Business
Dawson Geophysical Reports Fourth Quarter And Full Year 2019 Results
MIDLAND, Texas, Feb. 27, 2020 /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, Feb. 27, 2020 /PRNewswire/ -- Dawson Geophysical Company (NASDAQ: DWSN) (the \"Company\") today reported unaudited financial results for its fourth quarter and full year ended December 31, 2019.\nFor the fourth quarter ended December 31, 2019, the Company reported revenues of $33,557,000, an increase of approximately 21% compared to $27,670,000 for the quarter ended December 31, 2018. For the fourth quarter of 2019, the Company narrowed its net loss to $5,828,000 or $0.25 loss per share of common stock from a net loss of $11,816,000 or $0.51 loss per share of common stock for the quarter ended December 31, 2018. The Company reported negative EBITDA of $788,000 for the quarter ended December 31, 2019 compared to negative EBITDA of $5,442,000 for the quarter ended December 31, 2018.\nFor the year ended December 31, 2019, the Company reported revenues of $145,773,000, a decrease of approximately five percent compared to $154,156,000 for the year ended December 31, 2018. For the full year 2019, the Company narrowed its net loss to $15,213,000 or $0.66 loss per share of common stock from a net loss of $24,407,000 or $1.07 loss per share of common stock for the year ended December 31, 2018. The Company reported EBITDA of $6,261,000, an increase of approximately 31% for the year ended December 31, 2019 compared to $4,762,000 for the year ended December 31, 2018.\nDuring the early part of the fourth quarter of 2019, the Company operated a peak of four crews in the United States (\"U.S.\"), primarily in the Permian Basin region, including three large channel count crews. Crew activity in Canada was minimal during the fourth quarter of 2019. The fourth quarter and early part of the first quarter in the U.S. historically has been challenging due to shorter work days and the holiday season. The winter season in Canada concludes at the end of the first quarter of 2020. Upon completion of the Canadian season, equipment will redeploy to the lower 48 in the second quarter of 2020. As in recent quarters, the majority of the Company's projects are on behalf of multi-client data companies in the U.S., with some activity directly for exploration and production companies.\nStephen C. Jumper, President and Chief Executive Officer, said, \"Fourth quarter and year-end results for 2019 improved compared to 2018. While the Company reporte...