Dawson Geophysical Co (DWSN) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Exhibit 99.1

Company contact:

Stephen C. Jumper, CEO and President

James K. Brata, Chief Financial Officer

(800) 332-9766

www.dawson3d.com

DAWSON GEOPHYSICAL REPORTS

FOURTH QUARTER AND FULL YEAR 2018 RESULTS

MIDLAND, Texas, February 28, 2019/PR Newswire/Dawson Geophysical Company (NASDAQ: DWSN) (the “Company”) today reported unaudited financial results for its fourth quarter and full year ended December 31, 2018.

For the fourth quarter ended December 31, 2018, the Company reported revenues of $27,670,000, a decrease of approximately 26% compared to $37,418,000 for the quarter ended December 31, 2017. For the fourth quarter of 2018, the Company reported a net loss of $11,816,000 or $0.51 loss per common share compared to a net loss of $4,788,000 or $0.21 loss per common share for the quarter ended December 31, 2017. The Company reported negative EBITDA of $5,442,000 for the quarter ended December 31, 2018 compared to positive EBITDA of $4,039,000 for the quarter ended December 31, 2017.

For the year ended December 31, 2018, the Company reported revenues of $154,156,000, a decrease of approximately two percent compared to $156,532,000 for the year ended December 31, 2017. For the full year 2018, the Company reported a net loss of $24,407,000 or $1.07 loss per common share compared to a net loss of $31,790,000 or $1.40 loss per common share for the year ended December 31, 2017. The Company reported EBITDA of $4,762,000 for the year ended December 31, 2018 compared to $1,983,000 for the year ended December 31, 2017. Effective January 1, 2018, the Company adopted the requirements of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers “Topic 606”, and all amounts set forth in this earnings release for periods prior to January 1, 2018 have been adjusted to comply with the new standard. All comparative financial statement presentation has been retroactively adjusted for the five percent stock dividend declared and paid in the second quarter of 2018.

During the fourth quarter of 2018, the Company operated a peak of four crews in the United States (“U.S.”) and a peak of three crews in Canada with varying utilization of the active crews during the quarter in both areas of operation. The fourth quarter in the U.S. historically has been challenging due to shorter work days and the holiday season. Based on currently available information, the Company anticipates operating up to a peak of five crews in the U.S. and up to a peak of four crews in Canada in the first quarter of 2019, with varying utilization of the active crews during the quarter in both areas of operation. The winter season in Canada concludes at the end of the first quarter of 2019 with no further seismic activities anticipated thereafter and until the next winter season. In addition, the Company anticipates that it will conduct one microseismic project in the U.S. during the first quarter of 2019. Based on currently available information, the Company anticipates operating up to a peak of four crews in the U.S. with varying utilization during the second quarter of 2019.

Stephen C. Jumper, President and Chief Executive Officer, said, “The fourth quarter of 2018 was a difficult quarter for Dawson Geophysical and the entire oil and gas services sector. Crude oil (WTI) began the fourth quarter at $74.68, only to close down approximately 39% to $45.72 on December 31, 2018. The PHLX Oil Service Index (OSX) experienced an even more challenging fourth quarter as it began trading October 1, 2018 at $151.40, only to drop approximately 47% to $80.60 on December 31, 2018 after reaching a yearly low of $75.70 on December 24, 2018. At February 27, 2019, the OSX continues to trade at reduced levels from the $150 range and closed at $94.84 and WTI crude oil closed at $56.98.”