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Christina HaganThank you, Steve. First, I’ll share our Safe Harbor provisions. In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Dawson Geophysical Company cautions that statements made today in this conference call, which are forward-looking and which provide other than historical information, involve risks and uncertainties that may materially affect of company’s actual results of operations. These risks include but are not limited to the volatility of oil and natural gas prices, dependence upon energy industry spending, disruptions in the global economy, industry competition, delays, reductions or cancellation of service contracts, high fixed costs of operations, external factors affecting our crew such as weather interruptions and inability to obtain land access rights of way, whether we enter into turnkey or term contracts, crew productivity, limited number of customers, credit risk related to our customers, the availability of capital resources, and operational disruptions. A discussion of these and other factors including risks and uncertainties is set forth in the company’s 10-K for the fiscal year ended September 30, 2010. Dawson Geophysical Company disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events or otherwise. During this conference call, we will make reference to EBITDA, which is a non-GAAP financial measure. A reconciliation of the non-GAAP measure to the applicable GAAP measure can be found in our current earnings release, a copy of which is located on our website, www.dawson3d.com. As you know, Dawson and TGC Industries have entered into a definitive merger agreement in which subject to the terms and conditions set forth in the merger agreement, Dawson will acquire TGC in a tax-free, stock-for-stock transaction. Dawson and TGC will file materials related to the proposed transaction with the Securities and Exchange Commission, including one or more registration statements that contained in proxy statement prospectus.
Investors and security holders are urged to read those materials once they are available, which can be obtained free from the SEC’s website, www.sec.gov and from the company’s website. Dawson-TGC, their directors, executive officers and certain members of management and their employees may be considered participants in the solicitation proxies from the shareholders in connection with the proposed transaction. This will be described further in the proxy statement prospectus when it is filed.Today, we reported revenues of $78,337,000 for the quarter ending March 31, 2011, our second quarter of fiscal 2011, compared to $48,585,000 at the same quarter in fiscal 2010, an increase of 61%. Net loss for the second quarter of fiscal 2011 was $4,857,000 compared to a net loss of $2,706,000 in the same quarter of fiscal 2010. Loss per share for the second quarter of fiscal 2011 was $0.62 compared to loss per share of $0.35 for the second quarter of fiscal 2010. EBITDA for the second quarter of fiscal 2011 was $1,219,000 compared to $2,488,000 in the same quarter of fiscal 2010. Our second quarter results, including the reported loss, were exacerbated by adverse weather conditions as well as expenses necessary to fund our investments in additional OYO channels and our previously announced merger transaction with TGC Industries, Inc. Revenues in the quarter continued to include unusually high third-party charges related to the use of helicopter support services, specialized survey technologies, and dynamite energy sources. The higher level of these charges is driven by our continued operations in areas with limited access such as the Appalachian Basin, East Texas and Arkansas. We are reimbursed for these expenses by our clients. Steve? Steve Jumper Thank you, Chris. There is no doubt our second quarter was difficult. Our second quarter highlights include deployment of 20,200 OYO GSR single channel units on two large in-process projects in East and South Texas. In order book, it has reached its highest level since 2008. Pricing and contract terms have showed modest improvements as activity levels in lower 48 states continued to increase and the signing of a definitive merger agreement with TGC Industries. Read the rest of this transcript for free on seekingalpha.com