4th Quarter 2002 Highlights
- Consolidated Net Revenues totaled USD 35,8 million, a decrease of 13% compared to Q4 2001.
- In NOK, Net Revenues of NOK 261,9 million fell 28% compared to Q4 2001.
- Operating Profit (EBIT) was NOK 77,3 million, 29% of Net Revenues, down 57% from NOK 179,9 million in Q4 2001.
- Earnings per Share were NOK 2,01 (NOK 1,85 fully diluted) for Q4 2002, down 60% from NOK 4,99 (NOK 4,69) in Q4 2001.
Full Year 2002 Highlights
- Net Revenues of USD 124,4 million were down 3% compared to 2001. On a NOK basis, Net Revenues decreased 14% to NOK 997,1 million.
- Net Late Sales increased 2% to USD 99,2 million in 2002 from USD 97,1 million in 2001.
- Operating Profit (EBIT) before non-recurring items was NOK 368,9 million, representing 37% of Net Revenues.
- Earnings before interest, tax, depreciation and amortization (EBITDA) totaled NOK 789,6 million, (79% of Net Revenues), down 16% compared to 2001.
- Net Income of NOK 221,6 million after non-recurring items represented 22% of Net Revenues, down 35% from 2001.
- Earnings per Share were NOK 9,00 (NOK 8,36 fully diluted), down 36% from NOK 13,99 (NOK 13,23) in 2001.
- The A2D subsidiary was profitable for the year including the cost of goodwill amortization.
"We're very pleased to report quarterly revenues that increased 68% sequentially, exceeding our own expectations," stated TGS-NOPEC's CEO Hank Hamilton. "Late Sales in the North American region rebounded sharply during the 4th quarter. The integration of A2D well logs into our overall product portfolio is proceeding well. Despite continuing uncertain market conditions, the Company is moving into 2003 with positive momentum."
Full 4th Quarter Report is enclosed on the following link:
