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August 6, 2014
06:12 EDTDWSNDawson Geophysical reports Q3 EPS (94c), may not compare to consensus 35c
Reports Q3 revenue $54.17, may not compare to consensus $80.23M. The revenue decrease for Q3 compared to 3Q13 primarily resulted from the previously disclosed reduction in utilization of the company's data acquisition crews as the result of client driven delays, project readiness issues and to a lesser extent weather related issues late in the quarter. During Q3, the company operated an average of eight to nine crews as compared to an average of thirteen crews during 3Q13. During Q2, the company operated an average of twelve crews. CEO Stephen Jumper stated, "We have experienced a difficult environment during the previous four quarters driven primarily by unanticipated client delays, weather issues and project readiness issues related to land access permits or agricultural activity. We are working diligently to mitigate these challenges through on-going communications with our valued clients, who are providing greater insight and visibility into their future needs and timing for our seismic services, thus allowing us to more properly address their needs and right-size our crew count. Our order book remains steady as do indications of interest for possible future projects. We are committed to retaining sufficient levels of qualified Dawson personnel and our robust inventory of equipment to enable us to deploy crews and channel count to service anticipated client needs during the balance of calendar 2014 and beyond. Our balance sheet remains strong with approximately $68M of working capital and $14M of debt as of June 30, and we are pleased to continue our quarterly dividend program."
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