TGC Industries Reports Record First Quarter 2011 Results

TGC Industries TGE today announced financial results for the first quarter of 2011. Revenues in the first quarter of 2011 increased 66 percent to $50.2 million from $30.3 million in the first quarter of 2010. Net income grew more than tenfold to $5.8 million, or $0.30 per diluted share, from $551,000, or $0.03 per diluted share, in the first quarter of 2010. First quarter 2011 results include $583,000 of costs related to the definitive merger agreement with Dawson Geophysical Company announced on March 21, 2011. First quarter 2011 EBITDA (earnings before net interest expense, taxes, depreciation, and amortization) increased 168 percent to $13.5 million from $5.0 million in the first quarter of 2010. A reconciliation of EBITDA (a non-GAAP financial measure) to reported earnings can be found in the financial tables.