TGS 3rd Quarter 2009 Interim Report
(Thomson Reuters ONE) - 3rd QUARTER HIGHLIGHTS* Gross sales volume was USD 174.0 million, about the same as in Q2 2009 and 16% down compared to Q3 2008.* Net late sales from the multi-client library totaled USD 77.1 million, down 21% from USD 97.4 million in Q3 2008.* Net pre-funding revenues were USD 37.3 million, up 4% from Q3 2008, funding 43% of the Company's operational investments into new multi-client products (USD 87.4 million, up 9% from Q3 2008).* Proprietary contract and other revenues during the quarter totaled USD 10.6 million, down 72% compared to USD 37.4 million in Q3 2008.* Consolidated net revenues after revenue sharing with partners were USD 125.0 million, a decrease of 27% compared to Q3 2008, a quarter in which the company experienced record revenues.* Personnel and other operating costs down 30% from Q3 2008, mostly resulting from cost saving measures implemented in Q2, reversal of accruals, and lower bonus costs due to lower EBIT compared to Q3 2008.* Operating profit (EBIT) was USD 59.1 million (47% of Net Revenues), down 22% from USD 75.8 million in Q3 2008.* Cash flow from operations after taxes but before investments was USD 108.7 million, versus USD 61.2 million in Q3 2008.* Earnings per share (fully diluted) were USD 0.48, compared to a loss of USD 0.11 in Q3 2008.9 MONTHS FINANCIAL HIGHLIGHTS* Consolidated net revenues were USD 319.9 million, a decrease of 22% compared to same period in 2008.* Net late sales from the multi-client library totaled USD 191.5 million, down 18% from USD 233.4 million in 2008.* Net pre-funding revenues were USD 105.6 million, down 1% from USD 106.7 in 2008* Proprietary contract and other revenues during the first 9 months totaled USD 22.9 million compared to USD 69.9 million in 2008.* Operating profit (EBIT) was USD 133.2 million (42% of Net Revenues), down 29% from USD 188.9 million in 2008.* Operational investments into the multi-client inventory were 46% pre-funded and totaled USD 228.7 million vs. USD 230.8 million in 2008.* Cash flow from operations after taxes but before investments was USD 249.1 million, up 4% from USD 240.5 million in 2008.* Earnings per share (fully diluted) were USD 1.01, up 89% from USD 0.53 in for the same period in 2008."We are pleased that the increase in sales activity has beensustained into the Q3 although the continued cautious E&P spendingenvironment has not allowed us to reach our record high Q3 2008 saleslevels", TGS' CEO Robert Hobbs stated. "We maintain our revenueguidance for 2009".Please find the full Interim Report attached. A recordedPresentation with sound by the CEO, and CFO is available webcast atwww.tgsnopec.comA telephone conference will be held today, October 29th, 2009 at14.00 CET, 9AM Eastern time.TGS-NOPEC Geophysical Company (TGS) is a principal resource forglobal geoscientific data products and services in the E&P industry.TGS specializes in the design, acquisition and processing ofmulti-client seismic surveys worldwide and delivers advanced highperformance seismic imaging and software solutions. The Company alsoprovides the world's largest online well-log database, well datamanagement services, multi-client interpretive products andsubsurface consulting services to industry. The suite of integratedexploration data products available from TGS is distinctive andunmatched. The Company philosophy is to create unique high-qualitydata collected in the right place at the right time.All statements in this press release other than statements ofhistorical fact are forward-looking statements, which are subject toa number of risks, uncertainties and assumptions that are difficultto predict, and are based upon assumptions as to future events thatmay not prove accurate. These factors include TGS' reliance on acyclical industry and principal customers, TGS' ability to continueto expand markets for licensing of data, and TGS' ability to acquireand process data product at costs commensurate with profitability.Actual results may differ materially from those expected or projectedin the forward-looking statements. TGS undertakes no responsibilityor obligation to update or alter forward-looking statements for anyreason.TGS-NOPEC Geophysical Company ASA is listed on the Oslo StockExchange (OSLO:TGS).Arne HellandChief Financial OfficerTel: +47 66 76 99 31/+47 91 88 78 29Email: arne.helland(at)tgsnopec.nohttp://hugin.info/86869/R/1351028/326330.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 29.10.2009 - 07:50 Uhr
Sprache: Deutsch
News-ID 7578
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