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 July 26, 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 July 26, 2004, TGC Industries, Inc. ("TGC" or the "Company")
issued a press release reporting its results for the fiscal quarter
ended June 30, 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 July 26, 2004, reporting its
results for the fiscal quarter ended June 30, 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.
Dated: July 26, 2004 By: /s/ WAYNE A. WHITENER
Wayne A. Whitener,
President and CEO
(Principal Executive Officer)
EXHIBIT 99.1
_____________
PRESS RELEASE
BARRY KAPLAN ASSOCIATES For Immediate Release:
======================================================================
623 River Road, Fair Haven, New Jersey 07704 (732) 747-0702
FAX (732) 758-1837
Email: smallkap@aol.com
Investor Contact: Andrew J. Kaplan
Company Contact: Wayne Whitener
President & CEO
Tel: (972) 881-1099
Email: wwhitener@tgcseismic.com
TGC Industries Reports Second Quarter 2004 Profits on 68%
Increase in Revenues
Plano, Texas -- Monday, July 26, 2004 -- TGC Industries, Inc. (Nasdaq
OTC BB: TGCI) announced today a 68% increase in revenue for the second
quarter of 2004.
The Company reported a 68% increase in revenue to $4,783,197 for the
three months ended June 30, 2004, compared with revenue of $2,835,401
for the same period of 2003. Net income for the second quarter of 2004
increased 138% to $520,249 before dividend requirements on preferred
stock, compared with net income of $218,515 for the same period of 2003,
before dividend requirements on preferred stock. Diluted earnings per
common share for the second quarter of 2004 were $0.04 compared with
diluted earnings per common share of $0.03 for the same period of 2003.
For the six months ended June 30, 2004, the Company reported a 75%
increase in revenue to $7,754,069 compared with revenue of $4,437,206
for the same period of 2003. Net income for the six month period ended
June 30, 2004 increased 648% to $1,309,764, before dividend requirements
on preferred stock, compared with net income of $175,036 for the same
period of 2003, before dividend requirements on preferred stock.
Diluted earnings per common share after the provision for preferred
stock dividends for the six months ended June 30, 2004 were $0.11
compared with diluted earnings per common share of $0.00 for the same
period of 2003.
As previously reported on June 14, 2004, the Company recently deployed
its third seismic crew in response to the increased level of activity in
the domestic oil and gas market. The Company operated with only one
seismic crew for 2003 and announced the addition of its second seismic
crew on January 14, 2004.
Mr. Wayne Whitener, President and CEO of TGC Industries, Inc. stated,
"We are very encouraged by the results for the first six months of 2004.
Even though the Company's crews experienced inclement weather during the
later part of the second quarter of 2004, management believes the
Company will be able to operate at a three-crew level for the remainder
of 2004 while continuing to improve 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.
TGC Industries, Inc.
Statements of Income
Three Months Ended Six Months Ended
June 30, June 30,
2004 2003 2004 2003
___________________________________________
Unaudited Unaudited
Revenue $4,783,197 $2,835,401 $7,754,069 $4,437,206
Cost and expenses
Cost of services 3,981,134 2,369,624 5,859,028 3,807,055
Selling, general,
administrative 276,480 244,988 576,875 450,737
Interest expense 5,334 2,274 8,402 4,378
____________________________________________________
4,262,948 2,616,886 6,444,305 4,262,170
NET INCOME 520,249 218,515 1,309,764 175,036
Less dividend
requirements on
preferred stock 79,716 74,776 159,431 148,588
__________________________________________________
INCOME ALLOCABLE TO
COMMON STOCKHOLDERS $ 440,533 $ 143,739 $1,150,333 $ 26,448
Earnings per common share:
Basic $0.08 $0.03 $0.20 $0.00
Diluted $0.04 $0.03 $0.11 $0.00
Weighted average number of
common shares outstanding:
Basic 5,726,881 5,515,064 5,710,973 5,515,064
Diluted 12,015,284 5,515,064 11,796,154 5,515,064
The statements of income 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.
TGC Industries, Inc.
Condensed Balance Sheets
June 30, June 30,
2004 2003
________________ _________________
(Unaudited) (Unaudited)
Cash and cash equivalents $4,257,181 $476,861
Receivables (net) 1,641,441 687,379
Pre-Paid expenses and other 129,463 56,584
__________ __________
Current assets 6,028,085 1,220,824
Other assets (net) 3,395 4,824
Property and equipment (net) 2,000,953 961,396
__________ __________
Total assets $8,032,433 $2,187,044
========== ==========
Current liabilities $4,534,060 $ 542,400
Long-term obligations 376,250 109,334
Stockholders' equity 3,122,123 1,535,310
__________ __________
Total liabilities & equity $8,032,433 $2,187,044
========== ==========
4891.00001/434386.1
