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WKN: A14NUC | ISIN: US2393601008 | Ticker-Symbol: RVS1
Frankfurt
14.10.24
08:00 Uhr
1,320 Euro
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Dawson Geophysical Company: Dawson Geophysical Reports Second Quarter 2024 Results

MIDLAND, Texas, Aug. 12, 2024 /PRNewswire/ -- Dawson Geophysical Company (NASDAQ: DWSN) (the "Company") today reported unaudited financial results for its second quarter ended June 30, 2024.

Management Comment

Tony Clark, Dawson's President and CEO, commented, "We began the quarter with two crews operating in the United States, and dropped to one crew in late May. We reacted quickly to the softness in our calendar and reduced headcount to one crew to conserve our cash flows during this time. We have strategically adjusted our bidding and marketing process to improve our utilization throughout the year going forward. We expect to ramp up our activity later in the third quarter of this year improving our utilization, revenues and operating cash flows. We are continually evaluating our performance as an organization and believe that we are positioned to capitalize on the opportunities in our industry."

Second Quarter and Year-to-Date Results

For the second quarter ended June 30, 2024, the Company reported revenues of $12.5 million, a decrease of 38% compared to $20.2 million for the comparable quarter ended June 30, 2023. Revenue included reimbursable revenue of $4.2 million and $9.3 million for the quarters ended June 30, 2024, and June 30, 2023, respectively.

For the second quarter ended June 30, 2024, we incurred a net loss of $3.5 million or $0.12 per common share compared to a net loss of $4.4 million or $0.18 per common share for the quarter ended June 30, 2023. During the quarter, we generated negative Adjusted EBITDA of $2.3 million in the quarter ended June 30, 2024, compared to negative Adjusted EBITDA of $2.5 million in the quarter ended June 30, 2023.

Year to date, we have generated net income of $2.3 million or $0.07 per common share compared to a net loss of $4.8 million or $0.19 per common share. Our cost reduction initiatives continue to improve our profitability with a 37% reduction in general and administrative expenses year-to-date compared to the comparable period of 2023.

Operations Update

The Company started the quarter with two crews in the United States, and dropped to one crew in late May. Our Canadian operations were seasonally halted in April, but we expect them to resume operating in the fourth quarter later this year. We have improved our backlog and expect to have two crews deployed later in the third quarter, and expect to have our current equipment fully deployed throughout the end of the second quarter of 2025.

We periodically evaluate all of our assets and are looking for opportunities to divest certain under-utilized assets to improve our return on capital.

Special Cash Dividend and Liquidity

As previously reported, the Company's Board of Directors declared a special cash dividend on the Company's common stock of $0.32 per share, which was paid on May 6, 2024, to stockholders of record as of the close of business on April 22, 2024. The aggregate payment was approximately $9.9 million.

For the six months ended June 30, 2024, we generated $7.8 million of cash from our operations, and as of June 30, 2024, the Company had cash of $11.2 million and positive working capital of $9 million.

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 for its clients, which range from major oil and gas companies to independent oil and gas operators, as well as providers of multi-client data libraries. Dawson also provides Carbon Capture Utilization and Storage ("CCUS") seismic monitoring, which continues to grow and be an integral part of its business. Dawson has acquired several CCUS base surveys and plan to acquire more in the future.

Non-GAAP Financial Measures

In an effort to provide investors with additional information regarding the Company's preliminary and unaudited results as determined by generally accepted accounting principles ("GAAP"), the Company has included in this press release information about the Company's Adjusted EBITDA, a non-GAAP financial measure as defined by Regulation G promulgated by the U.S. Securities and Exchange Commission. The Company defines Adjusted EBITDA net income (loss), before (i) interest expense, net, (ii) income tax expense or benefit, (iii) depreciation, depletion and amortization and (iv) other unusual or non-recurring charges, such as severance expenses. Our management uses Adjusted 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 Adjusted 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 is used by investors to assess its performance. However, the terms EBITDA and Adjusted EBITDA are not defined under GAAP, and neither EBITDA nor Adjusted EBITDA is a measure of operating income, operating performance or liquidity presented in accordance with GAAP. When assessing our 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 and Adjusted EBITDA may not be comparable to EBITDA, Adjusted EBITDA, or similarly titled measures utilized by other companies since such other companies may not calculate EBITDA or Adjusted EBITDA in the same manner as us. Further, the results presented by EBITDA or Adjusted EBITDA cannot be achieved without incurring the costs that the measure excludes: interest, taxes, and depreciation and amortization, and other unusual or non-recurring charges, such as severance expenses. A reconciliation of the Company's Adjusted 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. Forward-looking statements generally relate to future events or the Company's future financial or operating performance and may be identified by words such as "may," "should," "expect," "intend," "will," "estimate," "anticipate," "believe," "predict," or similar words. 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 factors include, but are not limited to, our status as a controlled public company, which exempts us from certain corporate governance requirements; the limited market for our common stock, which could result in the delisting of the common stock from Nasdaq; 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 impact on demand for oil and gas; surplus in the supply of oil and the ability of the Organization of the Petroleum Exporting Countries and its allies, collectively known as 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, including export controls and financial and economic sanctions imposed on certain industry sectors and parties as a result of the developments in Ukraine and related activities, and whether or not a future transaction or other action occurs that causes the Company to be delisted from Nasdaq and no longer be required to make filings with the SEC. 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 SEC on April 1, 2024. The Company disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events or otherwise.

DAWSON GEOPHYSICAL COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(unaudited and amounts in thousands, except share and per share data)














Three Months Ended June 30,


Six Months Ended June 30,


2024


2023


2024


2023













Operating revenues:












Fee Revenue

$

8,326


$

10,881


$

35,064


$

33,154

Reimbursable Revenue


4,186



9,338



9,032



16,473



12,512



20,219



44,096



49,627

Operating costs:












Operating expenses












Fee operating expenses


8,499



10,568



25,995



27,215

Reimbursable operating expenses


4,186



9,338



9,032



16,473



12,685



19,906



35,027



43,688

General and administrative


2,171



2,977



4,082



6,476

Severance expense


86



-



86



-

Depreciation and amortization


1,406



2,113



2,995



4,813



16,348



24,996



42,190



54,977













(Loss) income from operations


(3,836)



(4,777)



1,906



(5,350)













Other income (expense):












Interest income


105



136



218



244

Interest expense


(39)



(14)



(85)



(31)

Other income (expense), net


93



143



332



195













(Loss) income before income tax


(3,677)



(4,512)



2,371



(4,942)













Current


131



(14)



(71)



(22)

Deferred


-



96



-



121

Income tax benefit (expense)


131



82



(71)



99













Net (loss) income


(3,546)



(4,430)



2,300



(4,843)













Other comprehensive (loss) income:












Net unrealized (loss) income on foreign exchange rate translation


(110)



249



(270)



243













Comprehensive (loss) income

$

(3,656)


$

(4,181)


$

2,030


$

(4,600)













Basic (loss) income per share of common stock

$

(0.12)


$

(0.18)


$

0.07


$

(0.19)













Diluted (loss) income per share of common stock

$

(0.12)


$

(0.18)


$

0.07


$

(0.19)













Weighted average equivalent common shares outstanding


30,815,443



25,000,564



30,813,886



25,000,564













Weighted average equivalent common shares outstanding - assuming dilution


30,815,443



25,000,564



30,813,886



25,000,564

DAWSON GEOPHYSICAL COMPANY

CONSOLIDATED BALANCE SHEETS

(amounts in thousands, except share data)










June 30,


December 31,



2024


2023

Assets







Current assets:







Cash and cash equivalents


$

11,158


$

10,772

Restricted cash



-



5,000

Short-term investments



265



265

Accounts receivable, net



4,424



12,735

Prepaid expenses and other current assets



7,079



8,654

Total current assets



22,926



37,426








Property and equipment, net



15,082



16,508








Right-of-use assets



2,620



3,208








Intangibles, net



365



377








Total assets


$

40,993


$

57,519








Liabilities and Stockholders' Equity







Current liabilities:







Accounts payable


$

3,400


$

3,883

Accrued liabilities:







Payroll costs and other taxes



2,249



3,415

Other



759



709

Deferred revenue



5,709



11,829

Current maturities of notes payable and finance leases



740



1,380

Current maturities of operating lease liabilities



1,064



1,202

Total current liabilities



13,921



22,418








Long-term liabilities:







Notes payable and finance leases, net of current maturities



1,408



1,289

Operating lease liabilities, net of current maturities



1,862



2,363

Deferred tax liabilities, net



15



15

Total long-term liabilities



3,285



3,667








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,







30,906,777 and 30,812,329 shares issued and outstanding at June 30, 2024







and December 31, 2023, respectively



309



308

Additional paid-in capital



156,860



156,678

Accumulated deficit



(131,200)



(123,640)

Accumulated other comprehensive loss, net



(2,182)



(1,912)

Total stockholders' equity



23,787



31,434








Total liabilities and stockholders' equity


$

40,993


$

57,519

Reconciliation of Adjusted EBITDA to Net (Loss) Income

(amounts in thousands)



Three Months Ended June 30,


2024 US


2024 CA


2024 Consol.


2023 US


2023 CA


2023 Consol.

Net loss

$

(2,468)


$

(1,078)


$

(3,546)


$

(2,794)


$

(1,636)


$

(4,430)

Depreciation and amortization


1,162



244



1,406



1,528



585



2,113

Interest income, net


(60)



(6)



(66)



(81)



(41)



(122)

Income tax benefit


(131)



-



(131)



(82)



-



(82)

EBITDA


(1,497)



(840)



(2,337)



(1,429)



(1,092)



(2,521)

Severance expense


86



-



86



-



-



-

Adjusted EBITDA

$

(1,411)


$

(840)


$

(2,251)


$

(1,429)


$

(1,092)


$

(2,521)




















Six Months Ended June 30,


2024 US


2024 CA


2024 Consol.


2023 US


2023 CA


2023 Consol.

Net (loss) income

$

(301)


$

2,601


$

2,300


$

(5,254)


$

411


$

(4,843)

Depreciation and amortization


2,467



528



2,995



3,646



1,167



4,813

Interest income, net


(123)



(10)



(133)



(156)



(57)



(213)

Income tax expense (benefit)


71



-



71



(99)



-



(99)

EBITDA


2,114



3,119



5,233



(1,863)



1,521



(342)

Severance expense


86



-



86



-



-



-

Adjusted EBITDA

$

2,200


$

3,119


$

5,319


$

(1,863)


$

1,521


$

(342)

Reconciliation of Adjusted EBITDA to Net Cash Provided By (Used in) Operating Activities

(amounts in thousands)




















Three Months Ended June 30,


2024 US


2024 CA


2024 Consol.


2023 US


2023 CA


2023 Consol.

Net cash provided by (used in) operating activities

$

1,302


$

4,618


$

5,920


$

(868)


$

8,439


$

7,571

Changes in working capital and other items


(2,285)



(5,408)



(7,693)



(340)



(9,485)



(9,825)

Non-cash adjustments to net loss


(514)



(50)



(564)



(221)



(46)



(267)

EBITDA


(1,497)



(840)



(2,337)



(1,429)



(1,092)



(2,521)

Severance expense


86



-



86



-



-



-

Adjusted EBITDA

$

(1,411)


$

(840)


$

(2,251)


$

(1,429)


$

(1,092)


$

(2,521)




















Six Months Ended June 30,


2024 US


2024 CA


2024 Consol.


2023 US


2023 CA


2023 Consol.

Net cash provided by operating activities

$

3,298


$

4,492


$

7,790


$

1,710


$

4,041


$

5,751

Changes in working capital and other items


(450)



(1,272)



(1,722)



(3,134)



(2,438)



(5,572)

Non-cash adjustments to net (loss) income


(734)



(101)



(835)



(439)



(82)



(521)

EBITDA


2,114



3,119



5,233



(1,863)



1,521



(342)

Severance expense


86



-



86



-



-



-

Adjusted EBITDA

$

2,200


$

3,119


$

5,319


$

(1,863)


$

1,521


$

(342)

Statements of Operations by operating segment for the three and six months ended June 30, 2024, and 2023.




















Three Months Ended June 30, 2024


Six Months Ended June 30, 2024


USA Operations


Canada Operations


Consolidated


USA Operations


Canada Operations


Consolidated

Operating revenues


















Fee revenue

$

8,321


$

5


$

8,326


$

26,608


$

8,456


$

35,064

Reimbursable revenue


4,186



-



4,186



8,995



37



9,032



12,507



5



12,512



35,603



8,493



44,096



















Operating costs:


















Fee operating expenses


7,846



653



8,499



21,025



4,970



25,995

Reimbursable operating expenses


4,186



-



4,186



8,995



37



9,032

Operating expenses


12,032



653



12,685



30,020



5,007



35,027

General and administrative


1,998



173



2,171



3,740



342



4,082

Severance expense


86



-



86



86



-



86

Depreciation and amortization


1,162



244



1,406



2,467



528



2,995



15,278



1,070



16,348



36,313



5,877



42,190



















(Loss) income from operations


(2,771)



(1,065)



(3,836)



(710)



2,616



1,906



















Other income (expense):


















Interest income


89



16



105



188



30



218

Interest expense


(29)



(10)



(39)



(65)



(20)



(85)

Other income (expense)


112



(19)



93



357



(25)



332

(Loss) income before income tax


(2,599)



(1,078)



(3,677)



(230)



2,601



2,371

Income tax benefit (expense)


131



-



131



(71)



-



(71)

Net (loss) income


(2,468)



(1,078)



(3,546)



(301)



2,601



2,300

Other comprehensive (loss) income:


















Net unrealized loss on foreign exchange rate translation


-



(110)



(110)



-



(270)



(270)



















Comprehensive (loss) income

$

(2,468)


$

(1,188)


$

(3,656)


$

(301)


$

2,331


$

2,030




















Three Months Ended June 30, 2023


Six Months Ended June 30, 2023


USA Operations


Canada Operations


Consolidated


USA Operations


Canada Operations


Consolidated

Operating revenues


















Fee revenue

$

10,780


$

101


$

10,881


$

23,043


$

10,111


$

33,154

Reimbursable revenue


9,336



2



9,338



15,869



604



16,473



20,116



103



20,219



38,912



10,715



49,627



















Operating costs:


















Fee operating expenses


9,643



925



10,568



19,287



7,928



27,215

Reimbursable operating expenses


9,336



2



9,338



15,869



604



16,473

Operating expenses


18,979



927



19,906



35,156



8,532



43,688

General and administrative


2,667



310



2,977



5,769



707



6,476

Severance expense


-



-



-



-



-



-

Depreciation and amortization


1,528



585



2,113



3,646



1,167



4,813



23,174



1,822



24,996



44,571



10,406



54,977



















(Loss) income from operations


(3,058)



(1,719)



(4,777)



(5,659)



309



(5,350)



















Other income (expense):


















Interest income


91



45



136



178



66



244

Interest expense


(10)



(4)



(14)



(22)



(9)



(31)

Other income (expense)


101



42



143



150



45



195

(Loss) income before income tax


(2,876)



(1,636)



(4,512)



(5,353)



411



(4,942)

Income tax benefit


82



-



82



99



-



99

Net (loss) income


(2,794)



(1,636)



(4,430)



(5,254)



411



(4,843)

Other comprehensive (loss) income:


















Net unrealized income on foreign exchange rate translation


-



249



249



-



243



243



















Comprehensive (loss) income

$

(2,794)


$

(1,387)


$

(4,181)


$

(5,254)


$

654


$

(4,600)

SOURCE Dawson Geophysical Company

© 2024 PR Newswire
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