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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): November 7, 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 November 7, 2003
ITEM 9. REGULATION FD DISCLOSURE
On November 7, 2003, Dawson Geophysical Company, a Texas Corporation
("DWSN") issued a release announcing its operating results for the fiscal year
ended September 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: November 7, 2003 DAWSON GEOPHYSICAL COMPANY
By: /s/ L. Decker Dawson
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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 November 7, 2003
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EXHIBIT 99.1
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Dawson Geophysical Company Reports ProfitablSe Fourth Quarter
MIDLAND Texas, November 6, 2003/ PRNewswire/- The following was released by
Dawson Geophysical Company (NASDAQ: DWSN - news):
Dawson Geophysical Company (NASDAQ: DWSN) today reported net income of $557,000,
$0.10 per share, on revenues of $14,695,000 in the fourth quarter of its 2003
fiscal year ending September 30, 2003. These results compare to a net loss of
$557,000 on revenues of $9,800,000 in the prior year period.
For the 2003 fiscal year, a net loss of $899,000, $0.16 per share, was recorded
on revenues of $51,592,000, compared to a net loss of $2,292,000, $0.42 per
share, on revenues of $36,078,000 in the 2002 fiscal year.
The Company attributes its improved financial performance to increased demand
for its high-resolution 3-D seismic surveys and other leading edge products such
as ExxonMobil-licensed high fidelity vibratory seismic (HFVS) and 9-component
3-D employing both compression and shear wave energy sources.
Contracts for future seismic surveys are expected to assure capacity operations
well into calendar 2004. Profitability may be affected by a number of factors
including weather conditions and timely acquisition of permits for right-of-way.
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 six land-based acquisition crews throughout the United
States. Data processing is performed by geophysicists at Dawson's computer
center in the Midland, Texas headquarters. The Company also provides data
processing services through the Houston, Texas office.
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
Years Ended
September 30,
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2003 2002 2001
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Operating revenues $ 51,592,000 $ 36,078,000 $ 37,878,000
Operating costs:
Operating expenses 46,151,000 33,205,000 33,033,000
General and administrative 2,421,000 2,006,000 1,819,000
Depreciation 4,404,000 4,233,000 8,802,000
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52,976,000 39,444,000 43,654,000
Loss from operations (1,384,000) (3,366,000) (5,776,000)
Other income:
Interest income 328,000 507,000 754,000
Other 209,000 96,000 44,000
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Loss before income tax (847,000) (2,763,000) (4,978,000)
Income tax benefit (expense):
Current -- 400,000 --
Deferred (52,000) 71,000 --
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(52,000) 471,000 --
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Net loss (899,000) (2,292,000) (4,978,000)
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Net loss per common share $ (0.16) $ (0.42) $ (0.91)
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Net loss per common share-assuming dilution $ (0.16) $ (0.42) $ (0.91)
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Weighted average equivalent common shares outstanding 5,484,593 5,462,936 5,442,627
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Weighted average equivalent common
shares outstanding-assuming dilution 5,484,593 5,462,936 5,442,627
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BALANCE SHEETS
September 30,
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2003 2002
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ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 3,389,000 $ 1,309,000
Short-term investments 8,623,000 15,716,000
Accounts receivable, net of allowance
for doubtful accounts of $127,000 in
2003 and $71,000 in 2002 9,713,000 7,613,000
Income taxes receivable -- 400,000
Prepaid expenses 287,000 220,000
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Total current assets 22,012,000 25,258,000
PROPERTY, PLANT AND EQUIPMENT 81,585,000 75,649,000
Less accumulated depreciation (60,805,000) (56,616,000)
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Net property, plant and equipment 20,780,000 19,033,000
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$ 42,792,000 $ 44,291,000
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 1,237,000 $ 2,066,000
Accrued liabilities:
Payroll costs and other taxes 478,000 342,000
Other 415,000 297,000
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Total current liabilities 2,130,000 2,705,000
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STOCKHOLDERS' EQUITY:
Preferred stock-par value $1.00 per share;
5,000,000 shares authorized, none outstanding -- --
Common stock-par value $.33 1/3 per share;
10,000,000 shares authorized, 5,487,794
and 5,467,294 shares issued and outstanding
in 2003 and 2002, respectively 1,829,000 1,822,000
Additional paid-in capital 38,931,000 38,863,000
Other comprehensive income, net of tax 37,000 137,000
Retained earnings (deficit) (135,000) 764,000
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Total stockholders' equity 40,662,000 41,586,000
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$ 42,792,000 $ 44,291,000
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FOR ADDITIONAL INFORMATION CONTACT:
L. Decker Dawson, Chairman
Christina W. Hagan, Chief Financial Officer
Telephone 432-684-3000