Dawson Geophysical Company (DWSN)

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Dawson Geophysical Company

F1Q 2012 Earnings Call

February 1, 2012 10:00 am ET


Steve Jumper - President & Chief Executive Officer

Christina Hagan - Executive Vice President & Chief Financial Officer

Ray Tobias - Executive Vice President & Chief Operating Officer


Collin Gerry - Raymond James

Veny Aleksandrov - Pritchard

Georg Venturatos - Johnson Rice

A. J. Strasser - Cooper Creek Partners

Bob Johnson - Satuit Capital



Good morning. My name is Hope and I will be your conference operator today. At this time, I would like to welcome everyone to the first quarter earnings conference call. After the speaker’s remarks there will be a question and answer session. (Operator Instructions)

I would now like to turn the call over to our President and Chief Executive Officer, Mr. Steve Jumper. You may begin.

Steve Jumper

Thank you, Hope. Good morning and welcome to Dawson Geophysical Company’s fiscal first quarter 2012 earnings and operations call. As Hope has already said, my name is Steve Jumper, President and CEO of the company. Joining me on the call is Christina Hagan, Executive Vice President and Chief Financial Officer.

As in the past, we’ll do this in three segments. Chris will come on here shortly and discuss our financial results. I will then return for a quick operations update, and then we’ll open the call up for questions. As in the past, the call is scheduled for about half an hour, and consistent with the past, we will not be providing any guidance.

At this point, I will turn control of the call over to Christina Hagan, CFO, to discuss financial results.

Christina Hagan

Thank you, Steve. First, I’ll share the Safe Harbor provision. In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Dawson Geophysical Company cautions its statements made today in this conference call, which are forward-looking and which provide other than historical information, involve risks and uncertainties that may materially affect the company’s actual results of operations.

These risks include, but are not limited to, the volatility of oil and natural gas prices, dependent upon energy industry spending, disruptions in the global economy, industry competition, delays or cancellations of service contracts, higher fixed costs of operations, external factors affecting our crude such as weather interruptions, an inability to obtain land access rights of way, whether we enter into turnkey or term contracts, crew productivity, limited number of customers, credit risk related to our customers, the availability of capital resources and operational disruptions.

A discussion of these and other factors, including risks and uncertainties, except for what’s in the company’s Form 10-K for the fiscal year ended September 30, 2011. Dawson Geophysical Company disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events or otherwise.

During this call we will make references to EBITDA, which is a non-GAAP financial measure. A reconciliation of the non-GAAP measure to the applicable GAAP measure can be found in our current earnings release, a copy of which is located on our website www.dawson3D.com

Today, we reported revenues of $92,382,000 for the quarter ended December 31st, 2011, the company’s first quarter of fiscal 2012, compared to $72,653,000 for the same quarter of fiscal 2011, an increase of 27%. Net income for the first quarter of fiscal 2012 was $3,231,000 compared to a net loss of $1,667,000 in the same quarter of fiscal 2011.

Earnings per share for the first quarter of fiscal 2012 of $0.41 including an $0.18 per share resulting from a one-time tax benefit that related to transaction costs, compared to a loss per share of $0.21 for the first quarter of fiscal 2011. EBITDA for the first quarter of fiscal 2012 was $11,028,000 compared to $4,899,000 in the same quarter of fiscal 2011, an increase of 125%.

As previously announced, the company’s board of directors has approved a $20 million capital budget for fiscal 2012, which has been used in part to purchase twelve vibrator energy source units, additional geophones, and the remainder will be used to make the necessary maintenance requirements during fiscal 2012.

Our ongoing investment in seismic data acquisition equipment and technology reflects our continued belief in the overall strength of the seismic market and growth opportunities at Dawson Geophysical. Steve.

Steve Jumper

Thank you, Chris. Let me just start by recapping our fiscal first quarter highlights, some of which Chris has already mentioned. These highlights include, as Chris said, reported revenues of $92 million for the quarter ended December 31 of ’11 compared to $72.6 million for the quarter ended December 31 of ’10, an increase of 27%.

EBITDA for the quarter ended December 31, ’11 increased $11 million compared to about $4.9 million for the quarter ended December 31 of ’10, an increase of 125%. Earnings per share for the quarter ended December 31, ’11 increased to $0.41 per share, including $0.18 per share benefit from one tax benefit related to transaction costs, compared to a loss of $0.21 per share for the quarter ended December 31 of ’10.

Our order book is capable of sustaining 14 data acquisition crews well into fiscal 2012. During the first quarter, we took delivery of 12 more Innova vibrator energy source units. We continue to have a balance of portfolio projects in Eagle Ford Shale, Niobrara, Bakken, Barnett, Permian and Mid-Continent with some activity continuing in the Marcellus Shale.

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