TGC Industries reported that revenues for 2007 were $90.4 million compared to $67.8 million in 2006. Cost of services was 66.9 percent of revenues for 2007 compared to 60.3 percent of revenues for 2006. The rise in cost of services during 2007 was primarily due to the inclement weather during the first three quarters of 2007 as well as higher shot-hole contract business, which was 34 percent of revenues in 2007 compared to 25 percent of revenues in 2006.
Depreciation expense for the year was $12.7 million compared to $9.5 million in 2006, a 33.6 percent increase, as the Company invested $18.2 million in new equipment during the year. Income from operations was $13.3 million versus $14.4 million in the same period a year ago. Net income for 2007 was $7.6 million, or $0.46 per diluted share, compared to $8.1 million, or $0.49 per diluted share for 2006.
Wayne Whitener, TGC Industries' President and Chief Executive Officer, said, "We are pleased with our overall performance for the year. Although we faced some challenging weather conditions during each of the first three quarters of 2007, we were able to keep eight field crews operating for the entire year. In addition, we generated cash flow from operations of $14.8 million during 2007 and currently have a strong backlog of approximately $43 million.
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