U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report April 19, 2004
(Date of earliest event reported)
TGC Industries, Inc.
(Exact name of registrant as specified in its charter)
Texas 0-14908 74-2095844
(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
1304 Summit, Suite 2
Plano, Texas 75074
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (972) 881-1099
Item 5. Other Events and Regulation FD Disclosure.
On April 19, 2004, TGC Industries, Inc. ("TGC" or the "Company") issued
a press release reporting its results for the first quarter of 2004. The
full text of the press release is set forth in Exhibit 99.1 hereto.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
99.1 Press Release dated April 19, 2004, reporting its results
for the first quarter of 2004.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TGC INDUSTRIES, INC.
April 21, 2004
By: /s/ WAYNE A. WHITENER
Wayne A. Whitener,
President and CEO
(Principal Executive Officer)
EXHIBIT 99.1
TGC Industries Reports Strong First Quarter 2004 Profits on
85% Increase in Revenues
Plano, Texas -- Monday, April 19, 2004 -- TGC Industries, Inc. (Nasdaq OTC
BB: TGCI) announced today that the Company continued to report profitable
results for the first quarter of 2004.
The Company reported revenue of $2,970,872 for the three months ended March
31, 2004, compared with revenue of $1,601,805 for the same period of 2003.
Net income, before dividend requirements on preferred stock, was $789,515
for 2004, compared with a net loss, before dividend requirements on
preferred stock, of $(43,479) for 2003. Basic earnings per common share for
2004 was $0.13 compared with a loss per common share of $(0.02) for 2003.
As previously reported, the Company has acquired three additional Vibroseis
units and deployed its second seismic crew. The Vibroseis market continues
to be very beneficial for the Company, with a majority of the Company's
first quarter 2004 revenues being generated from Vibroseis contracts.
Mr. Wayne Whitener, President and CEO of TGC Industries, Inc. stated, "We
were encouraged by the results for the first quarter of 2004 and management
believes the Company will be able to operate at a two-crew level for the
remainder of 2004 there by improving its performance. Although both of the
Company's crews experienced some inclement weather during April 2004, the
Company anticipates deploying a third crew during the second quarter of 2004
because of the higher levels of demand."
This report contains forward-looking statements which reflect the view of
Company's management with respect to future events. Although management
believes that the expectations reflected in such forward-looking statements
are reasonable, it can give no assurance that expectations will prove to
have been correct. Important factors that could cause actual results to
differ materially from such expectations are disclosed in the Company's
Securities and Exchange Commission filings, and include, but are not limited
to the dependence upon energy industry spending for seismic services, the
unpredictable nature of forecasting weather, the potential for contract
delay or cancellation, the potential for fluctuations in oil and gas prices,
and the availability of capital resources. The forward-looking statements
contained herein reflect the current views of the Company's management and
the Company assumes no obligation to update the forward-looking statements
or to update the reasons actual results could differ from those contemplated
by such forward-looking statements.
TGC, based in Plano, Texas, is a geophysical service company which primarily
provides 3-D seismic services to oil and gas companies. It also maintains a
geophysical gravity data bank.
(Table Follows)
____________________________________________________________________________
1304 Summit Avenue Suite 2 Plano Texas 75074 972-881-1099 Fax 972-424-3943
Contact: Wayne Whitener (972) 881-1099
President & CEO
Email: wwhitener@tgcseismic.com
Investor Relations Contact: Andrew J. Kaplan (732) 747-0702
Barry Kaplan Associates
623 River Road
Fair Haven, NJ 07704
Email: smallkap@aol.com
TGC Industries, Inc.
Condensed Balance Sheets
March 31, March 31,
2004 2003
_____________ _____________
(Unaudited) (Unaudited)
Cash and cash equivalents $ 2,081,885 $ 890,269
Receivables (net) 3,440,822 499,724
Pre-Paid expenses and other 86,038 6,120
____________ ____________
Current assets 5,608,745 1,396,113
Other assets (net) 3,395 4,824
Property and equipment (net) 1,295,385 1,285,993
____________ ____________
Total assets $ 6,907,525 $ 2,686,930
============ ============
Current liabilities $ 3,939,255 $ 1,252,979
Long-term obligations 220,864 117,156
Stockholders' equity 2,747,406 1,316,795
____________ ____________
Total liabilities & equity $ 6,907,525 $ 2,686,930
============ ============
TGC Industries, Inc.
Statements of Operations
Three Months Ended
March 31, March 31,
2004 2003
_____________ _____________
(Unaudited) (Unaudited)
Revenue $ 2,970,872 $ 1,601,805
Cost and expenses
Cost of services 1,877,894 1,437,431
Selling, general, administrative 300,395 205,749
Interest expense 3,068 2,104
___________ ___________
2,181,357 1,645,284
NET INCOME (LOSS) 789,515 (43,479)
Less dividend requirements on
preferred stock 79,715 73,812
____________ ____________
INCOME (LOSS) ALLOCABLE TO
COMMON STOCKHOLDERS $ 709,800 $ (117,291)
Earnings (loss) per common share:
Basic $.13 $(.02)
Diluted $.07 $(.02)
Weighted average number of
common shares outstanding:
Basic 5,695,064 5,515,064
Diluted 11,435,921 5,515,064
The statements of operations 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.
4891.00001/414286.1