TGC Industries misses Q3 estimates

TGC Industries, Inc. (AMEX: TGE) are edging down in morning trading after the provider of geophysical services to the gas and oil industry announced a 35% jump in third-quarter revenue that missed expectations. The Plano, Tex.-based company’s revenue for the three months ended Sept. 30 was $24.2 million, below analyst estimates of $22.68 million and compared with $17.95 million a year earlier. The firm’s quarterly profit totaled $1.83 million, or $0.11 per share, below Wall Street projections of $0.12 per share and compared with $1.35 million, or $0.08 per share, during the same period of 2006.

“For the month of July, our revenues and pretax income were negatively impacted by approximately 18% and 62%, respectively, compared to the balance of the third quarter due to continued severe weather conditions,” CEO Wayne Whitener said in a statement. “Over the past several months, we have taken steps to address the continued increase in demand for our land seismic acquisition crews. During the third quarter, we opened a new office in Denver to better serve that market.”

During the third quarter, TGC’s selling, general and administrative expense increased 126% to $1.06 million, from $0.47 million a year earlier.

In morning trading, TGE shares are down 1.45%, or $0.16, at $10.69. Over the last 52 weeks, shares have ranged from $7.25 to $12.55.

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