TGS Announces Q2 2012 Revenues of USD 215 Million and Increases Full Year Guidance
(Thomson Reuters ONE) -
ASKER, NORWAY (2 August 2012) - TGS reports net revenues of USD 215 million in
Q2 2012, compared to USD 136 million in Q2 2011, a 58% increase. This is the
highest quarterly revenues in the Company's history. Investments were USD 162
million, up 162% from Q2 2011.
2nd QUARTER HIGHLIGHTS
* Consolidated net revenues were USD 214.8 million, an increase of 58%
compared to Q2 2011.
* Net late sales totaled USD 108.5 million, up 11% from Q2 2011.
* Net pre-funding revenues were USD 100.0 million, up 275% from Q2 2011,
funding 62% of the Company's operational multi-client investments during Q2
(investments of USD 161.9 million, up 162% from Q2 2011).
* Proprietary revenues were USD 6.3 million, compared to USD 11.4 million in
Q2 2011.
* Operating profit (EBIT) was USD 94.2 million (44% of net revenues), compared
to USD 57.7 million (42% of net revenues) in Q2 2011.
* Cash flow from operations was USD 144.0 million, up from USD 93.3 million in
Q2 2011.
* Earnings per share (fully diluted) were USD 0.63, compared to USD 0.41 in Q2
2011.
* Arcis Seismic Solutions Corporation was acquired 15 June. Financial results
will be consolidated as of Q3.
6 MONTHS FINANCIAL HIGHLIGHTS
* Consolidated net revenues were USD 406.1 million, an increase of 51%
compared to H1 2011.
* Net late sales from the multi-client library totaled USD 221.3 million, up
21% from USD 182.8 million in 2011.
* Net pre-funding revenues were USD 174.6 million, up 175% from 2011, funding
66% of the Company's operational multi-client investments during H1
(investments of USD 263.1 million, up 150% from 2011).
* Proprietary revenues were USD 10.1 million, compared to USD 21.9 million in
H1 2011.
* Operating profit (EBIT) was USD 183.1 million (45% of net revenues),
compared to USD 116.7 million (44% of net revenues) in 2011.
* Cash flow from operations was USD 290.8 million, an increase of 26% from USD
231.6 million in 2011.
* Earnings per share (fully diluted) were USD 1.24 compared to USD 0.81 for
the same period in 2011.
"TGS continues to break records and Q2 2012 is the best quarter in the history
of the Company both in terms of revenue and operating profit," TGS' CEO Robert
Hobbs stated. "While we see great interest from clients in funding new projects,
we are also satisfied to see that our existing library data continues to perform
well. Our strong performance in the first half of 2012 along with the
acquisition of Arcis and attractive investment opportunities, allow us to
further increase our investment and revenue guidance for 2012."
For 2012, the revised full year guidance is as follows:
* Multi-client library investments of USD 425-475 million,
* Average pre-funding in the range of 60-70% of investments,
* Average multi-client amortization rate in the range of 41-47% of net
revenues,
* Net revenues in the range of USD 810-870 million, and
* Proprietary contract revenues of less than 5% of total net revenues.
To access TGS Q2 2012 results information, click on the links below or go to
the Company website at www.tgs.com:
* TGS Q2 2012 Earnings Release
* TGS Q2 2012 Webcast
* TGS Q2 2012 Presentation Slides
Investor Presentation and Webcast
CEO Robert Hobbs and CFO Kristian Johansen will present the results at 08:30 CET
on 2 August 2012 at Shippingklubben located at Haakon VII's gt 1 in Oslo,
Norway. The presentation is open to the public and can also be followed live on
the internet at www.tgs.com.
Q2 2012 Conference Call
CEO Robert Hobbs and CFO Kristian Johansen will also host a conference call on
2 August 2012 at 15:00 CET (9:00 AM New York time). Attendees may want to call
5-10 minutes before 15:00 CET (9:00 AM NY) to ensure registration and access.
* Norwegian attendees are invited to call +800 56054 or +472316 2729
* International attendees are invited to call 0800 279 5004 or
+44(0)20 3364 5381
* US attendees are invited to call +1 877 280 2296
Participants will need to quote the following confirmation code when dialing
into the conference: 5449761.
A Q&A session will follow a short introduction, based upon the presentation
issued in the morning. To pose a question, please press *1.
A replay of the conference call will be available shortly after. To access
replay of the TGS conference call,
* dial +47 2100 0498 (Norway) or +44 (0)20 3427 0598 (International) or
+1 347 366 9565 (US)
* replay access code 5449761 followed by # (pound-sign)
A replay of the conference call will also be available at www.tgs.com
Company summary
TGS-NOPEC Geophysical Company (TGS) provides multi-client geoscience data and
services to oil and gas Exploration and Production companies around the globe.
TGS' geophysical and geological data products include multi-client seismic
libraries, permanent reservoir monitoring, magnetic and gravity data, the
industry's largest global database of digital well logs and regional
interpretive products. TGS also provides high-end depth imaging services to help
resolve complex seismic imaging problems. For more information visit TGS online
at www.tgs.com.
Forward-looking statements and contact information
All statements in this press release other than statements of historical fact
are forward-looking statements, which are subject to a number of risks,
uncertainties and assumptions that are difficult to predict, and are based upon
assumptions as to future events that may not prove accurate. These factors
include TGS' reliance on a cyclical industry and principal customers, TGS'
ability to continue to expand markets for licensing of data, and TGS' ability to
acquire and process data products at costs commensurate with profitability.
Actual results may differ materially from those expected or projected in the
forward-looking statements. TGS undertakes no responsibility or obligation to
update or alter forward-looking statements for any reason.
TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange
(OSLO:TGS).
For additional information about this press release please contact:
Kristian Johansen
Chief Financial Officer
Office: +47 66 76 99 00
Cell: +47 47 60 33 34
Email: kristian.johansen(at)tgs.com
Karen El-Tawil
VP, Business Development
Office: +1 713 860 2102
Cell: +1 713 806 2420
Email: karen.el-tawil(at)tgs.com
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
Q2 2012 TGS Earnings Release:
http://hugin.info/86869/R/1631305/522955.pdf
Q2 2012 TGS Earnings Release Presentation Slides:
http://hugin.info/86869/R/1631305/522956.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: TGS via Thomson Reuters ONE
[HUG#1631305]
Unternehmensinformation / Kurzprofil:
Datum: 02.08.2012 - 07:51 Uhr
Sprache: Deutsch
News-ID 171046
Anzahl Zeichen: 8160
contact information:
Town:
Asker
Kategorie:
Business News
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