Dawson Geophysical Posts Fiscal 4Q Loss

MIDLAND, Texas (AP) — Dawson Geophysical Co., which provides seismic data to oil and gas companies, on Tuesday reported a loss for its fiscal fourth quarter, hurt by lower prices and downtime due to foul weather.

For the three months ended Sept. 30, the company recorded a loss of $2.1 million, or 26 cents per share, compared with a profit of $9.3 million, or $1.20 per share, during the same period a year earlier.

Revenue plunged 45 percent to $46.8 million from $84.4 million.

Analysts surveyed by Thomson Reuters, on average, expected a loss of 15 cents per share on revenue of $52 million. Analyst estimates typically exclude one-time items.

For the full fiscal year, Dawson said its net income fell more than 70 percent to $10.2 million, or $1.30 per share, from $35 million, or $4.53 per share. Revenue slumped 25 percent to $244 million from $324.9 million.

The weaker annual revenue resulted from previously announced reductions in crews during the second and third quarters, a more competitive pricing environment, substantially lower utilization rates of remaining crews and greater weather-related downtime in the fourth quarter, Dawson said.