TGC Industries, Inc. (Nasdaq:TGE) is down 5% after the Plano, Tex.-based geophysical surveying company reported early Monday that its second-quarter net income declined 31% to $0.9 million, or $0.05 per share, versus $1.3 million, or $0.08 per share, a year earlier. The results missed Wall Street’s expectation of earning $0.09 per share.

Quarterly revenue dipped 14% to $18.6 million from $21.7 million during the same period of 2007. Wall Street was looking for $22.7 million.

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