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 March 1, 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 March 1, 2004, TGC Industries, Inc. ("TGC" or the "Company") issued a
press release reporting its results for the fiscal year ended December 31,
2003. 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 March 1, 2004, reporting its results
for the fiscal year ended December 31, 2003.
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.
March 2, 2004
By: /s/ WAYNE A. WHITENER
Wayne A. Whitener,
President and CEO
(Principal Executive Officer)
Exhibit 99.1
_____________
TGC Industries Returns to Profitability in 2003
Plano, Texas -- Monday, March 1, 2004 -- TGC Industries, Inc. (Nasdaq OTC BB:
TGCI) announced today that the Company returned to profitability in 2003, its
first profitable year since 1998.
The Company reported revenue of $8,468,051 for the twelve months ended
December 31, 2003, compared with revenue of $6,262,206 for the same period of
2002. Net income, before dividend requirements on preferred stock, was
$555,165 for 2003, compared with a net loss, before dividend requirements on
preferred stock, of $(1,711,509) for 2002. Basic earnings per common share
for 2003 was $0.05 compared with a loss per common share of $(0.37) for 2002.
As previously reported, the Company entered into the Vibroseis market in 2002,
an existing market in which the Company had not participated in the past. The
Vibroseis market has been very beneficial for the Company. As a result, the
Company reported a 35% increase in revenue and its first profitable year since
1998. In addition, the Company has acquired three additional Vibroseis units
and deployed its second seismic crew.
Mr. Wayne Whitener, President and CEO of TGC Industries, Inc. stated, "We are
encouraged by the results for 2003 and management believes the Company will be
able to operate at the two-crew level for the remainder of 2004 thereby
improving its performance."
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)
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
December 31, December 31,
2003 2002
____________ ____________
(Note) (Note)
Cash and cash equivalents $1,025,221 $523,120
Receivables (net) 797,454 662,050
Pre-Paid expenses and other 136,816 134,810
__________ __________
Current assets 1,959,491 1,319,980
Other assets (net) 4,824 4,824
Property and equipment (net) 794,635 1,619,403
__________ __________
Total assets $2,758,950 $2,944,207
========== ==========
Current liabilities $632,897 $1,455,794
Long-term obligations 182,714 128,139
Stockholders' equity 1,943,339 1,360,274
__________ __________
Total liabilities & equity $2,758,950 $2,944,207
========== ==========
Note: The balance sheets at December 31, 2003 and 2002 have been
derived from the audited financial statements at those dates.
TGC Industries, Inc.
Statements of Operations
Twelve Months Ended
December 31,
2003 2002
____________________________
(Note) (Note)
Revenue $8,468,051 $6,262,206
Cost and expenses
Cost of services 6,948,885 7,027,336
Selling, general, administrative 932,709 884,572
Interest expense 8,792 16,807
Debt financing costs 22,500 45,000
__________ __________
7,912,886 7,973,715
NET INCOME (LOSS) 555,165 (1,711,509)
Less dividend requirements on
preferred stock (302,998) (280,653)
__________ __________
INCOME (LOSS) ALLOCABLE TO
COMMON STOCKHOLDERS $252,167 $(1,992,162)
Earnings (loss) per common share:
Basic $.05 $(.37)
Diluted $.04 $(.37)
Weighted average number of
common shares outstanding:
Basic 5,546,132 5,330,492
Diluted 6,279,109 5,330,492
The statements of Operations for the twelve months ended December 31,
2003 and 2002 have been derived from the audited financial statements at
those dates.
