FINANCIAL HIGHLIGHTS
- The comparison of Q1 2007 with Q1 2006 results is complicated by the fact that Q1 2006 results included USD 14 million in net revenues and associated amortization charges originally recognized in the Q4 2005 interim report, but subsequently removed from the final audited and approved 2005 figures due to a change in auditor's interpretation of IFRS rules.
- Consolidated net revenues in Q1 2007 were USD 95.4 million, an increase of 6% compared to reported Q1 2006, but 26% higher than Q1 2006 without the USD 14 million in net revenues deferred from 2005.
- Operating profit (EBIT) was USD 51.1 million (54% of Net Revenues), up 4% from USD 49.1 million reported in Q1 2006 but 39% higher than Q1 2006 without the revenues and costs deferred from 2005.
- Net late sales from the multi-client library totaled USD 72.9 million, up 17% from USD 62.1 million in Q1 2006 without the deferred 2005 sales.
- Net pre-funding revenues of USD 18.1 million covered 55% of operational multi-client investments compared to USD 9.8 million (covering 39% of investments) in Q1 2006.
- Growth in pre-funding, late sales, and contract revenues was slowed by delayed deliveries of two newly rigged 3D vessels under contract.
- Cash flow from operations after taxes but before investments was USD 98.2 million, versus USD 114.8 million in Q1 2006.
- Earnings per share (undiluted) were USD 0.32, up 3% compared to USD 0.31 reported in Q1 2006.
The full report with tables can be downloaded from the following link:
