TGC Industries Inc., a leading seismic data acquisition services provider, today announced financial results for the first quarter of 2011.
Revenues in the first quarter of 2011 increased 66 percent to $50.2 million compared to $30.3 million in the first quarter of 2010.
Net income grew more than tenfold to $5.8 million, or $0.30 per diluted share, up from $551,000, or $0.03 per diluted share, in the first quarter of 2010.
Revenues for the first quarter of 2011 were $50.2 million compared to $30.3 million in the first quarter of 2010. The Company operated seven crews in the U.S. and six crews in Canada during the first quarter of 2011 compared to six crews in the U.S. and five crews in Canada during the first quarter of 2010.
TGC’s first-quarter results include $583,000 of costs related to the merger agreement with Dawson Geophysical Company, which the company announced on March 21, 2011.
Wayne Whitener, TGC Industries’ president and CEO, said the company’s quarterly performance was mainly driven by the company’s improvement in the North American land seismic acquisition market and seasonal strength in Canada.
“The seismic acquisition market continues to improve, and bidding activity remains steady. Our backlog at the end of the quarter was approximately $49 million, comprised primarily of business in the U.S. as the seasonal Canadian market winds down. We anticipate that the next two quarters will be negatively impacted by the slowdown in Canada. We ended the first quarter with $15.5 million in cash and remain in a strong financial position, with the ability to continue to benefit from improving seismic market conditions in the U.S.,” Whitener stated in the press release.
For more information visit www.tgcseismic.com