$DWSN
DAWSON GEOPHYSICAL CO

2021 Q1 Form 10-Q Financial Statement

#000155837021007228 Filed on May 14, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $11.75M $38.98M
YoY Change -69.86% -23.81%
Cost Of Revenue $10.94M $29.02M
YoY Change -62.29%
Gross Profit $806.0K $9.963M
YoY Change -91.91%
Gross Profit Margin 6.86% 25.56%
Selling, General & Admin $2.810M $3.670M
YoY Change -23.43% -19.16%
% of Gross Profit 348.64% 36.84%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.434M $4.904M
YoY Change -29.98% -19.34%
% of Gross Profit 426.05% 49.22%
Operating Expenses $17.18M $37.59M
YoY Change -54.3% -26.98%
Operating Profit -$5.435M $1.385M
YoY Change -492.42%
Interest Expense $6.000K $40.00K
YoY Change -85.0% -300.0%
% of Operating Profit 2.89%
Other Income/Expense, Net $143.0K -$458.0K
YoY Change -131.22% -329.0%
Pretax Income -$5.228M $992.0K
YoY Change -627.02% -808.57%
Income Tax $0.00 -$1.000K
% Of Pretax Income -0.1%
Net Earnings -$5.228M $993.0K
YoY Change -626.49% -824.82%
Net Earnings / Revenue -44.5% 2.55%
Basic Earnings Per Share -$0.22 $0.04
Diluted Earnings Per Share -$0.22 $0.04
COMMON SHARES
Basic Shares Outstanding 23.48M 23.29M
Diluted Shares Outstanding 23.48M 23.47M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $42.00M $25.20M
YoY Change 66.67% -25.88%
Cash & Equivalents $41.37M $27.85M
Short-Term Investments $600.0K $2.400M
Other Short-Term Assets $8.100M $14.70M
YoY Change -44.9% 61.54%
Inventory
Prepaid Expenses
Receivables $5.137M $32.50M
Other Receivables $0.00 $100.0K
Total Short-Term Assets $55.17M $72.50M
YoY Change -23.9% -7.99%
LONG-TERM ASSETS
Property, Plant & Equipment $35.41M $56.60M
YoY Change -37.44% -23.72%
Goodwill
YoY Change
Intangibles $398.0K
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00
YoY Change -100.0%
Total Long-Term Assets $41.05M $58.30M
YoY Change -29.59% -23.69%
TOTAL ASSETS
Total Short-Term Assets $55.17M $72.50M
Total Long-Term Assets $41.05M $58.30M
Total Assets $96.22M $130.8M
YoY Change -26.44% -15.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.434M $5.400M
YoY Change -73.44% -23.94%
Accrued Expenses $2.100M $4.600M
YoY Change -54.35% 39.39%
Deferred Revenue $1.779M $3.481M
YoY Change -48.89% -66.85%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $600.0K $3.000M
YoY Change -80.0% -53.85%
Total Short-Term Liabilities $5.460M $21.80M
YoY Change -74.95% -15.83%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $100.0K
YoY Change -100.0% -97.96%
Other Long-Term Liabilities $4.700M $5.800M
YoY Change -18.97% -17.14%
Total Long-Term Liabilities $4.714M $5.900M
YoY Change -20.1% -50.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.460M $21.80M
Total Long-Term Liabilities $4.714M $5.900M
Total Liabilities $10.17M $27.70M
YoY Change -63.27% -26.91%
SHAREHOLDERS EQUITY
Retained Earnings -$68.16M
YoY Change
Common Stock $155.2M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $86.05M $103.2M
YoY Change
Total Liabilities & Shareholders Equity $96.22M $130.8M
YoY Change -26.44% -15.72%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$5.228M $993.0K
YoY Change -626.49% -824.82%
Depreciation, Depletion And Amortization $3.434M $4.904M
YoY Change -29.98% -19.34%
Cash From Operating Activities -$172.0K -$173.0K
YoY Change -0.58% -88.98%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $1.777M
YoY Change -100.0% -191.6%
Acquisitions
YoY Change
Other Investing Activities $90.00K $100.0K
YoY Change -10.0% 11.11%
Cash From Investing Activities $94.00K -$1.679M
YoY Change -105.6% -9.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 448.0K -1.432M
YoY Change -131.28% -30.15%
NET CHANGE
Cash From Operating Activities -172.0K -173.0K
Cash From Investing Activities 94.00K -1.679M
Cash From Financing Activities 448.0K -1.432M
Net Change In Cash 416.0K -3.419M
YoY Change -112.17% -37.5%
FREE CASH FLOW
Cash From Operating Activities -$172.0K -$173.0K
Capital Expenditures $0.00 $1.777M
Free Cash Flow -$172.0K -$1.950M
YoY Change -91.18% -627.03%

Facts In Submission

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CY2020Q1 dwsn Financed Insurance Premium
FinancedInsurancePremium
434000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
90974000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-5228000
CY2021Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent
201000
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
101000
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
86048000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
103165000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
993000
CY2020Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent
-1199000
CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
203000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
103162000
CY2021Q1 us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><b style="font-weight:bold;">1. ORGANIZATION AND NATURE OF OPERATIONS </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;text-indent:24.5pt;margin:0pt 0pt 12pt 0pt;">Dawson Geophysical Company (the “Company”) is a leading provider of North American onshore seismic data acquisition services with operations throughout the continental United States (“U.S.”) and Canada. The Company acquires and processes 2-D, 3-D and multicomponent seismic data solely for its clients, ranging from major oil and gas companies to independent oil and gas operators as well as providers of multi-client data libraries. </p>
CY2021Q1 dwsn Threshold Period Past Due For Allowance For Doubtful Accounts Evaluation Of Trade Accounts Receivable
ThresholdPeriodPastDueForAllowanceForDoubtfulAccountsEvaluationOfTradeAccountsReceivable
P90D
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
250000
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
250000
CY2021Q1 us-gaap Property Plant And Equipment Impairment
PropertyPlantAndEquipmentImpairment
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;text-indent:24.5pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Impairment of Long-lived Assets</i><i style="font-style:italic;">. </i>Long-lived assets are reviewed for impairment when triggering events occur suggesting deterioration in the assets’ recoverability or fair value. Recognition of an impairment charge is required if future expected undiscounted net cash flows are insufficient to recover the carrying value of the assets and the fair value of the assets is below the carrying value of the assets. Management’s forecast of future cash flows used to perform impairment analysis includes estimates of future revenues and expenses based on the Company’s anticipated future results while considering anticipated future oil and natural gas prices, which is fundamental in assessing demand for the Company’s services. If the carrying amounts of the assets exceed the estimated expected undiscounted future cash flows, the Company measures the amount of possible impairment by comparing the carrying amount of the assets to the fair value.</p>
CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;text-indent:24.5pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Use of Estimates in the Preparation of Financial Statements.</i> Preparation of the accompanying financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Because of the use of assumptions and estimates inherent in the reporting process, actual results could differ from those estimates.</p>
CY2021Q1 dwsn Cancelable Service Contracts Maximum Original Expected Duration
CancelableServiceContractsMaximumOriginalExpectedDuration
P1Y
CY2021Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
11748000
CY2020Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
38979000
CY2021Q1 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
1847000
CY2020Q1 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
2525000
CY2021Q1 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
3822000
CY2020Q1 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
5396000
CY2021Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1779000
CY2020Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
3481000
CY2021Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
0
CY2020Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
5168000
CY2021Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1779000
CY2020Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
3093000
CY2021Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
86000
CY2021Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
3434000
CY2020Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
4039000
CY2020Q4 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
4624000
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0504
CY2021Q1 dwsn Finance Lease Liability Net Of Imputed Interest Payments Due In Next Rolling Twelve Months
FinanceLeaseLiabilityNetOfImputedInterestPaymentsDueInNextRollingTwelveMonths
50000
CY2021Q1 dwsn Finance Lease Liability Net Of Imputed Interest Payments Due In Rolling Year Two
FinanceLeaseLiabilityNetOfImputedInterestPaymentsDueInRollingYearTwo
36000
CY2021Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
86000
CY2021Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
325000
CY2020Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
347000
CY2021Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
1000
CY2020Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
24000
CY2021Q1 dwsn Finance Lease Expense Total
FinanceLeaseExpenseTotal
326000
CY2020Q1 dwsn Finance Lease Expense Total
FinanceLeaseExpenseTotal
371000
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
335000
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
388000
CY2021Q1 us-gaap Lease Cost
LeaseCost
661000
CY2020Q1 us-gaap Lease Cost
LeaseCost
759000
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
344000
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
392000
CY2021Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
2000
CY2020Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
25000
CY2021Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
13000
CY2020Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
725000
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1000
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
5241000
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
5494000
CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1089000
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1109000
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
4659000
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
4899000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
5748000
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
6008000
CY2021Q1 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization
8663000
CY2020Q4 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization
8663000
CY2021Q1 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
5229000
CY2021Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
50000
CY2020Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
54000
CY2021Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
36000
CY2020Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
44000
CY2021Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
86000
CY2020Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
98000
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y4M24D
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y7M6D
CY2021Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y3M18D
CY2020Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y7M6D
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0504
CY2021Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0500
CY2020Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0500
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
1352000
CY2021Q1 us-gaap Finance Lease Liability Payments Due In Next Rolling Twelve Months
FinanceLeaseLiabilityPaymentsDueInNextRollingTwelveMonths
54000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
1169000
CY2021Q1 us-gaap Finance Lease Liability Payments Due In Rolling Year Two
FinanceLeaseLiabilityPaymentsDueInRollingYearTwo
36000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree
1180000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Four
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFour
1101000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFive
884000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due After Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterRollingYearFive
901000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
6587000
CY2021Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
90000
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
839000
CY2021Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
4000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
5748000
CY2021Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
86000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-5228000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
993000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23478072
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23287410
CY2020Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
178241
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23478072
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23465651
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.22
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.22
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.002

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