MIDLAND, Texas, Jan. 31 /PRNewswire-FirstCall/ -- Dawson
Geophysical Company (NASDAQ:DWSN) today reported revenues of
$35,493,000 for the quarter ending December 31, 2005, the Company's
first quarter of fiscal 2006, compared to $21,559,000 in the same
quarter of fiscal 2005, an increase of 64.6 percent. Revenue growth
was primarily the result of an increase in the number of data
acquisition crews operated by the Company, the expanded
capabilities of existing crews, and more favorable contract terms
with Company clients as a result of continued high demand for the
Company's services. The Company operated eleven seismic data
acquisition crews in the first quarter of fiscal 2006 as compared
to nine crews in the first quarter of fiscal 2005. Net income for
the first quarter of fiscal 2006 was $2,300,000 compared to
$1,600,000 in the same quarter of fiscal 2005, an increase of 43.7
percent, or $0.31 per share in the first quarter of fiscal 2006
versus $0.28 per share in the same quarter of fiscal 2005. The
Company's net income and earnings per share results in the first
quarter of fiscal 2006 reflect a more than doubling of the
Company's depreciation charges and the issuance of an additional
1,800,000 shares in a public offering completed in March of 2005.
EBITDA in the fiscal 2006 quarter was $6,412,000 compared to
$3,951,000 in the prior year quarter, an increase of 62 percent.
Factors affecting the quarter results included unusually high
repair costs resulting from extensive equipment damage on several
crews in isolated areas of operation. The extensive equipment
damage had the effect of lowering expected crew productivity. Also
included in the first quarter expenses were one-time charges
related to the Company's initial compliance with Sarbanes- Oxley
Section 404 and the expensing of outstanding stock options. Company
President and CEO, Stephen C. Jumper stated, "Considering the
issues affecting the quarterly results, the doubling of
depreciation charges, and the increased number of shares, we are
pleased to have achieved this financial result. We are pleased to
have achieved these results in the December quarter which is
historically our most difficult due to holiday months and shortened
work days." As previously reported, the Company is continuing its
expansion with the addition of a twelfth seismic data acquisition
crew which is expected to commence operations in May of 2006 and by
increasing channel capacity on its existing crews. These additions
are in response to the continued high demand for the Company
services as a result of continued brisk exploration and development
activity by the Company's clients. The Company believes its current
order book is sufficient to maintain operations at full capacity
well into calendar year 2006 with several of the crews booked into
calendar year 2007. The Company's data processing operation has
also shown significant improvement during the first quarter of
fiscal 2006 due to client recognition of quality performance and
our expansion into the Houston market for these services. As
previously reported, the Company's Board of Directors has increased
the Company's fiscal 2006 capital budget to $25,000,000 to cover
the cost of equipping the twelfth crew and to expand and update
existing crews. In addition to the crew expansions, management is
committed to improving the revenue and profitability of existing
crews. The Company will continue to focus on opportunities to
increase the profitability of existing crews, by obtaining more
favorable contract terms with its client companies, expanding crew
recording capabilities and increasing crew productivity. Dawson
Geophysical Company is the leading provider of U.S. onshore seismic
data acquisition services as measured by the number of active data
acquisition crews. Founded in 1952, 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.
This press release contains information about the Company's EBITDA,
a non- GAAP financial measure. The Company defines EBITDA as net
income plus interest expense, income taxes, 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 generally accepted accounting
principles and EBITDA is not a measure of operating income,
operating performance or liquidity presented in accordance with
generally accepted accounting principles. 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, cash flow from operating activities or other cash flow
data calculated in accordance with generally accepted accounting
principles. 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, depreciation and amortization. A
reconciliation of the Company's EBITDA to its net income is
presented in the table following the text of this press release. In
accordance with the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995, Dawson Geophysical
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. These risks include, but
are not limited to, dependence upon energy industry spending, the
volatility of oil and gas prices, weather interruptions, the
ability to obtain land access rights of way and the availability of
capital resources. A discussion of these and other factors,
including risks and uncertainties, is set forth in the Company's
Form 10-K for the fiscal year ended September 30, 2005. Dawson
Geophysical Company disclaims any intention or obligation to revise
any forward-looking statements, whether as a result of new
information, future events, or otherwise. STATEMENTS OF OPERATIONS
(Unaudited) Three Months Ended December 31, 2005 2004 Operating
revenues $35,493,000 $21,559,000 Operating costs: Operating
expenses 28,138,000 16,844,000 General and administrative 1,127,000
794,000 Depreciation 2,976,000 1,470,000 32,241,000 19,108,000
Income from operations 3,252,000 2,451,000 Other income: Interest
income 161,000 24,000 Loss on disposal of assets (6,000) --- Loss
on sale of investments (11,000) --- Other 40,000 6,000 Income
before income tax 3,436,000 2,481,000 Income tax (expense) benefit:
Current (535,000) --- Deferred (601,000) (881,000) Net income
$2,300,000 $1,600,000 Net income per common share 0.31 0.28 Net
income per common share-assuming dilution $0.30 $0.28 Weighted
average equivalent common shares outstanding 7,486,389 5,638,365
Weighted average equivalent common shares outstanding-assuming
dilution 7,584,165 5,742,149 BALANCE SHEETS December 31, September
30, 2005 2005 (Unaudited) ASSETS Current assets: Cash and cash
equivalents $1,155,000 $2,803,000 Short-term investments 16,314,000
20,326,000 Accounts receivable, net of allowance for doubtful
accounts of $108,000 in December 2005 and $331,000 in September
2005 33,300,000 28,696,000 Prepaid expenses 220,000 1,127,000
Current deferred tax assets 239,000 1,229,000 Total current assets
51,228,000 54,181,000 Property, plant and equipment 137,914,000
124,478,000 Less accumulated depreciation (67,392,000) (64,532,000)
Net property, plant and equipment 70,522,000 59,946,000
$121,750,000 $114,127,000 LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Accounts payable $10,857,000 $6,601,000
Accrued liabilities: Payroll costs and other taxes 725,000
1,198,000 Other 1,590,000 2,182,000 Deferred revenue 2,444,000
190,000 Total current liabilities 15,616,000 10,171,000 Deferred
tax liability 1,663,000 2,052,000 Stockholders' equity: Preferred
stock-par value $1.00 per share; 5,000,000 shares authorized, none
outstanding --- --- Common stock-par value $.33 1/3 per share;
10,000,000 shares authorized, 7,493,544 and 7,484,044 shares issued
and outstanding in each period 2,498,000 2,495,000 Additional
paid-in capital 81,250,000 80,987,000 Other comprehensive income,
net of tax (76,000) (77,000) Retained earnings 20,799,000
18,499,000 Total stockholders' equity 104,471,000 101,904,000
$121,750,000 $114,127,000 Non GAAP Financial Numbers:
Reconciliation of EBITDA to Net Income Three Months Ended December
31, 2005 2004 (in thousands) Net Income $2,300 $1,600 Depreciation
2,976 1,470 Income tax (benefit) expense 1,136 881 EBITDA $6,412
$3,951 DATASOURCE: Dawson Geophysical Company CONTACT: L. Decker
Dawson, Chairman of the Board of Directors, or Stephen C. Jumper,
President and Chief Executive Officer, or Christina W. Hagan, Chief
Financial Officer, all of Dawson Geophysical Company,
+1-800-332-9766 Web site: http://www.dawson3d.com/
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