Core Viewpoint Dawson Geophysical Company reported a significant decline in revenues for the second quarter of 2024, attributed to reduced operational activity and strategic adjustments in response to market conditions. The company anticipates improved utilization and revenues in the upcoming quarters. Financial Results - For Q2 2024, revenues were $12.5 million, a 38% decrease from $20.2 million in Q2 2023. Reimbursable revenue was $4.2 million compared to $9.3 million in the prior year [3][10]. - The net loss for Q2 2024 was $3.5 million, or $0.12 per share, an improvement from a net loss of $4.4 million, or $0.18 per share, in Q2 2023 [3][10]. - Year-to-date, the company reported a net income of $2.3 million, or $0.07 per share, compared to a net loss of $4.8 million, or $0.19 per share, in the same period of 2023 [3][10]. Operational Update - The company operated with two crews at the beginning of the quarter but reduced to one crew in late May due to decreased demand. Canadian operations were halted in April and are expected to resume in Q4 2024 [2][4]. - The company plans to deploy two crews later in Q3 2024 and aims to have its equipment fully operational by the end of Q2 2025 [4]. Cash Dividend and Liquidity - A special cash dividend of $0.32 per share was declared, totaling approximately $9.9 million, paid on May 6, 2024 [5]. - As of June 30, 2024, the company had cash of $11.2 million and positive working capital of $9 million, with $7.8 million generated from operations in the first half of 2024 [5]. Company Overview - Dawson Geophysical Company specializes in onshore seismic data acquisition services across North America, serving major oil and gas companies as well as independent operators. The company is also expanding its Carbon Capture Utilization and Storage (CCUS) seismic monitoring services [6].
DAWSON GEOPHYSICAL REPORTS SECOND QUARTER 2024 RESULTS