TGS Announces Record Revenues of 245 MUSD and Reaffirms 2012 GuidanceASKER, NORWAY (1 November 2012) - TGS reports net revenues of USD 245 million in Q3 2012, compared to USD 136 million in Q1 2011, a 53% increase. This is the highest quarterly revenue figure in the Company's history. Net late sales totaled USD 139 million, up 53% from Q3 2011. TGS' operating profit (EBIT) was USD 101.3 million (41% of net revenues), compared to USD 61.0 million (38% of net revenues) in Q3 2011.
3rd QUARTER HIGHLIGHTS
- Consolidated net revenues were USD 244.8 million, an increase of 53% compared to Q3 2011.
- Net late sales totaled USD 138.7 million, up 53% from Q3 2011.
- Net pre-funding revenues were USD 98.6 million, up 84% from Q3 2011, funding 72% of the Company's operational multi-client investments during Q3 (investments of USD 137.8 million, up 25% from Q3 2011).
- Proprietary revenues were USD 7.4 million, compared to USD 15.3 million in Q3 2011.
- Operating profit (EBIT) was USD 101.3 million (41% of net revenues), compared to USD 61.0 million (38% of net revenues) in Q3 2011.
- Cash flow from operations was USD 129.2 million, up from USD 65.7 million in Q3 2011.
- Earnings per share (fully diluted) were USD 0.71, compared to USD 0.41 in Q3 2011.
9 MONTHS FINANCIAL HIGHLIGHTS
- Consolidated net revenues were USD 650.8 million, an increase of 52% compared to the same period in 2011.
- Net late sales from the multi-client library totaled USD 360.1 million, up 32% from USD 273.4 million in 2011.
- Net pre-funding revenues were USD 273.2 million, up 133% from 2011, funding 68% of the Company's operational multi-client investments during the first nine months of 2012 (investments of USD 400.9 million, up 86% from 2011).
- Proprietary revenues were USD 17.5 million, compared to 37.2 million in 2011.
- Operating profit (EBIT) was USD 284.4 million (44% of net revenues), compared to USD 177.7 million (42% of net revenues) in 2011.
- Cash flow from operations was USD 420.0 million, an increase of 41% from USD 297.3 million in 2011.
- Earnings per share (fully diluted) were USD 1.95 compared to USD 1.22 for the same period in 2011.
"We are pleased to announce another record quarter, both in terms of revenue and operating profit," TGS' CEO Robert Hobbs stated. "Our customers are continuing to show strong interest in funding new surveys, and our existing library continues to perform well. TGS' revised revenue guidance reflects a strong seismic market providing good opportunities for profitable growth."
To access TGS Q3 2012 results information, click on the links below or go to the Company website at www.tgs.com:
TGS Q3 2012 Earnings Release
TGS Q3 2012 Presentation Slides
TGS Q3 2012 Webcast
Q3 2012 Conference Call
CEO Robert Hobbs and CFO Kristian Johansen will also host a conference call on 1 November 2012 at 14:00 CET (9:00 AM New York time). Attendees may want to call 5-10 minutes before 14:00 CET (9:00 AM NY) to ensure registration and access.
- Norwegian attendees are invited to call +800 56053 or +47 2316 2787
- International attendees are invited to call 0800 279 5004 or +44 (0)20 7136 2051
- US attendees are invited to call +1 877 249 9037
Participants will need to quote the following confirmation code when dialing into the conference: 8842580.
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 7111 1244 (International) or +1 866 932 5017 (US)
- replay access code 8842580 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 and services to oil and gas Exploration and Production companies around the globe. TGS' geophysical and geological data products include multi-client seismic libraries, permanent reservoir monitoring, magnetic and gravity data, the industry's largest global database of digital well logs and regional interpretive products. TGS also provides high-end depth imaging services to help resolve complex seismic imaging problems. 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).
For additional information about this press release please contact:
Kristian Johansen
Chief Financial Officer
Cell: +47 47 60 33 34
Email: kristian.johansen@tgs.com
Karen El-Tawil
VP, Business Development
Office: +1 713 860 2102
Email: karen.el-tawil@tgs.com
