-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FqS5mdJA7dJwmFBu1nh1xpgnlrtPEWbzfi8trv6/1AfzjJHQXczX2pzEahN5kNh8 68bPsphprsrfuKHaDmvbgA== 0001072613-04-000100.txt : 20040126 0001072613-04-000100.hdr.sgml : 20040126 20040126171650 ACCESSION NUMBER: 0001072613-04-000100 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040126 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040126 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DAWSON GEOPHYSICAL CO CENTRAL INDEX KEY: 0000351231 STANDARD INDUSTRIAL CLASSIFICATION: OIL AND GAS FIELD EXPLORATION SERVICES [1382] IRS NUMBER: 750970548 STATE OF INCORPORATION: TX FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-10144 FILM NUMBER: 04544023 BUSINESS ADDRESS: STREET 1: 508 WEST WALL STREET 2: SUITE 800 CITY: MIDLAND STATE: TX ZIP: 79701 BUSINESS PHONE: 9156843000 MAIL ADDRESS: STREET 1: 508 WEST WALL STREET 2: SUITE 800 CITY: MIDLAND STATE: TX ZIP: 79701 8-K 1 form8-k_12438.txt DAWSON GEOPHYSICAL CO. FORM 8-K ================================================================================ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report: (Date of earliest event reported): January 26, 2004 DAWSON GEOPHYISICAL COMPANY (Exact name of registrant as specified in its charter) TEXAS 2-71058 75-0970548 (State of Incorporation) (Commission File Number) (IRS Employer Identification No.) 508 W WALL, SUITE 800 MIDLAND, TX 79701 (Address of Principle Executive Officers) 432/684-3000 (Registrant's telephone number, including area code) (Former name or former address, if changed since last report) ================================================================================ ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (c) Exhibits 99.1-Press Release dated January 26, 2004 ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On January 26, 2004, Dawson Geophysical Company, a Texas Corporation ("DWSN") issued a release announcing its operating results for the first quarter ended December 31 30, 2003. A copy of the press release is filed as an exhibit to this Form 8-K and is incorporated herein by reference. The information contained in this report on Form 8-K is being furnished to the U.S. Securities and Exchange Commission (the "Commission") under Item 12 of Form 8-K as directed by the Commission in Release No. 34-47583. 2 SIGNATURE Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant duly caused this report to be signed by the undersigned hereunto duly authorized. Date: January 26, 2004 DAWSON GEOPHYSICAL COMPANY By: /s/ L. Decker Dawson -------------------------------- L. Decker Dawson CHIEF EXECUTIVE OFFICER 3 EXHIBIT INDEX EXHIBIT NO. EXHIBIT - ----------- ------- 99.1 Press Release dated January 26, 2004 4 EX-99.1 3 exh99-1_12438.txt PRESS RELEASE DATED JANUARY 26, 2004 EXHIBIT 99.1 ------------ Dawson Geophysical Reports Continued Growth MIDLAND, Texas, January 26, 2004/ PRNewswire/-The following was released by Dawson Geophysical Company (NASDAQ DWSN-news) Dawson Geophysical Company (NASDAQ DWSN) today reported revenues of $15,475,000 for the first quarter ending December 31, 2003 of its 2004 fiscal year compared to revenues of $11,410,000 in the prior year quarter, an increase of 36 percent. Earnings for the period were $506,000 ($0.09 per share) compared to a net loss of $893,000 a year ago. The Company's improved performance was due to increased petroleum industry demand for the Company's high resolution 3-D seismic surveys, exploration for reserves of crude oil and natural gas, more favorable weather conditions than in most recent quarters along with modest price increases. The Company has been and is currently involved in the application of high resolution techniques over previously surveyed areas. The Company's order book continues on an increasing trend and now stands at approximately six months of operations. The increase in the order book is the result of improving market conditions, the Company's reputation throughout the industry as a quality provider of leading edge technology, technical expertise and experience in the field of geophysics, and an industry model Health, Safety and Environmental program. All six data acquisition crews operated continuously throughout the fiscal first quarter, employing all the Company's data channels and supporting equipment. In response to this demand, the Company will field a seventh acquisition crew during the current quarter. Capital expenditures of $1,602,000 during the quarter added recording system upgrades, geophones and cables, increased channel capacity and maintenance capital items. The Company has increased its data channel capacity more than 50 percent in the last five years in response to industry acceptance of the resultant increase in resolving power of the information gathered. 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 (Unaudited)
Three Months Ended December 31, --------------------------------- 2003 2002 ------------ ------------ Operating revenues $ 15,475,000 $ 11,410,000 Operating costs: Operating expenses 13,311,000 10,836,000 General and administrative 618,000 578,000 Depreciation 1,108,000 1,003,000 ------------ ------------ 15,037,000 12,417,000 Income (loss) from operations 438,000 (1,007,000) Other income: Interest income 69,000 99,000 Gain (loss) on disposal of assets (3,000) 10,000 Other 2,000 5,000 ------------ ------------ Income (loss) before income tax 506,000 (893,000) Income tax (expense) benefit -- -- ------------ ------------ Net income (loss) $ 506,000 $ (893,000) ============ ============ Net income (loss) per common share $ 0.09 $ (0.16) ============ ============ Net income ( loss) per common share-assuming dilution $ 0.09 $ (0.16) ============ ============ Weighted average equivalent common shares outstanding 5,487,794 5,475,093 ============ ============ Weighted average equivalent common shares outstanding-assuming dilution 5,521,243 5,475,093 ============ ============
BALANCE SHEETS
December 31, September 30, 2003 2003 ------------ ------------ (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 5,360,000 $ 3,389,000 Short-term investments 8,581,000 8,623,000 Accounts receivable, net of allowance for doubtful accounts of $127,000 in each period 10,473,000 9,713,000 Prepaid expenses 987,000 287,000 ------------ ------------ Total current assets 25,401,000 22,012,000 PROPERTY, PLANT AND EQUIPMENT 82,163,000 81,585,000 Less accumulated depreciation (60,904,000) (60,805,000) ------------ ------------ Net property, plant and equipment 21,259,000 20,780,000 ------------ ------------ $ 46,660,000 $ 42,792,000 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 4,367,000 $ 1,237,000 Accrued liabilities: Payroll costs and other taxes 779,000 478,000 Other 404,000 415,000 ------------ ------------ Total current liabilities 5,550,000 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, 5,487,794 and 5,487,794 shares issued and outstanding in each period 1,829,000 1,829,000 Additional paid-in capital 38,931,000 38,931,000 Other comprehensive income, net of tax (21,000) 37,000 Retained earnings (deficit) 371,000 (135,000) ------------ ------------ Total stockholders' equity 41,110,000 40,662,000 ------------ ------------ $ 46,660,000 $ 42,792,000 ============ ============
For additional information, please contact: L. Decker Dawson, CEO Christina W. Hagan, CFO At: 1-800-332-9766 -----END PRIVACY-ENHANCED MESSAGE-----