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.
CONTACTS:
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Wayne
Whitener
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Chief
Executive Officer
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TGC
Industries, Inc.
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(972)
881-1099
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Jack
Lascar / Karen Roan
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Dennard ▪
Lascar Associates
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(713)
529-6600
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SOURCE TGC Industries, Inc.