• Most Popular
  • Most Shared

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)



More from Reuters

Photo

Democrats reach deal on health bill

WASHINGTON (Reuters) - Senate Democratic healthcare negotiators said they agreed on Tuesday to replace a government-run insurance option with a scaled-back non-profit plan and would seek cost estimates on the deal.

File photo of snow covered Uhuru peak of the largest free-standing volcano in the world, Mount Kilimanjaro in Tanzania, taken on March 10, 2006. REUTERS/Neil Wallace
Postcards to Copenhagen:

Wish we weren't here

Mount Kilimanjaro's melting snow cap is one of many things forever altered by climate change. Here's a snapshot of a world dealing with environmental destruction.   Full Article 

People prepare to lower the body of one of the ministers killed in a blast from a suicide bomber last Thursday at Shamo Hotel in Somali's capital Mogadishu December 4, 2009.  REUTERS/Feisal Omar

Scenes of a "slaughterhouse"

War is just about the only story to tell in Somalia. But when one reporter tried to cover an event reflecting positive change, violence reared its ugly head again.  Full Article