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ISIN: US2393591027 · WKN: 872966
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Dawson Geophysical Reports Profitable Fiscal 2004
MIDLAND, TX, Nov. 12, 2004 (MARKET WIRE via COMTEX) -- Dawson Geophysical Company (NASDAQ: DWSN) today reported improved profitability in its fiscal fourth quarter and year ending September 30, 2004. Earnings for the quarter were $0.72 per share compared to $0.10 in the 2003 fourth quarter. For the year, earnings were $1.53 compared to a loss of $0.16 per share 2003.
Approximately $0.28 per share of the fourth quarter earnings are due to a deferred income tax benefit from the elimination of a valuation allowance on the Company`s deferred tax asset resulting from net operating loss carryforwards. The Company believes that its past five profitable quarters and a continued favorable environment for its services will enable use of the deferred tax asset.
Revenues in fiscal 2004 were $69,346,000, an increase of 34 percent over 2003 revenues of $51,592,000. Fourth quarter revenues of $21,556,000 were 47 percent above $14,695,000 in the 2003 quarter.
The Company`s improved performance is a direct result of the domestic petroleum industry`s recent return to aggressive exploration for reserves of crude oil and natural gas caused by improved prices. Dawson`s position as the leading provider of seismic exploration services in the U.S. onshore market has occurred through expansion of its high-resolution 3-D surveys, modest price improvement and increased revenue for lost time due to weather.
Three additional data acquisition crews were fielded during the year, funded from cash flow and cash reserves. Capital expenditures for the year were $13,889,000. Funding during 2005 is estimated to be at least $20,000,000 to complete the 2004 expansions and fund a new crew, the Company`s tenth, expected to be fielded in January, 2005. Short term bank borrowings are planned to assist in financing these expansions.
The Company`s order book currently exceeds nine months of capacity operations, largely attributable to its reputation as a quality provider offering flexibility and adaptability to a complete range of operational requirements. Establishment and enlargement of offices in Houston, Denver and Oklahoma City have placed the Company conveniently near its clientele.
Founded in 1952, Dawson Geophysical Company acquires and processes 2-D, 3-D and multi-component seismic data used in analyzing subsurface geologic conditions for the potential of oil and natural gas accumulation. Dawson`s clients-major and intermediate-sized oil and gas companies and independent oil operators-retain exclusive rights to the information obtained.
The Company operates highly mobile, land-based acquisition crews throughout the lower 48 states. Data processing is performed by geophysicists at Dawson`s computer center in the Midland, Texas headquarters. The Company also provides data processing services through the Houston, Texas office.
In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Dawson Geophysical Company cautions that statements in this press release which are forward-looking and which provide other than historical information involve risks and uncertainties that may impact the Company`s actual results of operations. Please see the Company`s Form 10-K for the fiscal year ended September 30, 2003 for a more complete discussion of such risk factors.
STATEMENTS OF OPERATIONS
Years Ended September 30,
2004 2003 2002
---------- ---------- ----------
Operating revenues $69,346,000 $51,592,000 $36,078,000
Operating costs:
Operating expenses 55,618,000 46,151,000 33,205,000
General and administrative 2,675,000 2,421,000 2,006,000
Depreciation 4,653,000 4,404,000 4,233,000
---------- ---------- ----------
62,946,000 52,976,000 39,444,000
Income (loss) from operations 6,400,000 (1,384,000) (3,366,000)
Other income:
Interest income 177,000 328,000 507,000
Other 505,000 209,000 96,000
---------- ---------- ----------
Income (loss) before
income tax 7,082,000 (847,000) (2,763,000)
Income tax benefit (expense):
Current (96,000) - 400,000
Deferred 1,632,000 (52,000) 71,000
---------- ---------- ----------
1,536,000 (52,000) 471,000
---------- ---------- ----------
Net income (loss) 8,618,000 (899,000) (2,292,000)
========== ========== =========
Net income (loss) per
common share $1.55 $(0.16) $(0.42)
========== ========== =========
Net income (loss) per common
share-assuming dilution $1.53 $(0.16) $(0.42)
========== ========== =========
Weighted average equivalent
common shares outstanding 5,558,646 5,484,593 5,462,936
========== ========== =========
Weighted average equivalent
common shares outstanding-
assuming dilution 5,631,397 5,484,593 5,462,936
========== ========== =========
BALANCE SHEETS
September 30,
2004 2003
---- ----
ASSETS
Current assets:
Cash and cash equivalents $ 3,587,000 $ 3,389,000
Short-term investments 4,130,000 8,623,000
Accounts receivable, net of allowance
for doubtful accounts of $199,000 in
2004 and $127,000 in 2003 16,979,000 9,713,000
Prepaid expenses 440,000 287,000
----------- -----------
Total current assets 25,136,000 22,012,000
Deferred tax asset 1,648,000 -
Property, plant and equipment 94,050,000 81,585,000
Less accumulated depreciation (64,075,000) (60,805,000)
----------- -----------
Net property, plant and equipment 29,975,000 20,780,000
----------- -----------
$56,759,000 $42,792,000
=========== ===========
LIABILITIES AND STOCKHOLDERS` EQUITY
Current liabilities:
Accounts payable $ 4,764,000 $ 1,237,000
Accrued liabilities:
Payroll costs and other taxes 742,000 478,000
Other 971,000 415,000
----------- -----------
Total current liabilities 6,477,000 2,130,000
----------- -----------
Stockholders` equity:
Preferred stock-par value $1.00 per share;
5,000,000 shares authorized,
none outstanding - -
Common stock-par value $.33 1/3 per share;
10,000,000 shares authorized, 5,633,794
and 5,487,794 shares issued and outstanding
in 2004 and 2003, respectively 1,878,000 1,829,000
Additional paid-in capital 39,949,000 38,931,000
Other comprehensive income, net of tax (28,000) 37,000
Retained earnings (deficit) 8,483,000 (135,000)
----------- -----------
Total stockholders` equity 50,282,000 40,662,000
----------- -----------
$56,759,000 $42,792,000
=========== ===========
For additional information, please contact:
L. Decker Dawson, CEO
Christina W. Hagan, CFO
1-800-332-9766
SOURCE: Dawson Geophysical Company
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Dawson Geophysical`s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company`s Annual Report or Form 10-K for the most recently ended fiscal year.
Midland, Texas . 432-684-3000 . Houston, Texas 713-917-6772 . Denver, Colorado 303-409-7787 . Oklahoma City, Oklahoma . 405-848-7512
www.dawson3d.com . 800-D-DAWSON
Copyright © 2004, Dawson Geophysical Company. All rights reserved.
No portion may be reproduced without written permission of Dawson Geophysical Company
Gruß Mickefett
MIDLAND, TX, Nov. 12, 2004 (MARKET WIRE via COMTEX) -- Dawson Geophysical Company (NASDAQ: DWSN) today reported improved profitability in its fiscal fourth quarter and year ending September 30, 2004. Earnings for the quarter were $0.72 per share compared to $0.10 in the 2003 fourth quarter. For the year, earnings were $1.53 compared to a loss of $0.16 per share 2003.
Approximately $0.28 per share of the fourth quarter earnings are due to a deferred income tax benefit from the elimination of a valuation allowance on the Company`s deferred tax asset resulting from net operating loss carryforwards. The Company believes that its past five profitable quarters and a continued favorable environment for its services will enable use of the deferred tax asset.
Revenues in fiscal 2004 were $69,346,000, an increase of 34 percent over 2003 revenues of $51,592,000. Fourth quarter revenues of $21,556,000 were 47 percent above $14,695,000 in the 2003 quarter.
The Company`s improved performance is a direct result of the domestic petroleum industry`s recent return to aggressive exploration for reserves of crude oil and natural gas caused by improved prices. Dawson`s position as the leading provider of seismic exploration services in the U.S. onshore market has occurred through expansion of its high-resolution 3-D surveys, modest price improvement and increased revenue for lost time due to weather.
Three additional data acquisition crews were fielded during the year, funded from cash flow and cash reserves. Capital expenditures for the year were $13,889,000. Funding during 2005 is estimated to be at least $20,000,000 to complete the 2004 expansions and fund a new crew, the Company`s tenth, expected to be fielded in January, 2005. Short term bank borrowings are planned to assist in financing these expansions.
The Company`s order book currently exceeds nine months of capacity operations, largely attributable to its reputation as a quality provider offering flexibility and adaptability to a complete range of operational requirements. Establishment and enlargement of offices in Houston, Denver and Oklahoma City have placed the Company conveniently near its clientele.
Founded in 1952, Dawson Geophysical Company acquires and processes 2-D, 3-D and multi-component seismic data used in analyzing subsurface geologic conditions for the potential of oil and natural gas accumulation. Dawson`s clients-major and intermediate-sized oil and gas companies and independent oil operators-retain exclusive rights to the information obtained.
The Company operates highly mobile, land-based acquisition crews throughout the lower 48 states. Data processing is performed by geophysicists at Dawson`s computer center in the Midland, Texas headquarters. The Company also provides data processing services through the Houston, Texas office.
In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Dawson Geophysical Company cautions that statements in this press release which are forward-looking and which provide other than historical information involve risks and uncertainties that may impact the Company`s actual results of operations. Please see the Company`s Form 10-K for the fiscal year ended September 30, 2003 for a more complete discussion of such risk factors.
STATEMENTS OF OPERATIONS
Years Ended September 30,
2004 2003 2002
---------- ---------- ----------
Operating revenues $69,346,000 $51,592,000 $36,078,000
Operating costs:
Operating expenses 55,618,000 46,151,000 33,205,000
General and administrative 2,675,000 2,421,000 2,006,000
Depreciation 4,653,000 4,404,000 4,233,000
---------- ---------- ----------
62,946,000 52,976,000 39,444,000
Income (loss) from operations 6,400,000 (1,384,000) (3,366,000)
Other income:
Interest income 177,000 328,000 507,000
Other 505,000 209,000 96,000
---------- ---------- ----------
Income (loss) before
income tax 7,082,000 (847,000) (2,763,000)
Income tax benefit (expense):
Current (96,000) - 400,000
Deferred 1,632,000 (52,000) 71,000
---------- ---------- ----------
1,536,000 (52,000) 471,000
---------- ---------- ----------
Net income (loss) 8,618,000 (899,000) (2,292,000)
========== ========== =========
Net income (loss) per
common share $1.55 $(0.16) $(0.42)
========== ========== =========
Net income (loss) per common
share-assuming dilution $1.53 $(0.16) $(0.42)
========== ========== =========
Weighted average equivalent
common shares outstanding 5,558,646 5,484,593 5,462,936
========== ========== =========
Weighted average equivalent
common shares outstanding-
assuming dilution 5,631,397 5,484,593 5,462,936
========== ========== =========
BALANCE SHEETS
September 30,
2004 2003
---- ----
ASSETS
Current assets:
Cash and cash equivalents $ 3,587,000 $ 3,389,000
Short-term investments 4,130,000 8,623,000
Accounts receivable, net of allowance
for doubtful accounts of $199,000 in
2004 and $127,000 in 2003 16,979,000 9,713,000
Prepaid expenses 440,000 287,000
----------- -----------
Total current assets 25,136,000 22,012,000
Deferred tax asset 1,648,000 -
Property, plant and equipment 94,050,000 81,585,000
Less accumulated depreciation (64,075,000) (60,805,000)
----------- -----------
Net property, plant and equipment 29,975,000 20,780,000
----------- -----------
$56,759,000 $42,792,000
=========== ===========
LIABILITIES AND STOCKHOLDERS` EQUITY
Current liabilities:
Accounts payable $ 4,764,000 $ 1,237,000
Accrued liabilities:
Payroll costs and other taxes 742,000 478,000
Other 971,000 415,000
----------- -----------
Total current liabilities 6,477,000 2,130,000
----------- -----------
Stockholders` equity:
Preferred stock-par value $1.00 per share;
5,000,000 shares authorized,
none outstanding - -
Common stock-par value $.33 1/3 per share;
10,000,000 shares authorized, 5,633,794
and 5,487,794 shares issued and outstanding
in 2004 and 2003, respectively 1,878,000 1,829,000
Additional paid-in capital 39,949,000 38,931,000
Other comprehensive income, net of tax (28,000) 37,000
Retained earnings (deficit) 8,483,000 (135,000)
----------- -----------
Total stockholders` equity 50,282,000 40,662,000
----------- -----------
$56,759,000 $42,792,000
=========== ===========
For additional information, please contact:
L. Decker Dawson, CEO
Christina W. Hagan, CFO
1-800-332-9766
SOURCE: Dawson Geophysical Company
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Dawson Geophysical`s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company`s Annual Report or Form 10-K for the most recently ended fiscal year.
Midland, Texas . 432-684-3000 . Houston, Texas 713-917-6772 . Denver, Colorado 303-409-7787 . Oklahoma City, Oklahoma . 405-848-7512
www.dawson3d.com . 800-D-DAWSON
Copyright © 2004, Dawson Geophysical Company. All rights reserved.
No portion may be reproduced without written permission of Dawson Geophysical Company
Gruß Mickefett
Und Cuttingegde ist nicht mehr dabei
Dawson Geophysical Reports Continued Growth
MIDLAND, Texas, Jan 28, 2005 /PRNewswire-FirstCall via COMTEX/ -- Dawson Geophysical Company (Nasdaq: DWSN) today reported revenues of $21,559,000 for the first quarter of its 2005 fiscal year ending December 31, 2004 compared to $15,475,000 in the same quarter of fiscal 2004, an increase of 39 percent. Net income for the first quarter of fiscal 2005 was $1,600,000 ($0.28 per share) compared to $506,000 ($0.09 per share) in the same quarter of fiscal 2004. In addition, the Company`s EBITDA was $3,951,000 for the first quarter of fiscal 2005 as compared to $1,614,000 in the same quarter of fiscal 2004.
The Company`s improved performance is due to increased demand for the Company`s services. This increased demand is a result of increased exploration and development activity by domestic oil and gas companies due to higher oil and natural gas prices. The Company has responded to the increased demand for its high resolution 3-D seismic surveys by increasing its number of crews and expanding recording channel capacity on its existing crews. Three additional seismic data acquisition crews were added in fiscal 2004, and an additional crew, Dawson`s tenth, was fielded on January 17, 2005. The Company believes it has a sufficient order book to sustain operations at full capacity well into fiscal 2005.
In addition, Dawson announced that its Board of Directors has approved an additional $10,000,000 of capital expenditures for fiscal 2005 to field another data acquisition crew, the Company`s eleventh, during the third quarter of fiscal 2005, to increase recording channel capacities for its existing crews, and to make other maintenance capital requirements. This increase brings the total budgeted capital expenditures for fiscal 2005 to $30,000,000. Capital expenditures during the first quarter of fiscal 2005 were $10,490,000, consisting of payments for vibrator energy sources, data channels for the ninth and tenth crews, automotive equipment and miscellaneous ancillary equipment required for data acquisitions.
As previously disclosed, on December 14, 2004, the Company filed a registration statement with the Securities and Exchange Commission for a proposed offering of up to 1,725,000 shares of its common stock.
Dawson Geophysical Company is the leading provider of onshore seismic data acquisition services in the United States as measured by the number of active data acquisition crews. Founded in 1952, Dawson acquires and processes 2-D, 3-D and multi-component seismic data for its clients, ranging from major oil and gas companies to independent oil and gas operators as well as providers of multi-client data libraries.
This press release contains information about the Company`s EBITDA. The Company defines EBITDA as net income plus interest expense, income taxes, depreciation and amortization expense. The Company uses EBITDA as a supplemental financial measure to assess:
* the financial performance of its assets without regard to financing
methods, capital structures, taxes or historical cost basis;
* its liquidity and operating performance over time in relation to other
companies that own similar assets and that the Company believes
calculate EBITDA in a similar manner; and
* the ability of the Company`s assets to generate cash sufficient for
the Company to pay potential interest costs.
The Company also understands that such data are used by investors to assess the Company`s performance. However, the term EBITDA is not defined under generally accepted accounting principles and EBITDA is not a measure of operating income, operating performance or liquidity presented in accordance with generally accepted accounting principles. When assessing the Company`s operating performance or liquidity, investors and others should not consider this data in isolation or as a substitute for net income, cash flow from operating activities or other cash flow data calculated in accordance with generally accepted accounting principles. In addition, the Company`s EBITDA may not be comparable to EBITDA or similar titled measures utilized by other companies since such other companies may not calculate EBITDA in the same manner as the Company. Further, the results presented by EBITDA cannot be achieved without incurring the costs that the measure excludes: interest, taxes, depreciation and amortization. A reconciliation of the Company`s EBITDA to its net income and net cash provided by operating activities is presented in the tables following the text of this press release.
In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Dawson Geophysical Company cautions that statements in this press release which are forward-looking and which provide other than historical information involve risks and uncertainties that may materially affect the Company`s actual results of operations. These risks include, but are not limited to, dependence upon energy industry spending, the volatility of oil and gas prices, weather interruptions, the ability to obtain land access rights of way and the availability of capital resources. A discussion of these and other factors, including risks and uncertainties, is set forth in the Company`s Form 10-K for the fiscal year ended September 30, 2004. Dawson Geophysical Company disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future event, or otherwise.
Balance Sheets
December 31, September 30,
2004 2004
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $1,568,000 $3,587,000
Short-term investments 4,088,000 4,130,000
Accounts receivable, net
of allowance for doubtful accounts
of $236,000 in December 2004
and $199,000 in September 2004 14,010,000 16,979,000
Prepaid expenses 437,000 440,000
Total current assets 20,103,000 25,136,000
Deferred tax asset 767,000 1,648,000
Property, plant and equipment 104,540,000 94,050,000
Less accumulated depreciation (65,544,000) (64,075,000)
Net property, plant and equipment 38,996,000 29,975,000
$59,866,000 $56,759,000
LIABILITIES AND STOCKHOLDERS` EQUITY
Current liabilities:
Accounts payable $5,010,000 $3,357,000
Accrued liabilities:
Payroll costs and other taxes 328,000 742,000
Other 660,000 971,000
Deferred revenue 1,920,000 1,407,000
Total current liabilities 7,918,000 6,477,000
Stockholders` equity:
Preferred stock-par value
$1.00 per share; 5,000,000 shares
authorized, none outstanding --- ---
Common stock-par value $.33 1/3 per share;
10,000,000 shares authorized, 5,642,794
and 5,633,794 shares issued
and outstanding in each period 1,881,000 1,878,000
Additional paid-in capital 40,026,000 39,949,000
Other comprehensive income, net of tax (42,000) (28,000)
Retained earnings 10,083,000 8,483,000
Total stockholders` equity 51,948,000 50,282,000
$59,866,000 $56,759,000
Statements of Operations
(UNAUDITED) Three Months Ended December 31,
2004 2003
Operating revenues $21,559,000 $15,475,000
Operating costs:
Operating expenses 16,844,000 13,311,000
General and administrative 794,000 618,000
Depreciation 1,470,000 1,108,000
19,108,000 15,037,000
Income from operations 2,451,000 438,000
Other income:
Interest income 24,000 69,000
Loss on disposal of assets --- (3,000)
Other 6,000 2,000
Income before income tax 2,481,000 506,000
Income tax (expense) benefit:
Current --- ---
Deferred (881,000) ---
Net income $1,600,000 $506,000
Net income per common share $0.28 $0.09
Net income per common share-assuming dilution $0.28 $0.09
Weighted average equivalent common
shares outstanding 5,638,365 5,487,794
Weighted average equivalent common
shares outstanding-assuming dilution 5,742,149 5,521,243
Reconciliation of EBITDA to Net Income
Three Months Ended December 31,
2004 2003
(in thousands)
Net Income $1,600 $506
Depreciation 1,470 1,108
Income tax (benefit) expense 881 ---
EBITDA $3,951 $1,614
Reconciliation of EBITDA to Net Cash
Provided by Operating Activities
Three Months Ended December 31,
2004 2003
(in thousands)
Net cash provided by operating activities $8,435 $3,590
Changes in working capital items and other (4,439) (1,976)
Non-cash adjustments to income (45) ---
EBITDA $3,951 $1,614
SOURCE Dawson Geophysical Company
L. Decker Dawson, CEO, or Christina W. Hagan, CFO, both of Dawson Geophysical
Company, +1-800-332-9766
http://www.prnewswire.com
Midland, Texas . 432-684-3000 . Houston, Texas 713-917-6772 . Denver, Colorado 303-409-7787 . Oklahoma City, Oklahoma . 405-848-7512
www.dawson3d.com . 800-D-DAWSON
Copyright © 2004, Dawson Geophysical Company. All rights reserved.
No portion may be reproduced without written permission of Dawson Geophysical Company
MIDLAND, Texas, Jan 28, 2005 /PRNewswire-FirstCall via COMTEX/ -- Dawson Geophysical Company (Nasdaq: DWSN) today reported revenues of $21,559,000 for the first quarter of its 2005 fiscal year ending December 31, 2004 compared to $15,475,000 in the same quarter of fiscal 2004, an increase of 39 percent. Net income for the first quarter of fiscal 2005 was $1,600,000 ($0.28 per share) compared to $506,000 ($0.09 per share) in the same quarter of fiscal 2004. In addition, the Company`s EBITDA was $3,951,000 for the first quarter of fiscal 2005 as compared to $1,614,000 in the same quarter of fiscal 2004.
The Company`s improved performance is due to increased demand for the Company`s services. This increased demand is a result of increased exploration and development activity by domestic oil and gas companies due to higher oil and natural gas prices. The Company has responded to the increased demand for its high resolution 3-D seismic surveys by increasing its number of crews and expanding recording channel capacity on its existing crews. Three additional seismic data acquisition crews were added in fiscal 2004, and an additional crew, Dawson`s tenth, was fielded on January 17, 2005. The Company believes it has a sufficient order book to sustain operations at full capacity well into fiscal 2005.
In addition, Dawson announced that its Board of Directors has approved an additional $10,000,000 of capital expenditures for fiscal 2005 to field another data acquisition crew, the Company`s eleventh, during the third quarter of fiscal 2005, to increase recording channel capacities for its existing crews, and to make other maintenance capital requirements. This increase brings the total budgeted capital expenditures for fiscal 2005 to $30,000,000. Capital expenditures during the first quarter of fiscal 2005 were $10,490,000, consisting of payments for vibrator energy sources, data channels for the ninth and tenth crews, automotive equipment and miscellaneous ancillary equipment required for data acquisitions.
As previously disclosed, on December 14, 2004, the Company filed a registration statement with the Securities and Exchange Commission for a proposed offering of up to 1,725,000 shares of its common stock.
Dawson Geophysical Company is the leading provider of onshore seismic data acquisition services in the United States as measured by the number of active data acquisition crews. Founded in 1952, Dawson acquires and processes 2-D, 3-D and multi-component seismic data for its clients, ranging from major oil and gas companies to independent oil and gas operators as well as providers of multi-client data libraries.
This press release contains information about the Company`s EBITDA. The Company defines EBITDA as net income plus interest expense, income taxes, depreciation and amortization expense. The Company uses EBITDA as a supplemental financial measure to assess:
* the financial performance of its assets without regard to financing
methods, capital structures, taxes or historical cost basis;
* its liquidity and operating performance over time in relation to other
companies that own similar assets and that the Company believes
calculate EBITDA in a similar manner; and
* the ability of the Company`s assets to generate cash sufficient for
the Company to pay potential interest costs.
The Company also understands that such data are used by investors to assess the Company`s performance. However, the term EBITDA is not defined under generally accepted accounting principles and EBITDA is not a measure of operating income, operating performance or liquidity presented in accordance with generally accepted accounting principles. When assessing the Company`s operating performance or liquidity, investors and others should not consider this data in isolation or as a substitute for net income, cash flow from operating activities or other cash flow data calculated in accordance with generally accepted accounting principles. In addition, the Company`s EBITDA may not be comparable to EBITDA or similar titled measures utilized by other companies since such other companies may not calculate EBITDA in the same manner as the Company. Further, the results presented by EBITDA cannot be achieved without incurring the costs that the measure excludes: interest, taxes, depreciation and amortization. A reconciliation of the Company`s EBITDA to its net income and net cash provided by operating activities is presented in the tables following the text of this press release.
In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Dawson Geophysical Company cautions that statements in this press release which are forward-looking and which provide other than historical information involve risks and uncertainties that may materially affect the Company`s actual results of operations. These risks include, but are not limited to, dependence upon energy industry spending, the volatility of oil and gas prices, weather interruptions, the ability to obtain land access rights of way and the availability of capital resources. A discussion of these and other factors, including risks and uncertainties, is set forth in the Company`s Form 10-K for the fiscal year ended September 30, 2004. Dawson Geophysical Company disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future event, or otherwise.
Balance Sheets
December 31, September 30,
2004 2004
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $1,568,000 $3,587,000
Short-term investments 4,088,000 4,130,000
Accounts receivable, net
of allowance for doubtful accounts
of $236,000 in December 2004
and $199,000 in September 2004 14,010,000 16,979,000
Prepaid expenses 437,000 440,000
Total current assets 20,103,000 25,136,000
Deferred tax asset 767,000 1,648,000
Property, plant and equipment 104,540,000 94,050,000
Less accumulated depreciation (65,544,000) (64,075,000)
Net property, plant and equipment 38,996,000 29,975,000
$59,866,000 $56,759,000
LIABILITIES AND STOCKHOLDERS` EQUITY
Current liabilities:
Accounts payable $5,010,000 $3,357,000
Accrued liabilities:
Payroll costs and other taxes 328,000 742,000
Other 660,000 971,000
Deferred revenue 1,920,000 1,407,000
Total current liabilities 7,918,000 6,477,000
Stockholders` equity:
Preferred stock-par value
$1.00 per share; 5,000,000 shares
authorized, none outstanding --- ---
Common stock-par value $.33 1/3 per share;
10,000,000 shares authorized, 5,642,794
and 5,633,794 shares issued
and outstanding in each period 1,881,000 1,878,000
Additional paid-in capital 40,026,000 39,949,000
Other comprehensive income, net of tax (42,000) (28,000)
Retained earnings 10,083,000 8,483,000
Total stockholders` equity 51,948,000 50,282,000
$59,866,000 $56,759,000
Statements of Operations
(UNAUDITED) Three Months Ended December 31,
2004 2003
Operating revenues $21,559,000 $15,475,000
Operating costs:
Operating expenses 16,844,000 13,311,000
General and administrative 794,000 618,000
Depreciation 1,470,000 1,108,000
19,108,000 15,037,000
Income from operations 2,451,000 438,000
Other income:
Interest income 24,000 69,000
Loss on disposal of assets --- (3,000)
Other 6,000 2,000
Income before income tax 2,481,000 506,000
Income tax (expense) benefit:
Current --- ---
Deferred (881,000) ---
Net income $1,600,000 $506,000
Net income per common share $0.28 $0.09
Net income per common share-assuming dilution $0.28 $0.09
Weighted average equivalent common
shares outstanding 5,638,365 5,487,794
Weighted average equivalent common
shares outstanding-assuming dilution 5,742,149 5,521,243
Reconciliation of EBITDA to Net Income
Three Months Ended December 31,
2004 2003
(in thousands)
Net Income $1,600 $506
Depreciation 1,470 1,108
Income tax (benefit) expense 881 ---
EBITDA $3,951 $1,614
Reconciliation of EBITDA to Net Cash
Provided by Operating Activities
Three Months Ended December 31,
2004 2003
(in thousands)
Net cash provided by operating activities $8,435 $3,590
Changes in working capital items and other (4,439) (1,976)
Non-cash adjustments to income (45) ---
EBITDA $3,951 $1,614
SOURCE Dawson Geophysical Company
L. Decker Dawson, CEO, or Christina W. Hagan, CFO, both of Dawson Geophysical
Company, +1-800-332-9766
http://www.prnewswire.com
Midland, Texas . 432-684-3000 . Houston, Texas 713-917-6772 . Denver, Colorado 303-409-7787 . Oklahoma City, Oklahoma . 405-848-7512
www.dawson3d.com . 800-D-DAWSON
Copyright © 2004, Dawson Geophysical Company. All rights reserved.
No portion may be reproduced without written permission of Dawson Geophysical Company
Nach Ansicht der Experten der "Wirtschaftswoche" ist die Aktie von Dawson Geophysical (ISIN US2393591027/ WKN 872966) günstig bewertet. Das Unternehmen aus Texas (USA) zähle zu den führenden Spezialisten seismologischer Testverfahren. Dieser würden sich z.B. Öl- und Gaskonzerne bedienen, die nicht selber in Eigenregie "röntgen" würden. Diese Gesellschaften seien nun wieder gezwungen neue Rohstoffquellen zu erschließen, da sie in der Vergangenheit mehr verbraucht als gefördert hätten. Diesen Trend spiegle auch die Geschäftsentwicklung von Dawson Geophysical des Dezember-Quartals wider. So habe der Umsatz um 40% auf 21,6 Mio. USD zugelegt, während der Gewinn auf 1,6 Mio. USD verdreifacht worden sei. Das Unternehmen sei schuldenfrei und könne eine Eigenkapitalquote von fast 90% vorweisen. Nach Ansicht der Experten sei der Titel mit einem KGV 2005e von 10 nicht nur optisch preiswert. Derzeit konsolidiere das Papier den steilen Anstieg aus 2004. Doch die Unterstützung bei 17 USD sollte halten. Nach Meinung der Experten der "Wirtschaftswoche" bietet die Dawson Geophysical-Aktie ein attraktives Chance/Risiko-Verhältnis.
Quelle: AKTIENCHECK.DE
Quelle: AKTIENCHECK.DE
Ich habe mich grade mal durch die InvestorRelations-Seiten von Dawson gegraben. Habe ich es richtig verstanden, dass da eine Kapitalerhöhun ansteht und zwar von bis zu 1,725 Mio Aktien?
Trading Spotlight
Scheint mir momentan nicht so der der Renner zu sein wie von ``der Aktionaer`` prognostiziert
Hier ist der Quartalsabschluß zum 31.3.05
Gruß Mickefett:
Dawson Geophysical Company Reports Second Quarter Results
MIDLAND, Texas, May 3 /PRNewswire-FirstCall/ -- Dawson Geophysical Company (Nasdaq: DWSN) today reported revenues of $26,515,000 for the second quarter of its 2005 fiscal year ending March 31, 2005 compared to $15,203,000 in the same quarter of fiscal 2004, an increase of 74 percent. The Company`s growth in revenue is due to the rapid expansion from six seismic data acquisition crews in March of 2004 to the current level of ten, price improvements in the markets for its services, and more favorable contract terms with its clients.
Net income for the second quarter of fiscal 2005 was $2,327,000 ($0.37 per share) compared to $1,999,000 ($0.36 per share) in the same quarter of fiscal 2004. Earnings for the March 2005 quarter were impacted by extraordinarily wet weather conditions which impair the Company`s operations. Income before income tax for the second quarter of fiscal 2005 was $2,753,000 as compared to $1,999,000 in the same quarter of the prior year. The tax expense of $426,000 in the second quarter of fiscal 2005 negatively impacted earnings per share by $0.07 on a fully diluted basis. Reflected in the second quarter of fiscal 2005 per share data is the effect of an additional 1,800,000 shares of common stock the Company issued in a public offering completed in March. The Company`s EBITDA for the second quarter of fiscal 2005 was $4,480,000 as compared to $3,116,000 in the same quarter of fiscal 2004.
Demand for the Company`s high resolution 3-D seismic surveys continues at record levels as a result of increased exploration and development activity by domestic oil and gas companies due to higher oil and natural gas prices. The Company believes it has a sufficient order book to operate at full capacity for the remainder of calendar year 2005. In response, the Company`s eleventh seismic data acquisition crew will be added as previously announced and is scheduled to commence operations in mid-May.
In addition, the Company announced that its Board of Directors has approved an additional $2,000,000 of capital expenditures for fiscal 2005 to replace and upgrade vibrator energy source units on an existing crew. This brings the approved capital budget for 2005 to $32,000,000. Capital expenditures through the first two quarters of fiscal 2005 were $21,408,000, consisting of payments to field a tenth seismic data acquisition crew and for vibrator energy source units, data acquisition capability expansions, automotive units and miscellaneous ancillary equipment required for data acquisition. These expenditures, along with the repayment of $10,000,000 under the Company`s revolving line of credit loan agreement, were funded by the $41.1 million of net proceeds from the Company`s recent public offering.
Dawson Geophysical Company is the leading provider of U.S. onshore seismic data acquisition services as measured by the number of active data acquisition crews. Founded in 1952, Dawson acquires and processes 2-D, 3-D, and multi- component seismic data solely for its clients, ranging from major oil and gas companies to independent oil and gas operators as well as providers of multi- client data libraries.
This press release contains information about the Company`s EBITDA. The Company defines EBITDA as net income plus interest expense, income taxes, depreciation and amortization expense. The Company uses EBITDA as a supplemental financial measure to assess:
* the financial performance of its assets without regard to financing
methods, capital structures, taxes or historical cost basis;
* its liquidity and operating performance over time in relation to other
companies that own similar assets and that the Company believes
calculate EBITDA in a similar manner; and
* the ability of the Company`s assets to generate cash sufficient for
the Company to pay potential interest costs.
The Company also understands that such data are used by investors to assess the Company`s performance. However, the term EBITDA is not defined under generally accepted accounting principles and EBITDA is not a measure of operating income, operating performance or liquidity presented in accordance with generally accepted accounting principles. When assessing the Company`s operating performance or liquidity, investors and others should not consider this data in isolation or as a substitute for net income, cash flow from operating activities or other cash flow data calculated in accordance with generally accepted accounting principles. In addition, the Company`s EBITDA may not be comparable to EBITDA or similar titled measures utilized by other companies since such other companies may not calculate EBITDA in the same manner as the Company. Further, the results presented by EBITDA cannot be achieved without incurring the costs that the measure excludes: interest, taxes, depreciation and amortization. A reconciliation of the Company`s EBITDA to its net income is presented in the table following the text of this press release.
In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Dawson Geophysical Company cautions that statements in this press release which are forward-looking and which provide other than historical information involve risks and uncertainties that may materially affect the Company`s actual results of operations. These risks include, but are not limited to, dependence upon energy industry spending, the volatility of oil and gas prices, weather interruptions, the ability to obtain land access rights of way and the availability of capital resources. A discussion of these and other factors, including risks and uncertainties, is set forth in the Company`s Form 10-K for the fiscal year ended September 30, 2004. Dawson Geophysical Company disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Six Months
Ended March 31, Ended March 31,
2005 2004 2005 2004
Operating revenues $26,515,000 $15,203,000 $48,074,000 $30,678,000
Operating costs:
Operating expenses 21,378,000 11,642,000 38,222,000 24,953,000
General and
administrative 989,000 601,000 1,783,000 1,219,000
Depreciation 1,662,000 1,117,000 3,132,000 2,225,000
24,029,000 13,360,000 43,137,000 28,397,000
Income from
operations 2,486,000 1,843,000 4,937,000 2,281,000
Other income:
Interest income 99,000 48,000 123,000 117,000
Interest expense (65,000) --- (65,000) ---
Loss on disposal
of assets --- --- --- (3,000)
Other 233,000 108,000 239,000 110,000
Income before
income tax 2,753,000 1,999,000 5,234,000 2,505,000
Income tax (expense)
benefit:
Current (733,000) --- (733,000) ---
Deferred 307,000 --- (574,000) ---
(426,000) --- (1,307,000) ---
Net income $ 2,327,000 $ 1,999,000 $ 3,927,000 $ 2,505,000
Net income
per common share $ 0.37 $ 0.36 $ 0.66 $ 0.45
Net income per common
share-assuming
dilution $ 0.37 $ 0.36 $ 0.65 $ 0.45
Weighted average
equivalent common
shares outstanding 6,262,794 5,535,514 5,947,148 5,511,524
Weighted average
equivalent common
shares outstanding-
assuming dilution 6,360,345 5,596,164 6,051,413 5,552,206
BALANCE SHEETS
March 31, September 30,
2005 2004
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 11,644,000 $ 3,587,000
Short-term investments 25,260,000 4,130,000
Accounts receivable, net of allowance
for doubtful accounts of $236,000 in
2005 and $199,000 in 2004 15,224,000 16,979,000
Prepaid expenses and other assets 570,000 440,000
Current deferred tax asset 3,425,000 ---
Total current assets 56,123,000 25,136,000
Deferred tax asset --- 1,648,000
Property, plant and equipment 115,458,000 94,050,000
Less accumulated depreciation (67,207,000) (64,075,000)
Net property, plant and equipment 48,251,000 29,975,000
$104,374,000 $ 56,759,000
LIABILITIES AND STOCKHOLDERS` EQUITY
Current liabilities:
Accounts payable $ 3,612,000 $ 3,357,000
Accrued liabilities:
Payroll costs and other taxes 424,000 742,000
Other 1,072,000 971,000
Deferred revenue 1,774,000 1,407,000
Total current liabilities 6,882,000 6,477,000
Deferred tax liability 2,351,000 ---
Stockholders` equity:
Preferred stock-par value $1.00 per
share; 5,000,000 shares authorized,
none outstanding --- ---
Common stock-par value $.33 1/3 per
share; 10,000,000 shares authorized,
7,442,794 and 5,633,794 shares issued
and outstanding in each period 2,481,000 1,878,000
Additional paid-in capital 80,422,000 39,949,000
Other comprehensive income, net of tax (172,000) (28,000)
Retained earnings 12,410,000 8,483,000
Total stockholders` equity 95,141,000 50,282,000
$104,374,000 $56,759,000
Non GAAP Financial Numbers:
Reconciliation of EBITDA to Net Income
(Unaudited) Three Months Ended
March 31,
2005 2004
(in thousands)
Net Income $ 2,327 $ 1,999
Depreciation 1,662 1,117
Interest expense 65 ---
Income tax (benefit) expense 426 ---
EBITDA $ 4,480 $ 3,116
SOURCE Dawson Geophysical Company
-0- 05/03/2005
/CONTACT: L. Decker Dawson, Chairman and CEO, or Christina W. Hagan,
Executive Vice President and CFO, both of Dawson Geophysical Company,
+1-800-332-9766/
/Web site: http://www.dawson3d.com /
(DWSN)
CO: Dawson Geophysical Company
ST: Texas
IN: OIL
SU: ERN
AH-AP
-- DATU092 --
3112 05/03/2005 17:00 EDT http://www.prnewswire.com
Midland, Texas • 432-684-3000 • Houston, Texas 713-917-6772 • Denver, Colorado 303-409-7787 • Oklahoma City, Oklahoma • 405-848-7512
www.dawson3d.com • 800-D-DAWSON
Gruß Mickefett:
Dawson Geophysical Company Reports Second Quarter Results
MIDLAND, Texas, May 3 /PRNewswire-FirstCall/ -- Dawson Geophysical Company (Nasdaq: DWSN) today reported revenues of $26,515,000 for the second quarter of its 2005 fiscal year ending March 31, 2005 compared to $15,203,000 in the same quarter of fiscal 2004, an increase of 74 percent. The Company`s growth in revenue is due to the rapid expansion from six seismic data acquisition crews in March of 2004 to the current level of ten, price improvements in the markets for its services, and more favorable contract terms with its clients.
Net income for the second quarter of fiscal 2005 was $2,327,000 ($0.37 per share) compared to $1,999,000 ($0.36 per share) in the same quarter of fiscal 2004. Earnings for the March 2005 quarter were impacted by extraordinarily wet weather conditions which impair the Company`s operations. Income before income tax for the second quarter of fiscal 2005 was $2,753,000 as compared to $1,999,000 in the same quarter of the prior year. The tax expense of $426,000 in the second quarter of fiscal 2005 negatively impacted earnings per share by $0.07 on a fully diluted basis. Reflected in the second quarter of fiscal 2005 per share data is the effect of an additional 1,800,000 shares of common stock the Company issued in a public offering completed in March. The Company`s EBITDA for the second quarter of fiscal 2005 was $4,480,000 as compared to $3,116,000 in the same quarter of fiscal 2004.
Demand for the Company`s high resolution 3-D seismic surveys continues at record levels as a result of increased exploration and development activity by domestic oil and gas companies due to higher oil and natural gas prices. The Company believes it has a sufficient order book to operate at full capacity for the remainder of calendar year 2005. In response, the Company`s eleventh seismic data acquisition crew will be added as previously announced and is scheduled to commence operations in mid-May.
In addition, the Company announced that its Board of Directors has approved an additional $2,000,000 of capital expenditures for fiscal 2005 to replace and upgrade vibrator energy source units on an existing crew. This brings the approved capital budget for 2005 to $32,000,000. Capital expenditures through the first two quarters of fiscal 2005 were $21,408,000, consisting of payments to field a tenth seismic data acquisition crew and for vibrator energy source units, data acquisition capability expansions, automotive units and miscellaneous ancillary equipment required for data acquisition. These expenditures, along with the repayment of $10,000,000 under the Company`s revolving line of credit loan agreement, were funded by the $41.1 million of net proceeds from the Company`s recent public offering.
Dawson Geophysical Company is the leading provider of U.S. onshore seismic data acquisition services as measured by the number of active data acquisition crews. Founded in 1952, Dawson acquires and processes 2-D, 3-D, and multi- component seismic data solely for its clients, ranging from major oil and gas companies to independent oil and gas operators as well as providers of multi- client data libraries.
This press release contains information about the Company`s EBITDA. The Company defines EBITDA as net income plus interest expense, income taxes, depreciation and amortization expense. The Company uses EBITDA as a supplemental financial measure to assess:
* the financial performance of its assets without regard to financing
methods, capital structures, taxes or historical cost basis;
* its liquidity and operating performance over time in relation to other
companies that own similar assets and that the Company believes
calculate EBITDA in a similar manner; and
* the ability of the Company`s assets to generate cash sufficient for
the Company to pay potential interest costs.
The Company also understands that such data are used by investors to assess the Company`s performance. However, the term EBITDA is not defined under generally accepted accounting principles and EBITDA is not a measure of operating income, operating performance or liquidity presented in accordance with generally accepted accounting principles. When assessing the Company`s operating performance or liquidity, investors and others should not consider this data in isolation or as a substitute for net income, cash flow from operating activities or other cash flow data calculated in accordance with generally accepted accounting principles. In addition, the Company`s EBITDA may not be comparable to EBITDA or similar titled measures utilized by other companies since such other companies may not calculate EBITDA in the same manner as the Company. Further, the results presented by EBITDA cannot be achieved without incurring the costs that the measure excludes: interest, taxes, depreciation and amortization. A reconciliation of the Company`s EBITDA to its net income is presented in the table following the text of this press release.
In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Dawson Geophysical Company cautions that statements in this press release which are forward-looking and which provide other than historical information involve risks and uncertainties that may materially affect the Company`s actual results of operations. These risks include, but are not limited to, dependence upon energy industry spending, the volatility of oil and gas prices, weather interruptions, the ability to obtain land access rights of way and the availability of capital resources. A discussion of these and other factors, including risks and uncertainties, is set forth in the Company`s Form 10-K for the fiscal year ended September 30, 2004. Dawson Geophysical Company disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Six Months
Ended March 31, Ended March 31,
2005 2004 2005 2004
Operating revenues $26,515,000 $15,203,000 $48,074,000 $30,678,000
Operating costs:
Operating expenses 21,378,000 11,642,000 38,222,000 24,953,000
General and
administrative 989,000 601,000 1,783,000 1,219,000
Depreciation 1,662,000 1,117,000 3,132,000 2,225,000
24,029,000 13,360,000 43,137,000 28,397,000
Income from
operations 2,486,000 1,843,000 4,937,000 2,281,000
Other income:
Interest income 99,000 48,000 123,000 117,000
Interest expense (65,000) --- (65,000) ---
Loss on disposal
of assets --- --- --- (3,000)
Other 233,000 108,000 239,000 110,000
Income before
income tax 2,753,000 1,999,000 5,234,000 2,505,000
Income tax (expense)
benefit:
Current (733,000) --- (733,000) ---
Deferred 307,000 --- (574,000) ---
(426,000) --- (1,307,000) ---
Net income $ 2,327,000 $ 1,999,000 $ 3,927,000 $ 2,505,000
Net income
per common share $ 0.37 $ 0.36 $ 0.66 $ 0.45
Net income per common
share-assuming
dilution $ 0.37 $ 0.36 $ 0.65 $ 0.45
Weighted average
equivalent common
shares outstanding 6,262,794 5,535,514 5,947,148 5,511,524
Weighted average
equivalent common
shares outstanding-
assuming dilution 6,360,345 5,596,164 6,051,413 5,552,206
BALANCE SHEETS
March 31, September 30,
2005 2004
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 11,644,000 $ 3,587,000
Short-term investments 25,260,000 4,130,000
Accounts receivable, net of allowance
for doubtful accounts of $236,000 in
2005 and $199,000 in 2004 15,224,000 16,979,000
Prepaid expenses and other assets 570,000 440,000
Current deferred tax asset 3,425,000 ---
Total current assets 56,123,000 25,136,000
Deferred tax asset --- 1,648,000
Property, plant and equipment 115,458,000 94,050,000
Less accumulated depreciation (67,207,000) (64,075,000)
Net property, plant and equipment 48,251,000 29,975,000
$104,374,000 $ 56,759,000
LIABILITIES AND STOCKHOLDERS` EQUITY
Current liabilities:
Accounts payable $ 3,612,000 $ 3,357,000
Accrued liabilities:
Payroll costs and other taxes 424,000 742,000
Other 1,072,000 971,000
Deferred revenue 1,774,000 1,407,000
Total current liabilities 6,882,000 6,477,000
Deferred tax liability 2,351,000 ---
Stockholders` equity:
Preferred stock-par value $1.00 per
share; 5,000,000 shares authorized,
none outstanding --- ---
Common stock-par value $.33 1/3 per
share; 10,000,000 shares authorized,
7,442,794 and 5,633,794 shares issued
and outstanding in each period 2,481,000 1,878,000
Additional paid-in capital 80,422,000 39,949,000
Other comprehensive income, net of tax (172,000) (28,000)
Retained earnings 12,410,000 8,483,000
Total stockholders` equity 95,141,000 50,282,000
$104,374,000 $56,759,000
Non GAAP Financial Numbers:
Reconciliation of EBITDA to Net Income
(Unaudited) Three Months Ended
March 31,
2005 2004
(in thousands)
Net Income $ 2,327 $ 1,999
Depreciation 1,662 1,117
Interest expense 65 ---
Income tax (benefit) expense 426 ---
EBITDA $ 4,480 $ 3,116
SOURCE Dawson Geophysical Company
-0- 05/03/2005
/CONTACT: L. Decker Dawson, Chairman and CEO, or Christina W. Hagan,
Executive Vice President and CFO, both of Dawson Geophysical Company,
+1-800-332-9766/
/Web site: http://www.dawson3d.com /
(DWSN)
CO: Dawson Geophysical Company
ST: Texas
IN: OIL
SU: ERN
AH-AP
-- DATU092 --
3112 05/03/2005 17:00 EDT http://www.prnewswire.com
Midland, Texas • 432-684-3000 • Houston, Texas 713-917-6772 • Denver, Colorado 303-409-7787 • Oklahoma City, Oklahoma • 405-848-7512
www.dawson3d.com • 800-D-DAWSON
is niemand da?
keiner investiert?
nun ich hab mich bei 24€ zum ersten mal und bei 20,30 zum zweiten mal eingedeckt.
wenn sich der ölpreis weiter stabilisiert
also wieder anzieht, sehen wir wieder bessere kurse.
da die ammis fahren wie die wilden und von umweltschonung noch nie was gehört haben, wird bin ich recht zuversichtlich ein paar euro/dollar zu verdienen.
die meinen sie seien naturverbunden, wenn sie mit einem "hammer" rumfahren - hat schon mal so ein blödes volk gesehn??!! ahahhhhaaa
man muss ja was auf der hohen kante haben, wenn wir dann alle mit der gasmaske (die sich dann nicht jeder leisten kann) herumlaufen und uns die sonne brät wie die spanferkel, der golfstrom sich einstellt und england im eis versinkt.... jaja man muss finanziell vorsorgen... ich baue voll auf die umweltzerstörung und bin recht zuversichtlich, dass uns das allen gelingen wird.
also verdiene ich noch etwas mit solage es geht und 30 jahre habmwa ja noch.
mit freundlichen gruessen
der pirinianer in einem leeren thread
keiner investiert?
nun ich hab mich bei 24€ zum ersten mal und bei 20,30 zum zweiten mal eingedeckt.
wenn sich der ölpreis weiter stabilisiert
also wieder anzieht, sehen wir wieder bessere kurse.da die ammis fahren wie die wilden und von umweltschonung noch nie was gehört haben, wird bin ich recht zuversichtlich ein paar euro/dollar zu verdienen.
die meinen sie seien naturverbunden, wenn sie mit einem "hammer" rumfahren - hat schon mal so ein blödes volk gesehn??!! ahahhhhaaa
man muss ja was auf der hohen kante haben, wenn wir dann alle mit der gasmaske (die sich dann nicht jeder leisten kann) herumlaufen und uns die sonne brät wie die spanferkel, der golfstrom sich einstellt und england im eis versinkt.... jaja man muss finanziell vorsorgen... ich baue voll auf die umweltzerstörung und bin recht zuversichtlich, dass uns das allen gelingen wird.
also verdiene ich noch etwas mit solage es geht und 30 jahre habmwa ja noch.
mit freundlichen gruessen
der pirinianer in einem leeren thread
@ pirinianer
Hallo,
du bist hier nicht ganz allein, aber Dawson hat auch Konkurrenz!!! Und die verdienen auch nicht schlecht. Wieso hast du dich für Dawson entschieden???
Dirk
Hallo,
du bist hier nicht ganz allein, aber Dawson hat auch Konkurrenz!!! Und die verdienen auch nicht schlecht. Wieso hast du dich für Dawson entschieden???
Dirk
hi!
bin nicht allzuoft hier, nur wenn ich mich zurückziehe
deswegen schreibe ich dir erst jetzt.
nun ich habe mich für dawson geo entschieden, da das unternehmen mm nach sehr gut aufgestellt ist und der ölpreis weiteranziehen wird und dies sich meist zuallererst sehr gut auf amerikanische unternehmen auswirkt.
zudem kennt man dort den umweltgedanken nicht geschweige denn das wort selbst "umwelt". es wird also in diesem land verbraucht ohne enden (hirn).
zudem gibt es einige sehr gute analystenkommentare zur firma selbst.
wieso hast du in dawson geo investiert?
lg der pirinianer
bin nicht allzuoft hier, nur wenn ich mich zurückziehe
deswegen schreibe ich dir erst jetzt.
nun ich habe mich für dawson geo entschieden, da das unternehmen mm nach sehr gut aufgestellt ist und der ölpreis weiteranziehen wird und dies sich meist zuallererst sehr gut auf amerikanische unternehmen auswirkt.
zudem kennt man dort den umweltgedanken nicht geschweige denn das wort selbst "umwelt". es wird also in diesem land verbraucht ohne enden (hirn).
zudem gibt es einige sehr gute analystenkommentare zur firma selbst.
wieso hast du in dawson geo investiert?
lg der pirinianer
Bin noch nicht drin, aber auch der Suchen nach einem viel versprechenden Explorer.
Mit STATOIL und LUKOIL habe ich zwei Förderer, mit Heritage einen Spekulativen Titel, aber mit fehlt noch ein guter Explorer.
Bei Norske Oljesels kam ich leider zu spät.
Dirk
Mit STATOIL und LUKOIL habe ich zwei Förderer, mit Heritage einen Spekulativen Titel, aber mit fehlt noch ein guter Explorer.
Bei Norske Oljesels kam ich leider zu spät.
Dirk
Gerade eingetroffen und frisch auf den Tisch:
Dawson Geophysical Co.: BUY
Datum: 10.06.05
In ihrer Analyse vom Freitag stufen die Analysten von AG Edwards die Aktie des Unternehmens Dawson Geophysical Co. von "Hold" auf "Buy" herauf.
Das Kursziel für die Aktie liegt momentan bei 27 Dollar.
Dawson Geophysical Co.: BUY
Datum: 10.06.05
In ihrer Analyse vom Freitag stufen die Analysten von AG Edwards die Aktie des Unternehmens Dawson Geophysical Co. von "Hold" auf "Buy" herauf.
Das Kursziel für die Aktie liegt momentan bei 27 Dollar.
bist dann jetzt dabei oder wartest noch ab?
könntest auf eine schliessung des gabs spekulieren sofern noch nicht dabei bist.
lg und möge das geld mit dir sein
der pirinianer
könntest auf eine schliessung des gabs spekulieren sofern noch nicht dabei bist.
lg und möge das geld mit dir sein
der pirinianer
Bin noch nicht dabei.
Hatte immer darauf gehofft, noch zu Kursen unter 15 Euro einsteigen zu können, aber irgendwie scheint über 15 Euro eine starke Unterstützungslinie zu liegen, die nicht durchbrochen wurde.
Habe auch noch ein paar andere Werte auf der Watchlist...
Kursziel 27 ist ja auch nicht gerade besonders viel. Norske Oljesels haben in einem halben Jahr über 350 Prozent gemacht, nur leider ohne mich
!!!
Hatte immer darauf gehofft, noch zu Kursen unter 15 Euro einsteigen zu können, aber irgendwie scheint über 15 Euro eine starke Unterstützungslinie zu liegen, die nicht durchbrochen wurde.
Habe auch noch ein paar andere Werte auf der Watchlist...
Kursziel 27 ist ja auch nicht gerade besonders viel. Norske Oljesels haben in einem halben Jahr über 350 Prozent gemacht, nur leider ohne mich
!!!
das gefällt mir hier! es scheint, das ist unser privatforum
ja mit dem richtigen zeitpunkt hat man`s nicht immer leicht.
ich mach das meist so, dass ich wenn es ein sehr intressanter wert ist eigentlich gleich nach meinen ersten (logisch positiven) nachforschungen kaufe meist 1/3 und später sollte es nochmal runtergehn nachkaufe (1/3) und dann kann man noch etwas spielen. bin bisher immer recht gut gefahren damit...
zb letztens bei medigene und morphosys - weiter halten!
bei dawson hab ich`s auch so gemacht immer 10k€ oder so.
bei 15 hätt ich dann eher mehr gekauft sofern da sich nichts fundamentales geändert hätte.
der pirinianer
ps. da gabs ja mal den vergleich mit dem affen, der den börsentyp in der performance geschlagen hat! immer aufpassen, dass man dem kurs nicht hinterherläuft.
ja mit dem richtigen zeitpunkt hat man`s nicht immer leicht.
ich mach das meist so, dass ich wenn es ein sehr intressanter wert ist eigentlich gleich nach meinen ersten (logisch positiven) nachforschungen kaufe meist 1/3 und später sollte es nochmal runtergehn nachkaufe (1/3) und dann kann man noch etwas spielen. bin bisher immer recht gut gefahren damit...
zb letztens bei medigene und morphosys - weiter halten!
bei dawson hab ich`s auch so gemacht immer 10k€ oder so.
bei 15 hätt ich dann eher mehr gekauft sofern da sich nichts fundamentales geändert hätte.
der pirinianer
ps. da gabs ja mal den vergleich mit dem affen, der den börsentyp in der performance geschlagen hat! immer aufpassen, dass man dem kurs nicht hinterherläuft.
Interessant finde ich, dass sich bei Dawson mehr tut als im Thread. Ich bin vor kurzem eingestiegen und seither hat es sich sehr gut entwickelt. Wenn man den Ölhunger Chinas im Blick hat kann man noch einiges erwarten. Die Rohstoffe bleiben knapp!
Dopi
Dopi
Eilt von Hoch zu Hoch das Schätzchen 
stimmt hier ist wieder mal nichts los.
man wird die kursziele noch einige zeit erhöhen müssen, bis das öl so teuer wird, dass man beginnt zu begreifen in alternative energieen zu investieren, oder die fusionsenergie früchte trägt.
dann sag ich nur schnell raus aus allen energieversorgern explorern usw.
bis dahin weiterhin allen investierten viel spass beim zählen der fuffis
lg der pirininaer hier im kleinen kreis
man wird die kursziele noch einige zeit erhöhen müssen, bis das öl so teuer wird, dass man beginnt zu begreifen in alternative energieen zu investieren, oder die fusionsenergie früchte trägt.
dann sag ich nur schnell raus aus allen energieversorgern explorern usw.
bis dahin weiterhin allen investierten viel spass beim zählen der fuffis
lg der pirininaer hier im kleinen kreis
Wir haben wieder einen neuen Jahresabschluß:
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Dawson Geophysical Company Reports Fiscal 2005 Results
MIDLAND, Texas, Nov 21, 2005 /PRNewswire-FirstCall via COMTEX News Network/ -- Dawson Geophysical Company (Nasdaq: DWSN) today reported revenues of $116,663,000 for fiscal 2005 ending September 30, 2005 compared to $69,346,000 for fiscal 2004, an increase of 68 percent. Revenues for the fourth quarter of fiscal 2005 were $37,089,000 compared to $21,556,000 for the same quarter of 2004, an increase of 72 percent. The Company`s revenue growth in fiscal 2005 was due to the addition of two data acquisition crews, the expanded capabilities of existing crews, price improvements in the markets for its services and more favorable contract terms with Company clients.
The Company`s income before income tax for fiscal 2005 was $14,522,000 compared to $7,082,000 in fiscal 2004. Net income for fiscal 2005 was $10,016,000 compared to $8,618,000 in fiscal 2004, or $1.50 per share in 2005 compared to $1.55 in 2004. The Company`s net income and per share results in fiscal 2005 reflect the issuance of 1,800,000 additional shares of common stock in a public offering completed in March of 2005, increases in depreciation charges, and the recognition of income tax expense. Cash flow provided by operating activities was $12,300,000 for fiscal 2005 as compared to $8,812,000 for fiscal 2004, an increase of 40 percent. The Company`s EBITDA for fiscal 2005 was $22,766,000 compared to $11,735,000 in fiscal 2004, an increase of 94 percent.
Income before income tax in the fourth quarter of fiscal 2005 was $4,105,000 compared to $2,588,000 in the 2004 period. Net income for the fourth quarter of fiscal 2005 was $2,732,000 compared to $4,124,000 for the same period in 2004, or $0.37 per share in the fourth quarter of fiscal 2005 compared to $0.73 per share in the same period of fiscal 2004. Approximately $0.28 per share of the 2004 fourth quarter and fiscal year 2004 earnings was due to a deferred income tax benefit from the elimination of a valuation allowance on the Company`s deferred tax asset resulting from net operating loss carryforwards. EBITDA for the fourth quarter of fiscal 2005 was $6,765,000 compared to $3,860,000 for the same quarter of 2004, an increase of 75 percent.
During the fourth quarter of fiscal 2005, the Company operated all eleven of its data acquisition crews. While fourth quarter revenues increased substantially over the same period in the prior year, revenues were adversely affected by continued less than favorable weather conditions during the quarter, a carry over from the end of the third quarter as previously reported. Management continues to focus on opportunities to improve the revenue and profitability of existing crews by obtaining more favorable pricing terms in its client contracts, expanding crew recording capabilities, and increasing crew productivity.
Since the beginning of fiscal 2005, the Company has expanded from nine data acquisition crews to eleven crews, from approximately 38,000 recording channels to in excess of 58,000 recording channels, and from 567 employees to 803 employees. The Company`s continued expansion during fiscal 2005 was in response to increased demand for the geophysical services it provides as a result of increased exploration efforts by oil and gas companies. Capital expenditures of $38,219,000 in fiscal 2005 were used, in part, to complete the outfitting of two data acquisition crews fielded in fiscal 2004 and to deploy two additional crews fielded in fiscal 2005. While no increase in the Company`s crew count is currently anticipated, the Company`s Board of Director`s has approved an initial capital budget of $10,000,000 for fiscal 2006 to upgrade recording capacity, expand the channel count of existing crews, add to its energy source fleet, and make technical improvements in all phases of its operations. These additions allow the Company to maintain a competitive position as it responds to client desire for higher resolution subsurface images.
Demand for the Company`s services continues at record levels as a result of continued brisk exploration and development activities by the Company`s client base due to higher oil and gas prices. The Company believes its current order book is sufficient to maintain operations at full capacity well into calendar 2006.
Dawson Geophysical Company is the leading provider of U.S. onshore seismic data acquisition services as measured by the number of active data acquisition crews. Founded in 1952, Dawson acquires and processes 2-D, 3-D, and multi-component seismic data solely for its clients, ranging from major oil and gas companies to independent oil and gas operators as well as providers of multi-client data libraries.
This press release contains information about the Company`s EBITDA, a non-GAAP financial measure. The Company defines EBITDA as net income plus interest expense, income taxes, depreciation and amortization expense. The Company uses EBITDA as a supplemental financial measure to assess:
* the financial performance of its assets without regard to financing
methods, capital structures, taxes or historical cost basis;
* its liquidity and operating performance over time in relation to other
companies that own similar assets and that the Company believes
calculate EBITDA in a similar manner; and
* the ability of the Company`s assets to generate cash sufficient for the
Company to pay potential interest costs.
The Company also understands that such data are used by investors to assess the Company`s performance. However, the term EBITDA is not defined under generally accepted accounting principles and EBITDA is not a measure of operating income, operating performance or liquidity presented in accordance with generally accepted accounting principles. When assessing the Company`s operating performance or liquidity, investors and others should not consider this data in isolation or as a substitute for net income, cash flow from operating activities or other cash flow data calculated in accordance with generally accepted accounting principles. In addition, the Company`s EBITDA may not be comparable to EBITDA or similar titled measures utilized by other companies since such other companies may not calculate EBITDA in the same manner as the Company. Further, the results presented by EBITDA cannot be achieved without incurring the costs that the measure excludes: interest, taxes, depreciation and amortization. A reconciliation of the Company`s EBITDA to its net income is presented in the table following the text of this press release.
In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Dawson Geophysical Company cautions that statements in this press release which are forward-looking and which provide other than historical information involve risks and uncertainties that may materially affect the Company`s actual results of operations. These risks include, but are not limited to, dependence upon energy industry spending, the volatility of oil and gas prices, weather interruptions, the ability to obtain land access rights of way and the availability of capital resources. A discussion of these and other factors, including risks and uncertainties, is set forth in the Company`s Form 10-K for the fiscal year ended September 30, 2004. Dawson Geophysical Company disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
STATEMENTS OF OPERATIONS
Years Ended September 30,
2005 2004 2003
Operating revenues $116,663,000 $69,346,000 $51,592,000
Operating costs:
Operating expenses 90,465,000 55,618,000 46,151,000
General and administrative 4,490,000 2,675,000 2,421,000
Depreciation 8,179,000 4,653,000 4,404,000
103,134,000 62,946,000 52,976,000
Income (loss) from operations 13,529,000 6,400,000 (1,384,000)
Other income:
Interest income 507,000 177,000 328,000
Other 486,000 505,000 209,000
Income (loss) before income tax 14,522,000 7,082,000 (847,000)
Income tax benefit (expense):
Current (2,035,000) (96,000) ---
Deferred (2,471,000) 1,632,000 (52,000)
(4,506,000) 1,536,000 (52,000)
Net income (loss) $10,016,000 8,618,000 (899,000)
Net income (loss) per common share $1.50 $1.55 $(0.16)
Net income (loss) per common
share-assuming dilution $1.48 $1.53 $(0.16)
Weighted average equivalent common
shares outstanding 6,705,791 5,558,646 5,484,593
Weighted average equivalent common
shares outstanding-assuming
dilution 6,795,295 5,631,397 5,484,593
BALANCE SHEETS
September 30,
2005 2004
ASSETS
Current assets:
Cash and cash equivalents $2,803,000 $3,587,000
Short-term investments 20,326,000 4,130,000
Accounts receivable, net of allowance
for doubtful accounts of $331,000 in
2005 and $199,000 in 2004 28,696,000 16,979,000
Prepaid expenses and other assets 1,127,000 440,000
Current deferred tax asset 1,229,000 4,694,000
Total current assets 54,181,000 29,830,000
Property, plant and equipment 124,478,000 94,050,000
Less accumulated depreciation (64,532,000) (64,075,000)
Net property, plant and equipment 59,946,000 29,975,000
$114,127,000 $59,805,000
LIABILITIES AND STOCKHOLDERS` EQUITY
Current liabilities:
Accounts payable $6,601,000 $3,357,000
Accrued liabilities:
Payroll costs and other taxes 1,198,000 742,000
Other 2,182,000 971,000
Deferred revenue 190,000 1,407,000
Total current liabilities 10,171,000 6,477,000
Deferred tax liability 2,052,000 3,046,000
Stockholders` equity:
Preferred stock-par value $1.00 per share;
5,000,000 shares authorized, none
outstanding --- ---
Common stock-par value $.33 1/3 per share;
10,000,000 shares authorized, 7,484,044
and 5,633,794 shares issued and
outstanding in 2005 and 2004,
respectively 2,495,000 1,878,000
Additional paid-in capital 80,987,000 39,949,000
Other comprehensive income, net of tax (77,000) (28,000)
Retained earnings (deficit) 18,499,000 8,483,000
Total stockholders` equity 101,904,000 50,282,000
$114,127,000 $59,805,000
Reconciliation of EBITDA to Net Income
Three Months Ended Fiscal Year Ended
September 30, September 30,
2005 2004 2005 2004
(in thousands) (in thousands)
Net Income $2,732 $4,124 $10,016 $8,618
Depreciation 2,660 1,272 8,179 4,653
Interest expense --- --- 65 ---
Income tax (benefit) expense 1,373 (1,536) 4,506 (1,536)
EBITDA $6,765 $3,860 $22,766 $11,735
Reconciliation of EBITDA to Net Cash Provided by Operating
Activities
Fiscal Year Ended
September 30,
2005 2004
(in thousands)
Net cash provided by operating
activities $12,300 $8,812
Changes in working capital items and
other 10,540 3,033
Non-cash adjustments to income (74) (110)
EBITDA $22,766 $11,735
For additional information, please contact:
L. Decker Dawson, Chairman of the Board and CEO
Christina W. Hagan, CFO
1-800-332-9766
SOURCE Dawson Geophysical Company
L. Decker Dawson, Chairman of the Board and CEO, or Christina W. Hagan, CFO, both of
Dawson Geophysical Company, +1-800-332-9766
http://www.prnewswire.com
Gruß Mickefett
News Release
Investor Relations Home | Corporate Governance | Stock Information | News Releases | SEC Filings | E-mail Alerts | Information Request
<< Back
Dawson Geophysical Company Reports Fiscal 2005 Results
MIDLAND, Texas, Nov 21, 2005 /PRNewswire-FirstCall via COMTEX News Network/ -- Dawson Geophysical Company (Nasdaq: DWSN) today reported revenues of $116,663,000 for fiscal 2005 ending September 30, 2005 compared to $69,346,000 for fiscal 2004, an increase of 68 percent. Revenues for the fourth quarter of fiscal 2005 were $37,089,000 compared to $21,556,000 for the same quarter of 2004, an increase of 72 percent. The Company`s revenue growth in fiscal 2005 was due to the addition of two data acquisition crews, the expanded capabilities of existing crews, price improvements in the markets for its services and more favorable contract terms with Company clients.
The Company`s income before income tax for fiscal 2005 was $14,522,000 compared to $7,082,000 in fiscal 2004. Net income for fiscal 2005 was $10,016,000 compared to $8,618,000 in fiscal 2004, or $1.50 per share in 2005 compared to $1.55 in 2004. The Company`s net income and per share results in fiscal 2005 reflect the issuance of 1,800,000 additional shares of common stock in a public offering completed in March of 2005, increases in depreciation charges, and the recognition of income tax expense. Cash flow provided by operating activities was $12,300,000 for fiscal 2005 as compared to $8,812,000 for fiscal 2004, an increase of 40 percent. The Company`s EBITDA for fiscal 2005 was $22,766,000 compared to $11,735,000 in fiscal 2004, an increase of 94 percent.
Income before income tax in the fourth quarter of fiscal 2005 was $4,105,000 compared to $2,588,000 in the 2004 period. Net income for the fourth quarter of fiscal 2005 was $2,732,000 compared to $4,124,000 for the same period in 2004, or $0.37 per share in the fourth quarter of fiscal 2005 compared to $0.73 per share in the same period of fiscal 2004. Approximately $0.28 per share of the 2004 fourth quarter and fiscal year 2004 earnings was due to a deferred income tax benefit from the elimination of a valuation allowance on the Company`s deferred tax asset resulting from net operating loss carryforwards. EBITDA for the fourth quarter of fiscal 2005 was $6,765,000 compared to $3,860,000 for the same quarter of 2004, an increase of 75 percent.
During the fourth quarter of fiscal 2005, the Company operated all eleven of its data acquisition crews. While fourth quarter revenues increased substantially over the same period in the prior year, revenues were adversely affected by continued less than favorable weather conditions during the quarter, a carry over from the end of the third quarter as previously reported. Management continues to focus on opportunities to improve the revenue and profitability of existing crews by obtaining more favorable pricing terms in its client contracts, expanding crew recording capabilities, and increasing crew productivity.
Since the beginning of fiscal 2005, the Company has expanded from nine data acquisition crews to eleven crews, from approximately 38,000 recording channels to in excess of 58,000 recording channels, and from 567 employees to 803 employees. The Company`s continued expansion during fiscal 2005 was in response to increased demand for the geophysical services it provides as a result of increased exploration efforts by oil and gas companies. Capital expenditures of $38,219,000 in fiscal 2005 were used, in part, to complete the outfitting of two data acquisition crews fielded in fiscal 2004 and to deploy two additional crews fielded in fiscal 2005. While no increase in the Company`s crew count is currently anticipated, the Company`s Board of Director`s has approved an initial capital budget of $10,000,000 for fiscal 2006 to upgrade recording capacity, expand the channel count of existing crews, add to its energy source fleet, and make technical improvements in all phases of its operations. These additions allow the Company to maintain a competitive position as it responds to client desire for higher resolution subsurface images.
Demand for the Company`s services continues at record levels as a result of continued brisk exploration and development activities by the Company`s client base due to higher oil and gas prices. The Company believes its current order book is sufficient to maintain operations at full capacity well into calendar 2006.
Dawson Geophysical Company is the leading provider of U.S. onshore seismic data acquisition services as measured by the number of active data acquisition crews. Founded in 1952, Dawson acquires and processes 2-D, 3-D, and multi-component seismic data solely for its clients, ranging from major oil and gas companies to independent oil and gas operators as well as providers of multi-client data libraries.
This press release contains information about the Company`s EBITDA, a non-GAAP financial measure. The Company defines EBITDA as net income plus interest expense, income taxes, depreciation and amortization expense. The Company uses EBITDA as a supplemental financial measure to assess:
* the financial performance of its assets without regard to financing
methods, capital structures, taxes or historical cost basis;
* its liquidity and operating performance over time in relation to other
companies that own similar assets and that the Company believes
calculate EBITDA in a similar manner; and
* the ability of the Company`s assets to generate cash sufficient for the
Company to pay potential interest costs.
The Company also understands that such data are used by investors to assess the Company`s performance. However, the term EBITDA is not defined under generally accepted accounting principles and EBITDA is not a measure of operating income, operating performance or liquidity presented in accordance with generally accepted accounting principles. When assessing the Company`s operating performance or liquidity, investors and others should not consider this data in isolation or as a substitute for net income, cash flow from operating activities or other cash flow data calculated in accordance with generally accepted accounting principles. In addition, the Company`s EBITDA may not be comparable to EBITDA or similar titled measures utilized by other companies since such other companies may not calculate EBITDA in the same manner as the Company. Further, the results presented by EBITDA cannot be achieved without incurring the costs that the measure excludes: interest, taxes, depreciation and amortization. A reconciliation of the Company`s EBITDA to its net income is presented in the table following the text of this press release.
In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Dawson Geophysical Company cautions that statements in this press release which are forward-looking and which provide other than historical information involve risks and uncertainties that may materially affect the Company`s actual results of operations. These risks include, but are not limited to, dependence upon energy industry spending, the volatility of oil and gas prices, weather interruptions, the ability to obtain land access rights of way and the availability of capital resources. A discussion of these and other factors, including risks and uncertainties, is set forth in the Company`s Form 10-K for the fiscal year ended September 30, 2004. Dawson Geophysical Company disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
STATEMENTS OF OPERATIONS
Years Ended September 30,
2005 2004 2003
Operating revenues $116,663,000 $69,346,000 $51,592,000
Operating costs:
Operating expenses 90,465,000 55,618,000 46,151,000
General and administrative 4,490,000 2,675,000 2,421,000
Depreciation 8,179,000 4,653,000 4,404,000
103,134,000 62,946,000 52,976,000
Income (loss) from operations 13,529,000 6,400,000 (1,384,000)
Other income:
Interest income 507,000 177,000 328,000
Other 486,000 505,000 209,000
Income (loss) before income tax 14,522,000 7,082,000 (847,000)
Income tax benefit (expense):
Current (2,035,000) (96,000) ---
Deferred (2,471,000) 1,632,000 (52,000)
(4,506,000) 1,536,000 (52,000)
Net income (loss) $10,016,000 8,618,000 (899,000)
Net income (loss) per common share $1.50 $1.55 $(0.16)
Net income (loss) per common
share-assuming dilution $1.48 $1.53 $(0.16)
Weighted average equivalent common
shares outstanding 6,705,791 5,558,646 5,484,593
Weighted average equivalent common
shares outstanding-assuming
dilution 6,795,295 5,631,397 5,484,593
BALANCE SHEETS
September 30,
2005 2004
ASSETS
Current assets:
Cash and cash equivalents $2,803,000 $3,587,000
Short-term investments 20,326,000 4,130,000
Accounts receivable, net of allowance
for doubtful accounts of $331,000 in
2005 and $199,000 in 2004 28,696,000 16,979,000
Prepaid expenses and other assets 1,127,000 440,000
Current deferred tax asset 1,229,000 4,694,000
Total current assets 54,181,000 29,830,000
Property, plant and equipment 124,478,000 94,050,000
Less accumulated depreciation (64,532,000) (64,075,000)
Net property, plant and equipment 59,946,000 29,975,000
$114,127,000 $59,805,000
LIABILITIES AND STOCKHOLDERS` EQUITY
Current liabilities:
Accounts payable $6,601,000 $3,357,000
Accrued liabilities:
Payroll costs and other taxes 1,198,000 742,000
Other 2,182,000 971,000
Deferred revenue 190,000 1,407,000
Total current liabilities 10,171,000 6,477,000
Deferred tax liability 2,052,000 3,046,000
Stockholders` equity:
Preferred stock-par value $1.00 per share;
5,000,000 shares authorized, none
outstanding --- ---
Common stock-par value $.33 1/3 per share;
10,000,000 shares authorized, 7,484,044
and 5,633,794 shares issued and
outstanding in 2005 and 2004,
respectively 2,495,000 1,878,000
Additional paid-in capital 80,987,000 39,949,000
Other comprehensive income, net of tax (77,000) (28,000)
Retained earnings (deficit) 18,499,000 8,483,000
Total stockholders` equity 101,904,000 50,282,000
$114,127,000 $59,805,000
Reconciliation of EBITDA to Net Income
Three Months Ended Fiscal Year Ended
September 30, September 30,
2005 2004 2005 2004
(in thousands) (in thousands)
Net Income $2,732 $4,124 $10,016 $8,618
Depreciation 2,660 1,272 8,179 4,653
Interest expense --- --- 65 ---
Income tax (benefit) expense 1,373 (1,536) 4,506 (1,536)
EBITDA $6,765 $3,860 $22,766 $11,735
Reconciliation of EBITDA to Net Cash Provided by Operating
Activities
Fiscal Year Ended
September 30,
2005 2004
(in thousands)
Net cash provided by operating
activities $12,300 $8,812
Changes in working capital items and
other 10,540 3,033
Non-cash adjustments to income (74) (110)
EBITDA $22,766 $11,735
For additional information, please contact:
L. Decker Dawson, Chairman of the Board and CEO
Christina W. Hagan, CFO
1-800-332-9766
SOURCE Dawson Geophysical Company
L. Decker Dawson, Chairman of the Board and CEO, or Christina W. Hagan, CFO, both of
Dawson Geophysical Company, +1-800-332-9766
http://www.prnewswire.com
Gruß Mickefett
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