TGE to deploy 6th seismic crew. Company reported EPS of $0.14 in Q2 with just 3 crews at work ... however Q3 was disappointing due to start up expenses and other costs, so it's unclear what future level of profitability they will attain. Nonetheless stock may be cheap at $7.50 if they can control costs, and once new crew deployment expenses are done with ....
PLANO, Texas, Jan. 9 /PRNewswire-FirstCall/ -- TGC Industries, Inc. (Amex: TGE - News) announced today that the Company has secured a sufficient number of additional contracts to deploy its sixth seismic field acquisition crew, which will be operational by the second half of January.
On November 21, 2005, the Company announced its intention to purchase a fourth ARAM ARIES seismic recording system, which was expected to replace one of the Company's two Opseis Eagle systems. Rather than replace one of the Company's Opseis Eagle systems with its new ARAM ARIES system, as stated in the earlier press release, the new ARAM ARIES system will be placed into service with this new field acquisition crew.
Additionally, the Company announced that it will be taking delivery of three new vibration vehicles before the end of January.
Wayne Whitener, President and CEO of TGC Industries, stated, "We continue to experience rising demand for our land 3-D seismic surveys and are responding by optimizing our equipment and crews, as well as the productivity of our crews, to fulfill the requirements of our customers."
