TGS : TGS Announces Q2 2013 EBIT of USD 98 Million
ASKER, NORWAY (1 August 2013) - TGS reports net revenues of USD 210 million in
Q2 2013, compared to USD 215 million in Q2 2012.Earnings before interest and
taxes (EBIT) totaled USD 98 million, corresponding to an EBIT margin of 47%.
The Company's net late sales totaled USD 155 million, up 43% from Q2 2012
reinforcing the value of TGS' global data library.
2nd QUARTER HIGHLIGHTS
oConsolidated net revenues were USD 210 million, a decrease of 2% compared
to Q2 2012.
oNet late sales totaled USD 155 million, up 43% from Q2 2012.
oNet pre-funding revenues were USD 43 million, down 57% from Q2 2012,
funding 39% of the Company's operational multi-client investments during
Q2 (investments of USD 110 million, down 32% from Q2 2012).
oProprietary revenues were USD 12 million, compared to USD 6 million in Q2
oOperating profit (EBIT) was USD 98 million (47% of net revenues), compared
to USD 94 million (44% of net revenues) in Q2 2012.
oCash flow from operations was USD 34 million after an extraordinary tax
payment of USD 58 million, down from USD 144 million in Q2 2012.
oEarnings per share (fully diluted) were USD 0.66, compared to USD 0.63 in
6 MONTHS FINANCIAL HIGHLIGHTS
oConsolidated net revenues were USD 421 million, an increase of 4% compared
to H1 2012.
oNet late sales from the multi-client library totaled USD 282 million, up
27% from USD 221 million in 2012.
oNet pre-funding revenues were USD 99 million, down 43% from 2012, funding
42% of the Company's operational multi-client investments during H1
(investments of USD 236 million, down 10% from 2012).
oProprietary revenues were USD 41 million, compared to 10 million in H1
oOperating profit (EBIT) was USD 187 million (44% of net revenues),
compared to USD 183 million (45% of net revenues) in 2012.
oCash flow from operations was USD 212 million, a decrease of 27% from USD
291 million in 2012.
oEarnings per share (fully diluted) were USD 1.24 which is the same as for
the same period in 2012.
"Q2 2013 was a quarter with strong late sales particularly from older
vintages. We appreciate that our customers continue to demand high quality
data from our existing library and we are pleased to report a profit margin of
47% in Q2," TGS' CEO Robert Hobbs stated.
To access TGS Q2 2013 results information click below:
Q2 2013 Conference Call
CEO Robert Hobbs and CFO Kristian Johansen will host a conference call on 1
August 2013 at 15:00 CET (9:00 AM New York time). Attendees may want to call
5-10 minutes before 15:00 CET (9:00 AM NY) to ensure registration and access.
oNorwegian attendees are invited to call 800 56054 or +47 2350 0486
oInternational attendees are invited to call 0800 279 4992 or +44(0)20
oUS attendees are invited to call +1 877 280 2296
Participants will need to quote the following confirmation code when dialing
into the conference: 3211079.
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,
odial +47 2100 0498 (Norway) or +44 (0)20 3427 0598 (International) or +1
347 366 9565 (US)
oreplay access code 3211079 followed by # (pound-sign)
A replay of the conference call will also be available at www.tgs.com.
TGS-NOPECGeophysical Company (TGS) provides multi-client geoscience data to
oil and gas Exploration and Production companies worldwide. In addition to
extensive global geophysical and geological data libraries that include
multi-client seismic data, magnetic and gravity data, digital well logs,
production data and directional surveys, TGS also offers advanced processing
and imaging services, interpretation products, permanent reservoir monitoring
and data integration solutions.
For more information visitTGS online atwww.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
TGS sponsored American Depositary Shares trade on the U.S. over-the-counter
market under the symbol "TGSGY".
For additional information about this press release please contact:
Chief Financial Officer
Cell: +47 47 60 33 34
Director Investor Relations and M&A
Tel: +1 713 860 2184
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
Q2 2013 Presentation Slides
Q2 2013 Report
This announcement is distributed by Thomson Reuters on behalf of Thomson
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: TGS via Thomson Reuters ONE
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