Dawson Geophysical Company (NASDAQ:DWSN) Q1 2020 Earnings Conference Call - Final Transcript

May 07, 2020 • 10:00 am ET

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Dawson Geophysical Company (NASDAQ:DWSN) Q1 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

[Starts Abruptly] statements made by management's during this call with respect to forecasts estimate or other expectations regarding future events, which provide any information other than historical facts may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations, and include known and unknown risks, uncertainties and other factors, many of which the company is unable to predict or control, that may cause the company's actual future results or performance to materially differ from any future results or performance expressed or implied by those statements. These risks and uncertainties include the risk factors disclosed by the company from time to time in its filings with the SEC, including in the company's annual report on Form 10-K filed with the SEC of section of March 6, 2020. Furthermore, as we start this call, please also refer to the statement regarding forward-looking statements incorporated in the company's press release issued this morning, and please note that the contents of the company's conference call this morning is covered by those statements.

During this conference call, management will make reference to EBITDA, which is a non-GAAP financial measure. A reconciliation of non-GAAP measure to the applicable GAAP measure can be found in the company's current earnings release, a copy of which is located on the company's website, which is www.dawson3d.com. The call is scheduled for 30 minutes, and the company will not provide any guidance.

I would now like to turn the call over to Stephen Jumper, Chairman, President and CEO of Dawson Geophysical Company.

Executive
Stephen C. Jumper

Thank you, John. Good morning, and welcome to Dawson Geophysical Company's first quarter 2020 earnings and operations call. As John said, my name is Steve Jumper, Chairman, President and CEO of the company. Joining me on the call is Jim Brata, Executive Vice President, Chief Financial Officer.

Before we get too far along, I want to cover a few items. If you'd like to listen to a replay of today's call, it will be available via webcast by going to the Investor Relations section of the company's website at www.dawson3d.com. Information reported on this call speaks only of today, Thursday, May 7, 2020. And therefore, you are advised that time sensitive information may no longer be accurate as of the time of any replay listening.

Turning to our preliminary first quarter financial results. For the quarter ended March 31, 2020, the company reported revenues of $39 million compared to $51.2 million for the quarter ended March 31, 2019. For the first quarter of 2020, the company reported net income of $993,000 or $0.04 per common share compared to a net loss of $137,000 or $0.01 loss per common share for the first quarter of 2019. The company reported EBITDA of $5.8 million for the quarter ended [Technical Issues] March 31, 2019. During the first quarter of 2020, the company operated three large channel count crews in the United States, primarily in the Permian Basin and a