1st QUARTER HIGHLIGHTS
- Gross revenues were 31% lower than in Q1 2008.
- Consolidated net revenues were USD 70.8 million, down 33% from the USD 105.2 million in Q1 2008.
- Gross late sales from the multi-client library totaled USD 41.5 million, down 42% from USD 72.0 million in Q1 2008. Net late sales of USD 29.9 million were 47% down from Q1 2008
- Net pre-funding revenues of USD 34.5 million increased 17% compared to Q1 2008 and funded 54% of the Company's operational investments into new multi-client products (USD 63.6 million).
- Operating profit (EBIT) was USD 19.8 million (28% of Net Revenues), down 58% from USD 46.6 million in Q1 2008.
- Cash flow from operations after taxes but before investments was USD 95.9 million, versus USD 151.6 million in Q1 2008.
- Earnings per share (fully diluted) were USD 0.13 versus USD 0.28 in Q1 2008.
"Not surprisingly Q1 was extremely challenging for sales of geoscientific library data", TGS's CEO Hank Hamilton stated. "We are clearly seeing increased sales activity in recent weeks and we continue to remain optimistic about the longer term fundamentals for our sector. We also believe we are well positioned to take advantage of opportunities that these difficult cycles usually present."