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DAWSON GEOPHYSICAL REPORTS FIRST QUARTER 2022 RESULTS
MIDLAND, Texas, May 16, 2022 /PRNewswire/ -- Dawson Geophysical Company (NASDAQ: DWSN) (the "Company") today reported unaudited financial results for its
About this update from Dawson Geophysical Company
[{"type":"text","content":"MIDLAND, Texas, May 16, 2022 /PRNewswire/ -- Dawson Geophysical Company (NASDAQ: DWSN) (the \"Company\") today reported unaudited financial results for its first quarter ended March 31, 2022.\nFor 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.\nDuring 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.\nCapital 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...