Dawson(DWSN) - 2024 Q1 - Quarterly Results

Financial Performance - For Q1 2024, the company reported revenues of $31.6 million, a 7% increase from $29.4 million in Q1 2023[4] - Gross margin for Q1 2024 was 35%, up from 25% in the same quarter last year[4] - Net income for Q1 2024 was $5.8 million, or $0.19 per share, compared to a net loss of $0.4 million in Q1 2023[5][16] - EBITDA for Q1 2024 was $7.6 million, significantly higher than $2.2 million in Q1 2023[5] - Net income for Q1 2024 was $5,846, compared to a net loss of $(413) in Q1 2023, representing a significant turnaround[18] - EBITDA for Q1 2024 reached $7,570, a substantial increase from $(434) in Q1 2023[18] - Net cash provided by operating activities for Q1 2024 was $2,578, a recovery from $(1,820) in Q1 2023[18] - Changes in working capital and other items contributed $4,136 to operating activities in Q1 2024, compared to $7,047 in Q1 2023[18] - Depreciation and amortization expenses decreased to $1,589 in Q1 2024 from $2,700 in Q1 2023[18] - Interest expense netted to $(67) in Q1 2024, down from $(91) in Q1 2023, indicating improved financial management[18] - Income tax expense for Q1 2024 was $202, compared to a benefit of $(17) in Q1 2023, reflecting changes in tax obligations[18] - The overall performance in Q1 2024 shows a positive trend in financial recovery and operational efficiency compared to the previous year[18] Operational Efficiency - General and administrative expenses were reduced by 22% compared to Q4 2023[5] - The company operated two large channel crews in the U.S. and four smaller crews in Canada during Q1 2024, with plans to optimize crew utilization[6] - The company continues to focus on improving margins in seismic acquisition services and enhancing client relations[3] - The company is focusing on enhancing its EBITDA and cash flow metrics as part of its strategic financial goals moving forward[18] Special Initiatives - The company declared a special cash dividend of $0.32 per share, totaling approximately $9.9 million, paid on May 6, 2024[7] - Dawson Geophysical is expanding its Carbon Capture Utilization and Storage (CCUS) seismic monitoring services, with plans for more base surveys in the future[10] Workforce Management - The company reported no severance expenses in both Q1 2024 and Q1 2023, indicating stable workforce management[18]