Dawson Geophysical Company (DWSN, Financial) filed Quarterly Report for the period ended 2008-12-31.
Dawson Geophysical Company acquires and processes 3-D seismic data used in analyzing subsurface geologic conditions for the potential of oil and natural gas accumulation. The Company operates land-based acquisition crews primarily in the western United States. Data processing is performed by geophysicists at Dawson's computer center in Midland Texas. Dawson Geophysical Company has a market cap of $123.71 million; its shares were traded at around $17.55 with a P/E ratio of 3.6 and P/S ratio of 0.46. Dawson Geophysical Company had an annual average earning growth of 87.6% over the past 5 years.
Operating Costs. Operating expenses for the three months ended December 31, 2008 increased nominally to $59,015,000 as compared to $58,125,000 for the same period of fiscal 2008 primarily due to the additional crew placed into service in May 2008. As discussed above, reimbursed expenses have a similar impact on operating costs.
Depreciation for the three months ended December 31, 2008 totaled $6,601,000 compared to $5,551,000 for the three months ended December 31, 2007. The increase in depreciation expense is the result of the significant capital expenditures we made during fiscal 2008. Our depreciation expense is expected to increase during fiscal 2009 reflecting our significant capital expenditures in fiscal 2008.
Taxes. Income tax expense was $4,827,000 for the three months ended December 31, 2008 and $4,610,000 for the three months ended December 31, 2007. The effective tax rate for the income tax provision for the three months ended December 31, 2008 and 2007 was 38.4% and 37.4%, respectively.
Cash Flows. Net cash provided by operating activities was $10,361,000 for the first three months of fiscal 2009 and $12,502,000 for the first three months of fiscal 2008. These amounts primarily reflect our revenues and the effects of depreciation resulting from our significant capital expenditures over the last few years and the working capital components including a decrease in accounts receivable.
Net cash used in investing activities was $2,943,000 in the three months ended December 31, 2008 and $9,275,000 in the three months ended December 31, 2007. The net cash used in investing activities in both years primarily represents capital expenditures made with cash generated from operations.
Read the The complete Report
Dawson Geophysical Company acquires and processes 3-D seismic data used in analyzing subsurface geologic conditions for the potential of oil and natural gas accumulation. The Company operates land-based acquisition crews primarily in the western United States. Data processing is performed by geophysicists at Dawson's computer center in Midland Texas. Dawson Geophysical Company has a market cap of $123.71 million; its shares were traded at around $17.55 with a P/E ratio of 3.6 and P/S ratio of 0.46. Dawson Geophysical Company had an annual average earning growth of 87.6% over the past 5 years.
Highlight of Business Operations:
Operating Revenues. Our operating revenues for the first three months of fiscal 2009 increased 3% to $80,216,000 from $77,599,000 for the first three months of fiscal 2008. The increase in revenues during the first quarter of fiscal 2009 reflected the addition of a new data acquisition crew in May 2008 and the upgrading of recording systems on existing crews during fiscal 2008. Included in the first quarter revenues are continued high third-party charges related to the use of helicopter support services, specialized survey technologies, and dynamite energy sources. The sustained level of these charges is driven by our continued operations in areas with limited access in the Appalachian Basin, Arkansas, Val Verde Basin of Texas and Eastern Oklahoma. We are reimbursed for these charges by our clients.Operating Costs. Operating expenses for the three months ended December 31, 2008 increased nominally to $59,015,000 as compared to $58,125,000 for the same period of fiscal 2008 primarily due to the additional crew placed into service in May 2008. As discussed above, reimbursed expenses have a similar impact on operating costs.
Depreciation for the three months ended December 31, 2008 totaled $6,601,000 compared to $5,551,000 for the three months ended December 31, 2007. The increase in depreciation expense is the result of the significant capital expenditures we made during fiscal 2008. Our depreciation expense is expected to increase during fiscal 2009 reflecting our significant capital expenditures in fiscal 2008.
Taxes. Income tax expense was $4,827,000 for the three months ended December 31, 2008 and $4,610,000 for the three months ended December 31, 2007. The effective tax rate for the income tax provision for the three months ended December 31, 2008 and 2007 was 38.4% and 37.4%, respectively.
Cash Flows. Net cash provided by operating activities was $10,361,000 for the first three months of fiscal 2009 and $12,502,000 for the first three months of fiscal 2008. These amounts primarily reflect our revenues and the effects of depreciation resulting from our significant capital expenditures over the last few years and the working capital components including a decrease in accounts receivable.
Net cash used in investing activities was $2,943,000 in the three months ended December 31, 2008 and $9,275,000 in the three months ended December 31, 2007. The net cash used in investing activities in both years primarily represents capital expenditures made with cash generated from operations.
Read the The complete Report
