-----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, F2APeE0IDljifMH2vkMmimO5yooaCdGHsKvS2wwzR1AXa7r/LJ7+o1CPlcRIy/qv 0ZfnJhj2/9qy7Z3aN4sNuQ== 0001072613-04-001397.txt : 20040728 0001072613-04-001397.hdr.sgml : 20040728 20040728113646 ACCESSION NUMBER: 0001072613-04-001397 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040727 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040728 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: 04934964 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_12817.txt FORM 8-K DATED JULY 27, 2004 ================================================================================ 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): July 27, 2004 DAWSON GEOPHYSICAL 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 July 27, 2004. ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On July 27, 2004, Dawson Geophysical Company, a Texas Corporation ("DWSN") issued a release announcing its operating results for the third quarter ended June 30, 2004. A copy of the press release is filed as an exhibit to this Form 8-K and is incorporated herein by reference. 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: July 28, 2004 DAWSON GEOPHYSICAL COMPANY By: /s/ L. Decker Dawson -------------------------------- L. Decker Dawson CHIEF EXECUTIVE OFFICER By: /s/ Christina W. Hagan -------------------------------- Christina W. Hagan CHIEF FINANCIAL OFFICER 3 EXHIBIT INDEX EXHIBIT NO. EXHIBIT - ----------- ------- 99.1 Press Release dated July 27, 2004. 4 EX-99.1 2 exh-99_12817.txt PRESS RELEASE EXHIBIT 99.1 ------------ Dawson Geophysical Reports Profitable Third Quarter - --------------------------------------------------- MIDLAND, Texas, July 27, 2004/ PRNewswire/-The following was released by Dawson Geophysical Company (NASDAQ DWSN-news) Dawson Geophysical Company (NASDAQ DWSN) today reported continuing profitability for the fourth consecutive quarter earning $1,989,000 ($0.35 per diluted share) for the three months ending June 30, 2004, compared with a net loss in the prior year period of $1,407,000 ($0.26 per share). For the nine months ending June 30, 2004, the Company earned $4,494,000 ($0.80 per diluted share) compared to a net loss in the prior year period of $1,456,000 ($0.27 per share). Revenues for the June quarter of $17,112,000 represented a 52 percent increase over the prior year period. For the nine months, revenues of $47,790,000 exceeded those of the prior year by 30 percent. The Company's continued improved performance is due to increasing demand for the Company's high-resolution 3-D seismic surveys, its expanded operations, modest price increases along with increased payments for lost time due to weather. Driving increased exploration efforts by the Company's client base are current price levels for crude oil and natural gas along with the general belief that such prices may stabilize. The Company operated seven seismic data acquisition crews continuously throughout the June quarter and fielded an eighth crew on July 12th of the current quarter. Funding of approximately $10,000,000 during fiscal 2004 for the deployment of two recording crews, energy sources, additional recording channels for all eight crews, vehicles, and maintenance investment has been from operating cash flow and existing cash reserves. These expansions have elevated the Company to the position of number one provider of onshore seismic services in the U.S. lower 48 states in terms of active crew count according to the July 1 issue of the World Geophysical News. Moreover, of greater measure of capability, the Company's recording channel count now exceeds 32,000, enabling performance of surveys of virtually all sizes and specifications required by current state-of-the-industry high end standards. The Company's order book currently exceeds six 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 has placed the Company conveniently near an expanded 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 (Unaudited)
Three Months Ended June 30, Nine Months Ended June 30, ------------------------------ ------------------------------ 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Operating revenues $ 17,112,000 $ 11,291,000 $ 47,790,000 $ 36,897,000 Operating costs: Operating expenses 13,504,000 11,046,000 38,457,000 33,762,000 General and administrative 648,000 580,000 1,867,000 1,775,000 Depreciation 1,156,000 1,148,000 3,381,000 3,271,000 ------------ ------------ ------------ ------------ 15,308,000 12,774,000 43,705,000 38,808,000 Income (loss) from operations 1,804,000 (1,483,000) 4,085,000 (1,911,000) Other income: Interest income 58,000 73,000 175,000 256,000 Gain (loss) on disposal of assets (1,000) -- (4,000) 21,000 Gain (loss) on sale of short-term investments (15,000) -- (15,000) 52,000 Other 143,000 3,000 253,000 126,000 ------------ ------------ ------------ ------------ Income (loss) before income tax 1,989,000 (1,407,000) 4,494,000 (1,456,000) Income tax (expense) benefit: -- -- -- -- Net income (loss) $ 1,989,000 $ (1,407,000) $ 4,494,000 $ (1,456,000) ============ ============ ============ ============ Net income (loss) per common share $ 0.36 $ (0.26) $ 0.81 $ (0.27) ============ ============ ============ ============ Net income (loss) per common share-assuming dilution $ 0.35 $ (0.26) $ 0.80 $ (0.27) ============ ============ ============ ============ Weighted average equivalent common shares outstanding 5,584,442 5,487,794 5,535,741 5,483,514 ============ ============ ============ ============ Weighted average equivalent common shares outstanding- assuming dilution 5,681,372 5,487,794 5,601,703 5,483,514 ============ ============ ============ ============
BALANCE SHEETS
June 30, September 30, 2004 2003 ------------ ------------ (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 3,153,000 $ 3,389,000 Short-term investments 4,155,000 8,623,000 Accounts receivable, net of allowance for doubtful accounts of $127,000 in each period 16,769,000 9,713,000 Prepaid expenses 503,000 287,000 ------------ ------------ Total current assets 24,580,000 22,012,000 PROPERTY, PLANT AND EQUIPMENT 88,867,000 81,585,000 Less accumulated depreciation (63,033,000) (60,805,000) ------------ ------------ Net property, plant and equipment 25,834,000 20,780,000 ------------ ------------ $ 50,414,000 $ 42,792,000 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 3,077,000 $ 1,237,000 Accrued liabilities: Payroll costs and other taxes 941,000 478,000 Other 621,000 415,000 ------------ ------------ Total current liabilities 4,639,000 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, 5,597,544 and 5,487,794 shares issued and outstanding in each period 1,866,000 1,829,000 Additional paid-in capital 39,661,000 38,931,000 Other comprehensive income, net of tax (111,000) 37,000 Retained earnings (deficit) 4,359,000 (135,000) ------------ ------------ Total stockholders' equity 45,775,000 40,662,000 ------------ ------------ $ 50,414,000 $ 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-----