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TGC Industries, Inc. (TGE) Posts Improved Q2 Results, Driven by Strength in U.S. Operations

|Includes: TGC Industries, Inc. (TGE)
TGC Industries, Inc., a provider of seismic data acquisition services with operations throughout the continental United States and Canada, today posted its financial results for the second quarter and first half of fiscal 2011.
Revenues increased 34% to $30.2 million compared to $22.5 million in the second quarter of 2010.
Net income for the second quarter of 2011 grew to $0.6 million, or $0.03 per diluted share, compared to a net loss of $1.2 million, or ($0.06) per share, in the comparable quarter of 2010.
In response to growing customer demand, TGC Industries added an eighth seismic acquisition crew in the U.S. during the quarter.
“Overall, the seismic acquisition market continues to improve, and bidding remains active. …While our third quarter will again be impacted by the normal seasonality in Canada, we are optimistic about the remainder of the year as the U.S. business continues to strengthen and the ramp up of the winter season in Canada will occur during the latter half of the year,” Whitener stated in the press release. “In addition, we ended the quarter with approximately $22 million in cash and remain financially strong and well capitalized, with the financial and operational flexibility to make the most of opportunities in this strengthening market.”
For the first half of 2011, revenues grew 52% to $80.5 million from $52.8 million in the first six months of 2010.
TGC Industries reported net income for the first half of 2011 was $6.4 million, or $0.33 per diluted share, compared to net loss of $0.7 million, or ($0.03) per share, a year ago.
The company’s first half 2011 results include $1.1 million of transaction costs related to the proposed merger agreement with Dawson Geophysical Company.
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