TGS Announces Q3 Revenues of USD 191 Million and 42% EBIT Margin
(Thomson Reuters ONE) -
ASKER, NORWAY (23 October 2013) - TGS reports net revenues of USD 191 million in
Q3 2013, compared to USD 245 million in Q3 2012. Net late sales totaled USD
138 million, compared to USD 139 million in Q3 2012, demonstrating continued
customer interest in TGS' high quality data library.
3(rd) QUARTER HIGHLIGHTS
* Consolidated net revenues were USD 191 million, a decrease of 22% compared
to Q3 2012.
* Net late sales totaled USD 138 million, compared to USD 139 million in Q3
2012.
* Net pre-funding revenues were USD 43 million, down 56% from Q3 2012, funding
39% of the Company's operational multi-client investments during Q3
(investments of USD 111 million, down 19% from Q3 2012).
* Proprietary revenues were USD 9 million, compared to USD 7 million in Q3
2012.
* Operating profit (EBIT) was USD 80 million (42% of net revenues), compared
to USD 101 million (41% of net revenues) in Q3 2012.
* Cash flow from operations was USD 118 million, down from USD 129 million in
Q3 2012.
* Earnings per share (fully diluted) were USD 0.54, compared to USD 0.71 in Q3
2012.
9 MONTHS FINANCIAL HIGHLIGHTS
* Consolidated net revenues were USD 612 million, a decrease of 6% compared to
the first nine months of 2012.
* Net late sales from the multi-client library totaled USD 420 million, up
17% from USD 360 million in 2012.
* Net pre-funding revenues were USD 142 million, down 48% from 2012, funding
41% of the Company's operational multi-client investments during the first
nine months (investments of USD 347 million, down 14% from 2012).
* Proprietary revenues were USD 50 million, compared to 18 million in 2012.
* Operating profit (EBIT) was USD 267 million (44% of net revenues), compared
to USD 284 million (44% of net revenues) in 2012.
* Cash flow from operations was USD 330 million after an extraordinary tax
payment of USD 58 million in Q2 2013, a decrease of 22% from USD 420 million
in 2012.
* Earnings per share (fully diluted) were USD 1.78, compared to USD 1.95 for
the same period in 2012.
"Solid late sales in Q3 2013 demonstrated that customers continue to demand high
quality data from our existing library. Our focus on quality has resulted in
TGS foregoing or postponing a number of low pre-funded projects where the risk
of achieving the required return is too high. We have also experienced some
delays to permits in key geographical areas. We continue to deliver superior
margins and see promising opportunities in the market entering into 2014," TGS'
CEO Robert Hobbs stated.
To access TGS Q3 2013 results information, click on the links below or go to the
Company website at www.tgs.com:
TGS Q3 2013 Earnings Release
TGS Q3 2013 Presentation Slides
TGS Q3 2013 Webcast
Q3 2012 Conference Call
CEO Robert Hobbs and CFO Kristian Johansen will host a conference call on 23
October 2013 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 +47 2316 2729
* International attendees are invited to call 0800 279 5004 or +44 (0)20
3427 1909
* US attendees are invited to call +1 877 280 2296
Participants will need to quote the following confirmation code when dialing
into the conference: 5950091.
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 5950091 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 to oil
and gas Exploration and Production companies worldwide. In addition to
extensive global geophysical and geological data libraries that include multi-
client seismic data, magnetic and gravity data, digital well logs, production
data and directional surveys, TGS also offers advanced processing and imaging
services, interpretation products, permanent reservoir monitoring and data
integration solutions.
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).
TGS sponsored American Depositary Shares trade on the U.S. over-the-counter
market under the symbol "TGSGY".
For additional information about this press release please contact:
Kristian Johansen
Chief Financial Officer
Cell: +47 47 60 33 34
Email: kristian.johansen(at)tgs.com
Will Ashby
Director Investor Relations and M&A
Tel: +1 713 860 2184
Email: will.ashby(at)tgs.com
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
TGS Q3 2013 Presentation Slides:
http://hugin.info/86869/R/1737506/582569.pdf
TGS Q3 2013 Earnings Release:
http://hugin.info/86869/R/1737506/582568.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#1737506]
Unternehmensinformation / Kurzprofil:
Datum: 23.10.2013 - 07:55 Uhr
Sprache: Deutsch
News-ID 308393
Anzahl Zeichen: 7349
contact information:
Town:
Asker
Kategorie:
Business News
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