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Dawson Geophysical Co (DWSN) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

SEC Filings

DWSN Quarterly Reports

Dawson Geophysical Co

CIK: 799165 Ticker: DWSN

 

Exhibit 99.1

 

NEWS RELEASE

Dawson Geophysical Company

508 W. Wall, Suite 800

Midland, TX 79701 

 

  

Company contact:

Stephen C. Jumper, CEO and President

James K. Brata, Chief Financial Officer

(800) 332-9766

www.dawson3d.com

 

 

DAWSON GEOPHYSICAL REPORTS

FIRST QUARTER 2022 RESULTS

 

MIDLAND, Texas, May 16, 2022/PR Newswire/Dawson Geophysical Company (NASDAQ: DWSN) (the “Company”) today reported unaudited financial results for its first quarter ended March 31, 2022.

 

For the first quarter ended March 31, 2022, the Company reported revenues of $18,359,000, an increase of approximately 56.3% compared to $11,748,000 for the quarter ended March 31, 2021. For the first quarter of 2022, the Company reported a net loss of $2,391,000, or $0.10 loss per share of common stock, compared to a net loss of $5,228,000, or $0.22 loss per share of common stock, for the quarter ended March 31, 2021. The Company reported positive EBITDA of $229,000 for the quarter ended March 31, 2022 compared to negative EBITDA of $1,858,000 for the quarter ended March 31, 2021. General and Administrative Costs increase for the quarter include transaction costs of $2,872,000 related to the previously announced proposed merger with a subsidiary of Wilks Brothers, LLC, which did not receive the requisite 80% shareholder approval at a special meeting of the Company’s stockholders on March 15, 2022. Wilks Brothers, LLC currently owns approximately 74.46% of all outstanding shares of the Company following the closing of the recent tender offer on January 14, 2022.

 

During the first quarter of 2022, the Company operated one large channel count data acquisition crew during the first half and a small channel count crew in the second half of the quarter in the United States (“U.S.”) and a peak of three crews in Canada during the quarter. The Canadian season concluded at the end of the first quarter. The Company does not have any crews currently working in the lower 48 or Canada.

 

Capital expenditures were $28,000 for the three months ended March 31, 2022, primarily for maintenance capital items. The Company’s Board of Directors approved an initial capital budget of $5,000,000 for 2022 in January and anticipates spending a significant portion of the proposed budget on support vehicles to replace existing vehicles nearing their end of useful life. Cash, restricted cash and short-term investments at March 31, 2022 were $19,660,000 compared to $30,641,000 at March 31, 2021. The Company’s accounts receivable at March 31, 2022 were $18,495,000 compared to $8,905,000 at March 31, 2021. Working capital was $35,453,000 at March 31, 2022 compared to $35,268,000 at March 31, 2021.

 

As noted in the Company’s year-end 2021 press release, visibility beyond the first quarter of 2022 is limited as demand for seismic data acquisition services in North America remains weak. While we are seeing a slightly increased interest in future projects, the outlook for the second and third quarters remains challenged as many U.S. Exploration and Production companies maintain their focus on shareholder return of capital initiatives and modest increases in production.

 

Stephen C. Jumper, CEO and President of the Company, said “Despite much improved first quarter results, market conditions in the North American seismic data acquisition sector remain difficult with historically low levels of crew activity. Based on currently available information, we do not anticipate operating a crew in the second quarter and expect limited activity in the third quarter of 2022. Although oil and natural gas prices have risen, we have not seen an increase in demand for our services. That said, management is actively engaging in conversations with prospective clients for projects in late 2022 and we are hopeful that the high-priced oil environment will encourage exploration and production companies to put capital back to work in exploration and development.”

 


The following information was filed by Dawson Geophysical Co (DWSN) on Monday, May 16, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Dawson Geophysical Co provided additional information to their SEC Filing as exhibits

Ticker: DWSN
CIK: 799165
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-22-008978
Submitted to the SEC: Mon May 16 2022 4:30:59 PM EST
Accepted by the SEC: Mon May 16 2022
Period: Thursday, March 31, 2022
Industry: Oil And Gas Field Exploration Services

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