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DAWSON GEOPHYSICAL REPORTS FIRST QUARTER 2023 RESULTS
MIDLAND, Texas, May 15, 2023 /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 15, 2023 /PRNewswire/ -- Dawson Geophysical Company (NASDAQ: DWSN) (the \"Company\") today reported unaudited financial results for its first quarter ended March 31, 2023. Financial and operational results include the business and assets the Company acquired from Breckenridge Geophysical, LLC (\"Breckenridge\") in the first quarter.\nAs previously announced, on March 24, 2023, the Company entered into an Asset Purchase Agreement (the \"Purchase Agreement\") with Wilks Brothers, LLC (\"Wilks\") and Breckenridge. Pursuant to the Purchase Agreement and upon the terms and subject to the conditions generally described in our Form 8-K filed with the SEC on March 24, 2023, the Company completed the purchase of substantially all of the Breckenridge assets related to seismic data acquisition services other than its multi-client data library, in exchange for a combination of equity consideration and a convertible note described more fully below.\nFor the quarter ended March 31, 2023, which includes the results of Breckenridge for the entire quarter ended March 31, 2023, the Company reported revenues of $29,408,000, an increase of approximately 34% compared to $21,934,000 for the quarter ended March 31, 2022 (combined revenues of the Company and Breckenridge for such quarter). Excluding Breckenridge, the Company would have reported revenues of $28,626,000, an increase of approximately 56% compared to $18,359,000 for the quarter ended March 31, 2022. For the first quarter of 2023, the Company reported a net loss of $413,000 or $0.02 loss per common share compared to a net loss of $1,385,000 or $0.06 loss per common share for the first quarter of 2022 (combined results/net loss of the Company and Breckenridge for such quarter). Excluding Breckenridge, the Company would have reported net income of $562,000 for the quarter ended March 31, 2023 compared to a net loss of $2,391,000 for the quarter ended March 31, 2022. The Company reported EBITDA of $2,179,000 for the quarter ended March 31, 2023 compared to EBITDA of $1,702,000 for the quarter ended March 31, 2022 (combined EBITDA of the Company and Breckenridge for such quarter). Excluding Breckenridge, the Company would have reported EBITDA of $2,652,000 compared to EBITDA of $229,000 for the quarter ended March 31, 2022. First quarter combined results were affected by the...