$DWSN
DAWSON GEOPHYSICAL CO

2022 Q1 Form 10-Q Financial Statement

#000155837022008978 Filed on May 16, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $18.36M $11.75M
YoY Change 56.27% -69.86%
Cost Of Revenue $12.64M $10.94M
YoY Change 15.5% -62.29%
Gross Profit $5.721M $806.0K
YoY Change 609.8% -91.91%
Gross Profit Margin 31.16% 6.86%
Selling, General & Admin $5.531M $2.810M
YoY Change 96.83% -23.43%
% of Gross Profit 96.68% 348.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.634M $3.434M
YoY Change -23.3% -29.98%
% of Gross Profit 46.04% 426.05%
Operating Expenses $20.80M $17.18M
YoY Change 21.09% -54.3%
Operating Profit -$2.444M -$5.435M
YoY Change -55.03% -492.42%
Interest Expense $11.00K $6.000K
YoY Change 83.33% -85.0%
% of Operating Profit
Other Income/Expense, Net $39.00K $143.0K
YoY Change -72.73% -131.22%
Pretax Income -$2.391M -$5.228M
YoY Change -54.27% -627.02%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.391M -$5.228M
YoY Change -54.27% -626.49%
Net Earnings / Revenue -13.02% -44.5%
Basic Earnings Per Share -$0.10 -$0.22
Diluted Earnings Per Share -$0.10 -$0.22
COMMON SHARES
Basic Shares Outstanding 23.69M 23.48M
Diluted Shares Outstanding 23.69M 23.48M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.66M $42.00M
YoY Change -65.1% 66.67%
Cash & Equivalents $14.40M $41.37M
Short-Term Investments $265.0K $600.0K
Other Short-Term Assets $9.179M $8.100M
YoY Change 13.32% -44.9%
Inventory
Prepaid Expenses
Receivables $18.50M $5.137M
Other Receivables $0.00 $0.00
Total Short-Term Assets $42.33M $55.17M
YoY Change -23.27% -23.9%
LONG-TERM ASSETS
Property, Plant & Equipment $28.49M $35.41M
YoY Change -19.54% -37.44%
Goodwill
YoY Change
Intangibles $400.0K $398.0K
YoY Change 0.5%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $28.89M $41.05M
YoY Change -29.62% -29.59%
TOTAL ASSETS
Total Short-Term Assets $42.33M $55.17M
Total Long-Term Assets $28.89M $41.05M
Total Assets $71.23M $96.22M
YoY Change -25.98% -26.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.010M $1.434M
YoY Change 40.17% -73.44%
Accrued Expenses $2.018M $2.100M
YoY Change -3.9% -54.35%
Deferred Revenue $1.344M $1.779M
YoY Change -24.45% -48.89%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $917.0K $600.0K
YoY Change 52.83% -80.0%
Total Short-Term Liabilities $6.881M $5.460M
YoY Change 26.03% -74.95%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $4.158M $4.700M
YoY Change -11.53% -18.97%
Total Long-Term Liabilities $4.178M $4.714M
YoY Change -11.37% -20.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.881M $5.460M
Total Long-Term Liabilities $4.178M $4.714M
Total Liabilities $11.06M $10.17M
YoY Change 8.7% -63.27%
SHAREHOLDERS EQUITY
Retained Earnings -$94.41M -$68.16M
YoY Change 38.52%
Common Stock $155.8M $155.2M
YoY Change 0.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $60.17M $86.05M
YoY Change
Total Liabilities & Shareholders Equity $71.23M $96.22M
YoY Change -25.98% -26.44%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$2.391M -$5.228M
YoY Change -54.27% -626.49%
Depreciation, Depletion And Amortization $2.634M $3.434M
YoY Change -23.3% -29.98%
Cash From Operating Activities -$10.66M -$172.0K
YoY Change 6097.67% -0.58%
INVESTING ACTIVITIES
Capital Expenditures $28.00K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $10.00K $90.00K
YoY Change -88.89% -10.0%
Cash From Investing Activities -$18.00K $94.00K
YoY Change -119.15% -105.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -303.0K 448.0K
YoY Change -167.63% -131.28%
NET CHANGE
Cash From Operating Activities -10.66M -172.0K
Cash From Investing Activities -18.00K 94.00K
Cash From Financing Activities -303.0K 448.0K
Net Change In Cash -10.98M 416.0K
YoY Change -2739.66% -112.17%
FREE CASH FLOW
Cash From Operating Activities -$10.66M -$172.0K
Capital Expenditures $28.00K $0.00
Free Cash Flow -$10.69M -$172.0K
YoY Change 6113.95% -91.18%

Facts In Submission

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CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1000
CY2022Q1 dwsn Financed Insurance Premium
FinancedInsurancePremium
944000
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
62477000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-2391000
CY2022Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent
-233000
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
279000
CY2022Q1 dwsn Adjustments To Additional Paid In Capital Sale Of Treasury Stock
AdjustmentsToAdditionalPaidInCapitalSaleOfTreasuryStock
113000
CY2022Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
79000
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
60166000
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
CY2022Q1 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>
CY2022Q1 dwsn Threshold Period Past Due For Allowance For Doubtful Accounts Evaluation Of Trade Accounts Receivable
ThresholdPeriodPastDueForAllowanceForDoubtfulAccountsEvaluationOfTradeAccountsReceivable
P90D
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
250000
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
250000
CY2022Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
36000
CY2022Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
36000
CY2022Q1 dwsn Cancelable Service Contracts Maximum Original Expected Duration
CancelableServiceContractsMaximumOriginalExpectedDuration
P1Y
CY2022Q1 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 Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
0
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
936000
CY2021Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1779000
CY2022Q1 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>
CY2022Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
18359000
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
11748000
CY2022Q1 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
972000
CY2021Q1 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
1847000
CY2022Q1 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
1648000
CY2021Q1 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
3822000
CY2022Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1344000
CY2021Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1779000
CY2022Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
489000
CY2022Q1 dwsn Finance Lease Liability Net Of Imputed Interest Payments Due In Next Rolling Twelve Months
FinanceLeaseLiabilityNetOfImputedInterestPaymentsDueInNextRollingTwelveMonths
36000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
1268000
CY2022Q1 us-gaap Finance Lease Liability Payments Due In Next Rolling Twelve Months
FinanceLeaseLiabilityPaymentsDueInNextRollingTwelveMonths
37000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
1298000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree
1220000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Four
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFour
1007000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFive
1025000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due After Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterRollingYearFive
21000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
5839000
CY2022Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
37000
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
651000
CY2022Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
1000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
5188000
CY2022Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
36000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-2391000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-5228000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23692558
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23478072
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23692558
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23478072
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.10
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.22
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.10
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.22
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
322944
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
174000
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000

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