<PAGE> 1
SCHEDULE 14A
(RULE 14a-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14a INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES
EXCHANGE ACT OF 1934 (AMENDMENT NO. )
Filed by the Registrant [X]
Filed by a Party other than the Registrant [ ]
Check the appropriate box:
<TABLE>
<S> <C>
[ ] Preliminary Proxy Statement [ ] Confidential, for Use of the
Commission Only (as permitted by
Rule 14a-6(e)(2))
[X] Definitive Proxy Statement
[ ] Definitive Additional Materials
[ ] Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12
</TABLE>
DAWSON GEOPHYSICAL COMPANY
- --------------------------------------------------------------------------------
(Name of Registrant as Specified in Its Charter)
- --------------------------------------------------------------------------------
(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)
Payment of Filing Fee (Check the appropriate box):
[X] No fee required.
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
(1) Title of each class of securities to which transaction applies:
-----------------------------------------------------------------------
(2) Aggregate number of securities to which transaction applies:
-----------------------------------------------------------------------
(3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the
filing fee is calculated and state how it was determined):
-----------------------------------------------------------------------
(4) Proposed maximum aggregate value of transaction:
-----------------------------------------------------------------------
(5) Total fee paid:
-----------------------------------------------------------------------
[ ] Fee paid previously with preliminary materials.
[ ] Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee was
paid previously. Identify the previous filing by registration statement
number, or the form or Schedule and the date of its filing.
(1) Amount Previously Paid:
-----------------------------------------------------------------------
(2) Form, Schedule or Registration Statement No.:
-----------------------------------------------------------------------
(3) Filing Party:
-----------------------------------------------------------------------
(4) Date Filed:
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<PAGE> 2
DAWSON GEOPHYSICAL COMPANY
508 WEST WALL, SUITE 800
MIDLAND, TEXAS 79701
915-684-3000
NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
TO BE HELD JANUARY 25, 2000
TO THE STOCKHOLDERS:
Notice is hereby given that the Annual Meeting of the Stockholders of
Dawson Geophysical Company will be held at the Petroleum Club of Midland, 501
West Wall, Midland, Texas 79701 at 10:00 a.m. on January 25, 2000 for the
following purposes:
1. Electing Directors of the Company;
2. Considering and voting upon a proposal to appoint KPMG LLP as
independent public accountants of the Company for the fiscal
year ending September 30, 2000; and
3. Considering all other matters as may properly come before the
meeting.
The Board of Directors has fixed the close of business on November 26,
1999, as the record date for the determination of stockholders entitled to
notice of and to vote at the meeting and at any adjournment or adjournments
thereof.
DATED this 26th day of November, 1999.
BY ORDER OF THE BOARD OF DIRECTORS
Paula W. Henry, Secretary
IMPORTANT
WHETHER OR NOT YOU EXPECT TO ATTEND THE MEETING, YOU ARE URGED TO
EXECUTE THE ACCOMPANYING PROXY CARD, WHICH REQUIRES NO POSTAGE, AND RETURN IT
PROMPTLY. ANY STOCKHOLDER GRANTING A PROXY MAY REVOKE SAME AT ANY TIME PRIOR TO
ITS EXERCISE. ALSO, WHETHER OR NOT YOU GRANT A PROXY, YOU MAY VOTE IN PERSON IF
YOU ATTEND THE MEETING.
<PAGE> 3
DAWSON GEOPHYSICAL COMPANY
508 WEST WALL, SUITE 800
MIDLAND, TEXAS 79701
PROXY STATEMENT
ANNUAL MEETING OF STOCKHOLDERS
TO BE HELD TUESDAY, JANUARY 25, 2000
SOLICITATION OF PROXY
The accompanying proxy is solicited on behalf of the Board of Directors of
Dawson Geophysical Company (the "Company") for use at the Annual Meeting of
Stockholders of the Company to be held on Tuesday, January 25, 2000, and at any
adjournment or adjournments thereof. In addition to the use of the mails,
proxies may be solicited by personal interview, telephone and telegraph by
officers, directors and other employees of the Company, who will not receive
additional compensation for such services. The Company may also request
brokerage houses, nominees, custodians and fiduciaries to forward the soliciting
material to the beneficial owners of stock held of record and will reimburse
such persons for forwarding such material. The Company will bear the cost of
this solicitation of proxies. Such costs are expected to be nominal. Proxy
solicitation will commence with the mailing of this Proxy Statement on or about
December 2, 1999.
Any stockholder giving a proxy has the power to revoke the same at any
time prior to its exercise by executing a subsequent proxy or by written notice
to the Secretary of the Company or by attending the meeting and withdrawing the
proxy.
PURPOSE OF MEETING
As stated in the Notice of Annual Meeting of Stockholders accompanying
this Proxy Statement, the business to be conducted and the matters to be
considered and acted upon at the annual meeting are as follows:
1. Electing Directors of the Company;
2. Considering and voting upon a proposal to appoint KPMG LLP as
independent public accountants of the Company for the fiscal
year ending September 30, 2000; and
3. Considering all other matters as may properly come before the
meeting.
VOTING RIGHTS
The voting securities of the Company consist solely of common stock, par
value $0.33 1/3 per share ("Common Stock").
The record date for stockholders entitled to notice of and to vote at the
meeting is the close of business on November 26, 1999, at which time the Company
had outstanding and entitled to vote at the meeting 5,411,794 shares of Common
Stock. Stockholders are entitled to one vote, in person or by proxy, for each
share of Common Stock held in their name on the record date.
Stockholders representing a majority of the Common Stock outstanding and
entitled to vote must be present or represented by proxy to constitute a quorum.
The election of directors will require the affirmative vote of a majority
of the Common Stock present or represented by proxy at the meeting and entitled
to vote thereon. Cumulative voting for directors is not authorized.
ELECTION OF DIRECTORS
At the Annual Meeting to be held on January 25, 2000, seven persons are to
be elected to serve on the Board of Directors for a term of one year and until
their successors are duly elected and qualified. All of the current Directors
have announced that they will be available for election to the Board of
Directors. The Company's nominees for the seven directorships are:
Paul H. Brown Matthew P. Murphy
Calvin J. Clements Howell W. Pardue
L. Decker Dawson Tim C. Thompson
Floyd B. Graham
For information about each nominee, see "Directors and Executive Officers."
1
<PAGE> 4
DIRECTORS AND EXECUTIVE OFFICERS
The Board of Directors currently consists of two persons who are employees
of the Company and five persons who are not employees of the Company (i.e.,
outside directors). Set forth below are the names, ages and positions of the
Company's Directors and executive officers as of November 26, 1999.
NAME AGE POSITION
---- --- --------
L. Decker Dawson 79 President,
Director
Howell W. Pardue 63 Executive Vice President,
Director
Christina W. Hagan 44 Vice President,
Chief Financial Officer
Edward L. Huff 62 Vice President
C. Ray Tobias 42 Vice President
Stephen C. Jumper 38 Vice President
Paula W. Henry 42 Secretary
Paul H. Brown 68 Director
Calvin J. Clements 78 Director
Floyd B. Graham 71 Director
Matthew P. Murphy 69 Director
Tim C. Thompson 65 Director
The Board of Directors elects executive officers annually. Executive
officers hold office until their successors are elected and have qualified.
Set forth below are descriptions of the principal occupations during at
least the past five years of the Company's directors and executive officers.
L. Decker Dawson. Mr. Dawson founded the Company in 1952 and has served in
his present positions since that time. Prior thereto, Mr. Dawson was a
geophysicist with Republic Exploration Company, a geophysical company. Mr.
Dawson served as President of the Society of Exploration Geophysicists
(1989-1990) and received its Enterprise Award in 1997. He was Chairman of the
Board of Directors of the International Association of Geophysical Contractors
(1981). He is an honorary life member of such association. He was inducted into
the Permian Basin Petroleum Museum's Hall of Fame in 1997.
Howell W. Pardue. Mr. Pardue joined the Company in 1975 and has served in
his present positions since that time. Prior thereto, Mr. Pardue was employed in
data processing for 17 years by Geosource, Inc. and its predecessor geophysical
company.
Christina W. Hagan. Ms. Hagan joined the Company in 1988, and was elected
Chief Financial Officer in January 1997 and Vice President in September 1997.
Prior thereto, Ms. Hagan served the Company as Controller and Treasurer. Ms.
Hagan is a certified public accountant.
Edward L. Huff. Mr. Huff joined the Company in 1956, and was elected Vice
President in September 1997. Prior thereto, Mr. Huff served as instrument
operator, crew manager and field supervisor. He has managed the Company's field
operations since 1987.
C. Ray Tobias. Mr. Tobias joined the Company in 1990, and was elected Vice
President in September 1997. Mr. Tobias is responsible for maintaining client
relationships and submitting survey cost quotations to client companies. He is
presently serving on the Board of Directors of the International Association of
Geophysical Contractors and is Past President of the Permian Basin Geophysical
Society. Prior to joining the Company, Mr. Tobias was employed by Geo-Search
Corporation where he was responsible for pricing geophysical work to major oil
companies.
Stephen C. Jumper. Mr. Jumper, a geophysicist, joined the Company in 1985,
and was elected Vice President in September 1997. Mr. Jumper serves as manager
of technical services with an emphasis on 3-D processing. Mr. Jumper has served
the Permian Basin Geophysical Society as Second Vice President (1991), First
Vice President (1992), and as President (1993).
Paula W. Henry. Ms. Henry joined the Company in 1981 and has served in her
present position since 1989. Ms. Henry supervises administrative operations of
the Company.
Paul H. Brown. Mr. Brown has served the Company as a director since
September 1999. Mr. Brown, a management consultant since May 1998, was President
and Chief Executive Officer at WEDGE Energy Group, Inc. from January 1985 to May
1998.
Calvin J. Clements. Mr. Clements has served the Company as a director
since 1972. Prior thereto and until his retirement in 1987, Mr. Clements was
employed by the Company as vice president of the data acquisition operations.
Floyd B. Graham. Mr. Graham has served the Company as a director since
1974. Prior thereto and until his retirement in 1999, Mr. Graham was employed by
the Company as a Vice President. Prior thereto, Mr. Graham was an independent
geophysical consultant for 14 years, and prior thereto was a geophysicist for
the predecessor of Exxon Company, U.S.A. for 10 years.
Matthew P. Murphy. Mr. Murphy has served the Company as a director since
1993. Until his retirement in 1991, Mr. Murphy served as an executive of NCNB
Texas, now known as Bank of America (and predecessor banks), and from 1986 to
1991, Mr. Murphy served the bank as District Director-West Texas.
Tim C. Thompson. Mr. Thompson has served the Company as director since
1995. Mr. Thompson, a management consultant since May 1993, was President and
Chief Executive Officer of Production Technologies International, Inc. from
November 1989 to May 1993.
2
<PAGE> 5
MEETINGS AND COMMITTEES OF DIRECTORS
During fiscal year ended September 30, 1999, nine meetings of the Board of
Directors were held which all of the respective members attended except that Mr.
Graham was absent from two meetings and Mr. Clements, Mr. Murphy and Mr.
Thompson were absent from one meeting.
The Audit Committee currently consists of Messrs. Clements, Murphy and
Thompson, all of whom are non-employee directors. The functions of the Committee
are to determine whether management has established internal controls which are
sound, adequate and working effectively; to ascertain whether Company assets are
verified and safeguarded; to review and approve external audits; to review audit
fees and the appointment of independent public accountants; and to review
non-audit services provided by the independent public accountants. The Committee
met twice during fiscal year ended September 30, 1999. All members attended both
meetings.
The Compensation Committee currently consists of Messrs. Clements, Murphy
and Thompson, all of whom are non-employee directors. The function of the
Committee is to determine compensation for the officers of the Company that is
competitive to enable the Company to motivate and retain the talent needed to
lead and grow the Company's business. The Committee met once during fiscal year
ended September 30, 1999. All members except Calvin Clements attended this
meeting.
MANAGEMENT COMPENSATION
The compensation levels of the Company are believed to be competitive and
in line with those of comparable companies and to align the interests of the
Company's employees with those of its stockholders through potential stock
ownership.
SUMMARY COMPENSATION TABLE
The following table sets forth certain information concerning the annual
and long-term compensation paid to or for (i) the Company's Chief Executive
Officer during the fiscal year ended September 30, 1999, and (ii) those of the
Company's four other most highly compensated executive officers whose total
annual salary and bonus exceeded $100,000 in 1999 (collectively, the "Named
Officers"), for services rendered to the Company during fiscal years 1997, 1998
and 1999.
<TABLE>
<CAPTION>
LONG TERM
COMPENSATION
---------------
ANNUAL COMPENSATION AWARDS
-------------------------------------- ---------------
SECURITIES
UNDERLYING
FISCAL OTHER ANNUAL OPTIONS
NAME AND PRINCIPAL POSITION YEAR SALARY BONUS(1) COMPENSATION (NO. OF SHARES)
- --------------------------- ------ ---------- --------- ------------ ---------------
<S> <C> <C> <C> <C> <C>
L. Decker Dawson 1999 $101,120 $ --- $ --- ---
President 1998 174,980 --- --- ---
1997 119,892 --- --- ---
Howell W. Pardue 1999 $109,596 $ 19,739 --- 5,000
Executive Vice President 1998 125,000 13,367 --- ---
1997 121,538 5,531 --- 5,000
Edward L. Huff 1999 $ 95,272 $112,070 --- 25,000
Vice President 1998 105,923 11,394 --- ---
1997 102,302 4,603 --- 5,000
Stephen C. Jumper 1999 $ 90,577 $112,070 --- 25,000
Vice President 1998 105,923 8,419 --- ---
1997 102,302 3,337 --- 5,000
C. Ray Tobias 1999 $ 90,577 $112,070 --- 25,000
Vice President 1998 105,923 6,274 --- ---
1997 103,175 2,264 --- 5,000
</TABLE>
- -----------
(1) Any bonus that might be paid for fiscal 1999 is not yet calculable and, in
accordance with Securities and Exchange Commission regulations, will be
reported in the proxy statement for the annual meeting of stockholders for
fiscal 2000.
3
<PAGE> 6
The following table sets forth certain information with respect to the
exercise of options to purchase Common Stock during the fiscal year ended
September 30, 1999, and unexercised options held at September 30, 1999, by each
of the named executive officers.
AGGREGATED OPTION EXERCISES IN FISCAL YEAR 1999
AND FISCAL YEAR-END OPTION VALUES
<TABLE>
<CAPTION> NUMBER OF VALUE OF
UNEXERCISED UNEXERCISED
OPTIONS AT IN-THE-MONEY
9/30/99 OPTIONS AT
--------------- 9/30/99(1)
EXERCISABLE/ -------------
SHARES ACQUIRED VALUE UNEXERCISABLE EXERCISABLE/
NAME ON EXERCISE REALIZED (NO. OF SHARES) UNEXERCISABLE
---- --------------- -------- --------------- -------------
<S> <C> <C> <C> <C>
Howell W. Pardue --- --- 2,500/ 7,500 $0/$ 27,350
Edward L. Huff --- --- 2,500/27,500 $0/$136,750
Stephen C. Jumper --- --- 2,500/27,500 $0/$136,750
C. Ray Tobias --- --- 2,500/27,500 $0/$136,750
</TABLE>
(1) The closing price per share on September 30, 1999, was $9.875 as reported
by the Nasdaq National Market.
Defined Benefit Plans and Other Arrangements. Long-term incentive
compensation for senior executive officers is not a policy of the Company.
Accordingly, no awards or payouts have been made. The Company has no retirement
or pension plan except for its Employee Stock Purchase Plan and its Incentive
Stock Option Plans, all of which are described below.
Directors who are not also employees of the Company receive $1,000 per
month and 500 shares of Common Stock per year for serving as directors.
COMPENSATION PLANS
Stock Option Plans. The Dawson Geophysical Company 1991 Incentive Stock
Option Plan (the "1991 Plan") provides that 150,000 shares of the Company's
authorized but unissued Common Stock are reserved for issuance pursuant to the
1991 Plan and are subject to options granted to key employees during the
ten-year period through January 8, 2001.
The Dawson Geophysical Company 2000 Incentive Stock Plan provides an
additional 500,000 shares reserved for issuance. The 2000 Plan contains
substantially the same terms as the predecessor plan except up to 50,000 of such
shares may be awarded and issued as additional compensation to key employees,
officers and non-employee members of the Board of Directors of the Company with
or without payment therefor. The 2000 Plan will cover a ten-year period through
January 12, 2009. All outstanding options under the original plan will not be
affected by the 2000 Plan. Options under the 2000 Plan will be granted at an
exercise price equal to the market price of the stock on the date of grant. Each
option that is granted will be exercisable after the period or periods specified
in the option agreement, but prior to the expiration of five years after the
date of grant. Commencing one year after date of grant, optionees may purchase
up to one-fourth of the shares covered by a particular grant, and each option
becomes exercisable with respect to an additional one-fourth of the shares
covered in each of the next three years.
During fiscal 1999, no options to purchase shares of Common Stock were
granted to employees of the Company under the 1991 Plan. During fiscal 1999, no
shares of the Common Stock were issued pursuant to the exercise of options
granted under the 1991 Plan. During fiscal 1999, options to purchase 166,000
shares of common stock were granted to employees of the Company under the 2000
Plan. As of November 26, 1999, the total number of shares covered by outstanding
options was 203,000.
Stock Purchase Plan. On November 1, 1982, as amended September 28, 1999,
the Board of Directors of the Company adopted an Employee Stock Purchase Plan
(the "Purchase Plan") effective January 1, 1983, in which eligible employees may
elect to purchase, through payroll deductions, shares of the Company's Common
Stock and thereby increase their proprietary interest in the Company. Pursuant
to the Purchase Plan, the Company contributes one dollar (before Social Security
and withholding taxes) for each dollar contributed by an eligible employee to
purchase Common Stock for the employee's account up to 5% of the employee's
annual salary. As of September 30, 1999, no named executive officers
participated in the Purchase Plan. On a bi-weekly basis, the Company matches the
participants' percentage of contributions and directs the purchase of shares of
the Company's Common Stock. There are no vesting requirements for the
participants. The Company contributed $217,723, $254,582 and $214,347 to the
Purchase Plan during the fiscal years 1997, 1998 and 1999, respectively.
4
<PAGE> 7
BOARD REPORT ON EXECUTIVE COMPENSATION
Compensation for executive officers is based on the principles that
compensation must be competitive to enable the Company to motivate and retain
the talent needed to lead and grow the Company's business, and to provide
rewards which are closely linked to the Company and individual performance.
Executive compensation is based on performance against a combination of
financial and non-financial measures. In addition to business results, employees
are expected to uphold a commitment to integrity, maximizing the development of
each individual, and continually improving the environmental quality of its
services and operations. In upholding these financial and non-financial
objectives, executives not only contribute to their own success, but also help
ensure that the business, employees, stockholders and communities in which we
live and work will prosper.
COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION
The Company's Compensation Committee makes recommendations regarding
compensation subject to approval of the entire Board of Directors.
PERFORMANCE GRAPH
The following graph compares the five-year cumulative total return of the
Company's Common Stock as compared with the S&P 500 Stock Index and a peer group
made up of companies in the Value-Line Oilfield Services Industry Index. The
Oilfield Services Index consists of far larger companies that perform a variety
of services as compared to land-based acquisition and processing of seismic data
performed by the Company.
COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*
AMONG DAWSON GEOPHYSICAL COMPANY, THE S & P 500 INDEX
AND A PEER GROUP
[GRAPH]
<TABLE>
<CAPTION>
CUMULATIVE TOTAL RETURN
---------------------------------------
9/94 9/95 9/96 9/97 9/98 9/99
<S> <C> <C> <C> <C> <C> <C>
DAWSON GEOPHYSICAL COMPANY 100 91 66 182 88 75
PEER GROUP 100 125 184 371 189 248
S & P 500 100 130 156 219 239 306
</TABLE>
* $100 INVESTED ON 9/30/94 IN STOCK OR INDEX -
INCLUDING REINVESTMENTS OF DIVIDENDS,
FISCAL YEAR ENDING SEPTEMBER 30.
5
<PAGE> 8
SECURITY OWNERSHIP OF CERTAIN
BENEFICIAL OWNERS AND MANAGEMENT
The following table sets forth certain information regarding beneficial
ownership of the Company's Common Stock, as of November 26, 1999, by each of the
Company's Directors, by each of the Named Officers, by all executive officers
and Directors of the Company as a group, and by each person known to the Company
to be the beneficial owner of more than 5% of any class of the Company's
outstanding Common Stock.
<TABLE>
<CAPTION>
AMOUNT AND NATURE OF PERCENT
TITLE OF CLASS NAME OF BENEFICIAL OWNER BENEFICIAL OWNERSHIP(1) OF CLASS
- -------------- ------------------------ ----------------------- --------
<S> <C> <C> <C>
Common Stock Pebbleton Corporation N.V. 914,300(2) 16.89%
Common Stock L. Decker Dawson 450,992 8.33%
Common Stock FMR Corp. 375,900(3) 6.94%
Common Stock Wellington Management Company, LLP 364,800(4) 6.74%
Common Stock Quaker Capital Management 364,700 6.74%
Common Stock Dimensional Fund Advisors Inc. 308,700(5) 5.70%
Common Stock Howell W. Pardue 72,000 1.33%
Common Stock Floyd B. Graham 65,425 1.21%
Common Stock Calvin J. Clements 52,126 *
Common Stock Stephen C. Jumper 32,308 *
Common Stock Christina W. Hagan 26,720 *
Common Stock Edward L. Huff 25,916 *
Common Stock C. Ray Tobias 12,025 *
Common Stock Paula W. Henry 2,937 *
Common Stock Tim C. Thompson 2,500 *
Common Stock Matthew P. Murphy 1,500 *
Common Stock Share ownership of directors and
executive officers as a group
(11 persons) 744,449 13.76%
</TABLE>
- ------------
* Indicates less than 1% of the outstanding shares of Common Stock.
(1) Except as otherwise indicated, each shareholder shown in the table has sole
voting and investment power with respect to all shares listed as
beneficially owned by such shareholder.
(2) Pebbleton Corporation N.V. and Issam Fares have filed with the Securities
and Exchange Commission a Schedule 13D reporting beneficial ownership of
such shares.
(3) FMR Corp. shares are held on behalf of its direct subsidiary Fidelity
Management & Research Company.
(4) Wellington Management Company, LLP ("WMC") is an investment adviser
registered with the Securities and Exchange Commission under the Investment
Advisers Act of 1940, as amended. As of October 17, 1999, WMC in its
capacity as investment adviser, may be deemed to have beneficial ownership
of 364,800 shares of common stock of Dawson Geophysical Company that are
owned by numerous investment advisory clients, none of which is known to
have such interest with respect to more than five percent of the class.
(5) Dimensional Fund Advisors Inc. ("Dimensional"), an investment advisor
registered under Section 203 of the Investment Advisors Act of 1940,
furnishes investment advice to four investment companies registered under
the Investment Company Act of 1940, and serves as investment manager to
certain other investment vehicles, including commingled group trusts.
(These investment companies and investment vehicles are the "Portfolios".)
In its role as investment advisor and investment manager, Dimensional
possesses both voting and investment power over 308,700 shares of Dawson
Geophysical Company stock as of 9/30/99. The Portfolios own all securities
reported in this statement, and Dimensional disclaims beneficial ownership
of such securities.
REPORTING OF SECURITIES TRANSACTIONS
Ownership of and transactions in the Company's stock by executive officers
and directors of the Company are required to be reported to the Securities and
Exchange Commission pursuant to Section 16(a) of the Securities and Exchange Act
of 1934. All reporting requirements have been filed in a timely manner.
RATIFICATION OF SELECTION OF INDEPENDENT PUBLIC ACCOUNTANTS
The Board of Directors has selected KPMG LLP for appointment as independent
public accountants for the Company for the fiscal year ending September 30,
2000, subject to ratification by the stockholders. KPMG LLP served as
independent public accountants for the Company for the fiscal year ended
September 30, 1999, and representatives of that firm are expected to be present
at the Annual Meeting of Stockholders. KPMG LLP will have an opportunity to make
a statement if they desire to do so and respond to appropriate questions.
NEXT ANNUAL MEETING
The next Annual Meeting of the Company's stockholders is scheduled to be
held on January 23, 2001. Appropriate proposals of stockholders intended to be
presented at the 2001 Annual Meeting must be received by Ms. Paula W. Henry,
Secretary, no later than August 15, 2000, in order to be included in the
Company's Proxy Statement and form of Proxy relating to such meeting.
6
<PAGE> 9
OTHER MATTERS
Management knows of no other business which will be presented at the Annual
Meeting other than as explained herein.
STOCKHOLDERS MAY OBTAIN, WITHOUT CHARGE, A COPY OF THE COMPANY'S ANNUAL
REPORT ON FORM 10-K, INCLUDING THE FINANCIAL STATEMENTS AND SCHEDULES THERETO
FILED WITH THE SECURITIES AND EXCHANGE COMMISSION FOR THE FISCAL YEAR ENDED
SEPTEMBER 30, 1999, BY WRITING TO THE SECRETARY, DAWSON GEOPHYSICAL COMPANY, 508
WEST WALL, SUITE 800, MIDLAND, TEXAS 79701.
BY ORDER OF THE BOARD OF DIRECTORS
Paula W. Henry, Secretary
7
<PAGE> 10
PROXY
PLEASE SIGN AND RETURN PROMPTLY.
ANNUAL MEETING
JANUARY 25, 2000
10:00 A.M.
PETROLEUM CLUB OF MIDLAND
501 WEST WALL, MIDLAND, TX 79701
THIS PROXY IS SOLICITED BY
THE BOARD OF DIRECTORS
OF THE COMPANY
Please return this proxy card
which requires no postage if mailed
in the U.S.A.
[DAWSON GEOPHYSICAL COMPANY LOGO]
The undersigned stockholder of Dawson Geophysical Company hereby appoints L.
Decker Dawson, Floyd B. Graham, and Matthew P. Murphy or any one or more of
them, attorneys, agents and proxies of the undersigned, with full power of
substitution to each of them, to vote all the shares of Common Stock which the
undersigned would be entitled to vote at the Annual Meeting of Stockholders to
be held January 25, 2000, and at any adjournment or adjournments thereof, with
all the powers the undersigned would possess if personally present and voting
thereat, (A) as instructed below with respect to the following matters and (B)
in their discretion upon other matters which properly come before the meeting.
UNLESS A CONTRARY INSTRUCTION IS SPECIFIED BELOW, THIS PROXY WILL BE VOTED FOR
ALL ITEMS.
1. Election of Directors:
[ ] FOR all nominees listed below (except as marked to the contrary below)
[ ] WITHHOLD AUTHORITY to vote for all nominees listed below
Paul H. Brown, Calvin J. Clements, L. Decker Dawson, Floyd B. Graham,
Matthew P. Murphy, Horrell W. Pardue and Tim C. Thompson. (INSTRUCTION: To
withhold authority to vote for any individual nominee, write that nominee's
name in the space provided below):
2. Proposal to ratify the selection of KPMG LLP as independent public
accountants of the Company for the fiscal year ended September 30, 2000.
[ ] FOR [ ] AGAINST
The undersigned acknowledges receipt of the Notice of Annual Meeting of
Stockholders and Proxy Statement of the Company dated November 26, 1999.
Please date and sign exactly as name appears on this proxy. Joint owners should
each sign. If the signer is a corporation, please sign full corporate name by
duly authorized officer. Executors, administrators, trustees, etc., should give
full title as such.
Dated
---------------------------------------
--------------------------------------------
--------------------------------------------
(Signature of Stockholder)
<PAGE> 11
FROM
- --------------------------------- NO POSTAGE
NECESSARY
- --------------------------------- IF MAILED
IN THE
- --------------------------------- UNITED STATES
--------------------------------------------------
BUSINESS REPLY MAIL
FIRST CLASS MAIL PERMIT NO. 80 MIDLAND, TEXAS
--------------------------------------------------
POSTAGE WILL BE PAID BY ADDRESSEE
DAWSON GEOPHYSICAL CO.
508 WEST WALL, SUITE 800
MIDLAND TX 79701-9976
