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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: (Date of earliest event reported): July 22, 2003
DAWSON GEOPHYISICAL COMPANY
(Exact name of registrant as specified in its charter)
Texas 2-71058 75-0970548
(State of Incorporation) (Commission File Number) (IRS Employer
Identification No.)
508 W Wall, Suite 800
Midland, TX 79701
(Address of Principle Executive Officers)
432/684-3000
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
99.1-Press Release dated July 22, 2003
Item 9. Regulation FD Disclosure
On July 22, 2003, Dawson Geophysical Company, a Texas Corporation ("DWSN")
issued a release announcing its operating results for the quarter ended June 30,
2003. A copy of the press release is filed as an exhibit to this Form 8-K and is
incorporated herein by reference. The information contained in this report on
Form 8-K is being furnished to the U.S. Securities and Exchange Commission (the
"Commission") under Item 12 of Form 8-K as directed by the Commission in Release
No. 34-47583.
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SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant duly caused this report to be signed by the undersigned hereunto duly
authorized.
Date: July 22, 2003 DAWSON GEOPHYSICAL COMPANY
By:
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L. Decker Dawson
Chief Executive Officer
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EXHIBIT INDEX
Exhibit No. Exhibit
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99.1 - Press Release dated July 22, 2003
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Exhibit 99.1
Dawson Geophysical Company Reports Results of Its Third Quarter
MIDLAND, Texas, July 22 /PRNewswire-FirstCall/ -- The following was
released by Dawson Geophysical Company (Nasdaq: DWSN):
Dawson Geophysical Company (Nasdaq: DWSN) today reported revenues of
$11,291,000 in its third quarter ending June 30 of its fiscal year 2003,
compared to $9,096,000 in its fiscal third quarter 2002 period. Despite a
24 percent increase in revenues, persistent rains throughout the company's
areas of operation, along with continuing difficulties in obtaining rights-of-
way, caused a net loss of $1,407,000 in the quarter. A net loss of $428,000
occurred in the comparable 2002 period.
For the nine months ended June 30, revenues were $36,897,000, a 40 percent
increase over the prior year period of $26,278,000. Net losses of $1,456,000
and $1,735,000 occurred in the 2003 and 2002 periods, respectively.
The company's order book is sufficient for capacity operations for the
remainder of calendar 2003. Chairman, L. Decker Dawson, said "Dawson is the
leading provider of seismic exploration services in the U.S. land market by
reason of its having more U.S. land experience than any other provider along
with technical strength and state-of-the-art equipment."
Founded in 1952, Dawson Geophysical Company acquires and processes 2-D,
3-D, 4-D and multi-component seismic data used in analyzing subsurface
geologic conditions for the potential of oil and natural gas accumulation.
Dawson's clients -- major and intermediate-sized oil and gas companies and
independent oil operators -- retain exclusive rights to the information
obtained.
The Company operates land-based acquisition crews throughout the United
States. Data processing is performed by geophysicists at Dawson's computer
center in the Midland, Texas headquarters.
In accordance with the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995, Dawson Geophysical Company cautions that
statements in this press release which are forward-looking and which provide
other than historical information involve risks and uncertainties that may
impact the Company's actual results of operations. Please see the Company's
Form 10-K for the fiscal year ended September 30, 2002 for a more complete
discussion of such risk factors.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended Nine Months Ended
June 30 June 30
2003 2002 2003 2002
Operating revenues $11,291,000 $9,096,000 $36,897,000 $26,278,000
Operating costs:
Operating expenses 11,046,000 8,102,000 33,762,000 23,690,000
General and
administrative 580,000 496,000 1,775,000 1,550,000
Depreciation 1,148,000 1,048,000 3,271,000 3,248,000
12,774,000 9,646,000 38,808,000 28,488,000
Income (loss) from
operations (1,483,000) (550,000) (1,911,000) (2,210,000)
Other income (expense):
Interest income 73,000 119,000 256,000 394,000
Gain on disposal
of assets --- --- 21,000 5,000
Gain on sale of
short-term investments --- --- 52,000 ---
Other income 3,000 3,000 126,000 76,000
Income (loss) before
income tax (1,407,000) (428,000) (1,456,000) (1,735,000)
Income tax benefit --- --- --- ---
Net income (loss) $(1,407,000) $(428,000) $(1,456,000) $(1,735,000)
Net income (loss)
per common share $(.26) $(.08) $(.27) $(.32)
BALANCE SHEETS
June 30,
2003 2002
Current assets:
Cash and short-term investments $14,597,000 $17,883,000
Other current assets 7,738,000 6,761,000
Total current assets 22,335,000 24,644,000
Net property, plant and equipment 21,798,000 18,883,000
$44,133,000 $43,527,000
Current liabilities $ 4,033,000 $ 1,521,000
Stockholders' equity:
Preferred stock --- ---
Common stock - par value
$.33 1/3 per share 1,829,000 1,822,000
Additional paid-in capital 38,931,000 38,863,000
Other comprehensive income, net of tax 32,000 ---
Retained earnings (692,000) 1,321,000
Total stockholders' equity 40,100,000 42,006,000
$44,133,000 $43,527,000
SOURCE Dawson Geophysical Company
-0- 07/22/2003
/CONTACT: L. Decker Dawson, Chairman, or Christina W. Hagan, Chief
Financial Officer, both of Dawson Geophysical Company, +1-432-684-3000/
/Web site: http://www.dawson3d.com /
(DWSN)
CO: Dawson Geophysical Company
ST: Texas
IN: OIL
SU: ERN