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:
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Contacts for additional information:
John Adamick, VP Business Development
tel +1-713-860-2114
Arne Helland, CFO
tel +47-31-29-20-00/+47-91-88-78-29
Naersnes, February 12th, 2003
The Board of Directors of TGS-NOPEC Geophysical Company ASA
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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. These include TGS-NOPEC's reliance on a cyclical industry and principal customers, the company's ability to continue to expand markets for licensing of data, and the company's ability to acquire and process data products at costs commensurate with profitability. Actual results may differ materially from those expected or projected. TGS-NOPEC undertakes no responsibility to update forward-looking statements.
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TGS-NOPEC is a leading global provider of multi-client geoscience data and associated products and services to the oil and gas industry. TGS-NOPEC specializes in the planning, acquisition, processing, interpretation and marketing of non-exclusive seismic surveys worldwide. A2D Technologies, a wholly owned subsidiary, pioneered the delivery of digital well log data over the Internet and currently offers a one-of-a-kind integrated solution for well log data sourcing, well log data management, and well log correlation. The TGS-NOPEC group places a strong emphasis on providing high-quality data and the highest level of service to the industry.
TGS-NOPEC is listed on the Oslo Stock Exchange (OSLO:TGS).