TGC Industries Provides Operations Update

PLANO, Texas, March 21, 2013 /PRNewswire/ -- TGC Industries, Inc. (NASDAQ: TGE) today announced that it anticipates its 2013 first quarter to show substantial improvement over the 2012 fourth quarter.  As previously mentioned, the Company will record a reserve of approximately $2 million in the first quarter associated with clean-up expenses related to the ending of the Canadian winter season during the second quarter.  The Company did not record such a reserve in the first quarter of 2012.  Consequently, the Company is reaffirming its previously disclosed statement that it expects first quarter 2013 results to be below last year's first quarter.  This is due to the above-mentioned reserve to be taken in the 2013 first quarter that was not taken in the first quarter of 2012; 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.

ABOUT TGC INDUSTRIES
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.

FORWARD-LOOKING STATEMENTS
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.

 

SOURCE TGC Industries, Inc.

RELATED LINKS
http://www.tgcseismic.com