DAWSON GEOPHYSICAL REPORTS THIRD QUARTER 2024 RESULTS

12.11.24 22:01 Uhr

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

Management Comment

Tony Clark, Dawson's President and CEO, commented, "We began the quarter with one crew operating in the United States, and had two small channel crews operating later in the quarter. We currently have one crew operating and a second large channel crew scheduled to deploy in mid-November, which will utilize the majority of our channels in the United States. Our seasonal operations in Canada resumed in October, and we expect increased revenues and profitability from Canada through the first quarter of 2025.

We are currently testing new single node channels in the field, and we expect to invest in increasing our channel count through the purchase of new equipment in the near future. We believe that investing in new single node channels will improve our revenue and margins due to improved crew efficiency with the lighter weight equipment.

We expect to finish the year strong and believe that we are positioned to capitalize on the opportunities in our industry."

Third Quarter and Year-to-Date Results

For the third quarter ended September 30, 2024, the Company reported revenues of $14.4 million, a decrease of 37% compared to $23 million for the comparable quarter ended September 30, 2023. Revenue included reimbursable revenue of $9.8 million and $13.2 million for the quarters ended September 30, 2024, and September 30, 2023, respectively.

For the third quarter ended September 30, 2024, we incurred a net loss of $5.6 million or $0.18 per common share compared to a net loss of $5.2 million or $0.20 per common share for the quarter ended September 30, 2023. During the quarter, we generated negative EBITDA of $4.3 million in the quarter ended September 30, 2024, compared to negative EBITDA of $3.4 million in the quarter ended September 30, 2023.

For the nine months ended September 30, 2024, we incurred a net loss of $3.3 million or $0.11 per common share compared to a net loss of $10 million or $0.40 per common share, for the nine months ended September 30, 2023.

Operations Update

Our Board of Directors approved an increase in our capital budget to $6 million for the potential purchase of new single node channels. The single node channels are expected to increase our revenues through more competitive bids for our customers, and increase our margins due to improved crew efficiencies. As we look to modernize our equipment for the current market, we are continuing to evaluate all of our assets and are looking for opportunities to divest under-utilized assets to improve our return on capital.

Liquidity

For the nine months ended September 30, 2024, we generated $3.6 million of cash from our operations, and as of September 30, 2024, the company had cash of $7 million and positive working capital of $4.4 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 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, depreciation and amortization expense and severance expenses. 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. 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, the Company's status as a controlled public company, which exempts the Company from certain corporate governance requirements; the limited market for the Company's shares, which could result in the delisting of the Company's shares from Nasdaq and the Company no longer being required to make filings with the U.S. Securities and Exchange Commission (the "SEC"); 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
September 30, 


Nine Months Ended
September 30, 



2024


2023


2024


2023















Operating revenues:













Fee Revenue

$

4,663


$

9,735


$

39,727


$

42,889


Reimbursable Revenue


9,758



13,226



18,790



29,699




14,421



22,961



58,517



72,588


Operating costs:













Operating expenses













Fee operating expenses


6,537



10,918



32,532



38,133


Reimbursable operating expenses


9,758



13,226



18,790



29,699




16,295



24,144



51,322



67,832


General and administrative


2,529



2,495



6,611



8,971


Severance expense






86




Depreciation and amortization


1,388



2,014



4,383



6,827




20,212



28,653



62,402



83,630















Loss from operations


(5,791)



(5,692)



(3,885)



(11,042)















Other income (expense):













Interest income


72



192



290



436


Interest expense


(35)



(22)



(120)



(53)


Other income (expense), net


102



327



434



522















Loss before income tax


(5,652)



(5,195)



(3,281)



(10,137)















Income tax benefit (expense)


35



(3)



(36)



96















Net loss


(5,617)



(5,198)



(3,317)



(10,041)















Other comprehensive income (loss):













     Net unrealized income (loss) on foreign exchange rate
translation


29



(218)



(241)



25















Comprehensive loss

$

(5,588)


$

(5,416)


$

(3,558)


$

(10,016)















Basic loss per share of common stock

$

(0.18)


$

(0.20)


$

(0.11)


$

(0.40)















Diluted loss per share of common stock

$

(0.18)


$

(0.20)


$

(0.11)


$

(0.40)















Weighted average equivalent common shares outstanding


30,906,777



26,137,648



30,845,076



25,383,757















Weighted average equivalent common shares outstanding
- assuming dilution


30,906,777



26,137,648



30,845,076



25,383,757


 

DAWSON GEOPHYSICAL COMPANY

CONSOLIDATED BALANCE SHEETS

(amounts in thousands, except share data)




September 30, 


December 31,



2024


2023

Assets







Current assets:







Cash and cash equivalents


$

6,980


$

10,772

Restricted cash





5,000

Short-term investments





265

Accounts receivable, net



2,788



12,735

Prepaid expenses and other current assets



3,411



8,654

Total current assets



13,179



37,426








Property and equipment, net



14,284



16,508








Right-of-use assets



2,348



3,208








Intangibles, net



370



377








Total assets


$

30,181


$

57,519








Liabilities and Stockholders' Equity







Current liabilities:







Accounts payable


$

3,424


$

3,883

Accrued liabilities:







Payroll costs and other taxes



1,954



3,415

Other



992



709

Deferred revenue



691



11,829

Current maturities of notes payable and finance leases



704



1,380

Current maturities of operating lease liabilities



1,005



1,202

Total current liabilities



8,770



22,418








Long-term liabilities:







Notes payable and finance leases, net of current maturities



1,531



1,289

Operating lease liabilities, net of current maturities



1,621



2,363

Deferred tax liabilities, net



15



15

Total long-term liabilities



3,167



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 September 30, 2024







        and December 31, 2023, respectively



309



308

Additional paid-in capital



156,905



156,678

Accumulated deficit



(136,817)



(123,640)

Accumulated other comprehensive loss, net



(2,153)



(1,912)

Total stockholders' equity



18,244



31,434








Total liabilities and stockholders' equity


$

30,181


$

57,519

 

Reconciliation of Adjusted EBITDA to Net (Loss) Income

(amounts in thousands)



Three Months Ended September 30,


2024 US


2024 CA


2024 Consol.


2023 US


2023 CA


2023 Consol.

Net loss

$

(4,442)


$

(1,175)


$

(5,617)


$

(3,813)


$

(1,385)


$

(5,198)

Depreciation and amortization


1,144



244



1,388



1,527



487



2,014

Interest income, net


(34)



(3)



(37)



(58)



(112)



(170)

Income tax (benefit) expense


(35)





(35)



3





3

EBITDA


(3,367)



(934)



(4,301)



(2,341)



(1,010)



(3,351)

Severance expense












Adjusted EBITDA

$

(3,367)


$

(934)


$

(4,301)


$

(2,341)


$

(1,010)


$

(3,351)




















Nine Months Ended September 30,


2024 US


2024 CA


2024 Consol.


2023 US


2023 CA


2023 Consol.

Net (loss) income

$

(4,743)


$

1,426


$

(3,317)


$

(9,067)


$

(974)


$

(10,041)

Depreciation and amortization


3,611



772



4,383



5,173



1,654



6,827

Interest income, net


(157)



(13)



(170)



(214)



(169)



(383)

Income tax expense (benefit)


36





36



(96)





(96)

EBITDA


(1,253)



2,185



932



(4,204)



511



(3,693)

Severance expense


86





86







Adjusted EBITDA

$

(1,167)


$

2,185


$

1,018


$

(4,204)


$

511


$

(3,693)

 

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

(amounts in thousands) 



Three Months Ended September 30,


2024 US


2024 CA


2024 Consol.


2023 US


2023 CA


2023 Consol.

Net cash used in operating activities

$

(3,331)


$

(900)


$

(4,231)


$

(2,849)


$

(440)


$

(3,289)

Changes in working capital and other items


233



17



250



833



(521)



312

Non-cash adjustments to net loss


(269)



(51)



(320)



(325)



(49)



(374)

EBITDA


(3,367)



(934)



(4,301)



(2,341)



(1,010)



(3,351)

Severance expense












Adjusted EBITDA

$

(3,367)


$

(934)


$

(4,301)


$

(2,341)


$

(1,010)


$

(3,351)




















Nine Months Ended September 30,


2024 US


2024 CA


2024 Consol.


2023 US


2023 CA


2023 Consol.

Net cash (used in) provided by operating activities

$

(33)


$

3,592


$

3,559


$

(1,139)


$

3,601


$

2,462

Changes in working capital and other items


(217)



(1,255)



(1,472)



(2,301)



(2,959)



(5,260)

Non-cash adjustments to net (loss) income


(1,003)



(152)



(1,155)



(764)



(131)



(895)

EBITDA


(1,253)



2,185



932



(4,204)



511



(3,693)

Severance expense


86





86







Adjusted EBITDA

$

(1,167)


$

2,185


$

1,018


$

(4,204)


$

511


$

(3,693)

 

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



Three Months Ended September 30, 2024


Nine Months Ended September 30, 2024


USA Operations


Canada Operations


Consolidated


USA Operations


Canada Operations


Consolidated

Operating revenues


















   Fee revenue

$

4,652


$

11


$

4,663


$

31,260


$

8,467


$

39,727

   Reimbursable revenue


9,758





9,758



18,753



37



18,790



14,410



11



14,421



50,013



8,504



58,517



















Operating costs:


















      Fee operating expenses


5,726



811



6,537



26,751



5,781



32,532

      Reimbursable operating expenses


9,758





9,758



18,753



37



18,790

   Operating expenses


15,484



811



16,295



45,504



5,818



51,322

   General and administrative


2,393



136



2,529



6,133



478



6,611

   Severance expense








86





86

   Depreciation and amortization


1,144



244



1,388



3,611



772



4,383



19,021



1,191



20,212



55,334



7,068



62,402



















(Loss) income from operations


(4,611)



(1,180)



(5,791)



(5,321)



1,436



(3,885)



















Other income (expense):


















   Interest income


58



14



72



246



44



290

   Interest expense


(24)



(11)



(35)



(89)



(31)



(120)

   Other income (expense), net


100



2



102



457



(23)



434

(Loss) income before income tax


(4,477)



(1,175)



(5,652)



(4,707)



1,426



(3,281)

Income tax benefit (expense)


35





35



(36)





(36)

Net (loss) income


(4,442)



(1,175)



(5,617)



(4,743)



1,426



(3,317)

Other comprehensive income (loss):


















Net unrealized income (loss) on
foreign exchange rate translation




29



29





(241)



(241)



















Comprehensive (loss) income

$

(4,442)


$

(1,146)


$

(5,588)


$

(4,743)


$

1,185


$

(3,558)




















Three Months Ended September 30, 2023


Nine Months Ended September 30, 2023


USA Operations


Canada Operations


Consolidated


USA Operations


Canada Operations


Consolidated

Operating revenues


















   Fee revenue

$

9,724


$

11


$

9,735


$

32,767


$

10,122


$

42,889

   Reimbursable revenue


13,223



3



13,226



29,092



607



29,699



22,947



14



22,961



61,859



10,729



72,588



















Operating costs:


















      Fee operating expenses


10,066



852



10,918



29,353



8,780



38,133

      Reimbursable operating expenses


13,223



3



13,226



29,092



607



29,699

   Operating expenses


23,289



855



24,144



58,445



9,387



67,832

   General and administrative


2,315



180



2,495



8,084



887



8,971

   Severance expense












   Depreciation and amortization


1,527



487



2,014



5,173



1,654



6,827



27,131



1,522



28,653



71,702



11,928



83,630



















Loss from operations


(4,184)



(1,508)



(5,692)



(9,843)



(1,199)



(11,042)



















Other income (expense):


















   Interest income


72



120



192



250



186



436

   Interest expense


(14)



(8)



(22)



(36)



(17)



(53)

   Other income (expense), net


316



11



327



466



56



522

Loss before income tax


(3,810)



(1,385)



(5,195)



(9,163)



(974)



(10,137)

Income tax (expense) benefit


(3)





(3)



96





96

Net loss


(3,813)



(1,385)



(5,198)



(9,067)



(974)



(10,041)

Other comprehensive (loss) income:


















Net unrealized (loss) income on
foreign exchange rate translation




(218)



(218)





25



25



















Comprehensive loss

$

(3,813)


$

(1,603)


$

(5,416)


$

(9,067)


$

(949)


$

(10,016)

 

Cision View original content:https://www.prnewswire.com/news-releases/dawson-geophysical-reports-third-quarter-2024-results-302303146.html

SOURCE Dawson Geophysical Company

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