Business
Dawson Geophysical Reports First Quarter 2019 Results
MIDLAND, Texas, May 1, 2019 /PRNewswire/ -- Dawson Geophysical Company (NASDAQ: DWSN) (the "Company") today reported unaudited financial results for its first
About this update from Dawson Geophysical Company
[{"type":"text","content":"MIDLAND, Texas, May 1, 2019 /PRNewswire/ -- Dawson Geophysical Company (NASDAQ: DWSN) (the \"Company\") today reported unaudited financial results for its first quarter ended March 31, 2019.\nFor the quarter ended March 31, 2019, the Company reported revenues of $51,164,000, an increase of approximately three percent compared to $49,880,000 for the quarter ended March 31, 2018. For the first quarter of 2019, the Company reported a net loss of $137,000 or $0.01 loss per common share, compared to a net loss of $1,709,000 or $0.07 loss per common share for the first quarter of 2018. The Company reported EBITDA of $5,960,000 for the quarter ended March 31, 2019 compared to EBITDA of $6,989,000 for the quarter ended March 31, 2018. \nDuring the first quarter of 2019, the Company operated a peak of five crews in the United States (\"U.S.\") and a peak of four crews in Canada with varying utilization of the active crews during the quarter in both areas of operation, compared to a peak of nine crews in the U.S. and a peak of four crews in Canada in the first quarter of 2018. The winter season in Canada concluded at the end of the first quarter of 2019 with limited seismic activities anticipated until the next winter season. Based on currently available information, the Company anticipates operating two to four crews in the U.S. during the second quarter of 2019 and up to five crews in the third quarter. As in recent quarters, the majority of the Company's projects are on behalf of multi-client companies in the U.S. In addition, the Company anticipates that it will conduct a total of two microseismic projects in the U.S. during the second and third quarters of 2019.\nStephen C. Jumper, President and Chief Executive Officer, said, \"First quarter results were primarily a result of increased utilization of active recording channels in the U.S. and a better than anticipated late winter season in Canada. While the overall crew count in the U.S. was down from recent quarters, channel utilization peaked with a project in West Texas that included a peak of 48,000 channels. The project in West Texas, which was started and completed during the first quarter, combined with a 34,000 channel project in Eastern New Mexico completed in the second quarter, represents a peak of 82,000 channels and 42 vibrator energy source units over two crews that gene...