Intangible Valuation
Value, contrarian, coat tail rider, idiosyncratic research

TGC Industries: Collecting Cash And Favorable Industry Conditions

TGC Industries (NASDAQ:TGE) performs geophysical surveys for clients in the oil and gas business. The company has been growing revenue and net income since the industry was pinched in 2010. The company is interesting for a number of reasons. First, the company recently completed the bulk of its capital investment program and now sits with some of the most advanced technology in the industry. As put in the most recent conference call:

"Over the past 3 years, we have invested over $100 million in new advanced equipment in order to continue providing our customers with the latest available technology, as well as maintain the optimum crew efficiency. As part of that investment during the last 18 months,...
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