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News Breaks | | | | March 21, 2013 | | 06:04 EDT |  | TGE | TGC Industries sees significant improvement in 1Q13 over 1Q12
TGC Industries announced that it anticipates 1Q13 to show substantial improvement over 4Q12. As previously mentioned, the company will record a reserve of approximately $2M in Q1 associated with clean-up expenses related to the ending of the Canadian winter season during Q2. The company did not record such a reserve in the first quarter of 2012. Consequently, the company is reaffirming its previously disclosed statement that it expects 1Q13 results to be below 1Q12. This is due to the above-mentioned reserve to be taken in 1Q13 that was not taken in 1Q12; land permitting delays, mainly in the Northeast; and difficult winter weather conditions in parts of the U.S. during the first two months of this year. | |
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