Business
Dawson Geophysical Reports Second Quarter 2021 Results
MIDLAND, Texas, Aug. 12, 2021 /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. 12, 2021 /PRNewswire/ -- Dawson Geophysical Company (NASDAQ: DWSN) (the \"Company\") today reported unaudited financial results for its second quarter ended June 30, 2021.\nFor the quarter ended June 30, 2021, the Company reported revenues of $193,000, a significant decrease compared to $29,499,000 for the quarter ended June 30, 2020. For the second quarter of 2021, the Company reported a net loss of $9,017,000 or $0.38 loss per common share compared to net income of $1,500,000 or $0.06 per common share for the second quarter of 2020. The Company reported negative EBITDA of $5,667,000 for the quarter ended June 30, 2021 compared to positive EBITDA of $5,799,000 for the quarter ended June 30, 2020. \nFor the six months ended June 30, 2021, the Company reported revenues of $11,941,000, a decrease of approximately 83% compared to $68,478,000 for the six months ended June 30, 2020. For the six months ended June 30, 2021, the Company reported a net loss of $14,245,000 or $0.61 loss per common share compared to net income of $2,493,000 or $0.11 per common share for the six months ended June 30, 2020. The Company reported negative EBITDA of $7,525,000 for the six months ended June 30, 2021 compared to positive EBITDA of $11,630,000 for the six months ended June 30, 2020. \nActivity levels during the second quarter of 2021 reached a low point, as the Company did not have a seismic data acquisition crew operating in either the United States (\"U.S.\") or in Canada, as the Canadian season concluded at the end of the first quarter. The near-term outlook for seismic data acquisition activity in the U.S. remains challenging with the Company currently operating one midsize channel count crew. Based on currently available information, the Company anticipates operating one crew in the U.S. during the second half of 2021 with periods of low utilization and potentially one crew in Canada during the fourth quarter.\nStephen C. Jumper, President and Chief Executive Officer, said, \"As indicated in our first quarter earnings release, the second quarter and into the third quarter will reflect a low point for Dawson in terms of activity levels. We deployed a midsize crew in the U.S. in mid-July and anticipate that crew operating through the second half of 2021 with possible periods of prolonged stand-by as we continue our efforts ...