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CONCENTRATION OF CREDIT RISK
 12 Months Ended
Dec. 31, 2012
CONCENTRATION OF CREDIT RISK  
CONCENTRATION OF CREDIT RISK

NOTE J - 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 the years ended December 31, 2012, 2011, and 2010, our largest customers accounted for approximately 16%, 17%, and 15% of revenues, respectively. As of December 31, 2012, 2011, and 2010, two customers accounted for 29% and 23%, 13% and 12%, and 18% and 11% of outstanding accounts receivable, respectively.  During 2012,  one vendor represented 12% of our purchases.  During 2011 and 2010, no vendor represented over 10% of our purchases.