The company announced that since its first quarter earnings release on April 28, it has experienced a significant increase in business activity. TGC reported a backlog of approximately $46 million at the end of
the first quarter and expects this number to increase substantially by the end of the second quarter of 2008.
CEO Wayne Whitener commented,
“Since the middle of April, we have been negotiating several new contracts of substantial size, and all of these are in the process of being signed by both parties. These potential new contracts, combined with our current backlog of approximately $42 million, should provide us with a very solid backlog by the end of the second quarter.”
TGC says this anticipated rise in the level of backlog will likely require an increase in their channel count and possibly the purchase of an
additional ARAM ARIES seismic recording system . With the current level
of business activity, TGC expects to have their crews fully utilized during the second half of 2008 and the first half of 2009