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CONCENTRATION OF CREDIT RISK
 12 Months Ended
Dec. 31, 2011
CONCENTRATION OF CREDIT RISK  
CONCENTRATION OF CREDIT RISK

NOTE K - CONCENTRATION OF CREDIT RISK

 

The Company sells its geophysical services primarily to large independent oil and gas companies operating in the U.S. and Canada.  The Company performs ongoing credit evaluations of its customers’ financial condition and, generally, requires no collateral from its customers.

 

During 2011, our largest customer accounted for approximately 17% of revenues.  During 2010, our largest customer accounted for approximately 15% of revenues.  During 2009 our largest customer accounted for approximately 31% of revenues.  As of December 31, 2011, two customers accounted for 13% and 12% of outstanding accounts receivable, respectively.  As of December 31, 2010, two customers accounted for 18% and 11% of outstanding accounts receivable, respectively.  As of December 31, 2009, three customers accounted for 19%, 19%, and 12% of outstanding accounts receivable, respectively.  During 2011 and 2010, no vendor represented over 10% of our purchases.  During 2009 our two largest vendors accounted for approximately 22% and 10% of our purchases.