, a
tender offer to acquire all of the Company's outstanding common
shares for $2.34 per share in cash
(the "Offer"). The Offer will remain open until November 30, 2021 (subject to mandatory
extensions in certain circumstances).
The tender offer is subject to customary conditions, including
the tender of a number of Company shares pursuant to the Offer
that, together with Company shares then owned by Wilks and its
affiliates, represents at least 80% of the then outstanding Company
shares (the "80% minimum condition"). As provided in the merger
agreement, Wilks has the option, but not the obligation, and
subject to the Company's consent, to close the Offer even if the
80% minimum condition has not been satisfied. The transaction is
not subject to a financing condition. Subject to the closing of the
Offer, the merger agreement also contemplates that Wilks will
acquire any shares of Dawson that are not tendered into the Offer
through a second-step merger at the Offer price, which will be
completed as soon as practicable following the closing of the Offer
and will require approval of at least 80% of the outstanding shares
of the Company. Subject to the closing of the Offer, the parties
expect to complete the merger in the fourth quarter of 2021.
Moelis & Company LLC is serving as exclusive financial
advisor to the Company and Baker Botts L.L.P. is serving as the
Company's legal advisor.
The Board of Directors of the Company is unanimously
recommending that the Company's shareholders tender their shares in
the Offer.
The Company's Board of Directors, with the assistance of the
Company's financial advisor, Moelis & Company LLC, commenced an
on-going review and analysis of the Company's potential strategic
alternatives in mid-2019. During this same period, Company
management commenced efforts to scale the Company to match the
declining demand for its seismic services. In reaching its decision
to enter into the transaction with Wilks, the Board has thoroughly
considered the potential strategic options available to
Dawson, the current and long-term
prospects for the Company and the sector in which it operates,
including the lack of meaningful and sustainable demand for North
American onshore seismic services, as well as an ongoing skilled
labor shortage required to meet any potential increase in demand.
Further, management has advised the Board that, until demand for
North American onshore seismic services dramatically increases,
which the Company does not foresee at this time based on presently
available information, it believes that (i) downward pressure on
cash and net working capital balances will continue even if the
Company undertakes further right-sizing efforts relative to demand
and (ii) the Company will face challenges in making the significant
capital investments necessary to grow its revenue stream if and
when demand increases. The Board believes that this transaction
presents all Dawson shareholders
with an opportunity to achieve liquidity for their shares at the
Offer price, is the most optimal path forward and is in the best
interest of the shareholders.
The Company's President and Chief Executive Officer,
Stephen C. Jumper, said, "Given the
limited trading liquidity in our stock, this transaction offers our
shareholders compelling value for their shares and the ability to
most efficiently realize that value."
Additional information concerning the Offer and the Dawson Board of Directors' recommendation
relating thereto (including the reasons for its recommendation) is
contained in the following filings with the Securities and Exchange
Commission:
- Issued by Wilks - Schedule TO-T, which includes the Offer to
Purchase for Cash All Outstanding Shares of Common Stock of Dawson
Geophysical Company at $2.34 Per
Share by WB Acquisitions Inc., a subsidiary of Wilks Brothers, LLC,
dated November 1, 2021 -
https://www.sec.gov/Archives/edgar/data/799165/000119312521315370/0001193125-21-315370-index.htm
- Issued by Dawson -
Solicitation/Recommendation Statement on Schedule 14D-9 of Dawson
Geophysical Company, dated November 1,
2021 -
https://www.sec.gov/Archives/edgar/data/799165/000110465921132359/tm2131460d1_sc14d9.htm
Conference Call Information
Dawson Geophysical Company will host a conference call to review
its third quarter 2021 financial results on November 4, 2021 at 9:00 a.m. Central /
10:00 a.m. Eastern. Participants can access the call at
1-866-548-4713 (US/Canada) and
1-323-794-2093 (Toll/International). To access the live audio
webcast or the subsequent archived recording, visit the
Dawson website at
www.dawson3d.com. Callers can access the telephone replay through
December 4, 2021 by dialing
1-844-512-2921 (Toll-Free) and 1-412-317-6671 (Toll/International).
The passcode is 9603033. The webcast will be recorded and available
for replay on Dawson's website
at http://www.dawson3d.com until December 4, 2021.
About Dawson
Dawson Geophysical Company is a leading provider of North
American onshore seismic data acquisition services with operations
throughout the continental United
States and Canada.
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.
Non-GAAP Financial Measures
In an effort to provide investors with additional information
regarding the Company's unaudited results as determined by
generally accepted accounting principles ("GAAP"), the Company has
included in this press release information about the Company's
EBITDA, a non-GAAP financial measure as defined by Regulation G
promulgated by the U.S. Securities and Exchange Commission. The
Company defines EBITDA as net income (loss) plus interest expense,
interest income, income taxes, and 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 GAAP, and EBITDA is not a measure of
operating income, operating performance or liquidity presented in
accordance with GAAP. 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 (loss),
cash flow from operating activities or other cash flow data
calculated in accordance with GAAP. 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, and
depreciation and amortization. A reconciliation of the Company's
EBITDA to its net loss is presented in the table following the text
of this press release.
Forward-Looking Statements
In accordance with the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995, the 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. Such forward-looking statements are based on
the beliefs of management as well as assumptions made by and
information currently available to management. Actual results could
differ materially from those contemplated by the forward-looking
statements as a result of certain factors. These risks include, but
are not limited to, statements regarding the expected consummation
of the acquisition, which involve a number of risks and
uncertainties, including the satisfaction of closing conditions for
the acquisition (such as the tender of at least 80% of the
outstanding shares of capital stock of the Company in order to
close the tender offer, and approval of at least 80% of the
outstanding shares of the capital stock of the Company in order to
consummate the second step merger); the possibility that the
transaction will not be completed; the impact of general economic,
industry, market or political conditions; dependence upon energy
industry spending; changes in exploration and production spending
by our customers and changes in the level of oil and natural gas
exploration and development; the results of operations and
financial condition of our customers, particularly during extended
periods of low prices for crude oil and natural gas; the volatility
of oil and natural gas prices; changes in economic conditions; the
severity and duration of the COVID-19 pandemic, related economic
repercussions and the resulting negative impact on demand for oil
and gas; surpluses in the supply of oil and the ability of OPEC+ to
agree on and comply with supply limitations; the duration and
magnitude of the unprecedented disruption in the oil and gas
industry currently resulting from the impact of the foregoing
factors, which is negatively impacting our business; the
potential for contract delays; reductions or cancellations of
service contracts; limited number of customers; credit risk related
to our customers; reduced utilization; high fixed costs of
operations and high capital requirements; operational challenges
relating to the COVID-19 pandemic and efforts to mitigate the
spread of the virus, including logistical challenges, protecting
the health and well-being of our employees and remote work
arrangements; industry competition; external factors affecting the
Company's crews such as weather interruptions and inability to
obtain land access rights of way; whether the Company enters into
turnkey or day rate contracts; crew productivity; the availability
of capital resources; disruptions in the global economy; and
whether or not the pending transaction with Wilks will be
completed. A discussion of these and other factors, including risks
and uncertainties, is set forth in the Company's Annual Report on
Form 10-K that was filed with the U.S. Securities and Exchange
Commission (the "SEC") on March 16, 2021 and any subsequent
Quarterly Reports on Form 10-Q filed with the SEC. The Company
disclaims any intention or obligation to revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Additional Information and Where To Find It
The tender offer referenced in this communication commenced on
November 1, 2021 pursuant to an Offer
to Purchase and related tender offer materials filed on Schedule TO
by Wilks and its acquisition subsidiary. This announcement is
for informational purposes only and is neither an offer to purchase
nor a solicitation of an offer to sell securities, nor is it a
substitute for the tender offer materials that were filed with the
SEC. The solicitation and offer to buy the Company's stock is
only being made pursuant to the Offer to Purchase and related
tender offer materials. Also on November 1,
2021, the Company filed a Solicitation/Recommendation
Statement on Schedule 14D-9 with the SEC with respect to the tender
offer. THE TENDER OFFER MATERIALS (INCLUDING THE OFFER TO
PURCHASE, THE RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER
TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION
STATEMENT ON SCHEDULE 14D-9 CONTAIN IMPORTANT INFORMATION.
THE COMPANY'S STOCKHOLDERS ARE URGED TO READ THESE DOCUMENTS
CAREFULLY BECAUSE THEY CONTAIN IMPORTANT INFORMATION THAT HOLDERS
OF THE COMPANY'S SECURITIES SHOULD CONSIDER BEFORE MAKING ANY
DECISION REGARDING TENDERING THEIR SECURITIES. The Offer to
Purchase, the related Letter of Transmittal and certain other
tender offer documents, as well as the Solicitation/Recommendation
Statement, will be made available to all holders of the Company's
stock at no expense to them. The tender offer materials and
the Solicitation/Recommendation Statement are available for free at
the SEC's website at www.sec.gov. Copies of the documents
filed with the SEC by the Company are available free of charge on
the Company's internet website at http://www.dawson3d.com or by
contacting the Company's Investor Relations Department at
(432) 684-3000 or by email at info@dawson3d.com.
In addition to the Offer to Purchase, the related Letter of
Transmittal and certain other tender offer documents, as well as
the Solicitation/Recommendation Statement, the Company files
annual, quarterly and current reports and other information with
the SEC. You may read and copy any reports or other
information filed by the Company at the SEC public reference room
at 100 F Street, N.E., Washington,
D.C. 20549. Please call the SEC at 1-800-SEC-0330 for
further information on the public reference room. The
Company's filings with the SEC are also available to the public
from commercial document-retrieval services and at the website
maintained by the SEC at http://www.sec.gov.
DAWSON GEOPHYSICAL
COMPANY
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS
|
(unaudited and
amounts in thousands, except share and per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenues
|
$
|
1,914
|
|
$
|
8,738
|
|
$
|
13,855
|
|
$
|
77,216
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs:
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
3,975
|
|
|
9,441
|
|
|
18,247
|
|
|
58,189
|
General
and administrative
|
|
2,443
|
|
|
3,270
|
|
|
7,996
|
|
|
11,205
|
Depreciation and amortization
|
|
3,249
|
|
|
4,125
|
|
|
10,083
|
|
|
13,412
|
|
|
9,667
|
|
|
16,836
|
|
|
36,326
|
|
|
82,806
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
|
(7,753)
|
|
|
(8,098)
|
|
|
(22,471)
|
|
|
(5,590)
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
50
|
|
|
106
|
|
|
176
|
|
|
326
|
Interest
expense
|
|
(4)
|
|
|
(10)
|
|
|
(16)
|
|
|
(80)
|
Other
(expense) income, net
|
|
(158)
|
|
|
177
|
|
|
201
|
|
|
12
|
Loss before income
tax
|
|
(7,865)
|
|
|
(7,825)
|
|
|
(22,110)
|
|
|
(5,332)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
—
|
|
|
(15)
|
|
|
—
|
|
|
(15)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
(7,865)
|
|
|
(7,840)
|
|
|
(22,110)
|
|
|
(5,347)
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive (loss) income:
|
|
|
|
|
|
|
|
|
|
|
|
Net
unrealized (loss) income on foreign exchange rate translation,
net
|
|
(307)
|
|
|
374
|
|
|
105
|
|
|
(221)
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
loss
|
$
|
(8,172)
|
|
$
|
(7,466)
|
|
$
|
(22,005)
|
|
$
|
(5,568)
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic loss per
share of common stock
|
$
|
(0.33)
|
|
$
|
(0.33)
|
|
$
|
(0.94)
|
|
$
|
(0.23)
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted loss per
share of common stock
|
$
|
(0.33)
|
|
$
|
(0.33)
|
|
$
|
(0.94)
|
|
$
|
(0.23)
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
equivalent common shares outstanding
|
|
23,632,112
|
|
|
23,423,437
|
|
|
23,545,693
|
|
|
23,350,204
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
equivalent common shares outstanding - assuming
dilution
|
|
23,632,112
|
|
|
23,423,437
|
|
|
23,545,693
|
|
|
23,350,204
|
DAWSON GEOPHYSICAL
COMPANY
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(amounts in
thousands, except share data)
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
2021
|
|
2020
|
|
(unaudited)
|
|
|
Assets
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and
cash equivalents
|
$
|
36,018
|
|
$
|
40,955
|
Restricted cash
|
|
5,000
|
|
|
5,000
|
Short-term investments
|
|
583
|
|
|
583
|
Accounts
receivable, net
|
|
325
|
|
|
7,343
|
Prepaid
expenses and other current assets
|
|
2,516
|
|
|
4,709
|
Total current
assets
|
|
44,442
|
|
|
58,590
|
|
|
|
|
|
|
Property and
equipment, net
|
|
28,941
|
|
|
38,900
|
Right-of-use
assets
|
|
4,703
|
|
|
5,494
|
Intangibles,
net
|
|
394
|
|
|
393
|
|
|
|
|
|
|
Total
assets
|
$
|
78,480
|
|
$
|
103,377
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
$
|
1,557
|
|
$
|
1,603
|
Accrued
liabilities:
|
|
|
|
|
|
Payroll costs and
other taxes
|
|
672
|
|
|
1,045
|
Other
|
|
1,491
|
|
|
1,811
|
Deferred
revenue
|
|
96
|
|
|
1,779
|
Current
maturities of notes payable and finance leases
|
|
246
|
|
|
94
|
Current
maturities of operating lease liabilities
|
|
1,006
|
|
|
1,109
|
Total current
liabilities
|
|
5,068
|
|
|
7,441
|
|
|
|
|
|
|
Long-term
liabilities:
|
|
|
|
|
|
Notes
payable and finance leases, net of current maturities
|
|
10
|
|
|
44
|
Operating lease liabilities, net of current maturities
|
|
4,177
|
|
|
4,899
|
Deferred
tax liabilities, net
|
|
19
|
|
|
19
|
Total long-term
liabilities
|
|
4,206
|
|
|
4,962
|
|
|
|
|
|
|
Operating
commitments and contingencies
|
|
—
|
|
|
—
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
Preferred stock-par value $1.00 per share; 4,000,000 shares
authorized, none outstanding
|
|
—
|
|
|
—
|
Common
stock-par value $0.01 per share; 35,000,000 shares authorized,
23,692,379 and
|
|
|
|
|
|
23,526,517 shares issued, and 23,643,934 and 23,478,072 shares
outstanding at
|
|
|
|
|
|
September 30, 2021 and December 31, 2020, respectively
|
|
237
|
|
|
235
|
Additional paid-in capital
|
|
155,101
|
|
|
154,866
|
Retained
deficit
|
|
(85,037)
|
|
|
(62,927)
|
Treasury
stock, at cost; 48,445 shares
|
|
—
|
|
|
—
|
Accumulated other comprehensive loss, net
|
|
(1,095)
|
|
|
(1,200)
|
Total stockholders'
equity
|
|
69,206
|
|
|
90,974
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$
|
78,480
|
|
$
|
103,377
|
Reconciliation of
EBITDA to Net Loss
|
|
|
|
|
|
|
|
|
|
|
|
(amounts in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
$
|
(7,865)
|
|
$
|
(7,840)
|
|
$
|
(22,110)
|
|
$
|
(5,347)
|
Depreciation and
amortization
|
|
3,249
|
|
|
4,125
|
|
|
10,083
|
|
|
13,412
|
Interest (income)
expense, net
|
|
(46)
|
|
|
(96)
|
|
|
(160)
|
|
|
(246)
|
Income tax
expense
|
|
-
|
|
|
15
|
|
|
-
|
|
|
15
|
EBITDA
|
$
|
(4,662)
|
|
$
|
(3,796)
|
|
$
|
(12,187)
|
|
$
|
7,834
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
EBITDA to Net Cash (Used in) Provided by Operating
Activities
|
|
|
|
|
|
|
|
|
|
|
|
(amounts in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in)
provided by operating activities
|
$
|
(4,075)
|
|
$
|
15,472
|
|
$
|
(5,373)
|
|
$
|
24,448
|
Changes in working
capital and other items
|
|
(205)
|
|
|
(18,831)
|
|
|
(5,706)
|
|
|
(15,098)
|
Non-cash adjustments
to net loss
|
|
(382)
|
|
|
(437)
|
|
|
(1,108)
|
|
|
(1,516)
|
EBITDA
|
$
|
(4,662)
|
|
$
|
(3,796)
|
|
$
|
(12,187)
|
|
$
|
7,834
|
View original
content:https://www.prnewswire.com/news-releases/dawson-geophysical-reports-third-quarter-2021-results-301416134.html
SOURCE Dawson Geophysical Company