Golden Cross
18 years ago
TGC Industries Reports Third Quarter 2006 Results
Monday October 23, 6:51 am ET
* Revenues and EBITDA Double
* Net Income Increases 64%
PLANO, Texas, Oct. 23 /PRNewswire-FirstCall/ -- TGC Industries, Inc. (Amex: TGE - News) today announced record third quarter 2006 net income of $1.3 million, or $0.09 per diluted share, on record quarterly revenues of $18.0 million compared to net income (before dividend requirements on preferred stock) of $0.8 million, or $0.06 per diluted share, on revenues of $8.0 million for the third quarter of 2005.
ADVERTISEMENT
Wayne Whitener, President and Chief Executive Officer of TGC Industries, stated, "Although third quarter revenues and EBITDA more than doubled and net income increased approximately 64 percent, net income was negatively affected by start-up costs for our eighth crew and one-time maintenance and repair costs incurred in bringing up to TGC standards the recently acquired shot hole drilling operation. During the third quarter, an unusually high 43 percent of revenues were derived from lower profit margin shot hole drilling contracts.
"Additionally, adverse weather conditions affected one of the crews, forcing it to use an alternative energy source, thereby requiring additional time to complete a substantial turnkey contract. Therefore, third quarter diluted earnings per share were negatively impacted by approximately $0.05 per share. Excluding these costs, diluted earnings per share would have been approximately $0.14 for the quarter."
Third quarter revenues more than doubled to $18.0 million from last year's third quarter revenues of $8.0 million. The revenue increase was primarily due to the operation of seven field crews, five of which were utilizing ARAM ARIES seismic recording systems, during the third quarter of 2006 compared to four field crews in operation, with two using ARAM ARIES equipment, during most of the third quarter of 2005. Also, the continued improved productivity of the field crews due to the use of new and advanced equipment, such as GPS survey equipment and ARAM ARIES seismic recording systems, added to the strong revenue growth.
Income from operations during the third quarter of 2006 was negatively impacted by the expenses detailed above. Income before income taxes in the third quarter was $2.3 million compared to $1.3 million in the year ago third quarter. Net income for the third quarter was $1.3 million, or $0.09 per diluted share, compared to net income (before dividend requirements on preferred stock) of $0.8 million, or $0.06 per diluted share, for the same period of 2005.
EBITDA (earnings before net interest expense, taxes, depreciation and amortization) for the third quarter doubled to $5.0 million, a 27.6 percent margin, from $2.3 million, a 29.4 percent margin, in the third quarter of 2005. A reconciliation of EBITDA (a non-GAAP financial measure) to reported earnings can be found in the financial tables.
Revenues for the first nine months of 2006 increased to $47.6 million from $20.9 million during the same period last year. Income from operations for the nine month period was $10.8 million, compared to $5.1 million in the same period a year ago. Net income for the first nine months of 2006 was $6.2 million, or $0.39 per diluted share, compared to net income of $3.7 million, or $0.28 per diluted share, for the same period of 2005. EBITDA increased to $17.1 million, a 36.0 percent margin, during the first nine months of 2006 compared to $7.1 million, a 33.8 percent margin, for same period last year.
CONFERENCE CALL
TGC Industries has scheduled a conference call for Monday, October 23, 2006, at 9:30 a.m. eastern time/8:30 central. To participate in the conference call, dial 303-262-2130 at least 10 minutes before the call begins and ask for the TGC Industries conference call. A replay of the call will be available approximately two hours after the live broadcast ends and will be accessible until October 30, 2006. To access the replay, dial 303-590-3000 using a passcode of 11073367.
Investors, analysts and the general public will also have the opportunity to listen to the conference call over the Internet by visiting http://www.tgcseismic.com . To listen to the live call on the web, please visit the website at least fifteen minutes before the call begins to register, download and install any necessary audio software. For those who cannot listen to the live webcast, an archive will be available shortly after the call and will remain available for approximately 90 days at http://www.tgcseismic.com .
TGC Industries, Inc., based in Plano, Texas, with a branch office in Houston, is one of the leading providers of seismic data acquisition services throughout the continental United States.
This press release includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These forward looking
statements are based on our current expectations and projections about future
events. All statements other than statements of historical fact included in
this press release regarding the Company are forward looking statements. There
can be no assurance that those expectations and projections will prove to be
correct.
- Tables to follow -
TGC INDUSTRIES, INC.
Statements of Income
Three Months Ended Nine Months Ended
September 30, September 30,
2006 2005 2006 2005
Unaudited Unaudited
Revenue $17,952,193 $7,986,647 $47,640,674 $20,934,371
Cost and expenses
Cost of services 12,526,248 5,132,973 28,666,839 12,431,328
Selling, general,
administrative 471,132 505,139 1,826,335 1,429,764
Depreciation and
amortization expense 2,493,509 912,936 6,396,479 1,939,669
15,490,889 6,551,048 36,889,653 15,800,761
INCOME FROM OPERATIONS 2,461,304 1,435,599 10,751,021 5,133,610
Interest expense 199,414 110,992 608,101 190,354
INCOME BEFORE INCOME
TAXES 2,261,890 1,324,607 10,142,920 4,943,256
Income tax expense
current (915,111) (503,978) (3,967,055) (1,257,230)
NET INCOME 1,346,779 820,629 6,175,865 3,686,026
Less dividend
requirements on
preferred stock - (62,602) - (196,779)
INCOME ALLOCABLE TO
COMMON SHAREHOLDERS $1,346,779 $758,027 $6,175,865 $3,489,247
Earnings per
common share:
Basic $.09 $.11 $.39 $.53
Diluted $.09 $.06 $.39 $.28
Weighted average number
of common shares
outstanding:
Basic 15,714,518 6,729,614 15,647,693 6,573,709
Diluted 15,822,079 13,195,845 15,765,032 12,977,848
The statements of income reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the interim periods. The results of the interim periods are not necessarily indicative of results to be expected for the entire year.
TGC INDUSTRIES, INC.
Condensed Balance Sheets
September 30, December 31,
2006 2005
(Unaudited) (Note)
Cash and cash equivalents $8,251,016 $9,499,409
Receivables (net) 7,115,482 4,459,844
Pre-Paid expenses and other 3,095,648 4,434,043
Current assets 18,462,146 18,393,296
Other assets (net) 324,475 56,003
Property and equipment (net) 32,838,775 22,796,640
Total assets $51,625,396 $41,245,939
Current liabilities $14,873,409 $8,441,147
Long-term obligations 3,748,825 6,199,364
Shareholders' equity 33,003,162 26,605,428
Total liabilities & equity $51,625,396 $41,245,939
The balance sheet at December 31, 2005 has been derived from the audited financial statements at that date.
TGC INDUSTRIES, INC.
Reconciliation of EBITDA to Net Income
Three Months Ended Nine Months Ended
September 30, September 30,
2006 2005 2006 2005
Net income $1,346,779 $820,629 $6,175,865 $3,686,026
Depreciation 2,493,509 912,936 6,396,479 1,939,669
Interest 199,414 110,992 608,101 190,354
Income tax expense 915,111 503,978 3,967,055 1,257,230
EBITDA $4,954,813 $2,348,535 $17,147,500 $7,073,279
CONTACTS: Wayne Whitener
Chief Executive Officer
TGC Industries
(972) 881-1099
Jack Lascar, Partner
Karen Roan, SVP
DRG&E (713) 529-6600
Golden Cross
18 years ago
TGC Industries Reports Record First Quarter 2006 Results
Monday April 24, 7:00 am ET
- Revenues increased 157%
- Income from operations tripled
- Diluted EPS more than doubled to $0.18
PLANO, Texas, April 24 /PRNewswire-FirstCall/ -- TGC Industries, Inc. (Amex: TGE - News) today announced first quarter 2006 net income of $2.8 million, or $0.18 per diluted share, on revenues of $14.8 million compared to net income of $1.1 million, or $0.08 per diluted share, on revenues of $5.8 million for the first quarter of 2005. Shares outstanding for the first quarters of 2005 and 2006 have been increased by five percent to reflect the Five Percent Stock Dividend declared on March 31, 2006 to shareholders of record as of April 11, 2006 and payable on April 25, 2006.
ADVERTISEMENT
Wayne Whitener, TGC Industries' President and Chief Executive Officer, said, "We are pleased to report another quarter of record operating results. Our strong revenue growth, driven by continued growing demand for our services, was due to the increase in the number of operating field crews to six for most of the first quarter and to the rising capacity utilization of those crews. We continue to add to our crews' efficiency and capacity levels by providing them with new state-of-the-art equipment. We believe we have sufficient backlog for all crews well into 2006."
FIRST QUARTER 2006
First quarter revenues increased 157 percent to $14.8 million compared to last year's first quarter revenues of $5.8 million. The revenue increase was due primarily to the availability and use of five field crews for the entire first quarter, with a sixth crew operating for two and a half months during the quarter, versus three field crews operating during the first quarter of 2005. Additionally, TGC experienced increased productivity derived from the use of three ARAM ARIES seismic recording systems during the entire first quarter of 2006, with a fourth system in use for two thirds of the quarter, versus one ARAM ARIES system in use during the first quarter a year ago.
Income from operations during the first quarter of 2006, which included start-up costs of the sixth crew, was $4.7 million compared to $1.5 million during the same period last year as cost of services declined to 53 percent of revenues this quarter from 60 percent of revenues for the first quarter of last year. Income before income taxes was $4.5 million compared to $1.4 million in the first quarter of 2005. Income before income taxes as a percentage of revenue increased to 30.2 percent in the first quarter of this year from 24.9 percent during the first quarter of 2005, despite an increase in interest expense of approximately $163,000. The increase in interest expense in the quarter was due to the financing of three new ARAM ARIES systems and other equipment.
Net income for the first quarter was $2.8 million, or $0.18 per diluted share, compared to net income (before dividend requirements on preferred stock) of $1.1 million, or $0.08 per diluted share, for the same period of 2005, adjusted for the Five Percent Stock Dividend. The effective tax rate in the first quarter or 2006 was 38 percent compared to 25 percent in last year's first quarter.
EBITDA (earnings before net interest expense, taxes, depreciation and amortization) for the first quarter was $6.4 million, a 43 percent margin, compared to $2.0 million, a 34 percent margin, for the first quarter of 2005. A reconciliation of EBITDA (a non-GAAP financial measure) to reported earnings can be found in the financial tables.
CONFERENCE CALL
TGC Industries has scheduled a conference call for Tuesday, April 25, 2006, at 9:30 a.m. eastern time. To participate in the conference call, dial 303-262-2139 at least 10 minutes before the call begins and ask for the TGC Industries conference call. A replay of the call will be available approximately two hours after the live broadcast ends and will be accessible until May 2, 2006. To access the replay, dial 303-590-3000 using a passcode of 11058700.
Investors, analysts and the general public will also have the opportunity to listen to the conference call over the Internet by visiting http://www.tgcseismic.com. To listen to the live call on the web, please visit the website at least fifteen minutes before the call begins to register, download and install any necessary audio software. For those who cannot listen to the live webcast, an archive will be available shortly after the call and will remain available for approximately 90 days at http://www.tgcseismic.com.
TGC Industries, Inc., based in Plano, Texas, with a branch office in Houston, is one of the leading providers of seismic data acquisition services throughout the continental United States.
This press release includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These forward looking
statements are based on our current expectations and projections about future
events. All statements other than statements of historical fact included in
this press release regarding the Company are forward looking statements. There
can be no assurance that those expectations and projections will prove to be
correct.
TGC INDUSTRIES, INC.
Statements of Income
Three Months Ended
March 31,
2006 2005
(Unaudited)
Revenue $14,793,707 $5,753,743
Cost and expenses
Cost of services 7,760,146 3,446,488
Selling, general and administrative 646,302 339,394
Depreciation and amortization expense 1,719,879 504,932
10,126,327 4,290,814
Income from operations 4,667,380 1,462,929
Interest expense 196,158 32,956
Income before income taxes 4,471,222 1,429,973
Income tax expense (1,699,065) (356,804)
NET INCOME 2,772,157 1,073,169
Less dividend requirements on
preferred stock - (69,379)
INCOME ALLOCABLE TO COMMON
SHAREHOLDERS 2,772,157 1,003,790
Earnings per common share:
Basic $.18 $.16
Diluted $.18 $.08
Weighted average number of
common shares outstanding:
Basic 15,597,475 6,400,133
Diluted 15,721,205 13,021,314
All per share amounts have been adjusted for the 5% stock dividend payable April 25, 2006 to shareholders of record as of April 11, 2006.
The statements of income reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the interim periods. The results of the interim periods are not necessarily indicative of results to be expected for the entire year.
TGC INDUSTRIES, INC.
Condensed Balance Sheets
March 31, December 31,
2006 2005
(Unaudited) (Note)
Cash and cash equivalents $13,419,480 $9,499,409
Receivables (net) 4,754,279 4,459,844
Pre-Paid expenses and other 198,292 4,434,043
Current assets 18,372,051 18,393,296
Other assets (net) 8,946 56,003
Property and equipment (net) 26,769,755 22,796,640
Total assets $45,150,752 $41,245,939
Current liabilities $10,236,422 $8,441,147
Long-term obligations 5,522,346 6,199,364
Shareholders' equity 29,391,984 26,605,428
Total liabilities & equity $45,150,752 $41,245,939
Note: The balance sheet at December 31, 2005 has been derived from the audited financial statements at that date.
TGC INDUSTRIES, INC.
Reconciliation of EBITDA to Net Income
Three Months Ended
March 31,
2006 2005
Net Income 2,772,157 1,073,169
Depreciation 1,719,879 504,932
Interest expense 196,158 32,956
Income tax expense 1,699,065 356,804
EBITDA 6,387,259 1,967,861
CONTACTS: Wayne Whitener
Chief Executive Officer
TGC Industries
(972) 881-1099
Jack Lascar, Partner
Karen Roan, SVP
DRG&E (713) 529-6600
lowman
18 years ago
TGC Industries Reports Third Quarter Results
PR Newswire - October 31, 2005 06:00
* Revenues Increased 16% to Approximately $8 Million * Income Before Income Taxes Increased 24% to Approximately $1.3 Million
PLANO, Texas, Oct 31, 2005 /PRNewswire-FirstCall via COMTEX/ -- TGC Industries, Inc. (Amex: TGE) today announced third quarter 2005 revenues of $7,986,647 compared to $6,872,740 for the third quarter of 2004. Net income (before dividend requirements on preferred stock) for the 2005 third quarter was $820,629 compared to net income (before dividend requirements on preferred stock) of $1,037,664 for the same period of 2004 due to a higher income tax expense in the current year and the benefit from a net operating loss carry-forward in the comparable quarter a year ago. Pro forma net income (before dividend requirements on preferred stock), equalizing income tax rates for both periods at 38 percent, increased 24 percent from $660,257, or $0.05 per diluted share in the third quarter of 2004, to $820,629, or $0.07 per diluted share in the third quarter of 2005. A reconciliation of pro forma net income data (a non- GAAP financial measure) to actual income data can be found in the financial tables.
EBITDA (earnings before net interest expense, taxes, depreciation and amortization) increased 77 percent to $2,348,535 for the third quarter of 2005 compared to $1,329,433 for the same period of 2004. EBITDA as a percentage of revenues increased to 29.4 percent for the third quarter of 2005 from 19.3 percent for the same period of last year. A reconciliation of EBITDA (a non-GAAP financial measure) to reported earnings can be found in the financial tables.
Wayne Whitener, TGC Industries' President and Chief Executive Officer, said, "We are very pleased with our continued strong operating performance. Our four field crews are operating at increasing levels of capacity, and we remain on track to add a fifth field crew in the very near future. Furthermore, our current backlog of business provides us with excellent visibility for the first half of 2006. In addition, we just successfully completed a 5.5 million share common stock offering that enabled us to retire all of our outstanding warrants and create a restructured balance sheet that provides us with increased financial flexibility. Simultaneously with the closing of the offering, all of the Company's 8.5% Senior Convertible Preferred Stock was converted into common stock, and the Company's only class of securities is common stock with 14,547,437 shares currently outstanding."
THIRD QUARTER 2005
Third quarter revenues of $7,986,647 increased 16 percent from last year's third quarter revenues of $6,872,740. The revenue increase was due primarily to the addition of a fourth crew to the Company's operations in late July versus three field crews during the third quarter of 2004, as well as increased productivity derived from the use of its second ARAM ARIES seismic recording system, which was put into service in July of 2005.
Income from operations during the third quarter of 2005, which included start-up costs of the new crew, increased 34 percent to $1,435,599 compared to $1,071,476 during the same period last year as cost of services declined to 64.3 percent of revenues this year from 76.3 percent of revenues last year. Income before income taxes increased 24 percent to $1,324,607 from $1,064,930 in the third quarter of 2004. Income before income taxes as a percentage of revenues increased from 15.5 percent during the third quarter of 2004 to 16.6 percent during the third quarter of this year, despite a $104,446 increase in interest expense and the aforementioned start-up costs. The increase in interest expense was due to higher debt levels associated with the purchase of the Company's two ARAM ARIES systems.
Net income (before dividend requirements on preferred stock) for the 2005 third quarter was $820,629, or $0.07 per diluted share, compared to net income (before dividend requirements on preferred stock) of $1,037,664, or $0.09 per diluted share, for the same period of 2004. The company recorded income tax expense of $503,978 ($0.04 per diluted share) in the third quarter of 2005, a 38 percent effective tax rate, compared to an immaterial amount of income tax expense in the third quarter of 2004 due to the benefit of a net operating loss carry-forward.
YEAR TO DATE 2005
Revenues for the first nine months of 2005 increased 43 percent to $20,934,371 from $14,626,809 during the same period last year. Net income (before dividend requirements on preferred stock) for the first nine months of 2005 increased to $3,686,026 compared to net income (before dividend requirements on preferred stock) of $2,347,428 for the same period of 2004. Diluted earnings per share for the first nine months of 2005 increased 50 percent to $0.30 from $0.20 during the same period in 2004. Income before income taxes more than doubled from $2,374,694 during the first nine months of 2004 to $4,943,256 this year. EBITDA increased 130 percent during the first nine months of 2005 to $7,073,279 from $3,080,308 during the same period last year.
TGC Industries, Inc., based in Plano, Texas, is one of the leading providers of seismic data acquisition services throughout the continental United States.
This press release includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These forward looking
statements are based on our current expectations and projections about future
events. All statements other than statements of historical fact included in
this press release regarding the Company are forward looking statements.
There can be no assurance that those expectations and projections will prove
to be correct.
Tables to follow
TGC INDUSTRIES, INC.
Statements of Income
Three Months Ended Nine Months Ended
September 30, September 30,
2005 2004 2005 2004
Unaudited Unaudited
Revenue $7,986,647 $6,872,740 $20,934,371 $14,626,809
Cost and expenses
Cost of services 5,132,973 5,242,839 12,431,328 10,683,499
Selling, general,
administrative 505,139 300,468 1,429,764 863,002
Depreciation expense 912,936 257,957 1,939,669 690,666
6,551,048 5,801,264 15,800,761 12,237,167
INCOME FROM OPERATIONS 1,435,599 1,071,476 5,133,610 2,389,642
Interest expense 110,992 6,546 190,354 14,948
INCOME BEFORE INCOME
TAXES 1,324,607 1,064,930 4,943,256 2,374,694
Income tax expense
current (503,978) (27,266) (1,257,230) (27,266)
NET INCOME 820,629 1,037,664 3,686,026 2,347,428
Less dividend
requirements on
preferred stock (62,602) (78,815) (196,779) (238,246)
INCOME ALLOCABLE TO
COMMON SHAREHOLDERS $758,027 $958,849 $3,489,247 $2,109,182
Earnings per common
share:
Basic $.12 $.17 $.56 $.37
Diluted $.07 $.09 $.30 $.20
Weighted average number
of common shares
outstanding:
Basic 6,409,156 5,736,370 6,260,675 5,719,500
Diluted 12,567,471 12,185,570 12,359,855 12,007,429
The statements of income reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the interim periods. The results of the interim periods are not necessarily indicative of results to be expected for the entire year.
TGC INDUSTRIES, INC.
Reconciliation of Pro Forma Earnings and Earnings Per Share
To Earnings and Earnings Per Share
Three Months Ended Nine Months Ended
September 30, September 30,
2005 2004 2005 2004
Unaudited Unaudited
INCOME BEFORE INCOME TAXES $1,324,607 $1,064,930 $4,943,256 $2,374,694
Income tax expense current (503,978) (27,266) (1,257,230) (27,266)
Pro forma income tax
expense (A) --- (377,407) (621,207) (875,118)
PRO FORMA NET INCOME 820,629 660,257 3,064,819 1,472,310
Less dividend requirements
on preferred stock (62,602) (78,815) (196,779) (238,246)
PRO FORMA INCOME ALLOCABLE
TO COMMON SHAREHOLDERS $758,027 $581,442 $2,868,040 $1,234,064
Earnings per common share:
Basic (Reported) $.12 $.17 $.56 $.37
Basic (Pro forma) $.12 $.10 $.46 $.22
Diluted (Reported) $.07 $.09 $.30 $.20
Diluted (Pro forma) $.07 $.05 $.25 $.12
Weighted average number of
common shares outstanding
Basic 6,409,156 5,736,370 6,260,675 5,719,500
Diluted 12,567,471 12,185,570 12,359,855 12,007,429
(A) Adjustment required to achieve a 38% income tax rate (34% federal
and 4% state) during the period.
The Company anticipates that its net operating loss carry-forwards will be utilized during 2005 and that it will incur federal and state income taxes in 2005. Beginning in the third quarter 2005, the Company applied a 38 percent effective tax rate (34 percent federal rate and 4 percent state rate) to its income. Therefore, the Company has made pro forma adjustments to the earnings and earnings per share information for the three months ended September 30, 2004 and the nine months ended September 30, 2005 and 2004 to reflect the 38 percent effective tax rate in order to provide investors with net income results that reflect the tax rate.
TGC INDUSTRIES, INC.
Condensed Balance Sheets
September 30, December 31,
2005 2004
(Unaudited) (Note)
Cash and cash equivalents $2,060,590 $1,829,904
Receivables (net) 1,708,317 1,655,084
Pre-Paid expenses and other 1,835,690 352,244
Current assets 5,604,597 3,837,232
Other assets (net) 8,212 3,395
Property and equipment (net) 12,458,025 5,483,166
Total assets $18,070,834 $9,323,793
Current liabilities $5,659,197 $2,984,099
Long-term obligations 4,274,259 1,769,629
Shareholders' equity 8,137,378 4,570,065
Total liabilities & equity $18,070,834 $9,323,793
The balance sheet at December 31, 2004 has been derived from the audited financial statements at that date.
TGC INDUSTRIES, INC.
Reconciliation of EBITDA to Net Income
Three Months Ended Nine Months Ended
September 30, September 30,
2005 2004 2005 2004
Net income $820,629 $1,037,664 $3,686,026 $2,347,428
Depreciation 912,936 257,957 1,939,669 690,666
Interest 110,992 6,546 190,354 14,948
Income tax expense 503,978 27,266 1,257,230 27,266
EBITDA $2,348,535 $1,329,433 $7,073,279 $3,080,308
The Company defines EBITDA as net income plus expenses of interest, income taxes, depreciation and amortization. The Company uses EBITDA as a supplemental financial measure to assess: (i) the financial performance of the Company's assets without regard to financing methods, capital structures, taxes or historical cost basis; (ii) the Company's liquidity and operating performance over time and in relation to other companies that own similar assets and that the Company believes calculate EBITDA in a similar manner; and (iii) the ability of the Company's assets to generate cash sufficient to the Company to pay potential interest expenses.
The Company understands that investors use EBITDA to assess the Company's performance. However, EBITDA is not a measure of operating income, operating performance or liquidity presented in accordance with generally accepted accounting principles ("GAAP"). When assessing the Company's operating performance or the Company's liquidity, investors should not consider EBITDA in isolation or as a substitute for the Company's net income, cash flow from operating activities, or other cash flow data calculated in accordance with GAAP. EBITDA excludes some, but not all, items that affect net income and operating income, and these measures may vary among other companies. Therefore, EBITDA, as presented herein, may not be comparable to similarly titled measures of other companies. Further, the results presented by EBITDA cannot be achieved without incurring the costs that the measure excludes: interest, income taxes, depreciation and amortization.
CONTACTS: Wayne Whitener
Chief Executive Officer
TGC Industries
(972) 881-1099
Jack Lascar, Partner
Karen Roan, SVP
DRG&E (713) 529-6600
SOURCE TGC Industries, Inc.
Wayne Whitener, Chief Executive Officer of TGC Industries, Inc., +1-972-881-1099; or
Jack Lascar, Partner, or Karen Roan, SVP, both of DRG&E, +1-713-529-6600, for TGC
Industries, Inc.
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