Business
Dawson Geophysical Reports Second Quarter 2019 Results
MIDLAND, Texas, Aug. 1, 2019 /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, Aug. 1, 2019 /PRNewswire/ -- Dawson Geophysical Company (NASDAQ: DWSN) (the \"Company\") today reported unaudited financial results for its second quarter ended June 30, 2019.\nFor the quarter ended June 30, 2019, the Company reported revenues of $24,076,000, a decrease of approximately thirty three percent compared to $36,158,000 for the quarter ended June 30, 2018. For the second quarter of 2019, the Company reported a net loss of $11,246,000 or $0.49 loss per common share compared to a net loss of $5,711,000 or $0.25 loss per common share for the second quarter of 2018. The Company reported negative EBITDA of $6,071,000 for the quarter ended June 30, 2019 compared to positive EBITDA of $1,564,000 for the quarter ended June 30, 2018. \nFor the six months ended June 30, 2019, the Company reported revenues of $75,240,000, a decrease of approximately thirteen percent compared to $86,038,000 for the six months ended June 30, 2018. For the six months ended June 30, 2019, the Company reported a net loss of $11,383,000 or $0.49 loss per common share compared to a net loss of $7,420,000 or $0.32 loss per common share for the six months ended June 30, 2018. The Company reported negative EBITDA of $111,000 for the six months ended June 30, 2019 compared to positive EBITDA of $8,553,000 for the six months ended June 30, 2018. \nDuring the second quarter of 2019, the Company operated a peak of five crews in the United States (\"U.S.\"), including microseismic operations, and a single small channel count crew in Canada for a short period of time compared to four large channel count crews in the U.S. and four large channel count crews in Canada in the first quarter. Based on currently available information, the Company anticipates operating four to six crews in the U.S. during the third quarter and into early fourth quarter of 2019 and two to four crews in the U.S. later in the fourth quarter of 2019, with limited activity in Canada in the fourth quarter. The Company is currently operating three crews in the U.S. with two additional crews to be deployed in the next few weeks. As in recent quarters, the majority of the Company's projects are on behalf of multi-client companies in the U.S. with some activity directly for exploration and production companies. The Company continues to implement cost reduction measures and mainta...