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Dawson Geophysical Reports Third Quarter 2021 Results
PROVIDES UPDATE ON PENDING TRANSACTION WITH WILKS BROTHERS, LLC MIDLAND, Texas, Nov. 4, 2021 /PRNewswire/ -- Dawson Geophysical Company (NASDAQ: DWSN) (the
About this update from Dawson Geophysical Company
[{"type":"text","content":"PROVIDES UPDATE ON PENDING TRANSACTION WITH WILKS BROTHERS, LLC\n\n\nMIDLAND, Texas, Nov. 4, 2021 /PRNewswire/ -- Dawson Geophysical Company (NASDAQ: DWSN) (the \"Company\") today reports its unaudited financial results for its third quarter ended September 30, 2021 and provides an update on its pending transaction with Wilks Brothers, LLC.\nThird Quarter 2021 Financial Results (Unaudited)\nFor the quarter ended September 30, 2021, the Company reported revenues of $1,914,000, a decrease of approximately 78% compared to $8,738,000 for the quarter ended September 30, 2020. For the third quarter of 2021, the Company reported a net loss of $7,865,000 or $0.33 loss per common share compared to a net loss of $7,840,000 or $0.33 loss per common share for the third quarter of 2020. The Company reported negative EBITDA of $4,662,000 for the quarter ended September 30, 2021 compared to negative EBITDA of $3,796,000 for the quarter ended September 30, 2020. \nFor the nine months ended September 30, 2021, the Company reported revenues of $13,855,000, a decrease of approximately 82% compared to $77,216,000 for the nine months ended September 30, 2020. For the nine months ended September 30, 2021, the Company reported a net loss of $22,110,000 or $0.94 loss per common share compared to a net loss of $5,347,000 or $0.23 loss per common share for the nine months ended September 30, 2020. The Company reported negative EBITDA of $12,187,000 for the nine months ended September 30, 2021 compared to positive EBITDA of $7,834,000 for the nine months ended September 30, 2020.\nStephen C. Jumper, President and Chief Executive Officer, said, \"Activity levels during the third quarter of 2021 remained depressed, as the Company had one seismic data acquisition crew operating in the lower 48 with extended periods of low utilization. The Company's one active crew was idle from early September to mid-October. The near-term outlook for onshore seismic data acquisition activity in the U.S. remains challenged, notwithstanding the currently elevated prices for oil and natural gas. Based on currently available information, the Company's one active lower 48 crew resumed operation in mid-October on a small, few thousand channel count project with a duration of approximately seven days, and is further scheduled through early February of 2022 with current projects of...