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UPDATE 1-Dawson posts wider-than-expected Q4 loss

Tue Nov 10, 2009 9:24am EST

Stocks

   

* Q4 loss/shr $0.26 vs est loss/shr $0.15

Stocks  |  Energy

* Q4 revenue down 45 pct

Nov 10 (Reuters) - Dawson Geophysical Co (DWSN.O), which provides seismic data to oil and gas companies, posted a wider-than-expected quarterly loss, hurt by lower utilization rate and downtime due to bad weather.

For the quarter Sept. 30, the company's net loss was $2.1 million, or 26 cents a share, compared with net income of $9.3 million, or $1.20 a share, a year earlier.

Revenue almost halved to $46.8 million.

Analysts on average were expecting the company to post a loss of 15 cents a share, on revenue of $52 million, according to Thomson Reuters I/B/E/S.

Dawson Chief Executive Stephen Jumper said activity in Marcellus, Haynesville and Bakken shales was driving demand for their services and that opportunities for long term seismic growth in continental United States remained strong.

"Recent increases in commodity prices are putting more exploration dollars to work in the Permian Basin, South Texas, East Texas, Louisiana, the Appalachian Basin and North Dakota," Jumper said.

Separately, OYO Geospace Corp (OYOG.O), which makes equipment used to collect seismic data, said it had received an order from Dawson to deliver $6.1 million worth of geophysical equipment.

Shares of Dawson closed at $23.89 Monday on Nasdaq.

For the alerts, please double click [ID:nWNAB3706] [ID:nWNAB3733] (Reporting by Arup Roychoudhury in Bangalore)



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