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 Tgc Industries (NASDAQ:TGE)

Monday, July 29, 2013
Comments & Business Outlook

Second Quarter 2013 Results

  • Revenues in the second quarter of 2013 were $31.5 million compared to $30.4 million in the second quarter of 2012.
  • The Company reported a net loss of $4.0 million, or ($0.18) per share, for the second quarter compared to a net loss of $2.0 million, or ($0.09) per share, in the second quarter of 2012.

Wayne Whitener, TGC Industries' President and Chief Executive Officer, said, "The softness in the U.S. seismic market that we have discussed in prior press releases and conference calls continued into the second quarter, which caused us to idle most of our crews during the quarter. We are currently operating three crews in the U.S. and three in Canada. However, business conditions have improved so that by early August we anticipate having five crews operating in the U.S., and we expect to operate a minimum of five crews in the U.S. for the balance of the year and into 2014. Revenues increased during the second quarter due to a significant increase in shot-hole work which generates higher revenues but carry lower margins.

"Canada, however, continues to be a solid market for us. We anticipate a strong upcoming Canadian winter season. While our Canadian crews were shut down by mid-April as a result of the spring breakup, we started adding crews in Canada for summer work at the beginning of June and at the present time have three crews operating there. Based on current discussions with our clients, we believe overall demand for our services should improve during the latter part of this year and into 2014. Currently, our backlog is approximately $32 million, consisting of both U.S. and Canadian work. Additionally, we have a number of large contracts that are in the final stages of negotiation.

"We ended the second quarter of 2013 with approximately $39.6 million in cash and receivables and generated approximately $17.8 million in cash from operations during the quarter. We are well positioned from a competitive standpoint, with the most advanced, state-of-the-art equipment available, including a substantial amount of wireless equipment."


Monday, April 29, 2013
Comments & Business Outlook

First quarter 2013 Financial Results

  • Revenues for the first quarter were $63.2 million compared to $67.0 million in the record first quarter of 2012.
  • Gross profit margin in the first quarter of 2013 was 31.6% compared to 42.5% in the first quarter of 2012.
  • Net income for the first quarter was $6.4 million, or $0.29 per diluted share, compared to $12.4 million, or $0.57 per diluted share, in the first quarter of 2012.

Wayne Whitener , TGC Industries' President and Chief Executive Officer, said, "Our first quarter results were essentially in line with our forecast. As previously disclosed, we had expected first quarter 2013 results to be below last year's first quarter due to the reserve that we took in the first quarter of 2013 that was not taken in the first quarter of 2012; additional depreciation expense of approximately $1 million; land permitting delays, mainly in the Northeast; and difficult winter weather conditions in parts of the U.S. during the first two months of this year.

"We saw solid activity in Canada during the first quarter and operated six crews for the entire period as compared with seven crews last year. We also had nine crews operating in the U.S. for a total of 15 crews operating in North America for the entire first quarter. Due to the Canadian spring breakup, since the beginning of April we have shut down four crews in Canada, and we operated two crews through the middle of April. We are experiencing a softening in the U. S. seismic market as our clients are re-evaluating reservoir plays and seismic funds are being diverted to drilling programs. As a result, we have idled two crews but are keeping the key personnel to maintain flexibility to get crews back into the field as quickly as client demands warrant.

"We believe the softening is temporary, but may last into the third quarter. However, we believe demand for our services will improve during the latter part of the year. Our backlog at the end of the first quarter was approximately $40 million, consisting primarily of U.S. work.

"We ended the first quarter of 2013 with approximately $47.6 million in cash and receivables and generated approximately $5.3 million in cash from operations during the quarter. We are well positioned from a competitive standpoint with the most advanced, state-of-the-art equipment available, including a substantial amount of wireless equipment. Our balance sheet remains strong, and we continue to maintain the financial and operational flexibility to capitalize on new business opportunities as they occur," concluded Mr. Whitener.


Friday, April 19, 2013
Regular Dividend News

PLANO, Texas, April 19, 2013 /PRNewswire/ -- TGC Industries, Inc. (NASDAQ: TGE) today announced that its Board of Directors has declared a five percent (5%) stock dividend on its outstanding Common Stock.  Shareholders of record as of April 30, 2013 will receive the stock dividend for each share owned on that date, payable on May 14, 2013.

Cash in lieu of fractional shares will be paid to shareholders based on the last sales price of the Company's Common Stock on the record date.  As of April 15, 2013, TGC Industries had 20,807,502 shares of Common Stock outstanding.

TGC Industries, Inc., based in Plano, Texas, is a leading provider of seismic data acquisition services, with operations throughout the continental United States and Canada.  The Company has branch offices in Houston, Midland, Oklahoma City and Calgary.


Tuesday, February 26, 2013
GeoBargain Notes

On January 12, 2012 we added TGE to the GeoBargain on the radar list @ $8.00

On February 29, 2012 we added TGE to the GeoBargain list @ $10.11

 
Catalyst: Stock seemed to be entering an above average EPS cycle and was one of the many stocks benefiting from the North American Energy Exploration Boom.  TGE had a GPR of 4 and strong 2012 EPS estimate of $1.14.

We are now removing TGE from the GeoBargain List @ $9.24

Current road block: The company has had inconsistant quarterly EPS results. Economic and regulatory uncertainties continue to impact the timing of contract awards and the company's year end backlog decreased from $103 million to $81 million.

Peak performance: Reached a high of  $11.85 on 04/30/2012 for a maiximum potential return of 17%

  • Current Price: $9.24

Monday, February 25, 2013
Comments & Business Outlook

Fourth Quarter 2012 Results

  • Revenues for the fourth quarter increased 44% to $57.1 million, a fourth quarter record, compared to $39.6 million in the fourth quarter of 2011.
  • Net income rose 21% to a fourth quarter record of $4.2 million, or $0.20 per diluted share, compared to net income of $3.4 million, or $0.17 per diluted share, in the fourth quarter of 2011.

Wayne Whitener, TGC Industries' President and Chief Executive Officer, said, "We generated strong quarterly results, with revenues and earnings increasing 44% and 21%, respectively, compared to a year ago, both record levels for a fourth quarter. Our quarterly results benefitted from the productivity of our new equipment and higher capacity utilization of our crews, as well as a higher crew count in the U.S. and Canada compared to a year ago. We also reported record annual results for 2012, with revenues reaching $196 million, a 30% increase over 2011, and earnings rising over 40% to $0.75 per diluted share. Our record results for 2012 are primarily attributable to increased efficiencies of our new wireless recording technology and the deployment of additional seismic crews during the year. In addition, we benefitted from our strong and established presence in Canada, which gives us an advantage in that market.

"Over the past three years, we have invested over $100 million in new advanced equipment to provide our customers with the latest available technology as well as maintain optimal efficiency of our crews. This major investment should continue to bring us the benefits of these new technologies and allow us to be in a cash building mode this year. Also, during this period of growth, we have continued to maintain our low cost structure as evidenced by our SG&A expense ratio being in the 4% range for both the fourth quarter and year. Our backlog at year-end was approximately $81 million compared to $103 million at the end of the previous quarter as we efficiently work through our Canadian backlog.

"With respect to current market conditions, bidding activity remains brisk, but economic and regulatory uncertainties continue to impact the timing of contract awards. We are currently operating 15 crews, consisting of nine crews in the U.S. and six crews in Canada. With the visibility our U.S. backlog provides, we currently anticipate that we will maintain nine U.S. crews working well into the year.

"We ended the year with approximately $9 million in cash and generated $39 million in cash from operations in 2012. The Company's capital structure remains strong, and we continue to maintain the financial and operational flexibility to capitalize on potential market opportunities," concluded Mr. Whitener.


Thursday, November 1, 2012
Comments & Business Outlook

Third Quarter 2012 Results

  • Revenues were $41.8 million compared to $31.0 million in the third quarter of 2011.
  • Net income was $1.1 million, or $0.05 per diluted share, compared to net income of $1.0 million, or $0.05 per diluted share, in the third quarter of 2011.
 

Wayne Whitener, TGC Industries' President and Chief Executive Officer, said, "Our third quarter results improved as we benefitted from the addition of a ninth crew in the U.S. and the return of some Canadian activity. Our year-to-date performance was solid as we generated revenues of over $139 million and EBITDA of over $38 million, representing increases of 25% and 45%, respectively, over last year's first nine months results.

"During the third quarter we operated nine crews in the U.S., where pricing remains competitive. We also operated two crews in Canada in the early part of July but ended the third quarter with only one Canadian crew in operation due to land permit constraints and, as a result, ended the third quarter with 10 crews operating in North America. Currently we are operating 12 crews, consisting of nine crews in the U.S. and three crews in Canada, where we anticipate activating additional crews as conditions allow.

"Our backlog at the end of the third quarter was approximately $103 million, which is 24% higher than a year ago but down from $112 million at the end of the second quarter as economic and regulatory uncertainties are delaying the signing of new contracts in the U.S., despite continued brisk bid activity. By the end of 2012, we anticipate having 13 crews operating in North America, nine in the U.S. and four in Canada, and we expect to see a solid winter season in Canada.

"In early October, based on client demand for wireless technology, we purchased an additional 8,000 stations of 3-channel GSX wireless recording equipment for deployment in Canada. After this delivery, TGC will own approximately 70,000 wireless channels, giving us the largest fleet of Geospace wireless data acquisition units in North America.

"We ended the quarter with over $21 million in cash and remain financially strong and well capitalized, with the financial and operational flexibility to make the most of potential market opportunities," concluded Mr. Whitener.





Monday, October 15, 2012
Comments & Business Outlook

PLANO, Texas, Oct. 15, 2012 /PRNewswire/ -- TGC Industries, Inc. (NASDAQ: TGE) ("TGC") today announced that it has entered into an agreement with Geospace Technologies to purchase 8,000 stations of 3-channel GSX wireless recording equipment, along with all peripheral equipment, to be deployed in Canada.  After this delivery, TGC will own approximately 70,000 wireless channels, enabling the Company to have the largest fleet of Geospace wireless data acquisition units in North America.

Wayne Whitener , TGC Industries' President and Chief Executive Officer, stated, "We continue to add new equipment, driven by strong customer demand for our services.  Over the past three years, we have invested over $100 million in new advanced equipment to provide our customers with the latest available technology, as well as maintain optimum efficiency of our crews.  We expect to take delivery of this equipment and have it deployed in the field during the current quarter.  Taking into account the delivery of these additional 24,000 channels, our total channel count will be approximately 137,000 comprised of GSR, GSX and ARAM equipment.  By the end of 2012, we anticipate having 13 crews operating in North America, 9 in the U.S. and 4 in Canada as we continue to expect the upcoming winter season in Canada to be strong." 



Monday, July 30, 2012
Comments & Business Outlook

Second Quarter 2012 Results

  • Revenues were $30.4 million compared to $30.2 million in the second quarter of 2011.
  • The Company reported a net loss of $2.0 million, or ($0.10) per share, compared to net income of $0.6 million, or $0.03 per diluted share, in the second quarter of 2011.
Wayne Whitener, TGC Industries' President and Chief Executive Officer, said, "As in prior years, our second quarter results were negatively impacted by the spring thaw, which resulted in the seasonal shutdown of our seven crews operating in Canada. Due to the large amount of data acquired during our record first quarter, we incurred substantial clean-up and personnel costs that negatively impacted the gross margin in the second quarter. In addition, late in the quarter we incurred start-up costs for the activation of our ninth U.S. crew, which was not operational until early July. The combination of these costs prevented us from reporting a profit in the second quarter.

"During the second quarter we operated eight crews in the U.S., where pricing remains competitive. We activated two crews in Canada in the early part of June and as a result ended the second quarter with 10 crews operating in North America. Currently we are operating 11 crews, consisting of nine crews in the U.S. and two crews in Canada, where we anticipate activating additional crews as conditions allow.

"Our current backlog of approximately $112 million, which more than doubled from a year ago, is the result of our success in penetrating new growth regions with major domestic and international clients. We are pleased with our first half performance as we generated revenues of over $97 million and EBITDA of almost $30 million, increases of 21% and 52%, respectively, compared to the first half of 2011.

"Overall, the North American seismic acquisition market continues to improve and bidding remains active. During the last several quarters, based on client demand for wireless technology, we have purchased approximately 46,000 OYO Geospace wireless channels, enabling us to field the largest fleet of wireless data acquisition units in North America.

"While our third quarter will again be impacted to some extent by the normal seasonality in Canada, we remain optimistic about the remainder of the year as the U.S. business remains solid and we are currently anticipating a strong winter season in Canada. We have already started to obtain new contract awards for the upcoming winter season, to begin in our 2012 fourth quarter and extend into 2013. As a result, we continue to anticipate a record year in 2012 in terms of revenues, EBITDA, net income and EPS.

"We ended the quarter with over $24 million in cash and remain financially strong and well capitalized, with the financial and operational flexibility to make the most of opportunities in our markets."



Wednesday, June 13, 2012
Comments & Business Outlook

PLANO, Texas, June 13, 2012 /PRNewswire/ -- TGC Industries, Inc. (NASDAQ: TGE) ("TGC") today announced that it has purchased and taken delivery of 13,000 channels of GSX wireless recording equipment, along with all peripheral equipment.  Additionally, the Company announced plans to deploy its ninth seismic field acquisition crew in the U.S. by the beginning of the third quarter. Including this delivery, TGC's owns approximately 46,000 OYO Geospace wireless channels.

Wayne Whitener, TGC Industries' President and Chief Executive Officer, stated, "Based on our current backlog and prospects for the rest of 2012, we are purchasing this additional equipment to be used in the deployment of our ninth crew in the U.S., which should be in the field by the beginning of the third quarter.  In addition to our U.S. crews, we now have two crews operating in Canada as they went back into service after the Spring breakup.  Therefore, by the beginning of the third quarter, we expect to have 11 crews operating in North America, nine in the U.S. and two in Canada.  Taking into account the delivery of this new GSX equipment, our total channel count is approximately 112,000, comprised of GSR, GSX and ARAM channels."


Monday, April 30, 2012
Comments & Business Outlook

First Quarter 2012 Results

  • Revenues for the first quarter of 2012 increased to $67.0 million from $50.2 million in the first quarter of 2011.
  • Net income more than doubled to $12.4 million, or $0.60 per diluted share, compared to net income of $5.8 million, or $0.28 per diluted share, in the first quarter of 2011.
  • Gross margin in the 2012 first quarter increased to 42.5% compared to 31.8% in the first quarter of 2011. 

Wayne Whitener, TGC Industries' President and Chief Executive Officer, said, "We are extremely pleased with our record results for the first quarter. This is the best quarter ever for the company in terms of revenue, operating and net income, earnings per share, and EBITDA. Our performance was primarily driven by seasonal strength in Canada and the improved land seismic acquisition market in the U.S., resulting in higher capacity utilization of our equipment and increased productivity of our crews.

"In response to increased demand from our clients, we added three field crews in Canada subsequent to the fourth quarter and operated 15 crews in North America during the entire first quarter, eight in the U.S. and seven in Canada. The Canadian winter season essentially ended by mid-April due to the spring breakup, but we anticipate having two crews operating in Canada beginning late in the current quarter. Also during the second quarter, we expect to continue to operate eight crews in the U.S., where pricing remains competitive. From a seasonal standpoint, our second quarter is typically the slowest quarter of the year.

"Our backlog at the end of the quarter was approximately $96 million, almost twice what it was at the end of the first quarter of 2011, and is comprised primarily of U.S. backlog. Over the past two quarters, due to client demand for wireless technology, we have purchased additional GSR data acquisition units, enabling us to field the largest fleet of single-channel GSR wireless data acquisition units in North America. As a result of the current backlog and our outlook for the remainder of 2012, we are looking at the possibility of adding a ninth crew in the U.S. by the middle of the summer.

"We ended the first quarter with $10.7 million in cash, and we remain in a strong position, both financially and operationally, to take advantage of ongoing favorable market conditions in the seismic industry for the remainder of 2012."


Friday, April 20, 2012
Regular Dividend News

PLANO, Texas, April 20, 2012 /PRNewswire/ -- TGC Industries, Inc. (NASDAQ: TGE) today announced that its Board of Directors has declared a five percent (5%) stock dividend on its outstanding Common Stock.  Shareholders of record as of April 30, 2012 will receive the stock dividend for each share owned on that date, payable on May 14, 2012.

Cash in lieu of fractional shares will be paid to shareholders based on the last sales price of the Company's Common Stock on the record date.  As of April 15, 2012, TGC Industries had 19,411,816 shares of Common Stock outstanding.


Monday, April 9, 2012
Comments & Business Outlook

PLANO, Texas, April 9, 2012  /PRNewswire/ -- TGC Industries, Inc. (NASDAQ: TGE) today announced that it has entered into a purchase agreement with OYO Geospace to acquire an additional 13,000 GSR single-channel wireless data acquisition units and related equipment for a total cost of $14 million Delivery is expected by the end of May 2012.  Upon receipt of this equipment, TGC Industries will have the largest fleet of single-channel GSR wireless data acquisition units in North America, comprised of more than 45,000 channels.  

The Company also announced that it will purchase seven vibrator vehicles from INOVA, for delivery by the end of April 2012.  The purchase of the new equipment will be financed with a combination of cash and debt.

Wayne Whitener, TGC Industries' President and Chief Executive Officer, stated, "Due to ongoing strong demand for our services, we continue to invest in the most advanced equipment to maintain optimum crew productivity and efficiency.  The GSR wireless system has the operational flexibility to be utilized in many different types of surroundings, and the INOVA vibrator vehicles have the capability to operate in various types of terrain.  This new equipment will further enhance our capability to respond quickly and efficiently to our clients' needs.  With the delivery of these new GSR channels, our total channel count will be approximately 112,000, comprised of GSR and ARAM channels, and our total vibrator vehicle count will be 81."


Monday, February 27, 2012
Comments & Business Outlook

FOURTH QUARTER 2011

Revenues for the fourth quarter of 2011 increased to $39.6 million from $32.7 million in the fourth quarter of 2010. The Company operated eight crews in the U.S. and four crews in Canada in the fourth quarter of 2011 compared to seven crews in the U.S. and four crews in Canada in the fourth quarter of 2010.

Gross margin in the quarter increased to 34.0% from 23.3% in the fourth quarter of 2010. Cost of services as a percentage of revenues declined to 66.0% from 76.7% in the fourth quarter of 2010 led by higher productivity, improved pricing and a greater number of crews. Selling, general and administrative expenses ("SG&A") increased to $2.4 million compared to $1.9 million in the fourth quarter of 2010. As a percentage of revenues, SG&A for the fourth quarter increased to 6.1% from 5.8% in the fourth quarter of 2010.

Net income increased more than fourfold to $3.4 million, or $0.18 per diluted share, compared to net income of $0.7 million, or$0.04 per diluted share, in the fourth quarter of 2010. In the fourth quarter of 2011, the Company recorded income tax expense of $2.4 million, an effective tax rate of 41.1%. This compares to an income tax expense of $1.0 million in the fourth quarter of 2010. Fourth quarter 2011 EBITDA* increased to $11.1 million from $5.7 million in the fourth quarter of 2010. EBITDA* margin increased to 27.9% compared to 17.5% in the fourth quarter of 2010 and to 22.1% in the previous quarter.

Wayne Whitener, TGC Industries' President and Chief Executive Officer, said, "We are extremely pleased with our record fourth quarter results, which were driven by continued improvement in the North American land seismic acquisition market resulting from higher capacity utilization and improved profitability in both the U.S. and Canada. In response to increasing demand from our customer base, we added two field crews subsequent to the third quarter and operated 12 crews in North America during the fourth quarter, eight in the U.S. and four in Canada.

"The Canadian winter season has turned out to be as strong as originally anticipated, and we continue to experience good bidding activity, along with steady pricing in all of North America. Our backlog remains strong, and we ended the year with approximately $118 million, a substantial increase over the $83 million as of the end of the third quarter. We began the first quarter of 2012 with eight crews in the U.S. and seven in Canada and are currently operating a total of 15 crews.

"We generated $34.2 million in cash flow from operations during 2011 and ended the year with $15.7 million in cash. We remain in a strong position, both financially and operationally, to make the most of ongoing favorable market conditions in the seismic industry for 2012."


Thursday, January 12, 2012
Comments & Business Outlook

PLANO, Texas, Jan. 12, 2012 /PRNewswire/ -- TGC Industries, Inc. (NASDAQ: TGE) today announced that the Company has entered into a purchase agreement to acquire 14,200 OYO Geospace single-channel GSR wireless channels and related equipment, to be financed with a combination of cash and debt, for delivery by the end of January 2012.  Upon delivery of this equipment, TGC Industries will own more than 32,000 single-channel GSR wireless units. 

Wayne Whitener, TGC Industries' President and Chief Executive Officer, stated, "Due to customer demand, we are adding additional wireless channels to our GSR recording crews.  The operational flexibility of the GSR system allows it to be utilized in many different types of surroundings, and these new channels will further enhance our capabilities and enable us to continue to respond promptly to customer requests.  With the delivery of these new GSR channels, our total channel count will be approximately 99,000, comprised of ARAM and GSR channels."