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DAWSON GEOPHYSICAL REPORTS SECOND QUARTER 2024 RESULTS
MIDLAND, Texas, Aug. 12, 2024 /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, 2024 /PRNewswire/ -- Dawson Geophysical Company (NASDAQ: DWSN) (the \"Company\") today reported unaudited financial results for its second quarter ended June 30, 2024.\n\nManagement Comment\nTony Clark, Dawson's President and CEO, commented, \"We began the quarter with two crews operating in the United States, and dropped to one crew in late May. We reacted quickly to the softness in our calendar and reduced headcount to one crew to conserve our cash flows during this time. We have strategically adjusted our bidding and marketing process to improve our utilization throughout the year going forward. We expect to ramp up our activity later in the third quarter of this year improving our utilization, revenues and operating cash flows. We are continually evaluating our performance as an organization and believe that we are positioned to capitalize on the opportunities in our industry.\"\nSecond Quarter and Year-to-Date Results\nFor the second quarter ended June 30, 2024, the Company reported revenues of $12.5 million, a decrease of 38% compared to $20.2 million for the comparable quarter ended June 30, 2023. Revenue included reimbursable revenue of $4.2 million and $9.3 million for the quarters ended June 30, 2024, and June 30, 2023, respectively.\nFor the second quarter ended June 30, 2024, we incurred a net loss of $3.5 million or $0.12 per common share compared to a net loss of $4.4 million or $0.18 per common share for the quarter ended June 30, 2023. During the quarter, we generated negative Adjusted EBITDA of $2.3 million in the quarter ended June 30, 2024, compared to negative Adjusted EBITDA of $2.5 million in the quarter ended June 30, 2023.\nYear to date, we have generated net income of $2.3 million or $0.07 per common share compared to a net loss of $4.8 million or $0.19 per common share. Our cost reduction initiatives continue to improve our profitability with a 37% reduction in general and administrative expenses year-to-date compared to the comparable period of 2023.\nOperations Update\nThe Company started the quarter with two crews in the United States, and dropped to one crew in late May. Our Canadian operations were seasonally halted in April, but we expect them to resume operating in the fourth quarter later this year. We have improved our backlog and expect to have two crews deployed later...