Dawson(US:DWSN)2020-02-29 17:03Financial Data and Key Metrics Changes - For Q4 2019, the company reported revenues of $33.6 million, an increase of approximately 21% compared to $27.7 million for Q4 2018 [3][4] - The net loss for Q4 2019 narrowed to $5.8 million or $0.25 loss per share, compared to a net loss of $11.8 million or $0.51 loss per share in Q4 2018 [4][7] - EBITDA for Q4 2019 was negative $788,000, an improvement from negative EBITDA of $5.4 million in Q4 2018 [4][7] - For the full year 2019, revenues were $145.8 million, a decrease of approximately 5% from $154.2 million in 2018 [8] - The net loss for the year ended December 31, 2019, was $15.2 million or $0.66 loss per share, compared to a net loss of $24.4 million or $1.07 loss per share in 2018 [8][10] - EBITDA for the year was $6.3 million, an increase of approximately 31% compared to $4.8 million in 2018 [8][10] Business Line Data and Key Metrics Changes - Service revenues for Q4 2019 were $30.8 million, an increase of 8% compared to $28.5 million in Q4 2018 [7] - General and administrative expenses were $3.8 million in Q4 2019, down from $4.2 million in Q4 2018 [7] - Depreciation and amortization expense decreased by 23% to $5.2 million in Q4 2019 from $6.8 million in Q4 2018 [7] Market Data and Key Metrics Changes - The company operated a peak of four crews in the U.S. during Q4 2019, primarily in the Permian Basin region [4][6] - Crew activity in Canada was minimal during Q4 2019, with expectations for equipment redeployment to the lower 48 states in Q2 2020 [5][6] Company Strategy and Development Direction - The company is transitioning towards a channel and energy source business model, moving away from the traditional crew count model [10][11] - The Board of Directors approved an initial capital budget of $5 million for 2020, indicating a focus on maintaining operational strength [13] Management's Comments on Operating Environment and Future Outlook - Management noted that while Q4 2019 results were below Q3, there was significant improvement compared to Q4 2018 [10][11] - The oil service markets remain challenging due to constrained capital spending levels from exploration and production companies [13] - Conversations with clients indicate positive expectations for continued activity levels through 2020 [14] Other Important Information - The company reported a strong balance sheet with $33.6 million in cash and short-term investments and a current ratio of 3.6 to 1 as of December 31, 2019 [9][13] Q&A Session Summary - The call concluded without any recorded questions or answers, indicating a focus on the presentation of results rather than an interactive Q&A session [15][16]