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TGC Industries Inc Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 10, 2012 03:27PM

TGC Industries Inc (TGE) filed Quarterly Report for the period ended 2012-03-31. Tgc Industries has a market cap of $194.7 million; its shares were traded at around $10.54 with a P/E ratio of 16 and P/S ratio of 1.3. Tgc Industries had an annual average earning growth of 1% over the past 5 years.



Highlight of Business Operations:

Revenues. Our revenues were $67,045,408 for the three months ended March 31, 2012, compared to $50,247,313 for the same period of 2011, an increase of 33.4%. This increase was primarily due to continued improvement in the North American land seismic acquisition market, increased efficiencies of new wireless recording technology, seasonal strength in Canada, and our operation of eight crews in the U.S. and seven crews in Canada during the first quarter of 2012 compared with seven crews in the U.S. and six crews in Canada during the first quarter of 2011.

Cost of services. Our cost of services was $38,548,049 for the three months ended March 31, 2012, compared to $34,269,694 for the same period of 2011, an increase of 12.5%. This increase was primarily attributable to strong revenue growth during the quarter, partially offset by our fielding of two additional crews. As a percentage of revenues, cost of services was 57.5% for the three months ended March 31, 2012, compared to 68.2% for the same period of 2011. The decrease in cost of services as a percentage of revenues was attributable to increased efficiencies of new wireless recording technology, strong revenue growth in the North American land seismic acquisition market, and seasonal strength in Canada.

Selling, general, and administrative expenses. SG&A expenses were $2,300,002 for the three months ended March 31, 2012, compared to $2,500,558 for the same period of 2011, a decrease of 8.0%. This decrease was primarily due to costs in 2011 related to the entry into and subsequent termination of a merger agreement, as described in Note H, partially offset by recent staff additions. SG&A expense as a percentage of revenues was 3.4% for the three months ended March 31, 2012, compared with 5.0% for the same period of 2011.

Depreciation and amortization expense. Depreciation and amortization expense was $5,722,599 for the three months ended March 31, 2012, compared to $4,462,879 for the same period of 2011, an increase of 28.2%. This increase was primarily attributable to additions of seismic recording equipment, vibration vehicles, and other equipment and vehicles. Depreciation and amortization expense as a percentage of revenues was 8.5% for the three months ended March 31, 2011 compared to 8.9% for the same period of 2011.

Income from operations. Income from operations was $20,474,758 for the three months ended March 31, 2012 compared to $9,014,182 for the same period of 2012. This increase was primarily attributable to an increase in revenues, partially offset by increases in cost of services, and depreciation and amortization expenses discussed above. EBITDA increased $12,720,296 to $26,197,357 for the three months ended March 31, 2012, from $13,477,061 for the same period of 2011, an increase of 94.4%. This increase was a result of those factors mentioned above. For a definition of EBITDA, a reconciliation of EBITDA to net income, and discussion of EBITDA, please refer to the section entitled “EBITDA” found below.

Read the The complete Report



Stocks Discussed: TGE,
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