TGS Announces Q3 2011 Revenue Growth of 23%
ASKER, NORWAY (3 November 2011) - TGS reports net revenues of USD 160 million in Q3 2011, compared to USD 130 million in Q3 2010, a 23% increase. Investments were USD 111 million, up 77%. These investments were a record for the Company in a single quarter and resulted in a record high number of vessels utilized in a quarter. Net prefunding revenues were USD 54 million, up 124% from Q3 2010 resulting in a pre-funding ratio of 49%.
3rd QUARTER HIGHLIGHTS
- Consolidated net revenues were USD 160 million, an increase of 23% compared to Q3 2010.
- Net late sales totaled USD 91 million, down 10% from Q3 2010.
- Net pre-funding revenues were USD 54 million, up 124% from Q3 2010, funding 49% of the Company’s operational multi-client investments during Q3 (investments of USD 111 million, up 77% from Q3 2010).
- Proprietary revenues were USD 15 million, up 160% from Q3 2010.
- Operating profit (EBIT) was USD 61 million (38% of net revenues), compared to USD 54 million (41% of net revenues) in Q3 2010.
- Cash flow from operations was USD 66 million, compared to USD 109 million in Q3 2010.
- Earnings per share (fully diluted) were USD 0.41, an increase of 12% from Q3 2010.
9 MONTHS FINANCIAL HIGHLIGHTS
- Consolidated net revenues were USD 428 million, an increase of 9% compared to the same period in 2010.
- Net late sales from the multi-client library totaled USD 273 million, up 15% from USD 238 million in 2010.
- Net pre-funding revenues were USD 117 million, down 14% from 2010, funding 54% of the Company’s operational multi-client investments during the first 9 months of 2011 (investments of USD 216 million, down 16% from 2010).
- Proprietary revenues were USD 37 million, up 134% from 2010.
- Operating profit (EBIT) was USD 178 million (42% of net revenues), compared to USD 146 million (37% of net revenues) in 2010.
- Cash flow from operations was USD 297 million, an increase of 3% from USD 290 million in 2010.
- Earnings per share (fully diluted) were USD 1.22 compared to USD 0.95 for the same period in 2010.
“In line with our plans, our investments for the quarter were at an all-time high at USD 111 million,” TGS’ CEO Robert Hobbs stated. “We are also pleased to report that revenue growth was seen across all of our business segments as compared to the same period last year. Revenue growth of 23% compared to the same quarter last year puts us on schedule to achieve our annual targets.”
To access TGS Q3 2011 results information, click on the links below or go to the Company website at www.tgsnopec.com:
TGS Q3 2011 Earnings Release
TGS Q3 2011 Presentation Slides
TGS Q3 2011 Webcast
Q32011 Conference Call
CEO Robert Hobbs, CFO Kristian Johansen and VP of Business Development Karen El-Tawil will also host a conference call on 3 November 2011 at 14:00 CET Norway time (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 4841 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: 1940364.
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 +1 347 366 9565 (US)
- replay access code 1940364 followed by # (pound-sign)
A replay of the conference call will also be available at www.tgsnopec.com.
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.
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 product 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).